Resource Real Estate Opportunity REIT (RSRL) 10-Q 10 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 03, 2020
Cover [Abstract]
Entity Registrant Name	Resource Real Estate Opportunity REIT, Inc.
Entity Central Index Key	0001466225
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		70,565,408
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	000-54369
Entity Tax Identification Number	27-0331816
Entity Address, Address Line One	1845 Walnut Street
Entity Address, Address Line Two	17th 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 Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Investments:
Rental properties, net	$ 908,462,000	$ 938,144,000
Loan held for investment, net	820,000	809,000
Identified intangible assets, net	7,000	14,000
Total investments	909,289,000	938,967,000
Cash	50,427,000	49,534,000
Restricted cash	12,125,000	12,304,000
Subtotal- cash and restricted cash	62,552,000	61,838,000
Due from related parties	2,951,000	236,000
Tenant receivables, net	415,000	189,000
Prepaid expenses and other assets	6,394,000	3,073,000
Goodwill	154,935,000	404,000
Operating lease right-of-use assets	3,335,000	381,000
Total assets	1,139,871,000	1,005,088,000
Liabilities:
Mortgage notes payable, net	801,923,000	799,865,000
Accounts payable and accrued expenses	10,991,000	8,665,000
Accrued real estate taxes	10,521,000	9,086,000
Due to related parties	27,338,000	683,000
Tenant prepayments	1,111,000	1,087,000
Security deposits	2,782,000	2,506,000
Operating lease liabilities	3,337,000	381,000
Total liabilities	858,003,000	822,273,000
Equity:
Preferred stock, par value $.01; 10,000,000 shares authorized, none issued	0	0
Common stock, par value $.01; 1,000,000,000 shares authorized; 70,565,408 and 69,467,689 shares issued and outstanding (including nonvested restricted stock of 645,526 and none), respectively)	706,000	695,000
Convertible stock; par value $.01; 50,000 shares authorized; 49,935 shares issued and outstanding	1,000	1,000
Additional paid-in capital	621,058,000	616,465,000
Accumulated other comprehensive loss	(361,000)	(218,000)
Accumulated deficit	(467,553,000)	(434,128,000)
Total stockholders' equity	153,851,000	182,815,000
Noncontrolling interest	128,017,000
Total equity	281,868,000	182,815,000
Total liabilities and equity	$ 1,139,871,000	$ 1,005,088,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	70,565,408	69,467,689
Common stock, outstanding (in shares)	70,565,408	69,467,689
Convertible stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible stock, authorized (in shares)	50,000	50,000
Convertible stock, issued (in shares)	49,935	49,935
Convertible stock, outstanding (in shares)	49,935	49,935
Nonvested Restricted Stock
Common stock, issued (in shares)	645,526	0
Common stock, outstanding (in shares)	645,526	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental income	$ 33,258	$ 33,447	$ 99,625	$ 101,766
Property management fee income - related parties	289		289
Asset management fee income - related parties	702		702
Total revenues	34,249	33,447	100,616	101,766
Expenses:
Rental operating - expenses	7,362	6,225	19,776	19,066
Rental operating - payroll	3,273	3,177	9,211	9,946
Rental operating - real estate taxes	4,033	4,321	12,864	13,059
Subtotal - Rental operating expenses	14,668	13,723	41,851	42,071
Acquisition costs			113
Property management fees - third party	392		392
Management fees - related party	3,459	4,633	12,589	13,931
Transaction costs	1,849		1,849
General and administrative	2,961	2,346	8,117	7,407
Loss on disposal of assets	142	68	363	333
Depreciation and amortization expense	12,760	13,412	38,927	40,483
Total expenses	36,231	34,182	104,201	104,225
Loss before net gain on dispositions	(1,982)	(735)	(3,585)	(2,459)
Net gain on disposition of property				34,575
(Loss) Income before other income (expense)	(1,982)	(735)	(3,585)	32,116
Other income (expense):
Interest expense	(5,632)	(8,999)	(19,772)	(29,258)
Interest income	42	93	141	305
Gain on sale of land easement	20		310
Insurance proceeds in excess of cost basis	3		39	570
Total other (expense) income	(5,567)	(8,906)	(19,282)	(28,383)
Net (loss) income	(7,549)	(9,641)	(22,867)	3,733
Allocation of income to preferred unit holders	(286)		(286)
Net (loss) income after preferred unit distributions	(7,835)	(9,641)	(23,153)	3,733
Less: Allocation of income to preferred unit holders attributable to noncontrolling interest	6		6
Less: Net loss attributable to noncontrolling interest	171		171
Net (loss) income attributable to common stockholders	$ (7,658)	$ (9,641)	$ (22,976)	$ 3,733
Weighted average common shares outstanding	69,920	70,226	69,867	70,382
Basic and diluted loss (income) per common share:
Net (loss) income per common share	$ (0.11)	$ (0.14)	$ (0.33)	$ 0.05

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net (loss) income	$ (7,549)	$ (9,641)	$ (22,867)	$ 3,733
Other comprehensive income (loss):
Reclassification adjustment for realized loss on designated derivatives	29	56	109	268
Designated derivatives, fair value adjustments	(288)	(16)	(258)	(60)
Total comprehensive (loss) income	(7,808)	(9,601)	(23,016)	3,941
Allocation of income to preferred unit holders	(286)		(286)
Total comprehensive (loss) income after allocation to preferred unit holders	(8,094)	(9,601)	(23,302)	3,941
Net loss attributable to noncontrolling interest	171		171
Distributions to preferred unit holders attributable to noncontrolling interest	6		6
Total other comprehensive loss attributable to noncontrolling interest	6		6
Comprehensive loss attributable to noncontrolling interest	183		183
Comprehensive (loss) income attributable to common stockholders	$ (7,911)	$ (9,601)	$ (23,119)	$ 3,941

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Convertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Stockholders’ Equity	Noncontrolling Interest
Beginning balance at Dec. 31, 2018	$ 236,306	$ 704	$ 1	$ 626,436	$ (474)	$ (390,361)
Beginning balance (in shares) at Dec. 31, 2018		70,428,000	50,000
Common stock issued through the distribution reinvestment plan	6,298	$ 6		6,292
Common stock issued through distribution reinvestment plan (in shares)		613,000
Distributions declared	(10,556)					(10,556)
Common stock redemptions	(8,102)	$ (8)		(8,094)
Common stock redemptions (in shares)		(789,000)
Other comprehensive income (loss)	144				144
Net (loss) income	23,181					23,181
Ending balance at Mar. 31, 2019	247,271	$ 702	$ 1	624,634	(330)	(377,736)
Ending balance (in shares) at Mar. 31, 2019		70,252,000	50,000
Beginning balance at Dec. 31, 2018	236,306	$ 704	$ 1	626,436	(474)	(390,361)
Beginning balance (in shares) at Dec. 31, 2018		70,428,000	50,000
Common stock issued through the distribution reinvestment plan	18,382
Net (loss) income	3,733
Ending balance at Sep. 30, 2019	198,439	$ 694	$ 1	616,240	(266)	(418,230)
Ending balance (in shares) at Sep. 30, 2019		69,442,000	50,000
Beginning balance at Mar. 31, 2019	247,271	$ 702	$ 1	624,634	(330)	(377,736)
Beginning balance (in shares) at Mar. 31, 2019		70,252,000	50,000
Common stock issued through the distribution reinvestment plan	6,235	$ 6		6,229
Common stock issued through distribution reinvestment plan (in shares)		606,000
Distributions declared	(10,542)					(10,542)
Common stock redemptions	(5,321)	$ (5)		(5,316)
Common stock redemptions (in shares)		(515,000)
Other comprehensive income (loss)	24				24
Net (loss) income	(9,807)					(9,807)
Ending balance at Jun. 30, 2019	227,860	$ 703	$ 1	625,547	(306)	(398,085)
Ending balance (in shares) at Jun. 30, 2019		70,343,000	50,000
Common stock issued through the distribution reinvestment plan	5,849	$ 6		5,843
Common stock issued through distribution reinvestment plan (in shares)		568,000
Distributions declared	(10,504)					(10,504)
Common stock redemptions	(15,165)	$ (15)		(15,150)
Common stock redemptions (in shares)		(1,469,000)
Other comprehensive income (loss)	40				40
Net (loss) income	(9,641)					(9,641)
Ending balance at Sep. 30, 2019	198,439	$ 694	$ 1	616,240	(266)	(418,230)
Ending balance (in shares) at Sep. 30, 2019		69,442,000	50,000
Beginning balance at Dec. 31, 2019	$ 182,815	$ 695	$ 1	616,465	(218)	(434,128)	$ 182,815
Beginning balance (in shares) at Dec. 31, 2019	69,467,689	69,468,000	50,000
Common stock issued through the distribution reinvestment plan	$ 6,085	$ 6		6,079			6,085
Common stock issued through distribution reinvestment plan (in shares)		586,000
Distributions declared	(10,449)					(10,449)	(10,449)
Common stock redemptions	(301)	$ (1)		(300)			(301)
Common stock redemptions (in shares)		(28,000)
Other comprehensive income (loss)	98				98		98
Net (loss) income	(8,821)					(8,821)	(8,821)
Ending balance at Mar. 31, 2020	169,427	$ 700	$ 1	622,244	(120)	(453,398)	169,427
Ending balance (in shares) at Mar. 31, 2020		70,026,000	50,000
Beginning balance at Dec. 31, 2019	$ 182,815	$ 695	$ 1	616,465	(218)	(434,128)	182,815
Beginning balance (in shares) at Dec. 31, 2019	69,467,689	69,468,000	50,000
Common stock issued through the distribution reinvestment plan	$ 6,085
Common stock issued through distribution reinvestment plan (in shares)	586,500
Common stock redemptions (in shares)	(134,300)
Allocation of income to preferred unit holders	$ (286)
Net (loss) income	(22,867)
Ending balance at Sep. 30, 2020	$ 281,868	$ 706	$ 1	621,058	(361)	(467,553)	153,851	$ 128,017
Ending balance (in shares) at Sep. 30, 2020	70,565,408	70,566,000	50,000
Beginning balance at Mar. 31, 2020	$ 169,427	$ 700	$ 1	622,244	(120)	(453,398)	169,427
Beginning balance (in shares) at Mar. 31, 2020		70,026,000	50,000
Common stock redemptions	(1,182)	$ (1)		(1,181)			(1,182)
Common stock redemptions (in shares)		(106,000)
Other comprehensive income (loss)	12				12		12
Net (loss) income	(6,497)					(6,497)	(6,497)
Ending balance at Jun. 30, 2020	$ 161,760	$ 699	$ 1	621,063	(108)	(459,895)	161,760
Ending balance (in shares) at Jun. 30, 2020		69,920,000	50,000
Common stock redemptions (in shares)	0
Issuance of operating partnership units in Self-Management Transaction	$ 128,200							128,200
Issuance of restricted stock		$ 7		(7)
Issuance of restricted stock (in shares)		646,000
Stock-based compensation	2			2			2
Allocation of income to preferred unit holders	(286)					(280)	(280)	(6)
Other comprehensive income (loss)	(259)				(253)		(253)	(6)
Net (loss) income	(7,549)					(7,378)	(7,378)	(171)
Ending balance at Sep. 30, 2020	$ 281,868	$ 706	$ 1	$ 621,058	$ (361)	$ (467,553)	$ 153,851	$ 128,017
Ending balance (in shares) at Sep. 30, 2020	70,565,408	70,566,000	50,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (22,867)	$ 3,733
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss on disposal of assets	363	333
Casualty gains	(533)	(684)
Net gain on disposition of property		(34,575)
Net gain on sale of land easement	(310)
Loss on extinguishment of debt		5
Depreciation and amortization	38,927	40,483
Amortization of deferred financing costs	1,117	1,823
Amortization of debt premium (discount)	(246)	(249)
Realized loss on change in fair value of interest rate cap	109	268
Stock-based compensation	2
Accretion of discount and direct loan fees and costs	(31)	(29)
Changes in operating assets and liabilities, net of acquisitions:
Tenant receivables, net	(226)	8
Prepaid expenses and other assets	(3,134)	(587)
Due to/from related parties, net	1,527	(129)
Accounts payable and accrued expenses	(776)	4,642
Tenant prepayments	24	(197)
Security deposits	276	78
Net cash provided by operating activities	14,222	14,923
Cash flows from investing activities:
Proceeds from disposal of property, net of closing costs		12,897
Proceeds from sale of land easement	312
Working capital paid in Self-Management Transaction	(852)
Insurance proceeds received for casualty losses	674	684
Capital expenditures	(8,513)	(13,496)
Principal payments received on loans held for investment	20	18
Net cash (used in) provided by investing activities	(8,359)	103
Cash flows from financing activities:
Redemptions of common stock	(1,483)	(28,588)
Payment of deferred financing costs		(41)
Borrowings on mortgages	9,452	8,937
Principal repayments on mortgages	(8,459)	(6,593)
Purchase of interest rate caps	(295)	(41)
Distributions paid on common stock	(4,364)	(13,220)
Net cash used in financing activities	(5,149)	(39,546)
Net increase (decrease) in cash and restricted cash	714	(24,520)
Cash and restricted cash at beginning of period	61,838	78,621
Cash and restricted cash at end of period	$ 62,552	$ 54,101

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Reconciliation of cash and restricted cash
Cash	$ 50,427	$ 49,534	$ 41,781
Restricted cash	12,125	12,304	12,320
Cash and restricted cash at end of period	$ 62,552	$ 61,838	$ 54,101	$ 78,621

NATURE OF BUSINESS AND OPERATIO

NATURE OF BUSINESS AND OPERATIONS	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
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 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. The Company is externally advised by Resource Real Estate Opportunity Advisor, LLC (the “Advisor”) pursuant to an advisory agreement initially entered in September 2009 and amended at various times thereafter and renewed annually. 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 (which shares were transferred to C-III Capital Partners LLC as part of the Self-Management Transaction (as described below)) and 1.2 million shares sold in the Company's distribution reinvestment plan. During the years ended December 31, 2019 and 2018, the Company issued approximately 4.9 million additional shares for $50.4 million pursuant to its distribution reinvestment plan. During the nine months ended September 30, 2020, the Company issued approximately 586,500 additional shares for $6.1 million pursuant to its distribution reinvestment plan. The Company's distribution reinvestment plan offering has been suspended since April 1, 2020 when the board of directors of the Company suspended the declaration of distributions. 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. The consolidated financial statements and the information and tables contained in the notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). However, in the opinion of management, these interim financial statements include all the necessary adjustments to fairly present the results of the interim periods presented. The consolidated balance sheet as of December 31, 2019 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2019. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the nine months ended September 30, 2020 may not necessarily be indicative of the results of operations for the full year ending December 31, 2020. Self-Management Transaction On September 8, 2020, Resource Real Estate Opportunity OP, LP, the operating partnership of the Company (“REIT I OP” or “OP I”), entered into a transaction (the “Self-Management Transaction”) with Resource PM Holdings LLC C-III Capital Partners LLC (“C-III” or “PM Contributor”), RRE Legacy Co, LLC (formerly known as Resource Real Estate, LLC) (“Advisor Contributor” or “Resource Real Estate”) RAI”) REIT II, Inc. (“REIT II”) and Resource Apartment REIT III, Inc Contribution Agreement On September 8, 2020, REIT I OP, as contributee, entered into a Contribution and Exchange Agreement (the “Contribution Agreement”) with C-III and RAI (together, the “Contributors”) and PM Holdings and Advisor Holdings whereby REIT I OP acquired 100% of the aggregate membership interests in PM Holdings and Advisor Holdings and substantially all of the operating assets and associated liabilities of PM Holdings and Advisor Holdings, including their 100% membership interests in (i) the Company’s advisor, (ii) REIT II’s advisor, (iii) REIT III’s advisor, (iv) the Company’s property manager, (v) REIT II’s property manager and (vi) REIT III’s property manager, as well as certain of the operating assets of those entities, including but not limited to (a) all personal property used in or necessary for the conduct of their business, (b) all intellectual property, goodwill, licenses and sublicenses granted and obtained with respect thereto and certain domain names, (c) certain continuing employees and the key persons who have executed employment agreements, and (d) certain other assets as set forth in the Contribution Agreement. In addition to the REIT I OP Common Units and the REIT I OP Preferred Units issued to the Contributors pursuant to the Contribution Agreement described above, REIT I OP will pay RAI (on behalf of and for distribution to PM Contributor and Advisor Contributor) deferred payments in cash of (i) $7,500,000 upon the earlier to occur of (A) the consummation of the REIT I Merger (as defined below) or (B) nine months following the effective date of the Merger Agreement (as defined below), (ii) six monthly payments of $2,000,000, totaling $12,000,000, for the six months following the closing of the Self-Management Transaction and (iii) 12 monthly payments of $625,000, totaling $7,500,000, for the 12 months following the closing of the Self-Management Transaction. As part of the Self-Management Transaction, REIT I OP hired the workforce currently responsible for the management and day-to-day real estate and accounting operations of the Company, REIT II and REIT III under the various agreements acquired and has 45 employees. Transitional Services Agreement On September 8, 2020, REIT I OP entered into a Transitional Services Agreement with C-III, Advisor Contributor and RAI (the “Transitional Services Agreement”), pursuant to which, effective September 8, 2020, C-III will provide, or cause to be provided, to REIT I OP and its affiliates and subsidiaries certain services in order to ensure an orderly transition to REIT I OP of the ownership of PM Holdings and Advisor Holdings and the continued conduct and operation of the advisory and property management business acquired by REIT I OP in connection with the Self-Management Transaction. In connection with these services, shall pay C-III an agreed-upon monthly fee for each service provided, as well as reimbursement of out-of-pocket expenses incurred by C-III and RAI as a result of the provision of these services. Amended and Restated Limited Partnership Agreement On September 8, 2020, the Company and RRE Opportunity Holdings, LLC Distributions and Allocations of Profits and Losses The Amended and Restated Operating Partnership Agreement provides that, subject to priority allocations with respect to OP I Preferred Units, REIT I OP generally will distribute cash available for distribution to its partners in accordance with their relative percentage interests on at least a quarterly basis in amounts as the general partner shall determine. The effect of these distributions will be that a holder of one OP I Common Unit will receive the same amount of cash distributions as the amount of cash distributions made to the holder of one share of the Company’s common stock. Similarly, the Amended and Restated Operating Partnership Agreement provides that profits and taxable income are allocated to the partners of OP I in accordance with their relative percentage interests. Subject to compliance with the provisions of Sections 704(b) and 704(c) of the Code and corresponding Treasury Regulations, the effect of these allocations will be that a holder of one operating partnership unit will be allocated, to the extent possible, taxable income for each taxable year in an amount equal to the amount of taxable income to be recognized by a holder of one of our shares. Losses, if any, will generally be allocated among the partners in accordance with their respective percentage interests in REIT I OP. If REIT I OP liquidates, REIT I OP’s debts and other obligations must be satisfied before the partners may receive any distributions. Any distributions to partners then will be made to holders of OP I Preferred Units in order to satisfy any liquidation preference held by them, and then to the holders of OP I Common Units partners in accordance with their respective percentage interests in REIT I OP. Exchange Rights The holders of OP I Common Units, including the Contributors, have the right to cause their operating partnership units to be redeemed by REIT I OP or purchased by the Company for cash. In either event, the cash amount to be paid will be equal to the cash value of the number of the Company’s shares that would be issuable if the OP I Common Units were exchanged for shares of the Company’s common stock based on the conversion ratio set forth in Amended and Restated Operating Partnership Agreement. Alternatively, at the Company’s sole discretion, the Company may elect to purchase the Common Units by issuing shares of the Company’s common stock for the Common Units exchanged based on the conversion ratio set forth in Amended and Restated Operating Partnership Agreement. The conversion ratio is initially one to one, but may be adjusted based on certain events including: (i) if the Company declares or pays a distribution on its outstanding shares in shares of the Company’s common stock, (ii) if the Company subdivides its outstanding shares of common stock, or (iii) if the Company combines its outstanding shares of common stock into a smaller number of shares of common stock. These exchange rights may not be exercised, however, if and to the extent that the delivery of shares upon exercise would (1) result in any person owning shares of the Company’s common stock in excess of the Company’s aggregate stock ownership limit, (2) result in the Company’s shares of common stock being owned by fewer than 100 persons, (3) cause REIT I OP to be “closely held” within the meaning of Section 856(h) of the Code, (4) cause the Company to own, directly or constructively, 9.9% or more of the ownership interests in a tenant within the meaning of Section 856(d)(2)(B) of the Code, (5) cause the Company to violate the Securities Act of 1933, as amended (the “Securities Act”), (6) require the Company to register shares of its common stock pursuant to the Securities Act, (7) the Company believes that REIT I OP will be treated as a “publicly traded partnership” under Section 7704 of the Code, or if the Company no longer qualifies as a REIT. In general, holders of OP I Common Units may exercise their exchange rights at any time after one year following the date of issuance of their OP I Common Units; however, the Contributors may not exercise their exchange rights with respect to the OP I Common Units they hold until such OP I Common Units have been outstanding for at least two years. A holder of OP I Common Units may not deliver more than two exchange notices each calendar year and may not exercise an exchange right for less than 1,000 OP I Common Units, unless such limited partner holds less than 1,000 units, in which case, such limited partner must exercise its exchange right for all of its OP I Common Units. Series A Cumulative Participating Redeemable Preferred Units The Amended and Restated Operating Partnership Agreement sets forth the rights, powers, privileges, restrictions, qualifications and limitations of the OP I Preferred Units. With respect to distribution rights and rights upon liquidation, distribution or winding up of REIT I OP, the OP I Preferred Units rank senior to all classes and series of OP I Common Units and any other class or series of OP I Preferred Units. Each OP I Preferred Unit is entitled to a 7.00% per annum preferred priority return on the stated value of each OP I Preferred Unit commencing on the date of issuance and ending on the fifth anniversary of the date of issuance, and thereafter a 10.00% per annum preferred priority return on the stated value of each OP I Preferred Unit (the “Priority Return”), as well as, with respect to such distribution period, the amount of distributions a holder of such OP I Preferred Unit would be entitled to receive if such OP I Preferred Units were treated as part of a single class of units with the Common Units with the right to participate in distributions pari passu Except as described below, the OP I Preferred Units are not redeemable by REIT I OP prior to the first anniversary of the date of issuance. Following such date, the holders of OP I Preferred Units may elect to have up to 25% of the number of OP I Preferred Units originally issued to such holder redeemed by REIT I OP each year for the following four years. Such redemption right shall be suspended at such time as the Company applies to list its shares of common stock on a national securities exchange, and shall terminate at such time as the national securities exchange approves the Company’s common stock for listing. Upon the occurrence of a listing of the Company common stock on a national securities exchange, a change of control of the Company, or the second anniversary of the date of issuance, REIT I OP may at its option redeem for cash all or a portion of the then-outstanding OP I Preferred Units. The redemption price to be paid in respect of a redemption of one OP I Preferred Unit shall be an amount of cash equal to the stated value of such OP I Preferred Unit, plus the value as of such date of one share of the Company’s common stock (as may be adjusted), plus any accrued but unpaid Priority Return and any accrued but unpaid Preferred Return (the “Redemption Price”). In the event that the redemption right described above is terminated in connection with a listing of the shares of the Company’s common stock on a national securities exchange, beginning 180 days after the date of such listing, the holders of OP I Series A Preferred Units shall have the right to require the Company to purchase the OP I Preferred Units in exchange for a number of listed shares of the Company’s common stock determined by dividing (i) the number of OP I Preferred Units multiplied by the Redemption Price as of the date of the exchange by (ii) the volume-weighted average price of such listed shares over the 30-day period prior to the date of the exchange. The OP I Preferred Units generally will not have any voting rights; however, unless (i) fewer than 12.5% of the number of OP I Preferred Units originally issued remain outstanding, (ii) the holders of a majority of the then-outstanding OP I Series A Preferred Units consent, or (iii) an additional class or series of OP I Preferred Units is being issued in connection with the full redemption of the OP I Preferred Units, REIT I OP shall not issue any class or series of OP I Preferred Units with distribution rights and rights upon liquidation, distribution or winding up of REIT I OP senior to the OP I Preferred Units. Amendment to Advisory Agreement On September 8, 2020, the Company and the Advisor entered into an Amendment to Fourth Amended and Restated Advisory Agreement (the “Advisory Agreement Amendment”). The Advisory Agreement Amendment eliminates all limitations in the Fourth Amended and Restated Advisory Agreement on the Company acquiring its advisor or an affiliate of the advisor in order to become self-managed. Investor Rights Agreement On September 8, 2020, the Company, REIT I OP, C-III and RAI entered into an investor rights agreement (the “Investor Rights Agreement”). Pursuant to the Investor Rights Agreement, C-III and RAI (or any successor holder) has the right (i) with respect to Common Units of REIT I OP, after September 8, 2022, and (ii) with respect to OP I Preferred Units, after 180 days from the date the Company lists its common stock on a national securities exchange (the “Lock-Up Expiration”), to request the Company to register for resale under the Securities Act of 1933, as amended, all or part, but not less than 50%, of the shares of the Company’s common stock issued or issuable to such holder. The Company will use commercially reasonable efforts to file a registration statement on Form S-3 within 30 days of such request and within 60 days of such request in the case of a registration statement on Form S-11 or such other appropriate form. The Company will cause such registration statement to become effective as soon as reasonably practicable thereafter. The Investor Rights Agreement also grants C-III and RAI (or any successor holder) certain “piggyback” registration rights after the Lock-Up Expiration. In addition, the Investor Rights Agreement grants C-III and RAI (or any successor holder) the right, together, to designate one individual to be included on the slate of directors to be voted on by the stockholders of the Company (the “Investor Nominee”). Until C-III and RAI beneficially own, in the aggregate, less than 12.5% of the OP I Preferred Units issued by OP I in connection with the Contribution Agreement, C-III and RAI, together, shall have the right to designate the Investor Nominee, subject to approval of the Company’s board of directors, or any committee of the Company’s board of directors authorized to approve board of directors nominees. The parties to the Investor Rights Agreement acknowledged and agreed that the term of the Investor Nominee designated pursuant to the Investor Rights Agreement is intended to automatically expire immediately on the date on which PM Contributor and Advisor Contributor, together, own less than 12.5% of OP I Series A Preferred Units and that the board of directors of the Company may take actions deemed necessary and appropriate to implement such intention. Pending Merger with Resource Real Estate Opportunity REIT II, Inc. On September 8, 2020, the Company, REIT II, RRE Opportunity OP II, LP, REIT II ’ “ ” “ ” Subject to the terms and conditions of the REIT I Merger Agreement, (i) REIT I will merge with and into Merger Sub I, with Merger Sub I surviving as a direct, wholly owned subsidiary of the Company (the “Company Merger”) and (ii) OP I will merge with and into OP II (the “Partnership Merger” and, together with the Company Merger, the “Merger”), with OP II surviving the Partnership Merger. At such time, the separate existence of REIT I and OP I shall cease. At the effective time of the Company Merger, each issued and outstanding share of REIT I’s common stock (or fraction thereof) will be converted into the right to receive 1.22423 shares of common stock of the Company, and each issued and outstanding share of REIT I’s convertible stock will be converted into the right to receive $0.02 in cash (without interest). At the effective time of the Partnership Merger, each common unit of partnership interests in OP I outstanding immediately prior to the effective time of the Partnership Merger will convert into the right to receive 1.22423 common units of partnership interest in OP II and each Series A Cumulative Participating Redeemable Preferred Unit in OP I issued and outstanding immediately prior to the effective time of the Partnership Merger will convert into the right to receive one Series A Cumulative Participating Redeemable Preferred Unit in OP II. The obligations of each party to consummate the Merger are subject to a number of conditions, including receipt of the approval of the Merger and of an amendment to the Company’s charter to delete certain provisions regarding roll-up transactions by the holders of a majority of the outstanding shares of the Company’s common stock. On September 8, 2020, REIT II also entered into an Agreement and Plan of Merger to acquire REIT III “REIT III ” “ ” COVID-19 Pandemic One of the most significant risks and uncertainties facing the Company and the real estate industry generally continues to be the effect of the ongoing public health crisis of the novel coronavirus disease (“COVID-19”) pandemic. The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business, including how the pandemic is impacting its tenants. The Company did not incur significant disruptions from the COVID-19 pandemic during the nine months ended September 30, 2020 The Company is evaluating each tenant rent relief request on an individual basis, considering a number of factors. Not all tenant requests will ultimately result in modified agreements, nor is the Company forgoing its contractual rights under its lease agreements. Executed short-term rent relief plans that are outstanding at September 30, 2020 are not significant in terms of either number of requests or dollar value. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants depends on future developments, which cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures . financial condition, results of operations and cash flows .

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows: Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with 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 Resource Real Estate Opportunity Manager, LLC N/A N/A N/A Resource Real Estate Opportunity Manager II, LLC N/A N/A N/A Resource Apartment Manager III, LLC N/A N/A N/A Resource Real Estate Opportunity Advisor, LLC N/A N/A N/A Resource Real Estate Opportunity Advisor II, LLC N/A N/A N/A Resource REIT Advisor, LLC N/A N/A N/A Resource Real Estate LLC (formerly known as Resource Newco, LLC) N/A N/A N/A Resource PM 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 PRIP Coursey, LLC (a) N/A N/A N/A Evergreen at Coursey Place, LLC ("Evergreen at Coursey Place") Evergreen at Coursey Place 352 Baton Rouge, LA PRIP Pines, LLC (a) N/A N/A N/A FP-1, LLC ("Pines of York") Pines of York 248 Yorktown, VA RRE Addison Place Holdings, LLC ("Addison Place") The Estates at Johns Creek 403 Alpharetta, GA RRE Berkeley Run Holdings, LLC ("Berkley Run") Perimeter Circle 194 Atlanta, GA RRE Berkeley Trace Holdings LLC ("Berkley Trace") Perimeter 5550 165 Atlanta, GA RRE Merrywood Holdings, LLC ("Merrywood") Aston at Cinco Ranch 228 Katy, TX RRE Sunset Ridge Holdings, LLC ("Sunset Ridge") Sunset Ridge 324 San Antonio, TX RRE Parkridge Place Holdings, LLC ("Parkridge Place") Calloway at Las Colinas 536 Irving, TX RRE Woodmoor Holdings, LLC ("Woodmoor") South Lamar Village 208 Austin, TX RRE Gilbert Holdings, LLC ("Springs at Gilbert") Heritage Pointe 458 Gilbert, AZ RRE Bonita Glen Holdings, LLC ("Bonita") Point Bonita Apartment Homes 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 N/A - Not Applicable (a) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. All intercompany accounts and transactions have been eliminated in consolidation. 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. Concentration of Risk At September 30, 2020, the Company's real estate investments in Texas, California, and Georgia represented 31%, 17%, and 15%, respectively, of the net book value of its rental property assets. Any adverse economic or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders. 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. Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. The Company adopted the standard on January 1, 2020, and the adoption did not have an 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. The Company adopted the standard on January 1, 2020, and the adoption did not 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 Accounting Standards Codification (“ASC”) 820, “Fair Value Measurement” (“ASC 820”). The Company adopted the standard on January 1, 2020, and the adoption did not 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. The Company adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In March 2020, FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. T he Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. On April 10, 2020, the FASB issued a Staff Q&A to respond to some frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance to those leases. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company has not elected to apply the lease modification guidance to our leases. To date, the impact of lease concessions granted has not had a material effect on the financial statements. The Company will continue to evaluate the impact of lease concessions and the appropriate accounting for those concessions. Accounting Standards Issued But Not Yet Effective In August 2020, FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. ASU 2020-06 addresses the complexity of guidance for certain financial (convertible) instruments with characteristics of liabilities and equity. ASU No. 2020-06 will be effective for the Company beginning January 1, 2022. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2020-06 to have a material effect on its consolidated financial statements and disclosures. 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. As of September 30, 2020 and December 31, 2019, the Company had no rental properties included in assets held for sale. 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 asset 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 13) are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the Company's inability to recover the carrying value of a property, 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 is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. As of September 30, 2020, the Company evaluated whether the global economic disruption caused by the COVID-19 pandemic was an impairment indicator. The Company examined a number of factors and concluded that there was no indication that the carrying value of the Company’s investments in real estate might not recoverable as of September 30, 2020. There were no impairment losses recorded on long-lived assets during the three and nine months ended September 30, 2020 and 2019. 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 Acquisitions that do not meet the definition of a business under FASB ASU No. 2017-01 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 the fair value of both the tangible and intangible acquired assets, the Company also considers information obtained about each property as a result of its pre-acquisition due diligence. 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. There have been no such events or changes in circumstances during the three and nine months ended September 30, 2020. Revenue Recognition and Receivables The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, where collection has been considered probable, The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $73.4 million and $499,000 for the 12 month periods ending September 30, 2021 and 2022, respectively, and none thereafter. The future minimum rental payments to be received from noncancelable operating leases for commercial rental properties and antenna rentals are $486,000, $421,000, $224,000, $179,000, and $184,000 for the 12 month periods ending September 30, 2021 through September 30, 2025, respectively, and $1.3 million thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments and amenities, which are charged to residents and recognized monthly as earned. The Company also has revenue sharing arrangements for 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 September 30, 2020 and December 31, 2019, is deferred revenue for contracts with cable providers in the amounts of $775,100 and $596,000, respectively. The Company recognizes income on a straight line basis over the contract period of 10 years to 12 years. In the nine months ended September 30, 2020, approximately $91,000 of revenue from the contract liability was recognized as income. Subsequent to the Self- Management Transaction, the Company receives asset management and property management fees from REIT II and III. The monthly asset management fee is equal to one-twelfth of 1.0% of the higher of the cost or the independently appraised value of each asset held by REIT II and one-twelfth of 1.0% of the appraised value of each asset held by REIT III, without deduction for depreciation, bad debts or other non-cash reserves. The monthly property management fee is calculated based on 4.5% of the gross monthly receipts from REIT II and REIT III’s properties. The Company recognizes revenue for both asset and property management fees as earned on a monthly basis. The Company evaluates its portfolio of operating leases for collectability at both the onset of the underlying leases and on an ongoing basis. Tenant receivables include amounts for which collectability was assessed as probable in accordance with the guidance in ASC 842-30. For tenant receivables, which include base rents, straight-line rentals, expense reimbursements and other revenue or income, the Company also estimates a general allowance for uncollectible accounts under ASC 450-20. The Company determines the collectability of its receivables related to rental revenue 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, and the condition of the general economy and the industry as a whole. If collectability is not probable, the Company adjusts rental income for the amount of the uncollectible revenue. Due to the COVID-19 pandemic, some residents have experienced difficulty making rent payments and the Company’s receivables have increased compared to historical levels. This caused the Company to further evaluate collectability during the three months ended September 30, 2020. the Company recorded of provision for bad debts, respectively, to appropriately reflect management’s estimate for uncollectible accounts. The provision for bad debts was recorded as a reduction to rental income in the Company’s consolidated statements of operations. 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. common area maintenance, 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 office leases, a parking space lease, and office equipment leases, the Company recognizes a right-of-use (“ROU”) 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 September 30, 2020 and December 31, 2019, 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 (“IRS’) 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 2016 and prior. Earnings Per Share Basic earnings per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the shares of convertible stock (see Note 14) and performance based restricted stock awards are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of September 30, 2020 (were such date to represent the end of the contingency period). Due to the losses for the three and nine months ended September 30, 2020, the calculation of diluted earnings per share excludes 9,124 unvested restricted shares as their effect would be antidilutive. Income (loss) attributable to outstanding OP I Common and Preferred units issued in the Self-Management Transaction are included in net loss attributable to noncontrolling interest, and therefore, excluded from the calculation of earnings (loss) per common share, basic and diluted, for all periods presented.

SELF MANAGEMENT TRANSACTION

SELF MANAGEMENT TRANSACTION	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
SELF MANAGEMENT TRANSACTION	NOTE 3 – SELF-MANAGEMENT TRANSACTION Effective September 8, 2020, REIT I OP REIT I OP As part of the Self-Management Transaction, REIT I paid outstanding obligations due to RAI of approximately $852,000, presented in the table below as “Net working capital” consisting primarily of $4.3 million in accrued management fees transferred to the Company as well as $150,000 of prepaid rent, software subscriptions, and security deposits. Additionally, the Company assumed payroll liabilities of $2.9 million and $682,000 due to the third-party property manager. The operating leases for office space in Philadelphia, Pennsylvania and Denver, Colorado were assumed. In accordance with ASC 842, Leases, an operating lease right of use asset and liability were calculated and reflected as part of the Self-Management Transaction. As part of the Self-Management Transaction, REIT I recorded approximately $1.8 million of transaction costs. Under the terms of the Self-Management Transaction, the following consideration was given in exchange (in thousands): Fair value of OP Units issued $ 128,200 Net working capital 852 Subsequent consideration 27,000 Net consideration $ 156,052 The Self-Management Transaction was accounted for as a business combination in accordance with ASC 805, Business Combinations, which requires, among other things, the assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date and transaction costs to be expensed. The preliminary fair value of the OP units issued was based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval. As of September 30, 2020, the allocation of the purchase price is considered preliminary as the Company is continuing to gather additional information to finalize the fair values of the assets and liabilities acquired. The following table summarizes the purchase price allocation (dollars in thousands): Assets: Due from related parties $ 4,338 Prepaid expenses and other assets 150 Goodwill 154,531 Property and equipment 659 Operating lease right-of-use assets 3,244 Total assets acquired $ 162,922 Liabilities: Other liabilities 3,626 Operating lease liabilities 3,244 Total liabilities assumed 6,870 Net assets acquired $ 156,052 The allocation of the purchase price was based on management’s assessment, which may change in the future as more information becomes available and could have an impact on the unaudited pro forma financial information presented below. Subsequent adjustments made to the purchase price allocation upon the completion of the Company's fair value assessment process will not exceed one year from the acquisition date. The allocation of the purchase price above required a significant amount of judgment and represented management’s best estimate of the fair value as of the acquisition date. Goodwill In connection with the Self-Management Transaction, the Company recorded goodwill of $154.5 million as a result of the consideration exceeding the fair value of the net assets acquired. Goodwill represents the estimated future benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill recorded represents the Company's management structure and its ability to generate additional opportunities for revenue and raise additional funds. Pro Forma Financial Information (unaudited) The following condensed pro forma operating information is presented as if the Self –Management Transaction had been included in operations as of January 1, 2019. The pro forma operating information excludes certain nonrecurring adjustments, such as transaction expenses incurred, to reflect the pro forma impact the acquisition would have on earnings on a continuous basis (in thousands, except per share data): Nine Months Ended Year Ended September 30, 2020 December 31, 2019 Revenue $ 111,626 $ 135,545 Net (loss) income $ (6,355 ) $ 20,357 Net loss (income) attributable to noncontrolling interests $ 824 $ (1,343 ) Net (loss) income attributable to common stockholders $ (8,891 ) $ 14,534 Net (loss) income to common stockholders per share, basic and diluted $ (0.13 ) $ 0.21

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 4 - SUPPLEMENTAL CASH FLOW INFORMATION The following table presents the Company's supplemental cash flow information (in thousands): Nine Months Ended September 30, 2020 2019 Non-cash financing and investing activities: Stock issued from the distribution reinvestment plan $ 6,085 $ 18,382 Deferred financing costs funded directly by mortgage notes 607 315 Repayments on borrowings through refinancing 65,941 11,747 Accruals for construction in progress 573 3,125 Lease liabilities arising from obtaining right-of-use assets — 526 Non-cash activity related to dispositions: Mortgage notes payable settled directly with proceeds from sale of rental property — 53,936 Non-cash activity related to Self-Management Transaction: Goodwill - Self-Management Transaction 154,531 — Due to related parties 27,000 — Operating Partnership units issued in exchange for net assets acquired 128,200 — Accrued allocation of income to preferred unit holders 286 — Operating lease right of use assets assumed 3,244 — Operating lease liabilities assumed 3,244 — Property and equipment assumed 659 — Cash paid during the period for: Interest $ 19,561 $ 27,701

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
	Sep. 30, 2020
Cash And Cash Equivalents [Abstract]
RESTRICTED CASH	NOTE 5 - 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): September 30, 2020 December 31, 2019 Real estate taxes $ 9,082 $ 8,824 Insurance 946 1,438 Capital improvements 2,097 2,042 Total $ 12,125 $ 12,304 In addition, the Company had unrestricted cash designated for capital expenditures of $17.4 million and $12.1 million as of September 30, 2020 and, December 31, 2019 respectively.

RENTAL PROPERTIES, NET

RENTAL PROPERTIES, NET	9 Months Ended
	Sep. 30, 2020
Real Estate Investments [Abstract]
RENTAL PROPERTIES, NET	NOTE 6 - RENTAL PROPERTIES, NET The following table presents the Company’s investments in rental properties (in thousands): September 30, 2020 December 31, 2019 Land $ 196,355 $ 196,358 Building and improvements 926,075 920,781 Furniture, fixtures and equipment 47,059 43,757 Construction in progress 2,717 2,831 1,172,206 1,163,727 Less: accumulated depreciation (263,744 ) (225,583 ) $ 908,462 $ 938,144 Depreciation expense for the three and nine months ended September 30, 2020 was $12.8 million and $38.9 million,

LOAN HELD FOR INVESTMENT, NET

LOAN HELD FOR INVESTMENT, NET	9 Months Ended
	Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]
LOAN HELD FOR INVESTMENT, NET	NOTE 7 - 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 September 30, 2020 and December 31, 2019, the Trail Ridge Note was both current and performing. The following table presents details of the balance and terms of the Trail Ridge Note as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Unpaid principal balance $ 865 $ 885 Unamortized discount and acquisition costs (45 ) (76 ) Net book value $ 820 $ 809 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 September 30, 2020, it was not impaired. There were no allowances for credit losses as of both September 30, 2020 and December 31, 2019. There were no charge-offs for both the nine months ended September 30, 2020 and 2019.

DISPOSITION OF PROPERTIES AND D

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS	9 Months Ended
	Sep. 30, 2020
Discontinued Operations And Disposal Groups [Abstract]
DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS	NOTE 8 - DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS The Company had no property dispositions Net Gain on Disposition of Property Multifamily Community Location Sale Date Contract Sales Price Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 2019 Dispositions: Williamsburg Cincinnati, OH 3/8/2019 $ 70,000 $ — $ 34,575 The following table presents the Company's revenues and net income attributable to the property sold, excluding gain on sale, for the three and nine months ended September 30, 2019 (in thousands): Revenues Attributable to Property Sold Net Loss Attributable to Property Sold Multifamily Community Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 2019 Dispositions: Williamsburg $ — $ 2,151 $ (4 ) $ (1,431 )

IDENTIFIED INTANGIBLE ASSETS, N

IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL	9 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL	NOTE 9 - IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL Identified intangible assets, net, relate to in-place apartment antennae leases. The net carrying value of the acquired in-place leases totaled $7,000 and $14,000 as of September 30, 2020 and December 31, 2019, respectively, net of accumulated amortization of $27.1 million The following table presents the Company's expected amortization for the antennae leases for the next two 12-month periods ending September 30, and thereafter (in thousands): 2021 $ 6 2022 1 Thereafter — $ 7 As of September 30, 2020 and December 31, 2019, the Company had approximately $154.9 million

MORTGAGE NOTES PAYABLE, NET

MORTGAGE NOTES PAYABLE, NET	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
MORTGAGE NOTES PAYABLE, NET	NOTE 10 - MORTGAGE NOTES PAYABLE, NET The following table presents a summary of the Company's mortgage notes payable, net (in thousands): September 30, 2020 December 31, 2019 Collateral Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Vista Apartment Homes $ 14,039 $ — $ (42 ) $ 13,997 $ 14,315 $ — $ (68 ) $ 14,247 Cannery Lofts 13,100 — (86 ) 13,014 13,100 — (108 ) 12,992 Trailpoint at the Woodlands 17,482 — (97 ) 17,385 17,723 — (121 ) 17,602 Verona Apartment Homes 32,970 — (320 ) 32,650 32,970 — (362 ) 32,608 Skyview Apartment Homes 28,400 — (278 ) 28,122 28,400 — (315 ) 28,085 Maxwell Townhomes 12,565 — (33 ) 12,532 12,785 — (53 ) 12,732 Evergreen at Coursey Place 25,225 18 (17 ) 25,226 25,627 34 (32 ) 25,629 Pines of York 13,875 (68 ) (13 ) 13,794 14,114 (112 ) (21 ) 13,981 The Estates at Johns Creek 65,000 — (523 ) 64,477 65,000 — (589 ) 64,411 Perimeter Circle 26,115 — (265 ) 25,850 26,115 — (304 ) 25,811 Perimeter 5550 20,630 — (243 ) 20,387 20,630 — (279 ) 20,351 Aston at Cinco Ranch 21,673 — (54 ) 21,619 22,032 — (96 ) 21,936 Sunset Ridge 1 17,922 5 (4 ) 17,923 18,300 54 (43 ) 18,311 Sunset Ridge 2 2,719 1 (1 ) 2,719 2,768 7 (6 ) 2,769 Calloway at Las Colinas 32,366 — (69 ) 32,297 32,938 — (115 ) 32,823 South Lamar Village 21,000 — (263 ) 20,737 21,000 — (298 ) 20,702 Heritage Pointe 24,394 — (171 ) 24,223 24,808 — (201 ) 24,607 The Bryant at Yorba Linda 75,666 — (417 ) 75,249 66,238 — (87 ) 66,151 Point Bonita Apartment Homes 25,366 844 (145 ) 26,065 25,696 1,063 (183 ) 26,576 The Westside Apartments 35,248 — (258 ) 34,990 35,838 — (293 ) 35,545 Tech Center Square 11,531 — (78 ) 11,453 11,730 — (101 ) 11,629 Retreat at Rocky Ridge 11,053 — (117 ) 10,936 11,221 — (145 ) 11,076 Providence in the Park 45,687 — (279 ) 45,408 46,398 — (345 ) 46,053 Green Trails Apartment Homes 60,029 — (372 ) 59,657 60,998 — (451 ) 60,547 Meridian Pointe 38,648 — (333 ) 38,315 39,277 — (402 ) 38,875 Terraces at Lake Mary 31,600 — (216 ) 31,384 32,110 — (259 ) 31,851 Courtney Meadows Apartments 26,710 — (217 ) 26,493 27,100 — (257 ) 26,843 Addison at Sandy Springs 22,568 — (208 ) 22,360 22,750 — (244 ) 22,506 Bristol at Grapevine 32,922 — (261 ) 32,661 32,922 — (306 ) 32,616 $ 806,503 $ 800 $ (5,380 ) $ 801,923 $ 804,903 $ 1,046 $ (6,084 ) $ 799,865 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages) as of September 30, 2020: Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 2.44% (1)(5) $ 65 $ 32 Cannery Lofts 11/1/2023 2.69% (1)(3) 54 23 Trailpoint at the Woodlands 11/1/2023 2.56% (1)(4) 67 46 Verona Apartment Homes 10/1/2026 2.51% (1)(3) 124 43 Skyview Apartment Homes 10/1/2026 2.51% (1)(3) 106 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 1.40% (1)(5) 78 — Perimeter Circle 1/1/2026 1.65% (1)(3) 40 46 Perimeter 5550 1/1/2026 1.65% (1)(3) 32 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 1.45% (1)(3) 31 — Heritage Pointe 4/1/2025 2.03% (1)(4) 91 56 The Bryant at Yorba Linda 4/15/2027 2.40% (1)(4) 276 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 68 The Westside Apartments 9/1/2026 2.27% (1)(3) 138 82 Tech Center Square 6/1/2023 2.73% (1)(5) 53 25 Retreat at Rocky Ridge 1/1/2024 2.61% (1)(3) 47 24 Providence in the Park 2/1/2024 2.45% (1)(3) 191 149 Green Trails Apartment Homes 6/1/2024 2.14% (1)(3) 240 81 Meridian Pointe 8/1/2024 2.05% (1)(3) 152 81 Terraces at Lake Mary 9/1/2024 2.06% (1)(3) 124 63 Courtney Meadows Apartments 1/1/2025 1.99% (1)(3) 103 71 Addison at Sandy Springs 5/1/2025 1.91% (1)(3) 85 42 Bristol at Grapevine 5/1/2025 1.86% (1)(3) 78 104 (1) (2) (3) (4) (5) Loans assumed as part of the Point Bonita Apartment Homes, Paladin (Evergreen at Coursey Place and Pines of York), Sunset Ridge and Maxwell Townhomes acquisitions were recorded at their fair values. The premium or discount is amortized over the remaining term of the loans and included in interest expense. For the three months ended September 30, 2020 and 2019, interest expense was reduced by $82,000 and $84,000, respectively, for the amortization of the premium or discount. For the nine months ended September 30, 2020 and 2019, interest expense was reduced by $246,000 and $249,000, respectively, for the amortization of the premium or discount. All mortgage notes are collateralized by a first mortgage lien on the assets of the respective property 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 12-month periods ending September 30, and thereafter (in thousands): 2021 $ 59,088 2022 105,014 2023 25,568 2024 234,877 2025 103,263 Thereafter 278,693 $ 806,503 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. These exceptions are referred to as “carveouts.” The Company has guaranteed the carveouts under mortgage notes by executing a guarantee with respect to the properties. 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. On April 15, 2020 the Company refinanced the $66.0 million mortgage loan secured by The Bryant at Yorba Linda. The new loan for $76.0 million matures on April 15, 2027. The refinancing was accounted for as a loan modification. As a result, approximately $163,000 of fees paid to third parties in the transaction were expensed and are included in interest expense on the consolidated statement of operations. The mortgage loan includes net worth, liquidity, and debt service coverage ratio covenants. The Company was in compliance with all covenants related to this loan as of September 30, 2020. The Company refinanced the loans on South Lamar and Estates at Johns Creek during 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 September 30, 2020. Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the three months ended September 30, 2020 and September 30, 2019, $363,000 and $414,000, respectively, of amortization of deferred financing costs was included in interest expense. During the nine months ended September 30, 2020 and September 30, 2019, $1.1 million and $1.8 million, respectively, of amortization of deferred financing costs was included in interest expense. The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five 12-month periods ending September 30, and thereafter (in thousands): 2021 $ 1,370 2022 1,170 2023 1,110 2024 843 2025 508 Thereafter 379 $ 5,380

LEASES

LEASES	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
LEASES	NOTE 11 - LEASES As the lessee, the Company’s operating leases primarily consist of office leases, a parking lot lease and office equipment leases. These operating leases have remaining terms ranging from less than one year to six 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 September 30, 2020, the payments due under the contractually-obligated portion of these leases totaled $3.6 million. 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 September 30, 2020, the weighted average remaining lease term was 5.79 The Company’s lease expense related to the parking lot lease for the three and nine months ended September 30, 2020 was approximately $9,000 and $27,000 respectively, which is included in rental operating expenses in the consolidated statements of operations. The Company’s lease expense related to all other leases for the three and nine months ended September 30, 2020 was approximately $47,000 As a part of the Self-Management Transaction, the Company assumed an office lease in Philadelphia, Pennsylvania (“the Philadelphia office lease”). The Philadelphia office lease has a remaining six-year term expiring September 2026, requires current monthly minimum rental payments of $43,971 plus a proportionate share of the utilities, taxes and other operating expenses of the building. 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 September 30, and thereafter (in thousands): 2021 $ 645 2022 587 2023 578 2024 570 2025 582 Thereafter 596 $ 3,558

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 12 - ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in each component of the Company's accumulated other comprehensive loss for the nine months ended September 30, 2020 and 2019 (in thousands): Balance, January 1, 2020 $ (218 ) Reclassification adjustment for realized loss on designated derivatives 109 Designated derivatives, fair value adjustments (258 ) Balance before noncontrolling interest $ (367 ) Noncontrolling interest 6 Balance, September 30, 2020 $ (361 ) Balance, January 1, 2019 $ (474 ) Reclassification adjustment for realized loss on designated derivatives 268 Designated derivatives, fair value adjustments (60 ) Balance, September 30, 2019 $ (266 )

CERTAIN RELATIONSHIPS AND RELAT

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	NOTE 13 - 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 Prior to the Self-Management Transaction, the Advisor was an indirect wholly owned subsidiary of RAI. RAI is a wholly owned subsidiary of C-III and C-III controlled both Resource Real Estate Opportunity Manager, LLC (the “Manager”) and the Advisor. As such, prior to the Self-Management Transaction, RAI and C-III were related parties of the Company. Property loss policy . The Company participates (with other properties directly or indirectly managed by RAI and C-III) in a 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. This policy will expire on March 1, 2021. General liability loss policy. The Company (with other properties directly managed by RAI) has an insured and dedicated limit for the general liability of $1,000,000 per occurrence. Total claims are limited to $2.0 million per premium year. In e xcess of these limits, the Company participates (with other properties directly or indirectly managed by RAI and C-III) in a $50.0 million per occurrence excess liability program. Therefore, the total insured limit per occurrence is $51.0 million for the general and excess liability program, after a $25,000 deductible per incident. This policy will expire on March 1, 2021. Internal audit . Prior to the Self-Management Transaction, RAI performed 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 REIT II and REIT III. Prior to the Self-Management Transaction, the Company participated in a liability insurance program for directors and officers coverage with other C-III managed entities and subsidiaries. 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 As a result of the Self-Management Transaction, the Company is now self-managed and succeeds to the advisory, asset management and property management arrangements formerly in place for the Company, REIT II and REIT III In September 2009, the Company entered into an advisory agreement, which has been amended at various times thereafter (the “Advisory Agreement”), pursuant to which the Advisor provides the Company with investment management, administrative and related services. The Advisory Agreement has a one-year term 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. Subsequent to the Self-Management Transaction, the Company also receives asset management fees paid by REIT II and REIT III. 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. Following the Self-Management Transaction, the Manager is an indirect subsidiary of the Company. Property management fees. Prior to the Self-Management Transaction, the Manager earned 4.5% of the gross receipts from the Company's properties, provided that for properties that are less than 75% occupied, the manager received 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 to, 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 following table presents the Company's amounts payable to, and amounts receivable from, such related parties (in thousands): September 30, 2020 December 31, 2019 Due from related parties: RAI and affiliates $ — $ 236 Advisor (prior to 9/8/2020): Operating expense reimbursements 92 — REIT II Management fees 316 — Operating expense reimbursements 1,118 — $ 1,434 $ — REIT III Management fees 78 — Operating expense reimbursements 1 — Deferred organization and offering costs reimbursements 1,346 — 1,425 — $ 2,951 $ 236 Due to related parties: C-III/RAI Self-Management Transaction consideration 27,000 — Allocation of income to preferred unit holders 286 — Transition services expenses 52 — 27,338 — Advisor (prior to 9/8/2020): Operating expense reimbursements — 35 Advisor (prior to 9/8/2020): Property management fees — 521 Construction management fees — 119 Other operating expense reimbursements — 8 — 683 $ 27,338 $ 683 The following table presents the Company's fees earned by, and expenses paid to, such related parties (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fees earned / expenses paid to related parties: Advisor (prior to 9/8/2020): Acquisition costs (1) $ — $ — $ 113 $ — Asset management fees (2) 2,335 3,101 8,517 9,400 Disposition fees (3) — — — 330 Debt financing fees (4) — 41 43 41 Overhead allocation (5) 687 878 2,955 2,879 Internal audit (5) 19 27 75 81 Manager (prior to 9/8/2020): Property management fees (2) $ 1,124 $ 1,532 $ 4,071 $ 4,530 Construction management fees (6) 16 83 162 361 Construction payroll reimbursements (6) — 2 — 91 Operating expense reimbursements (7) — — — 184 Debt servicing fees (2) — — 1 1 REIT II: Asset management fee income $ 563 $ — $ 563 $ — Property management fee income 231 — 231 — Operating expense reimbursements (5) 279 — 279 — Internal audit (5) 7 — 7 — REIT III: Asset management fee income $ 139 $ — $ 139 $ — Property management fee income 58 — 60 — Other: The Planning & Zoning Resource Company — 1 — 1 (1) Included in Acquisition Costs on the consolidated statements of operations. This amount represents the net acquisition fee paid to the Advisor during the nine months ended September 30, 2020 for additional capital funding contributed to the properties. (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 (loss) income. (4) Included in Interest Expense on the consolidated statements of operations and comprehensive income (loss). (5) Included in General and administrative 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	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
EQUITY	NOTE 14 - EQUITY Preferred Stock The Company’s charter authorizes the Company to issue 10.0 million shares of its $0.01 par value preferred stock. As of September 30, 2020 and December 31, 2019, no shares of preferred stock were issued and outstanding. Common Stock As of September 30, 2020, the Company had an aggregate of 70,565,408 shares of its $0.01 par value common stock outstanding as follows (dollars in thousands): Shares Issued Gross Proceeds Shares issued through private offering 1,263,727 $ 12,582 Shares issued through primary public offering (1) 62,485,461 622,077 Shares issued through stock distributions 2,132,266 — Shares issued through distribution reinvestment plan 17,018,612 175,018 Restricted shares issued to employees 645,526 — Shares issued in conjunction with the Advisor's initial investment, net of 4,500 share conversion (2) 15,500 155 Total 83,561,092 $ 809,832 Shares redeemed and retired (12,995,684 ) Total shares issued and outstanding as of September 30, 2020 70,565,408 (1) Includes 276,056 shares issued to the Advisor. (2) As part of the Self-Management Transaction on September 8, 2020, these shares were transferred by the Advisor. Convertible Stock As of both September 30, 2020 and December 31, 2019, the Company had 49,935 shares of $0.01 par value convertible stock outstanding. As of September 30, 2020, RAI owned 30,206 shares, affiliated persons owned 18,857 shares and outside investors owned 872 shares. 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 September 30, 2020, no Triggering Event has occurred or was probable to occur. Upon the closing of the Merger, each share of REIT I Convertible Stock will be converted into the right to receive $0.02 in cash (without interest). Redemption of Securities During the nine months ended September 30, 2020, the Company redeemed shares of its outstanding common stock as follows: Period Total Number of Shares Redeemed Average Price Paid per Share January 2020 — $ — February 2020 — $ — March 2020 27,769 $ 10.83 April 2020 — $ — May 2020 — $ — June 2020 106,531 $ 11.10 July 2020 — $ — August 2020 — $ — September 2020 — $ — 134,300 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. These limitations apply to all redemptions, including redemptions sought upon a stockholder's death, qualifying disability or confinement to a long-term care facility (collectively, “special redemptions”). Effective March 20, 2020, the share redemption program was suspended except for special redemptions. On September 8, 2020, the share redemption program was fully suspended in connection with signing the Merger Agreement and subsequently resumed with respect to special redemptions on October 22, 2020. While the partial suspension of the share redemption program is in effect, the Company will only accept requests for redemption in connection with a special redemption and all other pending or new requests will not be honored or retained, but will be cancelled with the ability to resubmit when, if ever, the share redemption program is fully resumed. As a result of the suspension of the share redemption program on September 8, 2020, the Company did not process any redemption requests for the three months ended September 30, 2020. 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 . Distributions Paid to Common Stockholders For the nine months ended September 30, 2020, the Company paid aggregate distributions of $10.4 million, including $4.4 million of distributions paid in cash and $6.1 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands, except per share data): Record Date Per Common Share Distribution Date Distributions reinvested in Shares of Common Stock Net Cash Distribution Total Aggregate Distribution January 30, 2020 $ 0.05 January 31, 2020 $ 2,033 $ 1,440 $ 3,473 February 27, 2020 0.05 February 28, 2020 2,027 1,456 3,483 March 30, 2020 0.05 March 31, 2020 2,025 1,468 3,493 . $ 0.15 $ 6,085 $ 4,364 $ 10,449 The Company announced on March 30, 2020 that it was suspending distributions as of April 1, 2020 in order to preserve cash and offset any impact to the Company’s liquidity that may occur as a result of the COVID-19 pandemic on its operations. Share-Based Compensation On September 8, 2020, the board of directors of the Company adopted the Resource Real Estate Opportunity REIT, Inc. 2020 Long-Term Incentive Plan (the “2020 LTIP”). The purpose of the 2020 LTIP is to advance the interests of the Company and its stockholders by providing an incentive to attract, retain, and reward certain eligible persons performing services for the Company and by motivating such persons to contribute to the growth and profitability of the Company. The 2020 LTIP allows for grants to the Company’s employees, consultants, and directors of stock options (non-statutory and incentive), restricted stock awards, stock appreciation rights, restricted stock units, performance shares, performance units, cash-based awards, and other stock-based awards. The maximum aggregate number of shares of common stock of the Company that may be issued pursuant to awards granted under the 2020 LTIP is 3.5 million shares. As a part of the Self-Management Transaction, officers and certain employees of the Company were granted awards of restricted stock of the Company (“REIT I Restricted Stock”) pursuant to the 2020 LTIP in the aggregate amount of 645,526 shares. The fair value of the shares granted were estimated to be $10.96 per share. Of the awards granted, 636,402 shares of REIT I Restricted Stock are performance-based awards and will vest 40% and be recorded upon the completion of the Merger; and 60% will vest upon the completion of an initial public offering or a liquidity event in the future. The remaining 9,124 shares of REIT I Restricted Stock granted are time-based awards and will vest ratably over a three-year period. The Company recorded compensation expense in the three and nine months ended September 30, 2020 related to these awards of $2,037. Dividends on the performance- based awards of REIT I Restricted Stock will not be paid but will be accrued over the vesting period. Noncontrolling Interests Noncontrolling interests represent limited partnership interests in the Operating Partnership, or OP Units, in which the Company is the general partner. General partnership units and limited partnership units of the Operating Partnership were issued as part of the initial capitalization of the Operating Partnership. OP I Common and OP I Preferred units were issued as part of the Self-Management Transaction as discussed in Note 1. As of September 30, 2020, noncontrolling interests were approximately 8.5% of total shares and 2.3% of weighted average shares outstanding for the quarter. The Company has evaluated the terms of the limited partnership interests in the Operating Partnership and as a result, has classified limited partnership interests issued in the Self-Management Transaction as noncontrolling interests, which are presented as a component of permanent equity. The Company evaluates individual noncontrolling interests for the ability to recognize the noncontrolling interest as permanent equity on the consolidated balance sheets at the time such interests are issued and on a continual basis. Any noncontrolling interest that fails to qualify as permanent equity are reclassified as temporary equity and adjusted to the greater of (a) the carrying amount or (b) its redemption value as of the end of the period in which the determination is made. No reclassifications occurred during the three and nine months ended September 30, 2020. The following summarizes the activity for noncontrolling interests related to the issuance of operating partnership units in the Self-Management Transaction for the three and nine months ended September 30, 2020 (in thousands): Three and Nine Months Ended September 30, 2020 Balance, January 1, 2020 $ — Issuance of operating partnership units 128,200 Allocation of income to preferred unit holders (6 ) Net loss (171 ) Other comprehensive loss (6 ) Balance, September 30, 2020 $ 128,017

FAIR VALUE MEASURES AND DISCLOS

FAIR VALUE MEASURES AND DISCLOSURES	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASURES AND DISCLOSURES	NOTE 15 - 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, restricted 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 September 30, 2020 Assets: Interest rate caps $ — $ 57 $ — $ 57 $ — $ 57 $ — $ 57 December 31, 2019 Assets: Interest rate caps $ — $ 20 $ — $ 20 $ — $ 20 $ — $ 20 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): September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 820 $ 911 $ 809 $ 938 Mortgage notes payable- outstanding borrowings $ (806,503 ) $ (807,435 ) $ (804,903 ) $ (790,413 ) 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	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	NOTE 16 - 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 22 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 Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $83,215 will be reclassified as an increase to interest expense. The following table presents the Company's outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of September 30, 2020 and December 31, 2019 (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates September 30, 2020 Interest Rate Caps 22 $ 648,638 October 1, 2020 to October 1, 2024 December 31, 2019 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 September 30, 2020 and December 31, 2019 (in thousands): Asset Derivatives Liability Derivatives September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 57 Prepaid expenses and other assets $ 20 — $ — — $ —

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 17 - SUBSEQUENT EVENTS Loan Refinancing On October 29, 2020 the Company refinanced the $19.8 million mortgage loan secured by Sunset Ridge. The new loan for $28.6 million matures on October 29, 2027. On November 2, 2020 the Company refinanced the $31.4 million mortgage loan secured by Calloway at Las Colinas. The new loan for $51.9 million matures on November 2, 2027. The Company has evaluated subsequent events and determined that no events have occurred, other than as disclosed above or elsewhere in the financial statements, which would require an adjustment to or additional disclosure in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with 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 Resource Real Estate Opportunity Manager, LLC N/A N/A N/A Resource Real Estate Opportunity Manager II, LLC N/A N/A N/A Resource Apartment Manager III, LLC N/A N/A N/A Resource Real Estate Opportunity Advisor, LLC N/A N/A N/A Resource Real Estate Opportunity Advisor II, LLC N/A N/A N/A Resource REIT Advisor, LLC N/A N/A N/A Resource Real Estate LLC (formerly known as Resource Newco, LLC) N/A N/A N/A Resource PM 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 PRIP Coursey, LLC (a) N/A N/A N/A Evergreen at Coursey Place, LLC ("Evergreen at Coursey Place") Evergreen at Coursey Place 352 Baton Rouge, LA PRIP Pines, LLC (a) N/A N/A N/A FP-1, LLC ("Pines of York") Pines of York 248 Yorktown, VA RRE Addison Place Holdings, LLC ("Addison Place") The Estates at Johns Creek 403 Alpharetta, GA RRE Berkeley Run Holdings, LLC ("Berkley Run") Perimeter Circle 194 Atlanta, GA RRE Berkeley Trace Holdings LLC ("Berkley Trace") Perimeter 5550 165 Atlanta, GA RRE Merrywood Holdings, LLC ("Merrywood") Aston at Cinco Ranch 228 Katy, TX RRE Sunset Ridge Holdings, LLC ("Sunset Ridge") Sunset Ridge 324 San Antonio, TX RRE Parkridge Place Holdings, LLC ("Parkridge Place") Calloway at Las Colinas 536 Irving, TX RRE Woodmoor Holdings, LLC ("Woodmoor") South Lamar Village 208 Austin, TX RRE Gilbert Holdings, LLC ("Springs at Gilbert") Heritage Pointe 458 Gilbert, AZ RRE Bonita Glen Holdings, LLC ("Bonita") Point Bonita Apartment Homes 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 N/A - Not Applicable (a) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. All intercompany accounts and transactions have been eliminated in consolidation.
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.
Concentration of Risk	Concentration of Risk At September 30, 2020, the Company's real estate investments in Texas, California, and Georgia represented 31%, 17%, and 15%, respectively, of the net book value of its rental property assets. Any adverse economic or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders.
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.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. The Company adopted the standard on January 1, 2020, and the adoption did not have an 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. The Company adopted the standard on January 1, 2020, and the adoption did not 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 Accounting Standards Codification (“ASC”) 820, “Fair Value Measurement” (“ASC 820”). The Company adopted the standard on January 1, 2020, and the adoption did not 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. The Company adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In March 2020, FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. T he Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. On April 10, 2020, the FASB issued a Staff Q&A to respond to some frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance to those leases. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company has not elected to apply the lease modification guidance to our leases. To date, the impact of lease concessions granted has not had a material effect on the financial statements. The Company will continue to evaluate the impact of lease concessions and the appropriate accounting for those concessions. Accounting Standards Issued But Not Yet Effective In August 2020, FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. ASU 2020-06 addresses the complexity of guidance for certain financial (convertible) instruments with characteristics of liabilities and equity. ASU No. 2020-06 will be effective for the Company beginning January 1, 2022. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2020-06 to have a material effect on its consolidated financial statements and disclosures.
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. As of September 30, 2020 and December 31, 2019, the Company had no rental properties included in assets held for sale.
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 asset 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 13) are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the Company's inability to recover the carrying value of a property, 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 is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. As of September 30, 2020, the Company evaluated whether the global economic disruption caused by the COVID-19 pandemic was an impairment indicator. The Company examined a number of factors and concluded that there was no indication that the carrying value of the Company’s investments in real estate might not recoverable as of September 30, 2020. There were no impairment losses recorded on long-lived assets during the three and nine months ended September 30, 2020 and 2019.
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 Acquisitions that do not meet the definition of a business under FASB ASU No. 2017-01 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 the fair value of both the tangible and intangible acquired assets, the Company also considers information obtained about each property as a result of its pre-acquisition due diligence. 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. There have been no such events or changes in circumstances during the three and nine months ended September 30, 2020.
Revenue Recognition and Receivables	Revenue Recognition and Receivables The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, where collection has been considered probable, The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $73.4 million and $499,000 for the 12 month periods ending September 30, 2021 and 2022, respectively, and none thereafter. The future minimum rental payments to be received from noncancelable operating leases for commercial rental properties and antenna rentals are $486,000, $421,000, $224,000, $179,000, and $184,000 for the 12 month periods ending September 30, 2021 through September 30, 2025, respectively, and $1.3 million thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments and amenities, which are charged to residents and recognized monthly as earned. The Company also has revenue sharing arrangements for 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 September 30, 2020 and December 31, 2019, is deferred revenue for contracts with cable providers in the amounts of $775,100 and $596,000, respectively. The Company recognizes income on a straight line basis over the contract period of 10 years to 12 years. In the nine months ended September 30, 2020, approximately $91,000 of revenue from the contract liability was recognized as income. Subsequent to the Self- Management Transaction, the Company receives asset management and property management fees from REIT II and III. The monthly asset management fee is equal to one-twelfth of 1.0% of the higher of the cost or the independently appraised value of each asset held by REIT II and one-twelfth of 1.0% of the appraised value of each asset held by REIT III, without deduction for depreciation, bad debts or other non-cash reserves. The monthly property management fee is calculated based on 4.5% of the gross monthly receipts from REIT II and REIT III’s properties. The Company recognizes revenue for both asset and property management fees as earned on a monthly basis. The Company evaluates its portfolio of operating leases for collectability at both the onset of the underlying leases and on an ongoing basis. Tenant receivables include amounts for which collectability was assessed as probable in accordance with the guidance in ASC 842-30. For tenant receivables, which include base rents, straight-line rentals, expense reimbursements and other revenue or income, the Company also estimates a general allowance for uncollectible accounts under ASC 450-20. The Company determines the collectability of its receivables related to rental revenue 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, and the condition of the general economy and the industry as a whole. If collectability is not probable, the Company adjusts rental income for the amount of the uncollectible revenue. Due to the COVID-19 pandemic, some residents have experienced difficulty making rent payments and the Company’s receivables have increased compared to historical levels. This caused the Company to further evaluate collectability during the three months ended September 30, 2020. the Company recorded of provision for bad debts, respectively, to appropriately reflect management’s estimate for uncollectible accounts. The provision for bad debts was recorded as a reduction to rental income in the Company’s consolidated statements of operations.
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. common area maintenance, 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 office leases, a parking space lease, and office equipment leases, the Company recognizes a right-of-use (“ROU”) 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 September 30, 2020 and December 31, 2019, 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 (“IRS’) 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 2016 and prior.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the shares of convertible stock (see Note 14) and performance based restricted stock awards are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of September 30, 2020 (were such date to represent the end of the contingency period). Due to the losses for the three and nine months ended September 30, 2020, the calculation of diluted earnings per share excludes 9,124 unvested restricted shares as their effect would be antidilutive. Income (loss) attributable to outstanding OP I Common and Preferred units issued in the Self-Management Transaction are included in net loss attributable to noncontrolling interest, and therefore, excluded from the calculation of earnings (loss) per common share, basic and diluted, for all periods presented.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2020
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 Resource Real Estate Opportunity Manager, LLC N/A N/A N/A Resource Real Estate Opportunity Manager II, LLC N/A N/A N/A Resource Apartment Manager III, LLC N/A N/A N/A Resource Real Estate Opportunity Advisor, LLC N/A N/A N/A Resource Real Estate Opportunity Advisor II, LLC N/A N/A N/A Resource REIT Advisor, LLC N/A N/A N/A Resource Real Estate LLC (formerly known as Resource Newco, LLC) N/A N/A N/A Resource PM 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 PRIP Coursey, LLC (a) N/A N/A N/A Evergreen at Coursey Place, LLC ("Evergreen at Coursey Place") Evergreen at Coursey Place 352 Baton Rouge, LA PRIP Pines, LLC (a) N/A N/A N/A FP-1, LLC ("Pines of York") Pines of York 248 Yorktown, VA RRE Addison Place Holdings, LLC ("Addison Place") The Estates at Johns Creek 403 Alpharetta, GA RRE Berkeley Run Holdings, LLC ("Berkley Run") Perimeter Circle 194 Atlanta, GA RRE Berkeley Trace Holdings LLC ("Berkley Trace") Perimeter 5550 165 Atlanta, GA RRE Merrywood Holdings, LLC ("Merrywood") Aston at Cinco Ranch 228 Katy, TX RRE Sunset Ridge Holdings, LLC ("Sunset Ridge") Sunset Ridge 324 San Antonio, TX RRE Parkridge Place Holdings, LLC ("Parkridge Place") Calloway at Las Colinas 536 Irving, TX RRE Woodmoor Holdings, LLC ("Woodmoor") South Lamar Village 208 Austin, TX RRE Gilbert Holdings, LLC ("Springs at Gilbert") Heritage Pointe 458 Gilbert, AZ RRE Bonita Glen Holdings, LLC ("Bonita") Point Bonita Apartment Homes 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 N/A - Not Applicable (a) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC.
Estimated Useful Lives of Assets	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

SELF MANAGEMENT TRANSACTION (Ta

SELF MANAGEMENT TRANSACTION (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of Consideration Given under Self-Management Transaction	Under the terms of the Self-Management Transaction, the following consideration was given in exchange (in thousands): Fair value of OP Units issued $ 128,200 Net working capital 852 Subsequent consideration 27,000 Net consideration $ 156,052
Summary of Purchase Price Allocation	The following table summarizes the purchase price allocation (dollars in thousands): Assets: Due from related parties $ 4,338 Prepaid expenses and other assets 150 Goodwill 154,531 Property and equipment 659 Operating lease right-of-use assets 3,244 Total assets acquired $ 162,922 Liabilities: Other liabilities 3,626 Operating lease liabilities 3,244 Total liabilities assumed 6,870 Net assets acquired $ 156,052
Pro Forma Financial Information	The following condensed pro forma operating information is presented as if the Self –Management Transaction had been included in operations as of January 1, 2019. The pro forma operating information excludes certain nonrecurring adjustments, such as transaction expenses incurred, to reflect the pro forma impact the acquisition would have on earnings on a continuous basis (in thousands, except per share data): Nine Months Ended Year Ended September 30, 2020 December 31, 2019 Revenue $ 111,626 $ 135,545 Net (loss) income $ (6,355 ) $ 20,357 Net loss (income) attributable to noncontrolling interests $ 824 $ (1,343 ) Net (loss) income attributable to common stockholders $ (8,891 ) $ 14,534 Net (loss) income to common stockholders per share, basic and diluted $ (0.13 ) $ 0.21

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information (in thousands): Nine Months Ended September 30, 2020 2019 Non-cash financing and investing activities: Stock issued from the distribution reinvestment plan $ 6,085 $ 18,382 Deferred financing costs funded directly by mortgage notes 607 315 Repayments on borrowings through refinancing 65,941 11,747 Accruals for construction in progress 573 3,125 Lease liabilities arising from obtaining right-of-use assets — 526 Non-cash activity related to dispositions: Mortgage notes payable settled directly with proceeds from sale of rental property — 53,936 Non-cash activity related to Self-Management Transaction: Goodwill - Self-Management Transaction 154,531 — Due to related parties 27,000 — Operating Partnership units issued in exchange for net assets acquired 128,200 — Accrued allocation of income to preferred unit holders 286 — Operating lease right of use assets assumed 3,244 — Operating lease liabilities assumed 3,244 — Property and equipment assumed 659 — Cash paid during the period for: Interest $ 19,561 $ 27,701

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	9 Months Ended
	Sep. 30, 2020
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): September 30, 2020 December 31, 2019 Real estate taxes $ 9,082 $ 8,824 Insurance 946 1,438 Capital improvements 2,097 2,042 Total $ 12,125 $ 12,304

RENTAL PROPERTIES, NET (Tables)

RENTAL PROPERTIES, NET (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate Investments [Abstract]
Summary of Investments in Rental Properties	The following table presents the Company’s investments in rental properties (in thousands): September 30, 2020 December 31, 2019 Land $ 196,355 $ 196,358 Building and improvements 926,075 920,781 Furniture, fixtures and equipment 47,059 43,757 Construction in progress 2,717 2,831 1,172,206 1,163,727 Less: accumulated depreciation (263,744 ) (225,583 ) $ 908,462 $ 938,144

LOAN HELD FOR INVESTMENT, NET (

LOAN HELD FOR INVESTMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2020
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 as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Unpaid principal balance $ 865 $ 885 Unamortized discount and acquisition costs (45 ) (76 ) Net book value $ 820 $ 809 Maturity date 10/28/2021 Interest rate 7.5 % Average monthly payment $ 8

DISPOSITION OF PROPERTIES AND_2

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations And Disposal Groups [Abstract]
Summary of Disposition Activity	The Company had no property dispositions Net Gain on Disposition of Property Multifamily Community Location Sale Date Contract Sales Price Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 2019 Dispositions: Williamsburg Cincinnati, OH 3/8/2019 $ 70,000 $ — $ 34,575 The following table presents the Company's revenues and net income attributable to the property sold, excluding gain on sale, for the three and nine months ended September 30, 2019 (in thousands): Revenues Attributable to Property Sold Net Loss Attributable to Property Sold Multifamily Community Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 2019 Dispositions: Williamsburg $ — $ 2,151 $ (4 ) $ (1,431 )

IDENTIFIED INTANGIBLE ASSETS,_2

IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Expected Amortization of Rental and Antennae Leases	The following table presents the Company's expected amortization for the antennae leases for the next two 12-month periods ending September 30, and thereafter (in thousands): 2021 $ 6 2022 1 Thereafter — $ 7

MORTGAGE NOTES PAYABLE, NET (Ta

MORTGAGE NOTES PAYABLE, NET (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following table presents a summary of the Company's mortgage notes payable, net (in thousands): September 30, 2020 December 31, 2019 Collateral Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Vista Apartment Homes $ 14,039 $ — $ (42 ) $ 13,997 $ 14,315 $ — $ (68 ) $ 14,247 Cannery Lofts 13,100 — (86 ) 13,014 13,100 — (108 ) 12,992 Trailpoint at the Woodlands 17,482 — (97 ) 17,385 17,723 — (121 ) 17,602 Verona Apartment Homes 32,970 — (320 ) 32,650 32,970 — (362 ) 32,608 Skyview Apartment Homes 28,400 — (278 ) 28,122 28,400 — (315 ) 28,085 Maxwell Townhomes 12,565 — (33 ) 12,532 12,785 — (53 ) 12,732 Evergreen at Coursey Place 25,225 18 (17 ) 25,226 25,627 34 (32 ) 25,629 Pines of York 13,875 (68 ) (13 ) 13,794 14,114 (112 ) (21 ) 13,981 The Estates at Johns Creek 65,000 — (523 ) 64,477 65,000 — (589 ) 64,411 Perimeter Circle 26,115 — (265 ) 25,850 26,115 — (304 ) 25,811 Perimeter 5550 20,630 — (243 ) 20,387 20,630 — (279 ) 20,351 Aston at Cinco Ranch 21,673 — (54 ) 21,619 22,032 — (96 ) 21,936 Sunset Ridge 1 17,922 5 (4 ) 17,923 18,300 54 (43 ) 18,311 Sunset Ridge 2 2,719 1 (1 ) 2,719 2,768 7 (6 ) 2,769 Calloway at Las Colinas 32,366 — (69 ) 32,297 32,938 — (115 ) 32,823 South Lamar Village 21,000 — (263 ) 20,737 21,000 — (298 ) 20,702 Heritage Pointe 24,394 — (171 ) 24,223 24,808 — (201 ) 24,607 The Bryant at Yorba Linda 75,666 — (417 ) 75,249 66,238 — (87 ) 66,151 Point Bonita Apartment Homes 25,366 844 (145 ) 26,065 25,696 1,063 (183 ) 26,576 The Westside Apartments 35,248 — (258 ) 34,990 35,838 — (293 ) 35,545 Tech Center Square 11,531 — (78 ) 11,453 11,730 — (101 ) 11,629 Retreat at Rocky Ridge 11,053 — (117 ) 10,936 11,221 — (145 ) 11,076 Providence in the Park 45,687 — (279 ) 45,408 46,398 — (345 ) 46,053 Green Trails Apartment Homes 60,029 — (372 ) 59,657 60,998 — (451 ) 60,547 Meridian Pointe 38,648 — (333 ) 38,315 39,277 — (402 ) 38,875 Terraces at Lake Mary 31,600 — (216 ) 31,384 32,110 — (259 ) 31,851 Courtney Meadows Apartments 26,710 — (217 ) 26,493 27,100 — (257 ) 26,843 Addison at Sandy Springs 22,568 — (208 ) 22,360 22,750 — (244 ) 22,506 Bristol at Grapevine 32,922 — (261 ) 32,661 32,922 — (306 ) 32,616 $ 806,503 $ 800 $ (5,380 ) $ 801,923 $ 804,903 $ 1,046 $ (6,084 ) $ 799,865 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages) as of September 30, 2020: Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 2.44% (1)(5) $ 65 $ 32 Cannery Lofts 11/1/2023 2.69% (1)(3) 54 23 Trailpoint at the Woodlands 11/1/2023 2.56% (1)(4) 67 46 Verona Apartment Homes 10/1/2026 2.51% (1)(3) 124 43 Skyview Apartment Homes 10/1/2026 2.51% (1)(3) 106 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 1.40% (1)(5) 78 — Perimeter Circle 1/1/2026 1.65% (1)(3) 40 46 Perimeter 5550 1/1/2026 1.65% (1)(3) 32 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 1.45% (1)(3) 31 — Heritage Pointe 4/1/2025 2.03% (1)(4) 91 56 The Bryant at Yorba Linda 4/15/2027 2.40% (1)(4) 276 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 68 The Westside Apartments 9/1/2026 2.27% (1)(3) 138 82 Tech Center Square 6/1/2023 2.73% (1)(5) 53 25 Retreat at Rocky Ridge 1/1/2024 2.61% (1)(3) 47 24 Providence in the Park 2/1/2024 2.45% (1)(3) 191 149 Green Trails Apartment Homes 6/1/2024 2.14% (1)(3) 240 81 Meridian Pointe 8/1/2024 2.05% (1)(3) 152 81 Terraces at Lake Mary 9/1/2024 2.06% (1)(3) 124 63 Courtney Meadows Apartments 1/1/2025 1.99% (1)(3) 103 71 Addison at Sandy Springs 5/1/2025 1.91% (1)(3) 85 42 Bristol at Grapevine 5/1/2025 1.86% (1)(3) 78 104 (1) (2) (3) (4) (5)
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 12-month periods ending September 30, and thereafter (in thousands): 2021 $ 59,088 2022 105,014 2023 25,568 2024 234,877 2025 103,263 Thereafter 278,693 $ 806,503
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 12-month periods ending September 30, and thereafter (in thousands): 2021 $ 1,370 2022 1,170 2023 1,110 2024 843 2025 508 Thereafter 379 $ 5,380

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, and thereafter (in thousands): 2021 $ 645 2022 587 2023 578 2024 570 2025 582 Thereafter 596 $ 3,558

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	The following table presents the changes in each component of the Company's accumulated other comprehensive loss for the nine months ended September 30, 2020 and 2019 (in thousands): Balance, January 1, 2020 $ (218 ) Reclassification adjustment for realized loss on designated derivatives 109 Designated derivatives, fair value adjustments (258 ) Balance before noncontrolling interest $ (367 ) Noncontrolling interest 6 Balance, September 30, 2020 $ (361 ) Balance, January 1, 2019 $ (474 ) Reclassification adjustment for realized loss on designated derivatives 268 Designated derivatives, fair value adjustments (60 ) Balance, September 30, 2019 $ (266 )

CERTAIN RELATIONSHIPS AND REL_2

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2020
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): September 30, 2020 December 31, 2019 Due from related parties: RAI and affiliates $ — $ 236 Advisor (prior to 9/8/2020): Operating expense reimbursements 92 — REIT II Management fees 316 — Operating expense reimbursements 1,118 — $ 1,434 $ — REIT III Management fees 78 — Operating expense reimbursements 1 — Deferred organization and offering costs reimbursements 1,346 — 1,425 — $ 2,951 $ 236 Due to related parties: C-III/RAI Self-Management Transaction consideration 27,000 — Allocation of income to preferred unit holders 286 — Transition services expenses 52 — 27,338 — Advisor (prior to 9/8/2020): Operating expense reimbursements — 35 Advisor (prior to 9/8/2020): Property management fees — 521 Construction management fees — 119 Other operating expense reimbursements — 8 — 683 $ 27,338 $ 683 The following table presents the Company's fees earned by, and expenses paid to, such related parties (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fees earned / expenses paid to related parties: Advisor (prior to 9/8/2020): Acquisition costs (1) $ — $ — $ 113 $ — Asset management fees (2) 2,335 3,101 8,517 9,400 Disposition fees (3) — — — 330 Debt financing fees (4) — 41 43 41 Overhead allocation (5) 687 878 2,955 2,879 Internal audit (5) 19 27 75 81 Manager (prior to 9/8/2020): Property management fees (2) $ 1,124 $ 1,532 $ 4,071 $ 4,530 Construction management fees (6) 16 83 162 361 Construction payroll reimbursements (6) — 2 — 91 Operating expense reimbursements (7) — — — 184 Debt servicing fees (2) — — 1 1 REIT II: Asset management fee income $ 563 $ — $ 563 $ — Property management fee income 231 — 231 — Operating expense reimbursements (5) 279 — 279 — Internal audit (5) 7 — 7 — REIT III: Asset management fee income $ 139 $ — $ 139 $ — Property management fee income 58 — 60 — Other: The Planning & Zoning Resource Company — 1 — 1 (1) Included in Acquisition Costs on the consolidated statements of operations. This amount represents the net acquisition fee paid to the Advisor during the nine months ended September 30, 2020 for additional capital funding contributed to the properties. (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 (loss) income. (4) Included in Interest Expense on the consolidated statements of operations and comprehensive income (loss). (5) Included in General and administrative 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)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Stock Issuances	As of September 30, 2020, the Company had an aggregate of 70,565,408 shares of its $0.01 par value common stock outstanding as follows (dollars in thousands): Shares Issued Gross Proceeds Shares issued through private offering 1,263,727 $ 12,582 Shares issued through primary public offering (1) 62,485,461 622,077 Shares issued through stock distributions 2,132,266 — Shares issued through distribution reinvestment plan 17,018,612 175,018 Restricted shares issued to employees 645,526 — Shares issued in conjunction with the Advisor's initial investment, net of 4,500 share conversion (2) 15,500 155 Total 83,561,092 $ 809,832 Shares redeemed and retired (12,995,684 ) Total shares issued and outstanding as of September 30, 2020 70,565,408 (1) Includes 276,056 shares issued to the Advisor. (2) As part of the Self-Management Transaction on September 8, 2020, these shares were transferred by the Advisor.
Schedule of Stockholders Equity	During the nine months ended September 30, 2020, the Company redeemed shares of its outstanding common stock as follows: Period Total Number of Shares Redeemed Average Price Paid per Share January 2020 — $ — February 2020 — $ — March 2020 27,769 $ 10.83 April 2020 — $ — May 2020 — $ — June 2020 106,531 $ 11.10 July 2020 — $ — August 2020 — $ — September 2020 — $ — 134,300
Schedule of Dividend Distributions	For the nine months ended September 30, 2020, the Company paid aggregate distributions of $10.4 million, including $4.4 million of distributions paid in cash and $6.1 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands, except per share data): Record Date Per Common Share Distribution Date Distributions reinvested in Shares of Common Stock Net Cash Distribution Total Aggregate Distribution January 30, 2020 $ 0.05 January 31, 2020 $ 2,033 $ 1,440 $ 3,473 February 27, 2020 0.05 February 28, 2020 2,027 1,456 3,483 March 30, 2020 0.05 March 31, 2020 2,025 1,468 3,493 . $ 0.15 $ 6,085 $ 4,364 $ 10,449
Summary of Activity for Noncontrolling Interests Related to Issuance of Operating Partnership Units	The following summarizes the activity for noncontrolling interests related to the issuance of operating partnership units in the Self-Management Transaction for the three and nine months ended September 30, 2020 (in thousands): Three and Nine Months Ended September 30, 2020 Balance, January 1, 2020 $ — Issuance of operating partnership units 128,200 Allocation of income to preferred unit holders (6 ) Net loss (171 ) Other comprehensive loss (6 ) Balance, September 30, 2020 $ 128,017

FAIR VALUE MEASURES AND DISCL_2

FAIR VALUE MEASURES AND DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): Level 1 Level 2 Level 3 Total September 30, 2020 Assets: Interest rate caps $ — $ 57 $ — $ 57 $ — $ 57 $ — $ 57 December 31, 2019 Assets: Interest rate caps $ — $ 20 $ — $ 20 $ — $ 20 $ — $ 20
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): September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 820 $ 911 $ 809 $ 938 Mortgage notes payable- outstanding borrowings $ (806,503 ) $ (807,435 ) $ (804,903 ) $ (790,413 )

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and December 31, 2019 (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates September 30, 2020 Interest Rate Caps 22 $ 648,638 October 1, 2020 to October 1, 2024 December 31, 2019 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 September 30, 2020 and December 31, 2019 (in thousands): Asset Derivatives Liability Derivatives September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 57 Prepaid expenses and other assets $ 20 — $ — — $ —

NATURE OF BUSINESS AND OPERAT_2

NATURE OF BUSINESS AND OPERATIONS - Narrative (Details)	Sep. 08, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)shares	Sep. 30, 2019USD ($)shares	Jun. 30, 2019USD ($)shares	Mar. 31, 2019USD ($)shares	Sep. 30, 2020USD ($)Employee$ / sharesshares	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)shares	Dec. 13, 2013USD ($)shares
Securities Financing Transaction [Line Items]
Proceeds from issuance of stock under private and primary public offering									$ 645,800,000
Issuance of common stock (in shares) | shares									64,900,000
Common stock issued through distribution reinvestment plan (in shares) | shares						586,500		4,900,000	1,200,000
Common stock issued through the distribution reinvestment plan		$ 6,085,000	$ 5,849,000	$ 6,235,000	$ 6,298,000	$ 6,085,000	$ 18,382,000	$ 50,400,000
Percentage of membership interest	9.90%
Exchange rights exercise description						These exchange rights may not be exercised, however, if and to the extent that the delivery of shares upon exercise would (1) result in any person owning shares of the Company’s common stock in excess of the Company’s aggregate stock ownership limit, (2) result in the Company’s shares of common stock being owned by fewer than 100 persons, (3) cause REIT I OP to be “closely held” within the meaning of Section 856(h) of the Code, (4) cause the Company to own, directly or constructively, 9.9% or more of the ownership interests in a tenant within the meaning of Section 856(d)(2)(B) of the Code, (5) cause the Company to violate the Securities Act of 1933, as amended (the “Securities Act”), (6) require the Company to register shares of its common stock pursuant to the Securities Act, (7) the Company believes that REIT I OP will be treated as a “publicly traded partnership” under Section 7704 of the Code, or if the Company no longer qualifies as a REIT.
Maximum common units to exercise exchange right | shares	1,000
Limited partner common units in exchange rights | shares	1,000
Common Stock
Securities Financing Transaction [Line Items]
Common stock issued through distribution reinvestment plan (in shares) | shares		586,000	568,000	606,000	613,000
Common stock issued through the distribution reinvestment plan		$ 6,000	$ 6,000	$ 6,000	$ 6,000
Merger Agreement
Securities Financing Transaction [Line Items]
Date of merger agreement	Sep. 8, 2020
Merger Agreement | Common Stock
Securities Financing Transaction [Line Items]
Stock conversion ratio	1.22423
REIT III Merger Agreement
Securities Financing Transaction [Line Items]
Date of merger agreement	Sep. 8, 2020
O P I Common Units | Merger Agreement
Securities Financing Transaction [Line Items]
Unit conversion ratio	1.22423
Op I Preferred Units
Securities Financing Transaction [Line Items]
Percentage of preferred unit return	7.00%
Percentage of preferred return after fifth anniversary	10.00%
Percentage of number of preferred units originally issued to holders	25.00%
Percentage of number of preferred units originally issued	12.50%
Percentage of maximum preferred units to grant rights	12.50%
OP I Series A Preferred Units
Securities Financing Transaction [Line Items]
Percentage of maximum preferred units to expire agreement	12.50%
OP I Series A Preferred Units | Merger Agreement
Securities Financing Transaction [Line Items]
Unit conversion ratio	1
Convertible Stock | Merger Agreement
Securities Financing Transaction [Line Items]
Convertible stock right to receive per share | $ / shares	$ 0.02					$ 0.02
Self-Management Transaction
Securities Financing Transaction [Line Items]
Aggregate value of right to receive deferred payments	$ 27,000,000
Self-Management Transaction | Six Monthly
Securities Financing Transaction [Line Items]
Deferred payments	12,000,000
Self-Management Transaction | Twelve Monthly
Securities Financing Transaction [Line Items]
Deferred payments	$ 7,500,000
Self-Management Transaction | REIT I OP
Securities Financing Transaction [Line Items]
Number of employees | Employee						45
Self-Management Transaction | REIT I OP | PM Holdings and Advisor Holdings
Securities Financing Transaction [Line Items]
Percentage of membership interest	100.00%
Self-Management Transaction | O P I Common Units
Securities Financing Transaction [Line Items]
Units exchange | shares	6,158,759
Self-Management Transaction | Op I Preferred Units
Securities Financing Transaction [Line Items]
Units exchange | shares	319,965
Units exchange value	$ 67,500,000
Contribution Agreement
Securities Financing Transaction [Line Items]
Business combination deferred payments description						In addition to the REIT I OP Common Units and the REIT I OP Preferred Units issued to the Contributors pursuant to the Contribution Agreement described above, REIT I OP will pay RAI (on behalf of and for distribution to PM Contributor and Advisor Contributor) deferred payments in cash of (i) $7,500,000 upon the earlier to occur of (A) the consummation of the REIT I Merger (as defined below) or (B) nine months following the effective date of the Merger Agreement (as defined below), (ii) six monthly payments of $2,000,000, totaling $12,000,000, for the six months following the closing of the Self-Management Transaction and (iii) 12 monthly payments of $625,000, totaling $7,500,000, for the 12 months following the closing of the Self-Management Transaction.
Contribution Agreement | REIT I OP | RAI
Securities Financing Transaction [Line Items]
Deferred payments	7,500,000
Contribution Agreement | REIT I OP | RAI | Six Monthly
Securities Financing Transaction [Line Items]
Business combination monthly payments	2,000,000
Business combination payments	12,000,000
Contribution Agreement | REIT I OP | RAI | Twelve Monthly
Securities Financing Transaction [Line Items]
Business combination monthly payments	625,000
Business combination payments	$ 7,500,000
Contribution Agreement | REIT I OP | PM Holdings and Advisor Holdings
Securities Financing Transaction [Line Items]
Percentage of membership interest	100.00%
Contribution Agreement | REIT I OP | Company, REIT II, III Advisors and Company, REIT II, III Property Manager
Securities Financing Transaction [Line Items]
Percentage of membership interest	100.00%
Private Placement | Advisor
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares) | shares									276,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details)	Sep. 30, 2020unit
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
Evergreen at Coursey Place, LLC ("Evergreen at Coursey Place")
Subsidiary or Equity Method Investee [Line Items]
Number of Units	352
RRE Addison Place Holdings, LLC (Addison Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	403
FP-1, LLC ("Pines of York")
Subsidiary or Equity Method Investee [Line Items]
Number of Units	248
RRE Berkeley Run Holdings, LLC (Berkley Run)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	194
RRE Berkeley Trace Holdings LLC (Berkley Trace)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	165
RRE Merrywood Holdings, LLC (Merrywood)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	228
RRE Sunset Ridge Holdings, LLC (Sunset Ridge)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	324
RRE Parkridge Place Holdings, LLC (Parkridge Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	536
RRE Woodmoor Holdings, LLC (Woodmoor)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	208
RRE Gilbert Holdings, LLC (Springs at Gilbert)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	458
RRE Bonita Glen Holdings, LLC (Bonita)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	294
RRE Yorba Linda Holdings, LLC (Yorba Linda)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	400
RRE Providence Holdings, LLC (Providence in the Park)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	524
RRE Green Trails Holdings, LLC (Green Trails)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	440
RRE Terraces at Lake Mary Holdings, LLC (Lake Mary)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	284
RRE Courtney Meadows Holdings, LLC (Courtney Meadows)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	276
RRE Sandy Springs Holdings, LLC (Sandy Springs)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	236
RRE Grapevine Holdings, LLC (Bristol Grapevine)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	376

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)propertyshares	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)property
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
Asset Impairment Charges [Abstract]
Impairment of real estate			0
Impairment losses	$ 0	$ 0	0	$ 0
Revenue Recognition [Abstract]
Contract liability	775,100		$ 775,100		$ 596,000
Revenue contract period			10 years to 12 years
Revenue from contract liability recognized into income			$ 91,000
Provision for bad debts			$ 496,000		$ 49,000
Description of asset management fee, percentage			The monthly asset management fee is equal to one-twelfth of 1.0% of the higher of the cost or the independently appraised value of each asset held by REIT II and one-twelfth of 1.0% of the appraised value of each asset held by REIT III, without deduction for depreciation, bad debts or other non-cash reserves.
Description of property management fee, percentage			The monthly property management fee is calculated based on 4.5% of the gross monthly receipts from REIT II and REIT III’s properties.
Property management fee percentage calculated based on gross monthly receipts			4.50%
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
Convertible preferred stock and performance-based restricted stock
Earnings Per Share [Abstract]
Antidilutive securities not included in the diluted earnings per share calculations (in shares) | shares			0
Unvested restricted shares
Earnings Per Share [Abstract]
Antidilutive securities not included in the diluted earnings per share calculations (in shares) | shares			9,124
Improvements and replacements
Rental Properties [Abstract]
Estimated useful lives (greater than or equal to)			1 year
Operating leases for residential rental properties
Revenue Recognition [Abstract]
Future minimum rental payments, current	73,400,000		$ 73,400,000
Future minimum rental payments, in two years	499,000		499,000
Future minimum rental payments, thereafter	0		0
Commercial rental properties and antenna rentals
Revenue Recognition [Abstract]
Future minimum rental payments, current	486,000		486,000
Future minimum rental payments, in two years	421,000		421,000
Future minimum rental payments, in three years	224,000		224,000
Future minimum rental payments, in four years	179,000		179,000
Future minimum rental payments, in five years	184,000		184,000
Future minimum rental payments, thereafter	$ 1,300,000		$ 1,300,000
Accounting Standards Update 2016-13
Accounting Standards Update and Change in Accounting Principle [Abstract]
Change in accounting principle, accounting standards update, adopted [true false]	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020		Jan. 1, 2020
Change in accounting principle, accounting standards update, immaterial effect [true false]	true		true
Accounting Standards Update 2017-04
Accounting Standards Update and Change in Accounting Principle [Abstract]
Change in accounting principle, accounting standards update, adopted [true false]	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020		Jan. 1, 2020
Change in accounting principle, accounting standards update, immaterial effect [true false]	true		true
Accounting Standards Update 2018-13
Accounting Standards Update and Change in Accounting Principle [Abstract]
Change in accounting principle, accounting standards update, adopted [true false]	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020		Jan. 1, 2020
Change in accounting principle, accounting standards update, immaterial effect [true false]	true		true
Accounting Standards Update 2018-19
Accounting Standards Update and Change in Accounting Principle [Abstract]
Change in accounting principle, accounting standards update, adopted [true false]	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020		Jan. 1, 2020
Change in accounting principle, accounting standards update, immaterial effect [true false]	true		true
Texas | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	31.00%		31.00%
California | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	17.00%		17.00%
Georgia | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	15.00%		15.00%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rental Property Useful Lives (Details)	9 Months Ended
	Sep. 30, 2020
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

SELF MANAGEMENT TRANSACTION - N

SELF MANAGEMENT TRANSACTION - Narrative (Details) - USD ($)	Sep. 08, 2020	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 154,935,000	$ 404,000
Self-Management Transaction
Business Acquisition [Line Items]
Leasehold improvements and furniture	$ 659,000
Deferred payments in cash	7,500,000
Business combination outstanding obligation due	852,000
Business combination assets acquired accrued management fees	4,300,000
Business combination assets acquired prepaid rent	150,000
Business combination liabilities assumed payroll liabilities	2,900,000
Business combination liabilities assumed due to third party	682,000
Transaction costs	1,800,000
Goodwill	154,500,000
Self-Management Transaction | Six Monthly
Business Acquisition [Line Items]
Deferred payments	2,000,000
Deferred payments	12,000,000
Self-Management Transaction | Twelve Monthly
Business Acquisition [Line Items]
Deferred payments	625,000
Deferred payments	$ 7,500,000
Self-Management Transaction | O P I Common Units
Business Acquisition [Line Items]
Business combination consideration transferred estimated fair value per units	$ 10.96
Self-Management Transaction | Op I Preferred Units
Business Acquisition [Line Items]
Business combination, consideration transferred	319,965
Business combination consideration transferred estimated fair value per units	$ 210.96
Self-Management Transaction | PM Holdings and Advisor Holdings | REIT I OP
Business Acquisition [Line Items]
Percentage of membership interest	100.00%
Self-Management Transaction | PM Holdings and Advisor Holdings | REIT I OP | O P I Common Units
Business Acquisition [Line Items]
Business combination, consideration transferred	6,200,000

SELF MANAGEMENT TRANSACTION - S

SELF MANAGEMENT TRANSACTION - Schedule of Consideration Given under Self-Management Transaction (Details) $ in Thousands	Sep. 08, 2020USD ($)
Business Combinations [Abstract]
Fair value of OP Units issued	$ 128,200
Net working capital	852
Subsequent consideration	27,000
Net consideration	$ 156,052

SELF MANAGEMENT TRANSACTION -_2

SELF MANAGEMENT TRANSACTION - Summary of Purchase Price Allocation (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Assets:
Goodwill	$ 154,935,000	$ 404,000
PM Holdings and Advisor Holdings
Assets:
Due from related parties	4,338,000
Prepaid expenses and other assets	150,000
Goodwill	154,531,000
Property and equipment	659,000
Operating lease right-of-use assets	3,244,000
Total assets acquired	162,922,000
Liabilities:
Other liabilities	3,626,000
Operating lease liabilities	3,244,000
Total liabilities assumed	6,870,000
Net assets acquired	$ 156,052,000

SELF MANAGEMENT TRANSACTION - P

SELF MANAGEMENT TRANSACTION - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Revenue	$ 111,626	$ 135,545
Net (loss) income	(6,355)	20,357
Net loss (income) attributable to noncontrolling interests	824	(1,343)
Net (loss) income attributable to common stockholders	$ (8,891)	$ 14,534
Net (loss) income to common stockholders per share, basic and diluted	$ (0.13)	$ 0.21

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		24 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Non-cash financing and investing activities:
Stock issued from the distribution reinvestment plan	$ 6,085	$ 5,849	$ 6,235	$ 6,298	$ 6,085	$ 18,382	$ 50,400
Deferred financing costs funded directly by mortgage notes					607	315
Repayments on borrowings through refinancing					65,941	11,747
Accruals for construction in progress					573	3,125
Lease liabilities arising from obtaining right-of-use assets					0	526
Mortgage notes payable settled directly with proceeds from sale of rental property					0	53,936
Non-cash activity related to Self-Management Transaction:
Goodwill - Self-Management Transaction					154,531	0
Due to related parties					27,000	0
Operating Partnership units issued in exchange for net assets acquired					128,200	0
Accrued allocation of income to preferred unit holders					286	0
Operating lease right of use assets assumed					3,244	0
Operating lease liabilities assumed					3,244	0
Property and equipment assumed					659	0
Cash paid during the period for:
Interest					$ 19,561	$ 27,701

RESTRICTED CASH - Schedule of R

RESTRICTED CASH - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 12,125	$ 12,304	$ 12,320
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	9,082	8,824
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	946	1,438
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,097	$ 2,042

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Unrestricted cash designated for capital expenditures	$ 17.4	$ 12.1

RENTAL PROPERTIES, NET - Summar

RENTAL PROPERTIES, NET - Summary of Investments in Rental Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investments in rental properties [Abstract]
Land	$ 196,355	$ 196,358
Building and improvements	926,075	920,781
Furniture, fixtures and equipment	47,059	43,757
Construction in progress	2,717	2,831
Rental properties, gross	1,172,206	1,163,727
Less: accumulated depreciation	(263,744)	(225,583)
Rental properties, net	$ 908,462	$ 938,144

RENTAL PROPERTIES, NET - Narrat

RENTAL PROPERTIES, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments in rental properties [Abstract]
Depreciation expense	$ 12.8	$ 13.4	$ 38.9	$ 40.5

LOAN HELD FOR INVESTMENT, NET -

LOAN HELD FOR INVESTMENT, NET - Narrative (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2011USD ($)loan	Dec. 31, 2019USD ($)
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

LOAN HELD FOR INVESTMENT, NET_2

LOAN HELD FOR INVESTMENT, NET - Terms of Loans Held for Investment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Unpaid principal balance	$ 865	$ 885
Unamortized discount and acquisition costs	(45)	(76)
Net book value	$ 820	$ 809
Maturity date	Oct. 28, 2021
Interest rate	7.50%
Average monthly payment	$ 8

DISPOSITION OF PROPERTIES AND_3

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS - Additional Information (Details) - unit	Sep. 30, 2020	Sep. 30, 2019
Disposed of By Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate property dispositions	0	1

DISPOSITION OF PROPERTIES AND_4

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS - Summary of Disposition Activity (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on disposition of property		$ 34,575
Williamsburg | Disposed of By Sale | 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	$ 70,000
Net gain on disposition of property		34,575
Revenues Attributable to Property Sold		2,151
Net Loss Attributable to Property Sold	$ (4)	$ (1,431)

IDENTIFIED INTANGIBLE ASSETS,_3

IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, net	$ 7,000		$ 7,000		$ 14,000
Amortization expense	1,300	$ 3,000	7,600	$ 9,400
Goodwill	154,935,000		154,935,000		404,000
Acquired in-place leases
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, net	7,000		7,000		14,000
Accumulated amortization	$ 27,100,000		$ 27,100,000		$ 27,100,000

IDENTIFIED INTANGIBLE ASSETS,_4

IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL - Expected Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 7	$ 14
Antennae Leases
Finite Lived Intangible Assets [Line Items]
2021	6
2022	1
Finite-Lived Intangible Assets, Net	$ 7

MORTGAGE NOTES PAYABLE, NET - S

MORTGAGE NOTES PAYABLE, NET - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	$ 806,503	$ 804,903
Premium (Discount)	800	1,046
Deferred finance costs, net	(5,380)	(6,084)
Carrying Value	801,923	799,865
Vista Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	14,039	14,315
Premium (Discount)	0	0
Deferred finance costs, net	(42)	(68)
Carrying Value	$ 13,997	14,247
Maturity Date	Jan. 1, 2022
Annual Interest Rate	2.44%
Average Monthly Debt Service	$ 65
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	(86)	(108)
Carrying Value	$ 13,014	12,992
Maturity Date	Nov. 1, 2023
Annual Interest Rate	2.69%
Average Monthly Debt Service	$ 54
Average Monthly Escrow	23
Trailpoint at the Woodlands
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	17,482	17,723
Premium (Discount)	0	0
Deferred finance costs, net	(97)	(121)
Carrying Value	$ 17,385	17,602
Maturity Date	Nov. 1, 2023
Annual Interest Rate	2.56%
Average Monthly Debt Service	$ 67
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	(320)	(362)
Carrying Value	$ 32,650	32,608
Maturity Date	Oct. 1, 2026
Annual Interest Rate	2.51%
Average Monthly Debt Service	$ 124
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	(278)	(315)
Carrying Value	$ 28,122	28,085
Maturity Date	Oct. 1, 2026
Annual Interest Rate	2.51%
Average Monthly Debt Service	$ 106
Average Monthly Escrow	31
Maxwell Townhomes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	12,565	12,785
Premium (Discount)	0	0
Deferred finance costs, net	(33)	(53)
Carrying Value	$ 12,532	12,732
Maturity Date	Jan. 1, 2022
Annual Interest Rate	4.32%
Average Monthly Debt Service	$ 71
Average Monthly Escrow	80
Evergreen at Coursey Place
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	25,225	25,627
Premium (Discount)	18	34
Deferred finance costs, net	(17)	(32)
Carrying Value	$ 25,226	25,629
Maturity Date	Aug. 1, 2021
Annual Interest Rate	5.07%
Average Monthly Debt Service	$ 154
Average Monthly Escrow	51
Pines of York
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	13,875	14,114
Premium (Discount)	(68)	(112)
Deferred finance costs, net	(13)	(21)
Carrying Value	$ 13,794	13,981
Maturity Date	Dec. 1, 2021
Annual Interest Rate	4.46%
Average Monthly Debt Service	$ 80
Average Monthly Escrow	29
The Estates at Johns Creek
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	65,000	65,000
Premium (Discount)	0	0
Deferred finance costs, net	(523)	(589)
Carrying Value	$ 64,477	64,411
Maturity Date	Nov. 25, 2026
Annual Interest Rate	1.40%
Average Monthly Debt Service	$ 78
Perimeter Circle
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	26,115	26,115
Premium (Discount)	0	0
Deferred finance costs, net	(265)	(304)
Carrying Value	$ 25,850	25,811
Maturity Date	Jan. 1, 2026
Annual Interest Rate	1.65%
Average Monthly Debt Service	$ 40
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	(243)	(279)
Carrying Value	$ 20,387	20,351
Maturity Date	Jan. 1, 2026
Annual Interest Rate	1.65%
Average Monthly Debt Service	$ 32
Average Monthly Escrow	34
Aston at Cinco Ranch
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	21,673	22,032
Premium (Discount)	0	0
Deferred finance costs, net	(54)	(96)
Carrying Value	$ 21,619	21,936
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	17,922	18,300
Premium (Discount)	5	54
Deferred finance costs, net	(4)	(43)
Carrying Value	$ 17,923	18,311
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	2,719	2,768
Premium (Discount)	1	7
Deferred finance costs, net	(1)	(6)
Carrying Value	$ 2,719	2,769
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	32,366	32,938
Premium (Discount)	0	0
Deferred finance costs, net	(69)	(115)
Carrying Value	$ 32,297	32,823
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	21,000
Premium (Discount)	0	0
Deferred finance costs, net	(263)	(298)
Carrying Value	$ 20,737	20,702
Maturity Date	Jul. 22, 2026
Annual Interest Rate	1.45%
Average Monthly Debt Service	$ 31
Heritage Pointe
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	24,394	24,808
Premium (Discount)	0	0
Deferred finance costs, net	(171)	(201)
Carrying Value	$ 24,223	24,607
Maturity Date	Apr. 1, 2025
Annual Interest Rate	2.03%
Average Monthly Debt Service	$ 91
Average Monthly Escrow	56
The Bryant at Yorba Linda
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	75,666	66,238
Premium (Discount)	0	0
Deferred finance costs, net	(417)	(87)
Carrying Value	$ 75,249	66,151
Maturity Date	Apr. 15, 2027
Annual Interest Rate	2.40%
Average Monthly Debt Service	$ 276
Point Bonita Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	25,366	25,696
Premium (Discount)	844	1,063
Deferred finance costs, net	(145)	(183)
Carrying Value	$ 26,065	26,576
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	35,248	35,838
Premium (Discount)	0	0
Deferred finance costs, net	(258)	(293)
Carrying Value	$ 34,990	35,545
Maturity Date	Sep. 1, 2026
Annual Interest Rate	2.27%
Average Monthly Debt Service	$ 138
Average Monthly Escrow	82
Tech Center Square
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	11,531	11,730
Premium (Discount)	0	0
Deferred finance costs, net	(78)	(101)
Carrying Value	$ 11,453	11,629
Maturity Date	Jun. 1, 2023
Annual Interest Rate	2.73%
Average Monthly Debt Service	$ 53
Average Monthly Escrow	25
Retreat at Rocky Ridge
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	11,053	11,221
Premium (Discount)	0	0
Deferred finance costs, net	(117)	(145)
Carrying Value	$ 10,936	11,076
Maturity Date	Jan. 1, 2024
Annual Interest Rate	2.61%
Average Monthly Debt Service	$ 47
Average Monthly Escrow	24
Providence in the Park
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	45,687	46,398
Premium (Discount)	0	0
Deferred finance costs, net	(279)	(345)
Carrying Value	$ 45,408	46,053
Maturity Date	Feb. 1, 2024
Annual Interest Rate	2.45%
Average Monthly Debt Service	$ 191
Average Monthly Escrow	149
Green Trails Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	60,029	60,998
Premium (Discount)	0	0
Deferred finance costs, net	(372)	(451)
Carrying Value	$ 59,657	60,547
Maturity Date	Jun. 1, 2024
Annual Interest Rate	2.14%
Average Monthly Debt Service	$ 240
Average Monthly Escrow	81
Meridian Pointe
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	38,648	39,277
Premium (Discount)	0	0
Deferred finance costs, net	(333)	(402)
Carrying Value	$ 38,315	38,875
Maturity Date	Aug. 1, 2024
Annual Interest Rate	2.05%
Average Monthly Debt Service	$ 152
Average Monthly Escrow	81
Terraces at Lake Mary
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	31,600	32,110
Premium (Discount)	0	0
Deferred finance costs, net	(216)	(259)
Carrying Value	$ 31,384	31,851
Maturity Date	Sep. 1, 2024
Annual Interest Rate	2.06%
Average Monthly Debt Service	$ 124
Average Monthly Escrow	63
Courtney Meadows Apartments
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	26,710	27,100
Premium (Discount)	0	0
Deferred finance costs, net	(217)	(257)
Carrying Value	$ 26,493	26,843
Maturity Date	Jan. 1, 2025
Annual Interest Rate	1.99%
Average Monthly Debt Service	$ 103
Average Monthly Escrow	71
Addison at Sandy Springs
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	22,568	22,750
Premium (Discount)	0	0
Deferred finance costs, net	(208)	(244)
Carrying Value	$ 22,360	22,506
Maturity Date	May 1, 2025
Annual Interest Rate	1.91%
Average Monthly Debt Service	$ 85
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	(261)	(306)
Carrying Value	$ 32,661	$ 32,616
Maturity Date	May 1, 2025
Annual Interest Rate	1.86%
Average Monthly Debt Service	$ 78
Average Monthly Escrow	$ 104

MORTGAGE NOTES PAYABLE, NET -_2

MORTGAGE NOTES PAYABLE, NET - Summary of Mortgage Notes Payable (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2020
LIBOR
Participating Mortgage Loans [Line Items]
Basis spread on variable rate (as percent)	0.14825%

MORTGAGE NOTES PAYABLE, NET - N

MORTGAGE NOTES PAYABLE, NET - Narrative (Details) - USD ($)	Apr. 15, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Amortization of deferred financing costs				$ 1,117,000	$ 1,823,000
Accumulated amortization, deferred finance costs		$ 6,700,000		6,700,000		$ 5,600,000
Mortgages | Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing costs		363,000	$ 414,000	1,100,000	1,800,000
Acquisitions of Rental Property
Debt Instrument [Line Items]
Decrease in interest expense due to fair value adjustments		$ 82,000	$ 84,000	$ 246,000	$ 249,000
The Bryant at Yorba Linda
Debt Instrument [Line Items]
Mortgage loan, refinanced	$ 66,000,000
Maturity Date				Apr. 15, 2027
The Bryant at Yorba Linda | New Loan
Debt Instrument [Line Items]
Mortgage loan, refinanced	$ 76,000,000
Maturity Date	Apr. 15, 2027
Mortgage loan, refinanced fees paid to third parties	$ 163,000

MORTGAGE NOTES PAYABLE, NET - A

MORTGAGE NOTES PAYABLE, NET - Annual Principal Payments on the Mortgage Notes Payable (Details) $ in Thousands	Sep. 30, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 59,088
2022	105,014
2023	25,568
2024	234,877
2025	103,263
Thereafter	278,693
Total	$ 806,503

MORTGAGE NOTES PAYABLE, NET - E

MORTGAGE NOTES PAYABLE, NET - Estimated Amortization of Deferred Financing Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 1,370
2022	1,170
2023	1,110
2024	843
2025	508
Thereafter	379
Total	$ 5,380	$ 6,084

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
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	$ 3,600,000		$ 3,600,000
Weighted average remaining lease term	5 years 9 months 14 days		5 years 9 months 14 days
Weighted average discount rate	2.24%		2.24%
Operating lease right-of-use assets	$ 3,335,000		$ 3,335,000		$ 381,000
Operating lease liabilities	3,337,000		3,337,000		$ 381,000
Monthly minimum rental payments	3,558,000		3,558,000
Parking Lot Lease | Rental Operating Expenses
Operating Leased Assets [Line Items]
Operating lease, expense	9,000	$ 9,000	27,000	$ 27,000
All Other Leases | General and Administrative Expenses
Operating Leased Assets [Line Items]
Operating lease, expense	47,000	$ 32,000	$ 88,000	$ 95,000
Self-Management Transaction | Philadelphia Office Lease
Operating Leased Assets [Line Items]
Operating leases, remaining terms			6 years
Monthly minimum rental payments	$ 43,971		$ 43,971
Operating leases expiration month and year			2026-09
Minimum
Operating Leased Assets [Line Items]
Operating leases, remaining terms			1 year
Maximum
Operating Leased Assets [Line Items]
Operating leases, remaining terms			6 years

LEASES - Schedule of Annual Pay

LEASES - Schedule of Annual Payments for Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
2021	$ 645
2022	587
2023	578
2024	570
2025	582
Thereafter	596
Total	$ 3,558

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	$ 161,760	$ 169,427	$ 182,815	$ 227,860	$ 247,271	$ 236,306	$ 182,815	$ 236,306
Designated derivatives, fair value adjustments	(288)			(16)			(258)	(60)
Balance before noncontrolling interest	(259)	12	98	40	24	144
Noncontrolling interest	6						6
Ending balance	281,868	$ 161,760	169,427	198,439	$ 227,860	247,271	281,868	198,439
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance			$ (218)			$ (474)	(218)	(474)
Reclassification adjustment for realized loss on designated derivatives							109	268
Designated derivatives, fair value adjustments							(258)	(60)
Balance before noncontrolling interest							(367)
Noncontrolling interest							6
Ending balance	$ (361)			$ (266)			$ (361)	$ (266)

CERTAIN RELATIONSHIPS AND REL_3

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Narrative (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Related Party Transaction [Line Items]
Property management fee (as percent)	4.50%
RAI
Related Party Transaction [Line Items]
Catastrophic insurance, amount of losses covered	$ 250,000,000
Catastrophic insurance, property loss policy expiration date	Mar. 1, 2021
General liability insured and dedicated limit per occurrence	$ 1,000,000
General liability pool claim amount limit	2,000,000
General liability loss per occurrence excess liability program	50,000,000
General liability pool, deductible amount per incident	25,000
General liability insurance, loss covered in excess of insurance pool, limit	$ 51,000,000
Catastrophic insurance, general liability loss policy expiration date	Mar. 1, 2021
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 received minimum property management fee if properties are less than 75% occupied	12 months
Construction management fee (as percent)	5.00%
Debt servicing fee (as percent)	2.75%
Minimum | RAI
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident	$ 25,000
Maximum | RAI
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident	$ 100,000

CERTAIN RELATIONSHIPS AND REL_4

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Schedule of Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from related parties	$ 2,951		$ 2,951		$ 236
Due to related parties	27,338		27,338		683
RAI and affiliates | Insurance fund held in escrow
Related Party Transaction [Line Items]
Due from related parties					236
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due from related parties	92		92
Due to related parties					35
Advisor | Property management fees
Related Party Transaction [Line Items]
Due to related parties					521
Advisor | Construction management fees
Related Party Transaction [Line Items]
Due to related parties					119
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties					8
REIT II
Related Party Transaction [Line Items]
Due from related parties	1,434		1,434
REIT II | Operating expense reimbursements
Related Party Transaction [Line Items]
Due from related parties	1,118		1,118
Fees earned / expenses paid to related parties	279		279
REIT II | Management fees
Related Party Transaction [Line Items]
Due from related parties	316		316
REIT II | Internal audit
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	7		7
REIT II | Asset management fee income
Related Party Transaction [Line Items]
Fees earned from related parties	563		563
REIT II | Property management fee income
Related Party Transaction [Line Items]
Fees earned from related parties	231		231
Former Advisor and Manager
Related Party Transaction [Line Items]
Due to related parties					$ 683
REIT III
Related Party Transaction [Line Items]
Due from related parties	1,425		1,425
REIT III | Operating expense reimbursements
Related Party Transaction [Line Items]
Due from related parties	1		1
REIT III | Management fees
Related Party Transaction [Line Items]
Due from related parties	78		78
REIT III | Deferred organization and offering costs reimbursements
Related Party Transaction [Line Items]
Due from related parties	1,346		1,346
REIT III | Asset management fee income
Related Party Transaction [Line Items]
Fees earned from related parties	139		139
REIT III | Property management fee income
Related Party Transaction [Line Items]
Fees earned from related parties	58		60
C-III/RAI
Related Party Transaction [Line Items]
Due to related parties	27,338		27,338
C-III/RAI | Self-Management Transaction Consideration
Related Party Transaction [Line Items]
Due to related parties	27,000		27,000
C-III/RAI | Allocation of income to preferred unit holders
Related Party Transaction [Line Items]
Due to related parties	286		286
C-III/RAI | Transition services expenses
Related Party Transaction [Line Items]
Due to related parties	52		52
Former Advisor | Acquisition costs
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties			113
Former Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	2,335	$ 3,101	8,517	$ 9,400
Former Advisor | Disposition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties				330
Former Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		41	43	41
Former Advisor | Overhead allocation
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	687	878	2,955	2,879
Former Advisor | Internal audit
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	19	27	75	81
Former Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties				184
Former Manager | Property management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	1,124	1,532	4,071	4,530
Former Manager | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	$ 16	83	162	361
Former Manager | Construction payroll reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		2		91
Former Manager | Debt servicing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties			$ 1	1
The Planning & Zoning Resource Company
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		$ 1		$ 1

EQUITY - Preferred Stock - (Det

EQUITY - Preferred Stock - (Details) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Total shares outstanding at end of period (in shares)	70,565,408
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	70,565,408	69,467,689
Gross Proceeds	$ 809,832
Total (in shares)	83,561,092
Shares redeemed and retired (in shares)	(12,995,684)
Total shares issued at end of period (in shares)	70,565,408
Shares converted (in shares)	4,500
Advisor
Class Of Stock [Line Items]
Common stock, issued (in shares)	15,500
Gross Proceeds	$ 155
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
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)	17,018,612
Gross Proceeds	$ 175,018
Restricted shares issued to employees
Class Of Stock [Line Items]
Common stock, issued (in shares)	645,526

EQUITY - Convertible Stock - (D

EQUITY - Convertible Stock - (Details)	9 Months Ended
	Sep. 30, 2020event$ / sharesshares	Sep. 08, 2020$ / shares	Dec. 31, 2019$ / sharesshares
Class Of Stock [Line Items]
Convertible stock, outstanding (in shares)	49,935		49,935
Convertible stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Convertible stock held by subsidiary	30,206
Convertible stock held by affiliated persons (in shares)	18,857
Convertible stock held by outside investors (in shares)	872
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
Merger Agreement | Convertible Stock
Class Of Stock [Line Items]
Convertible stock right to receive per share | $ / shares	$ 0.02	$ 0.02

EQUITY - Redemption of Securiti

EQUITY - Redemption of Securities (Details) - $ / shares	1 Months Ended									3 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Sep. 30, 2020	Sep. 30, 2020
Equity [Abstract]
Total Number of Shares Redeemed (in shares)	0	0	0	106,531	0	0	27,769	0	0	0	134,300
Average Price Paid per Share (in dollars per share)	$ 0	$ 0	$ 0	$ 11.10	$ 0	$ 0	$ 10.83	$ 0	$ 0	$ 0	$ 0
Percentage of weighted-average number of outstanding shares during the 12-month period immediately prior to the effective date of the redemption that company will not redeem in excess of (in excess of 5%) (as percent)	5.00%									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

EQUITY - Distributions Paid to

EQUITY - Distributions Paid to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended		24 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution					$ 10,449
Net Cash Distribution					4,364
Common stock issued through the distribution reinvestment plan	$ 6,085	$ 5,849	$ 6,235	$ 6,298	$ 6,085	$ 18,382	$ 50,400
Per Common Share (in dollars per share)					$ 0.15
Record date of January 30, 2020
Securities Financing Transaction [Line Items]
Total Aggregate Distribution					$ 3,473
Net Cash Distribution					1,440
Common stock issued through the distribution reinvestment plan					$ 2,033
Per Common Share (in dollars per share)					$ 0.05
Record date of February 27, 2020
Securities Financing Transaction [Line Items]
Total Aggregate Distribution					$ 3,483
Net Cash Distribution					1,456
Common stock issued through the distribution reinvestment plan					$ 2,027
Per Common Share (in dollars per share)					$ 0.05
Record date of March 30, 2020
Securities Financing Transaction [Line Items]
Total Aggregate Distribution					$ 3,493
Net Cash Distribution					1,468
Common stock issued through the distribution reinvestment plan					$ 2,025
Per Common Share (in dollars per share)					$ 0.05

EQUITY - Share-Based Compensati

EQUITY - Share-Based Compensation (Details) - 2020 LTIP - USD ($)	Sep. 08, 2020	Sep. 30, 2020	Sep. 30, 2020
Officers and Certain Employees | Nonvested Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	645,526
Fair value of shares granted per share	$ 10.96
Share-based payment award, compensation expense		$ 2,037	$ 2,037
Officers and Certain Employees | Performance-based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	636,402
Officers and Certain Employees | Performance-based Restricted Stock | Upon Completion of Merger
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting percentage	40.00%
Officers and Certain Employees | Performance-based Restricted Stock | Upon Completion of an Initial Public Offering or Liquidity Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting percentage	60.00%
Officers and Certain Employees | Time-based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	9,124
Share-based payment award, vesting period	3 years
Common Stock | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized	3,500,000

EQUITY - Noncontrolling Interes

EQUITY - Noncontrolling Interests (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Minority Interest [Line Items]
Issuance of operating partnership units in Self-Management Transaction	$ 128,200,000
Net loss	(171,000)	$ (171,000)
Other comprehensive loss	(6,000)	(6,000)
Balance, September 30, 2020	$ 128,017,000	$ 128,017,000
REIT I OP
Minority Interest [Line Items]
Percentage of shares by noncontrolling interests	8.50%	8.50%
Percentage of weighted average shares outstanding by noncontrolling interests	2.30%	2.30%
Reclassifications of permanent to temporary equity	$ 0	$ 0
Issuance of operating partnership units in Self-Management Transaction		128,200,000
Allocation of income to preferred unit holders		(6,000)
Net loss		(171,000)
Other comprehensive loss		(6,000)
Balance, September 30, 2020	$ 128,017,000	$ 128,017,000

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	Sep. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	$ 57	$ 20
Assets, fair value	57	20
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	57	20
Assets, fair value	$ 57	$ 20

FAIR VALUE MEASURES AND DISCL_4

FAIR VALUE MEASURES AND DISCLOSURES - Schedule of Carrying Amount and Estimated Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	$ 820	$ 809
Mortgage notes payable- outstanding borrowings	(806,503)	(804,903)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	911	938
Mortgage notes payable- outstanding borrowings	$ (807,435)	$ (790,413)

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - Cash flow hedges	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)derivative	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)derivative	Sep. 30, 2019USD ($)	Dec. 31, 2019derivative
Derivatives, Fair Value [Line Items]
Expenses or loss due to amortization of premiums for interest rate caps	$ 29,000	$ 56,000	$ 109,000	$ 268,000
Interest rate hedge to be reclassified during next 12 months	$ 83,215		$ 83,215
Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Instruments (in derivatives) | derivative	22		22		21

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Outstanding Interest Rate Derivatives (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)derivative	Dec. 31, 2019USD ($)derivative
Cash flow hedges | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Instruments (in derivatives) | derivative	22	21
Notional Amount | $	$ 648,638	$ 576,727
Minimum
Derivatives, Fair Value [Line Items]
Maturity Dates	Oct. 1, 2020	Jan. 1, 2020
Maximum
Derivatives, Fair Value [Line Items]
Maturity Dates	Oct. 1, 2024	Apr. 1, 2023

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Fair Value and Balance Sheet Location of Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Asset derivatives, fair value	$ 57	$ 20

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) - USD ($) $ in Millions	Nov. 02, 2020	Oct. 29, 2020	Sep. 30, 2020
Calloway at Las Colinas
Subsequent Event [Line Items]
Maturity Date			Dec. 1, 2021
Subsequent Event | Sunset Ridge
Subsequent Event [Line Items]
Mortgage loan payoff amount		$ 19.8
Subsequent Event | Sunset Ridge | New Loan
Subsequent Event [Line Items]
Mortgage loan, refinanced		$ 28.6
Maturity Date		Oct. 29, 2027
Subsequent Event | Calloway at Las Colinas
Subsequent Event [Line Items]
Mortgage loan payoff amount	$ 31.4
Subsequent Event | Calloway at Las Colinas | New Loan
Subsequent Event [Line Items]
Mortgage loan, refinanced	$ 51.9
Maturity Date	Nov. 2, 2027