KBS Legacy Partners Apartment REIT 10-Q 8 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	9 Months Ended
	Sep. 30, 2013	Nov. 04, 2013
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'KBS Legacy Partners Apartment REIT, Inc.	'
Entity Central Index Key	'0001469822	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	18,840,754

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Real estate:	'	'
Land	$42,306	$29,768
Buildings and improvements	299,106	196,592
Tenant origination and absorption costs	2,172	1,513
Total real estate, cost	343,584	227,873
Less accumulated depreciation and amortization	-12,480	-5,298
Total real estate, net	331,104	222,575
Cash and cash equivalents	34,791	31,849
Restricted cash	2,718	2,304
Deferred financing costs, prepaid expenses and other assets	6,450	5,122
Total assets	375,063	261,850
Liabilities and stockholders' equity	'	'
Notes payable	243,370	167,940
Accounts payable and accrued liabilities	4,498	3,499
Due to affiliates	1,894	74
Distributions payable	987	691
Other liabilities	674	1,068
Total liabilities	251,423	173,272
Commitments and contingencies (Note 9)	'	'
Redeemable common stock	4,417	2,006
Stockholders' equity	'	'
Preferred stock, $.01 par value; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.01 par value; 1,000,000,000 shares authorized, 18,522,980 and 12,866,456 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively	185	129
Additional paid-in capital	155,688	107,685
Cumulative distributions and net losses	-36,650	-21,242
Total stockholders' equity	119,223	86,572
Total liabilities and stockholders' equity	$375,063	$261,850

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	18,522,980	12,866,456
Common stock, shares outstanding	18,522,980	12,866,456

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:	'	'	'	'
Rental income	$9,136	$4,825	$23,778	$10,658
Total revenues	9,136	4,825	23,778	10,658
Expenses:	'	'	'	'
Operating, maintenance, and management	2,470	1,444	6,116	2,914
Real estate taxes and insurance	1,390	684	3,258	1,601
Asset management fees to affiliate	671	470	2,103	978
Property management fees to affiliate	58	34	150	64
Real estate acquisition fees to affiliate	0	0	1,186	1,507
Real estate acquisition fees and expenses	25	0	981	1,420
General and administrative expenses	485	450	1,639	1,434
Depreciation and amortization	3,332	2,819	9,494	5,975
Interest expense	2,239	1,378	5,906	3,185
Total expenses	10,670	7,279	30,833	19,078
Other income:	'	'	'	'
Interest income	8	6	26	18
Net loss	($1,526)	($2,448)	($7,029)	($8,402)
Net loss per common share, basic and diluted	($0.08)	($0.25)	($0.41)	($1.08)
Weighted-average number of common shares outstanding, basic and diluted	18,422,456	9,761,403	17,233,878	7,795,118

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERSb EQUITY (Unaudited) (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions and Net Loss [Member]
In Thousands, except Share data, unless otherwise specified
Balance, value at Mar. 11, 2010	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Issuance of common stock, shares	'	18,672,977	'	'
Issuance of common stock, value	$185,200	'	'	'
Redemptions of common stock, shares	'	-169,997	'	'
Redemptions of common stock, value	-1,600	'	'	'
Balance, value at Sep. 30, 2013	119,223	185	'	'
Balance, shares at Sep. 30, 2013	18,522,980	18,522,980	'	'
Balance, value at Dec. 31, 2011	34,181	47	39,419	-5,285
Balance, shares at Dec. 31, 2011	'	4,707,212	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Issuance of common stock, shares	'	8,195,092	'	'
Issuance of common stock, value	81,306	82	81,224	'
Redemptions of common stock, shares	'	-35,848	'	'
Redemptions of common stock, value	-350	'	-350	'
Transfers to redeemable common stock	-1,879	'	-1,879	'
Distributions declared	-5,724	'	'	-5,724
Commissions on stock sales and related dealer manager fees to affiliates	-7,026	'	-7,026	'
Other offering costs	-3,703	'	-3,703	'
Net loss	-10,233	'	'	-10,233
Balance, value at Dec. 31, 2012	86,572	129	107,685	-21,242
Balance, shares at Dec. 31, 2012	12,866,456	12,866,456	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Issuance of common stock, shares	'	5,790,674	'	'
Issuance of common stock, value	57,263	58	57,205	'
Redemptions of common stock, shares	'	-134,150	'	'
Redemptions of common stock, value	-1,274	-2	-1,272	'
Transfers to redeemable common stock	-2,188	'	-2,188	'
Distributions declared	-8,379	'	'	-8,379
Commissions on stock sales and related dealer manager fees to affiliates	-4,313	'	-4,313	'
Other offering costs	-1,429	'	-1,429	'
Net loss	-7,029	'	'	-7,029
Balance, value at Sep. 30, 2013	$119,223	$185	$155,688	($36,650)
Balance, shares at Sep. 30, 2013	18,522,980	18,522,980	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash Flows from Operating Activities:	'	'
Net loss	($7,029)	($8,402)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	9,494	5,975
Bad debt expense	250	156
Loss due to property damages	1,478	0
Amortization of premium on notes payable	0	-395
Amortization of deferred financing costs	476	325
Changes in operating assets and liabilities:	'	'
Restricted cash for operational expenditures	-414	-459
Prepaid expenses and other assets	-2,551	723
Accounts payable and accrued liabilities	1,008	1,626
Due to affiliates	1,852	7
Other liabilities	-171	273
Net cash provided by (used in) operating activities	4,393	-171
Cash Flows from Investing Activities:	'	'
Acquisitions of real estate	-114,875	-148,150
Improvements to real estate	-2,626	-993
Net cash used in investing activities	-117,501	-149,143
Cash Flows from Financing Activities:	'	'
Proceeds from notes payable	76,220	138,365
Principal payments on mortgage note payable	-790	-22,682
Principal payments on unsecured note payable due to affiliate	0	-1,000
Payments of deferred financing costs	-1,025	-1,521
Proceeds from issuance of common stock	53,801	57,526
Payments to redeem common stock	-1,274	-275
Payments of commissions on stock sales and related dealer manager fees	-4,313	-5,216
Payments of other offering costs	-1,948	-4,044
Distributions paid	-4,621	-1,998
Net cash provided by financing activities	116,050	159,155
Net increase in cash and cash equivalents	2,942	9,841
Cash and cash equivalents, beginning of period	31,849	23,072
Cash and cash equivalents, end of period	34,791	32,913
Supplemental Disclosure of Cash Flow Information:	'	'
Interest paid	5,299	2,431
Supplemental Disclosure of Noncash Transactions:	'	'
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	3,462	1,475
Application of escrow deposits to purchase real estate	2,000	0
Decrease in other offering costs due to affiliates	-32	-36
Increase in distributions payable	$296	$319

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
ORGANIZATION	'
	ORGANIZATION
	KBS Legacy Partners Apartment REIT, Inc. (the “Company”) was formed on July 31, 2009 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2010. Substantially all of the Company’s business is conducted through KBS Legacy Partners Limited Partnership (the “Operating Partnership”), a Delaware limited partnership formed on August 4, 2009. The Company is the sole general partner of and owns a 0.1% partnership interest in the Operating Partnership. KBS Legacy Partners Holdings LLC (“REIT Holdings”), a Delaware limited liability company formed on August 4, 2009, owns the remaining 99.9% interest in the Operating Partnership and is its sole limited partner. The Company is the sole member and manager of REIT Holdings.
	Subject to certain restrictions and limitations, the business of the Company is externally managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, pursuant to an advisory agreement the Company originally entered into with the Advisor on January 25, 2010, amended on January 8, 2013, renewed for an additional one-year term on January 25, 2013 and further amended on August 14, 2013 (as amended, the “Advisory Agreement”).
	On August 7, 2009, the Company issued 20,000 shares of its common stock to KBS-Legacy Apartment Community REIT Venture, LLC (the “Sub-Advisor”), an affiliate of the Company, at a purchase price of $10.00 per share. As of September 30, 2013, the Sub-Advisor owns 20,000 shares of common stock of the Company.
	The Company expects to invest in and manage a diverse portfolio of high quality apartment communities located throughout the United States. The Company expects that its portfolio will include “core” apartment buildings that are already well positioned and producing rental income, as well as more opportunity oriented properties at various phases of leasing, development, redevelopment or repositioning. The Company may make its investments through the acquisition of individual assets or by acquiring portfolios of assets, other REITs or real estate companies. As of September 30, 2013, the Company owned nine apartment complexes.
	On August 19, 2009, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a minimum of 250,000 shares and a maximum of 280,000,000 shares of common stock for sale to the public (the “Initial Offering”), of which 80,000,000 shares of common stock would be offered pursuant to the Company’s dividend reinvestment plan.
	The SEC declared the Company’s registration statement for the Initial Offering effective on March 12, 2010, and the Company retained KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Company, to serve as the dealer manager for the Initial Offering pursuant to a dealer manager agreement dated March 12, 2010 (the “Initial Dealer Manager Agreement”). Under the Initial Dealer Manager Agreement, the Dealer Manager was responsible for marketing the Company’s shares in the Initial Offering.
	On May 31, 2012, the Company filed a registration statement on Form S-11 with the SEC to register a follow-on public offering (the “Follow-on Offering” and together with the Initial Offering, the “Offerings”). Pursuant to the registration statement, as amended, the Company registered up to an additional $2,000,000,000 of shares of common stock for sale to the public and up to an additional $760,000,000 of shares of common stock pursuant to the dividend reinvestment plan. The SEC declared the Company’s registration statement for the Follow-on Offering effective on March 8, 2013.
	The Company retained the Dealer Manager to serve as the dealer manager for the Follow-on Offering pursuant to a dealer manager agreement dated March 8, 2013 (the “Follow-on Dealer Manager Agreement” and together with the Initial Dealer Manager Agreement, the “Dealer Manager Agreements”). On March 12, 2013, the Company ceased offering shares pursuant to the Initial Offering and on March 13, 2013, the Company commenced offering shares to the public pursuant to the Follow-on Offering.
	From the inception of the Initial Offering through its completion on March 12, 2013, the Company sold 18,088,084 shares of common stock for gross offering proceeds of $179.2 million, including 368,872 shares of common stock under the dividend reinvestment plan for gross offering proceeds of $3.5 million.
	As of September 30, 2013, the Company had sold an aggregate of 18,672,977 shares of common stock in the Offerings for gross offering proceeds of $185.2 million, including an aggregate of 618,848 shares of common stock under the dividend reinvestment plan for gross offering proceeds of $6.0 million. Also, as of September 30, 2013, the Company had redeemed 169,997 shares sold in the Offerings for $1.6 million. The Company may terminate its Follow-on Offering at any time.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2012, except for the addition of an accounting policy with respect to insurance proceeds. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2012 included in the Company’s Annual Report on Form 10-K filed with the SEC.
	Principles of Consolidation and Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.
	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
	Insurance Proceeds for Property Damages
	The Company maintains an insurance policy that provides coverage for property damages and business interruption.  Losses due to physical damages are recognized during the accounting period in which they occur while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable.  Losses, which are reduced by the related insurance recoveries, are recorded as operating, maintenance and management expenses on the accompanying consolidated statements of income.  Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved.  Anticipated recoveries for lost rental revenue due to property damages are also considered to be a gain contingency and recognized when the contingency related to the insurance claim has been resolved.
	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 consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
	Segments
	The Company has invested in nine apartment complexes as of September 30, 2013. Substantially all of the Company’s revenue and net loss is from real estate, and therefore, the Company currently operates in one business segment.
	Per Share Data
	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the nine months ended September 30, 2013 and 2012.
	Distributions declared per common share was $0.164 and $0.486 for the three and nine months ended September 30, 2013, respectively. Distributions declared per common share was $0.164 and $0.486 for the three and nine months ended September 30, 2012, respectively. Distributions declared per common share assumes each share was issued and outstanding each day during the three and nine months ended September 30, 2013 and 2012. For each day that was a record date for distributions during the three and nine months ended September 30, 2013 and 2012, distributions were based on daily record dates and calculated at a rate of $0.00178082 per share per day. Each day during the period from January 1, 2013 through September 30, 2013 was a record date for distributions. Each day during the period from January 1, 2012 through February 28, 2012 and March 1, 2012 through September 30, 2012 was a record date for distributions.

RECENT_ACQUISITIONS_OF_REAL_ES

RECENT ACQUISITIONS OF REAL ESTATE	9 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]	'
RECENT ACQUISITIONS OF REAL ESTATE	'
	RECENT ACQUISITIONS OF REAL ESTATE
	During the nine months ended September 30, 2013, the Company acquired the following properties (dollars in thousands):
	Property Name	City	State	Acquisition Date	Land		Building		Tenant		Total
							and Improvements		Origination and		Purchase Price
									Absorption Costs
	Watertower Apartments	Eden Prairie	MN	1/15/13	$	4,100	$	33,227	$	1,048	$	38,375
	Crystal Park at Waterford	Frederick	MD	5/8/13	5,666		38,125		1,109		44,900
	Millennium Apartment Homes	Greenville	SC	6/7/13	2,772		30,014		814		33,600
					$	12,538	$	101,366	$	2,971	$	116,875
	The in-place leases acquired in connection with these acquisitions have a total weighted-average amortization period of 5.7 months as of the date of acquisition.
	The Company recorded each acquisition as a business combination and expensed $25,000 and $2.2 million of acquisition costs related to these properties for the three and nine months ended September 30, 2013, respectively. During the three and nine months ended September 30, 2013, the Company recognized $3.0 million and $5.6 million of total revenues from these properties, respectively. During the three and nine months ended September 30, 2013, the Company recognized $2.1 million and $3.8 million of operating expenses from these properties, respectively.

REAL_ESTATE

REAL ESTATE	9 Months Ended
	Sep. 30, 2013
Real Estate [Abstract]	'
REAL ESTATE	'
	REAL ESTATE
	As of September 30, 2013, the Company owned nine apartment complexes, containing 2,599 units and encompassing 2.5 million rentable square feet, which were 94% occupied. The following table provides summary information regarding the properties owned by the Company as of September 30, 2013 (dollars in thousands):
	Property Name	Date Acquired	Location	Total		Accumulated			Total
				Real Estate, Cost		Depreciation and			Real Estate, Net
						Amortization
	Legacy at Valley Ranch	10/26/10	Irving, TX	$	36,134	$	(2,658	)	$	33,476
	Poplar Creek	2/9/12	Schaumburg, IL	26,895		(966		)	25,929
	The Residence at Waterstone	4/6/12	Pikesville, MD	64,172		(2,332		)	61,840
	Legacy Crescent Park	5/3/12	Greer, SC	20,424		(837		)	19,587
	Legacy at Martin’s Point	5/31/12	Lombard, IL	35,935		(1,360		)	34,575
	Wesley Village	11/6/12	Charlotte, NC	44,769		(1,136		)	43,633
	Watertower Apartments	1/15/13	Eden Prairie, MN	37,567		(899		)	36,668
	Crystal Park at Waterford	5/8/13	Frederick, MD	44,066		(1,425		)	42,641
	Millennium Apartment Homes	6/7/13	Greenville, SC	33,622		(867		)	32,755
				$	343,584	$	(12,480	)	$	331,104
	Property Damage
	During the third quarter of 2013, three of the Company’s apartment complexes suffered physical damages due to fire and storm.  As a result of the damages, some of the apartment units at one of the properties were closed to tenants for repairs.  The Company’s insurance policy provides coverage for property damage and business interruption subject to a $25,000 deductible per incident.  Based on management’s estimates, the Company recognized an estimated aggregate loss due to damages of $1.5 million during the three and nine months ended September 30, 2013, which was reduced by $1.4 million of estimated insurance recoveries related to such damages, which the Company determined were probable of collection. Additionally, the Company recorded $0.2 million for insurance recoveries related to emergency response costs payable to mitigate the extent of damages.  The net loss due to damages of $0.1 million during the three and nine months ended September 30, 2013 was classified as operating, maintenance and management expenses on the accompanying consolidated statements of operations and relates to the Company’s insurance deductible for each of the claims.  As of September 30, 2013, the total estimated insurance recoveries to be collected of $1.7 million, were classified as deferred financing costs, prepaid expenses and other assets on the accompanying consolidated balance sheets.

NOTES_PAYABLE

NOTES PAYABLE	9 Months Ended
	Sep. 30, 2013
Notes Payable [Abstract]	'
NOTES PAYABLE	'
	NOTES PAYABLE
	As of September 30, 2013 and December 31, 2012, the Company’s notes payable consisted of the following (dollars in thousands):
			Principal as of September 30, 2013		Principal as of		Contractual	Payment Type		Maturity Date
					31-Dec-12		Interest Rate as of
							September 30, 2013 (1)
	Legacy at Valley Ranch Mortgage Loan		$	32,500	$	32,500	3.90%	Principal & Interest	(2)	4/1/19
	Poplar Creek Mortgage Loan		20,400		20,400		4.00%	Principal & Interest	(2)	3/1/19
	The Residence at Waterstone Mortgage Loan		47,905		47,905		3.80%	Principal & Interest	(2)	5/1/19
	Legacy Crescent Park Mortgage Loan		14,493		14,560		3.50%	Principal & Interest	(3)	6/1/19
	Legacy at Martin’s Point Mortgage Loan		23,000		23,000		3.30%	Principal & Interest	(2)	6/1/19
	Wesley Village Mortgage Loan		29,088		29,575		2.60%	Principal & Interest	(4)	12/1/17
	Watertower Mortgage Loan		25,000		—		2.50%	Principal & Interest	(2)	2/10/18
	Crystal Park Mortgage Loan		29,219		—		2.50%	Principal & Interest	(4)	6/1/18
	Millennium Mortgage Loan		21,765		—		2.70%	Principal & Interest	(4)	7/1/18
	Wells Fargo Line of Credit (5)		—		—		One-month	(5)		10/19/13
							LIBOR + 3.00%
			$	243,370	$	167,940
	_____________________
	(1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2013.
	(2) Monthly payments are interest-only during the first two years of the loan. Beginning with the third year of the loan, monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years.
	(3) Monthly payments are interest-only during the first year of the loan. Beginning with the second year of the loan, monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years.
	(4) Monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years.
	(5) On April 19, 2013, the Company entered into a loan agreement with Wells Fargo Bank, N.A., an unaffiliated lender, for a fully recourse, unsecured, non-revolving line of credit in an amount up to $25.0 million. The Wells Fargo Line of Credit matured on October 19, 2013.
	As of September 30, 2013 and December 31, 2012, the Company’s deferred financing costs were $2.1 million and $1.6 million, respectively, net of amortization, and are included in deferred financing costs, prepaid expenses and other assets on the accompanying consolidated balance sheets.
	During the three and nine months ended September 30, 2013, the Company incurred $2.2 million and $5.9 million of interest expense, respectively. During the three and nine months ended September 30, 2012, the Company incurred $1.4 million and $3.2 million of interest expense, respectively. Included in interest expense for the three and nine months ended September 30, 2013 was $0.2 million and $0.5 million of amortization of deferred financing costs, respectively. Included in interest expense for the three and nine months ended September 30, 2012 was $53,000 and $0.3 million of amortization of deferred financing costs, respectively. As of September 30, 2013 and December 31, 2012, the Company recorded interest payable of $0.6 million and $0.5 million, respectively.
	The following is a schedule of maturities, including principal payments, for the Company’s notes payable outstanding as of September 30, 2013 (in thousands):
	October 1, 2013 through December 31, 2013	$	514
	2014	3,416
	2015	4,873
	2016	5,108
	2017	31,432
	Thereafter	198,027
		$	243,370

FAIR_VALUE_DISCLOSURES

FAIR VALUE DISCLOSURES

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

'

FAIR VALUE DISCLOSURES

'

FAIR VALUE DISCLOSURES

Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:

•

Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

•

Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

•

Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.

The fair value for certain financial instruments is derived using valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of financial instruments for which it is practicable to estimate the fair value:

Cash and cash equivalents, restricted cash, rent and other receivables, and accounts payable and accrued liabilities: These balances approximate their fair values due to the short maturities of these items.

Notes payable: The fair value of the Company’s notes payable is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs.

The following were the carrying amounts and fair values of the Company’s financial instruments as of September 30, 2013 and December 31, 2012 (dollars in thousands):

September 30, 2013

December 31, 2012

Face Value

Carrying Amount

Fair Value

Face Value

Carrying Amount

Fair Value

Financial liabilities:

Notes payable

$

243,370

$

243,370

$

235,780

$

167,940

$

167,940

$

171,232

Disclosure of the fair value of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	RELATED PARTY TRANSACTIONS
	The Company has entered into the Advisory Agreement with the Advisor and the Dealer Manager Agreements with the Dealer Manager. These agreements entitle the Advisor and the Dealer Manager to specified fees upon the provision of certain services with regard to the Offerings and the investment of proceeds from the Offerings in real estate related investments, among other services, as well as reimbursement of organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company and certain costs incurred by the Advisor in providing services to the Company. The Company has also entered into a fee reimbursement agreement (the “AIP Reimbursement Agreement”) with the Dealer Manager pursuant to which the Company agreed to reimburse the Dealer Manager for certain fees and expenses it incurs for administering the Company’s participation in the Depository Trust & Clearing Corporation (“DTCC”) Alternative Investment Product Platform with respect to certain accounts of the Company’s investors serviced through the platform. The Advisor and Dealer Manager also serve as the advisor and dealer manager, respectively, for KBS Real Estate Investment Trust, Inc., KBS Real Estate Investment Trust II, Inc., KBS Real Estate Investment Trust III, Inc., KBS Strategic Opportunity REIT, Inc and a private program. During the nine months ended September 30, 2013 and 2012, no transactions occurred between the Company and these other KBS-sponsored programs.
	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2013 and 2012, respectively, and any related amounts payable as of September 30, 2013 and December 31, 2012 (in thousands):
		Incurred								Payable as of
		Three Months Ended September 30,				Nine Months Ended September 30,				September 30,		December 31,
		2013		2012		2013		2012		2013		2012
	Expensed
	Asset management fees (1)	$	671	$	470	$	2,103	$	978	$	1,885	$	—
	Reimbursable operating expenses (2)	77		30		295		59		6		39
	Acquisition fees on real properties	—		—		1,186		1,507		—		—
	Related party interest expense	—		—		—		10		—		—
	Property management fees (3)	58		34		150		64		—		—
	Additional Paid-in Capital
	Selling commissions	96		1,036		2,713		3,496		—		—
	Dealer manager fees	51		497		1,600		1,720		—		—
	Reimbursable other offering costs	64		668		512		3,260		3		35
		$	1,017	$	2,735	$	8,559	$	11,094	$	1,894	$	74
	____________________
	(1) See “Amendments to the Advisory Agreement” below.
	(2) Reimbursable operating expenses primarily consists of marketing research costs and property pursuit costs incurred by the Sub-Advisor. In addition, the Advisor may seek reimbursement for employee costs under the Advisory Agreement. Beginning July 1, 2010, the Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $30,000 and $30,000 for the three months ended September 30, 2013 and 2012, respectively, and $61,000 and $59,000 for the nine months ended September 30, 2013 and 2012, respectively, and were the only employee costs reimbursable under the Advisory Agreement through September 30, 2013. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers.
	(3) See “Property Management — Account Services Agreements” below.
	From inception through September 30, 2013, the Company has recognized and paid $0.3 million in selling commissions and dealer manager fees related to the Follow-on Offering. Additionally, the Company has incurred $2.0 million of other organization and offering costs related to the Follow-on Offering. Pursuant to the Advisory Agreement, the Advisor would be obligated to reimburse the Company to the extent selling commissions, dealer manager fees and other organization and offering costs incurred by the Company in each of the Offerings exceed 15% of the gross offering proceeds of the respective Offering. Due to this limitation, the Company recorded $0.9 million of selling commissions, dealer manager fees and other organization and offering costs as additional paid-in capital and $1.4 million as deferred financing costs, prepaid expenses and other assets on its consolidated balance sheet as of September 30, 2013.  From inception through the close of the offering, selling commissions, dealer manager fees, and other organization and offering expenses related to the Initial Offering was 12.6% of the gross offering proceeds. As of September 30, 2013, selling commissions, dealer manager fees, and other organization and offering expenses related to the Follow-on Offering was 15.0% of the gross offering proceeds.
	Amendments to the Advisory Agreement
	On January 8, 2013, the Company entered into an amendment to the advisory agreement with the Advisor, which defers the Company’s obligation to pay asset management fees, without interest, accruing from February 1, 2013 through July 31, 2013. The Company will only be obligated to pay the Advisor such deferred amounts if and to the extent that the Company’s funds from operations, as such term is defined by the National Association of Real Estate Investment Trusts and interpreted by the Company, as adjusted for the effects of straight-line rents and acquisition costs and expenses (“AFFO”) for the immediately preceding month exceeds the amount of distributions declared for record dates of such prior month (an “AFFO Surplus”). The amount of any AFFO Surplus in a given month shall be applied first to pay to the Advisor asset management fees currently due with respect to such month (including any that would otherwise have been deferred for that month in accordance with this amendment) and then to pay asset management fees previously deferred by the Advisor in accordance with this amendment that remain unpaid. As of September 30, 2013, the Company had deferred $1.5 million of asset management fees for February through July 2013 under this amendment, as the Company believes the payment of this amount to the Advisor is probable. These fees will be reimbursed in accordance with the terms noted above.
	On August 14, 2013, the Company and the Advisor entered into an amendment to the advisory agreement between the parties. The amendment reduces the asset management fee payable by the Company to the Advisor with respect to investments in real estate to a monthly fee equal to the lesser of one-twelfth of (i) 1.0% of the amount paid or allocated to fund the acquisition, development, construction or improvement of the property (whether at or subsequent to acquisition), including acquisition expenses and budgeted capital improvement costs (regardless of the level of debt used to finance the investment), and (ii) 2.0% of the amount paid or allocated to fund the acquisition, development, construction or improvement of the property, including acquisition expenses and budgeted capital improvement costs, less any debt used to finance the investment. In addition, the amendment defers without interest under certain circumstances, the Company’s obligation to pay asset management fees accruing from August 1, 2013. Specifically, the amendment defers the Company’s obligation to pay an asset management fee for any month in which the Company’s modified funds from operations (“MFFO”), as such term is defined in the practice guideline issued by the Investment Program Association (“IPA”) in November 2010 and interpreted by the Company, excluding asset management fees, does not exceed the amount of distributions declared for record dates of the corresponding month.  The Company remains obligated to pay the Advisor an asset management fee in any month in which the MFFO, excluding asset management fees, for such month exceeds the amount of distributions declared for the record dates of that month (such excess amount, an “MFFO Surplus”), but any amount of the asset management fee for such month in excess of the MFFO Surplus will also be deferred under the amendment.  If the MFFO Surplus for any month exceeds the amount of the asset management fee payable for such month, any remaining MFFO Surplus will not be applied to pay asset management fee amounts previously deferred by the Advisor in accordance with this amendment. However, notwithstanding the foregoing, any and all deferred asset management fees shall be immediately due and payable at such time as the stockholders have received, together as a collective group, aggregate distributions (including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) a return of their net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the Company’s share redemption plan, and (ii) an 8.0% per year cumulative, non-compounded return on such net invested capital (the “Stockholders’ 8% Return”). The Stockholders’ 8% Return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Advisor to receive deferred asset management fees. As of September 30, 2013, the Company accrued $0.4 million of asset management fees for August through September 2013 as the Company believes the payment of this amount to the Advisor is probable.
	Property Management — Account Services Agreements
	In connection with each of its acquisitions of Poplar Creek, The Residence at Waterstone, Legacy Crescent Park, Legacy at Martin’s Point, Wesley Village and Millennium Apartment Homes, the Company, through an indirect wholly owned subsidiary, entered into a separate Property Management — Account Services Agreement (collectively, the “Services Agreement”) with Legacy Partners Residential L.P. (“LPR”), an affiliate of the Sub-Advisor, pursuant to which LPR will provide certain account maintenance and bookkeeping services related to these properties. Under each Services Agreement, the Company pays LPR a monthly fee in an amount equal to 1% of each property’s gross monthly collections. Unless otherwise provided for in an approved operating budget for a property, LPR will be responsible for all expenses that it incurs in rendering services pursuant to each Services Agreement. Each Services Agreement has an initial term of one year and will continue thereafter on a month-to-month basis unless either party gives 30 days’ prior written notice of its desire to terminate the Services Agreement. Notwithstanding the foregoing, the Company may terminate each Services Agreement at any time without cause upon 30 days’ prior written notice to LPR. The Company may also terminate each Services Agreement with cause immediately upon notice to LPR and the expiration of any applicable cure period. LPR may terminate each Services Agreement at any time without cause upon 90 days’ prior written notice to the Company.

PRO_FORMA_FINANCIAL_INFORMATIO

PRO FORMA FINANCIAL INFORMATION (UNAUDITED)	9 Months Ended
	Sep. 30, 2013
Business Acquisition, Pro Forma Information [Abstract]	'
PRO FORMA FINANCIAL INFORMATION (UNAUDITED)	'
	PRO FORMA FINANCIAL INFORMATION
	The following table summarizes, on an unaudited pro forma basis, the combined results of operations of the Company for the three and nine months ended September 30, 2013 and 2012. The Company acquired three and five apartment complexes during the nine months ended September 30, 2013 and the year ended December 31, 2012, respectively, all of which were accounted for as business combinations. The following unaudited pro forma information for the three and nine months ended September 30, 2013 and 2012 has been prepared to give effect to the acquisitions of (i) Poplar Creek, (ii) The Residence at Waterstone, (iii) Legacy Crescent Park, (iv) Legacy at Martin’s Point, (v) Wesley Village, (vi) Watertower Apartments, (vii) Crystal Park at Waterford and (viii) Millennium Apartment Homes as if the acquisitions occurred on January 1, 2012. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on January 1, 2012, nor do they purport to predict the results of operations for future periods (in thousands, except share and per share amounts).
		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2013			2012			2013			2012
	Revenues	$	9,136		$	8,643		$	26,920		$	26,037
	Depreciation and amortization	$	2,203		$	2,480		$	6,600		$	14,824
	Net loss	$	(291	)	$	(842	)	$	(845	)	$	(9,832	)
	Net loss per common share, basic and diluted	$	(0.02	)	$	(0.05	)	$	(0.05	)	$	(0.69	)
	Weighted-average number of common shares outstanding,	18,522,980			16,268,911			18,522,980			14,302,626
	basic and diluted
	The unaudited pro forma information for the three and nine months ended September 30, 2013 was adjusted to exclude $25,000 and $2.2 million, respectively, of acquisition costs incurred in 2013 related to Watertower Apartments, Crystal Park at Waterford and Millennium Apartment Homes.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	COMMITMENTS AND CONTINGENCIES
	Economic Dependency
	The Company is dependent on the Advisor, the Sub-Advisor and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company’s shares in its Offerings; the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources.
	Environmental
	As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s property, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the property could result in future environmental liabilities.
	Legal Matters
	From time to time, the Company may become party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS
	The Company evaluates subsequent events up until the date the consolidated financial statements are issued.
	Status of Offerings
	The Company ceased offering shares pursuant to the Initial Offering on March 12, 2013 and commenced offering shares to the public pursuant to the Follow-on Offering on March 13, 2013. As of November 4, 2013, the Company had sold an aggregate of 18,995,751 shares of common stock in the Offerings for gross offering proceeds of $188.6 million, including an aggregate of 703,884 shares of common stock under the dividend reinvestment plan for gross offering proceeds of $6.9 million. Also as of November 4, 2013, the Company had redeemed 174,997 shares sold in the Offerings for $1.7 million.
	Distributions Paid
	On October 1, 2013, the Company paid distributions of $1.0 million, which related to distributions declared for each day in the period from September 1, 2013 through September 30, 2013. On November 1, 2013, the Company paid distributions of $1.0 million, which related to distributions declared for each day in the period from October 1, 2013 through October 31, 2013.
	Distributions Declared
	On October 18, 2013, the Company’s board of directors declared distributions based on daily record dates for the period from November 1, 2013 through November 30, 2013, which the Company expects to pay in December 2013. On November 4, 2013, the Company’s board of directors declared distributions based on daily record dates for the period from December 1, 2013 through December 31, 2013, which the Company expects to pay in January 2014, and distributions based on daily record dates for the period from January 1, 2014 through January 31, 2014, which the Company expects to pay in February 2014. Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan.
	Distributions for these periods will be calculated based on stockholders of record each day during these periods at a rate of $0.00178082  per share per day and if paid each day for a 365-day period, would equal a 6.5% annualized rate based on a purchase price of $10.00 per share or a 6.1% annualized rate based on the current offering price of $10.68 per share.
	Investment Subsequent to September 30, 2013
	Purchase Agreement for Legacy Grand at Concord
	On October 18, 2013, the Company, through an indirect wholly owned subsidiary, entered into a purchase and sale agreement to acquire an apartment complex containing 240 apartment units located on approximately 18.4 acres of land in Concord, North Carolina (“Legacy Grand at Concord”).  The purchase price of Legacy Grand at Concord is approximately $28.0 million plus closing costs. Pursuant to the purchase and sale agreement, the Company would be obligated to purchase Legacy Grand at Concord only after satisfaction of agreed upon closing conditions. There can be no assurance that the Company will complete the acquisition. As of October 21, 2013, the Company had made deposits of $750,000, and in some circumstances, if the Company fails to complete the acquisition without legal excuse, it may forfeit up to $750,000 of earnest money.
	Legacy Grand at Concord is located in Concord, North Carolina and consists of 240 apartment units, encompassing 283,783 rentable square feet. Legacy Grand at Concord was constructed in 2010 and is 98% occupied as of September 2013.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Principles of Consolidation and Basis of Presentation Policy	'
	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.
	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
Insurance Proceeds for Property Damages	'
	The Company maintains an insurance policy that provides coverage for property damages and business interruption.  Losses due to physical damages are recognized during the accounting period in which they occur while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable.  Losses, which are reduced by the related insurance recoveries, are recorded as operating, maintenance and management expenses on the accompanying consolidated statements of income.  Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved.  Anticipated recoveries for lost rental revenue due to property damages are also considered to be a gain contingency and recognized when the contingency related to the insurance claim has been resolved.
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 consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Segments	'
	The Company has invested in nine apartment complexes as of September 30, 2013. Substantially all of the Company’s revenue and net loss is from real estate, and therefore, the Company currently operates in one business segment.
Per Share Data	'
	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the nine months ended September 30, 2013 and 2012.
	Distributions declared per common share was $0.164 and $0.486 for the three and nine months ended September 30, 2013, respectively. Distributions declared per common share was $0.164 and $0.486 for the three and nine months ended September 30, 2012, respectively. Distributions declared per common share assumes each share was issued and outstanding each day during the three and nine months ended September 30, 2013 and 2012. For each day that was a record date for distributions during the three and nine months ended September 30, 2013 and 2012, distributions were based on daily record dates and calculated at a rate of $0.00178082 per share per day. Each day during the period from January 1, 2013 through September 30, 2013 was a record date for distributions. Each day during the period from January 1, 2012 through February 28, 2012 and March 1, 2012 through September 30, 2012 was a record date for distributions.

RECENT_ACQUISITIONS_OF_REAL_ES1

RECENT ACQUISITIONS OF REAL ESTATE (Tables)	9 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]	'
Schedule of Business Acquisitions, Properties Acquired	'
	During the nine months ended September 30, 2013, the Company acquired the following properties (dollars in thousands):
	Property Name	City	State	Acquisition Date	Land		Building		Tenant		Total
							and Improvements		Origination and		Purchase Price
									Absorption Costs
	Watertower Apartments	Eden Prairie	MN	1/15/13	$	4,100	$	33,227	$	1,048	$	38,375
	Crystal Park at Waterford	Frederick	MD	5/8/13	5,666		38,125		1,109		44,900
	Millennium Apartment Homes	Greenville	SC	6/7/13	2,772		30,014		814		33,600
					$	12,538	$	101,366	$	2,971	$	116,875

REAL_ESTATE_Tables

REAL ESTATE (Tables)	9 Months Ended
	Sep. 30, 2013
Real Estate [Abstract]	'
Schedule of Real Estate Investments	'
	The following table provides summary information regarding the properties owned by the Company as of September 30, 2013 (dollars in thousands):
	Property Name	Date Acquired	Location	Total		Accumulated			Total
				Real Estate, Cost		Depreciation and			Real Estate, Net
						Amortization
	Legacy at Valley Ranch	10/26/10	Irving, TX	$	36,134	$	(2,658	)	$	33,476
	Poplar Creek	2/9/12	Schaumburg, IL	26,895		(966		)	25,929
	The Residence at Waterstone	4/6/12	Pikesville, MD	64,172		(2,332		)	61,840
	Legacy Crescent Park	5/3/12	Greer, SC	20,424		(837		)	19,587
	Legacy at Martin’s Point	5/31/12	Lombard, IL	35,935		(1,360		)	34,575
	Wesley Village	11/6/12	Charlotte, NC	44,769		(1,136		)	43,633
	Watertower Apartments	1/15/13	Eden Prairie, MN	37,567		(899		)	36,668
	Crystal Park at Waterford	5/8/13	Frederick, MD	44,066		(1,425		)	42,641
	Millennium Apartment Homes	6/7/13	Greenville, SC	33,622		(867		)	32,755
				$	343,584	$	(12,480	)	$	331,104

NOTES_PAYABLE_Tables

NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2013
Notes Payable [Abstract]	'
Schedule of Long-term Debt Instruments	'
	As of September 30, 2013 and December 31, 2012, the Company’s notes payable consisted of the following (dollars in thousands):
			Principal as of September 30, 2013		Principal as of		Contractual	Payment Type		Maturity Date
					31-Dec-12		Interest Rate as of
							September 30, 2013 (1)
	Legacy at Valley Ranch Mortgage Loan		$	32,500	$	32,500	3.90%	Principal & Interest	(2)	4/1/19
	Poplar Creek Mortgage Loan		20,400		20,400		4.00%	Principal & Interest	(2)	3/1/19
	The Residence at Waterstone Mortgage Loan		47,905		47,905		3.80%	Principal & Interest	(2)	5/1/19
	Legacy Crescent Park Mortgage Loan		14,493		14,560		3.50%	Principal & Interest	(3)	6/1/19
	Legacy at Martin’s Point Mortgage Loan		23,000		23,000		3.30%	Principal & Interest	(2)	6/1/19
	Wesley Village Mortgage Loan		29,088		29,575		2.60%	Principal & Interest	(4)	12/1/17
	Watertower Mortgage Loan		25,000		—		2.50%	Principal & Interest	(2)	2/10/18
	Crystal Park Mortgage Loan		29,219		—		2.50%	Principal & Interest	(4)	6/1/18
	Millennium Mortgage Loan		21,765		—		2.70%	Principal & Interest	(4)	7/1/18
	Wells Fargo Line of Credit (5)		—		—		One-month	(5)		10/19/13
							LIBOR + 3.00%
			$	243,370	$	167,940
	_____________________
	(1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2013.
	(2) Monthly payments are interest-only during the first two years of the loan. Beginning with the third year of the loan, monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years.
	(3) Monthly payments are interest-only during the first year of the loan. Beginning with the second year of the loan, monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years.
	(4) Monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years.
	(5) On April 19, 2013, the Company entered into a loan agreement with Wells Fargo Bank, N.A., an unaffiliated lender, for a fully recourse, unsecured, non-revolving line of credit in an amount up to $25.0 million. The Wells Fargo Line of Credit matured on October 19, 2013.
Schedule of Maturities of Long-term Debt	'
	The following is a schedule of maturities, including principal payments, for the Company’s notes payable outstanding as of September 30, 2013 (in thousands):
	October 1, 2013 through December 31, 2013	$	514
	2014	3,416
	2015	4,873
	2016	5,108
	2017	31,432
	Thereafter	198,027
		$	243,370

FAIR_VALUE_DISCLOSURES_Tables

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Schedule of Face Value, Carrying Amounts and Fair Value	'
	The following were the carrying amounts and fair values of the Company’s financial instruments as of September 30, 2013 and December 31, 2012 (dollars in thousands):
		September 30, 2013						December 31, 2012
		Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
	Financial liabilities:
	Notes payable	$	243,370	$	243,370	$	235,780	$	167,940	$	167,940	$	171,232

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Schedule of Related Party Costs	'
	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2013 and 2012, respectively, and any related amounts payable as of September 30, 2013 and December 31, 2012 (in thousands):
		Incurred								Payable as of
		Three Months Ended September 30,				Nine Months Ended September 30,				September 30,		December 31,
		2013		2012		2013		2012		2013		2012
	Expensed
	Asset management fees (1)	$	671	$	470	$	2,103	$	978	$	1,885	$	—
	Reimbursable operating expenses (2)	77		30		295		59		6		39
	Acquisition fees on real properties	—		—		1,186		1,507		—		—
	Related party interest expense	—		—		—		10		—		—
	Property management fees (3)	58		34		150		64		—		—
	Additional Paid-in Capital
	Selling commissions	96		1,036		2,713		3,496		—		—
	Dealer manager fees	51		497		1,600		1,720		—		—
	Reimbursable other offering costs	64		668		512		3,260		3		35
		$	1,017	$	2,735	$	8,559	$	11,094	$	1,894	$	74
	____________________
	(1) See “Amendments to the Advisory Agreement” below.
	(2) Reimbursable operating expenses primarily consists of marketing research costs and property pursuit costs incurred by the Sub-Advisor. In addition, the Advisor may seek reimbursement for employee costs under the Advisory Agreement. Beginning July 1, 2010, the Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $30,000 and $30,000 for the three months ended September 30, 2013 and 2012, respectively, and $61,000 and $59,000 for the nine months ended September 30, 2013 and 2012, respectively, and were the only employee costs reimbursable under the Advisory Agreement through September 30, 2013. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers.
	(3) See “Property Management — Account Services Agreements” below.

PRO_FORMA_FINANCIAL_INFORMATIO1

PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Tables)	9 Months Ended
	Sep. 30, 2013
Business Acquisition, Pro Forma Information [Abstract]	'
Business Acquisition, Pro Forma Information	'
	This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on January 1, 2012, nor do they purport to predict the results of operations for future periods (in thousands, except share and per share amounts).
		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2013			2012			2013			2012
	Revenues	$	9,136		$	8,643		$	26,920		$	26,037
	Depreciation and amortization	$	2,203		$	2,480		$	6,600		$	14,824
	Net loss	$	(291	)	$	(842	)	$	(845	)	$	(9,832	)
	Net loss per common share, basic and diluted	$	(0.02	)	$	(0.05	)	$	(0.05	)	$	(0.69	)
	Weighted-average number of common shares outstanding,	18,522,980			16,268,911			18,522,980			14,302,626
	basic and diluted

ORGANIZATION_Details

ORGANIZATION (Details) (USD $)

9 Months Ended

12 Months Ended

36 Months Ended

43 Months Ended

9 Months Ended

12 Months Ended

36 Months Ended

43 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Mar. 12, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Mar. 12, 2013

Sep. 30, 2013

Aug. 19, 2009

Aug. 19, 2009

31-May-12

Aug. 19, 2009

Aug. 07, 2009

Sep. 30, 2013

Apartment Complex [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

KBS-Legacy Apartment Community REIT Venture, LLC [Member]

KBS-Legacy Apartment Community REIT Venture, LLC [Member]

properties

Minimum [Member]

Maximum [Member]

Maximum [Member]

Common Stock [Member]

Organizational Structure [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Partnership interest in Operating Partnership

0.10%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Partnership interest in the Operating Partnership and is its sole limited partner

99.90%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares issued

18,522,980

12,866,456

'

18,522,980

'

'

'

'

'

'

'

'

'

20,000

'

Common stock, purchase price per share

'

'

'

'

'

'

'

'

'

'

'

'

'

$10

'

Shares held by affiliate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000

Number of real estate properties

'

'

'

'

9

'

'

'

'

'

'

'

'

'

'

Number of shares authorized to be repurchased

'

'

'

'

'

'

'

'

'

'

250,000

'

280,000,000

'

'

Shares of common stock authorized under dividend reinvestment plan, shares

'

'

'

'

'

'

'

'

'

80,000,000

'

'

'

'

'

Stock offering, shares authorized for issuance, value

'

'

'

'

'

'

'

'

'

'

'

$2,000,000,000

'

'

'

Stock offering, shares authorized for dividend reinvestment plan, value

'

'

'

'

'

'

'

'

'

'

'

760,000,000

'

'

'

Issuance of common stock, shares

'

'

'

'

'

5,790,674

8,195,092

18,088,084

18,672,977

'

'

'

'

'

'

Issuance of common stock, value

57,263,000

81,306,000

179,200,000

185,200,000

'

58,000

82,000

'

'

'

'

'

'

'

'

Shares of common stock sold under dividend reinvestment plan, shares

'

'

'

'

'

'

'

368,872

618,848

'

'

'

'

'

'

Shares of common stock sold under dividend reinvestment plan, value

'

'

3,500,000

6,000,000

'

'

'

'

'

'

'

'

'

'

'

Redemptions of common stock, shares

'

'

'

'

'

134,150

35,848

'

169,997

'

'

'

'

'

'

Redemptions of common stock, value

$1,274,000

$350,000

'

$1,600,000

'

$2,000

'

'

'

'

'

'

'

'

'

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Real Estate Properties [Line Items]	'	'	'	'
Distributions declared per common share	$0.16	$0.16	$0.49	$0.49
Distribution rate per share per day, declared	$0.00	$0.00	$0.00	$0.00
Apartment Complex [Member]	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'
Number of real estate properties	9	'	9	'

RECENT_ACQUISITIONS_OF_REAL_ES2

RECENT ACQUISITIONS OF REAL ESTATE (Schedule of Business Acquisitions, Properties Acquired) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Business Acquisition [Line Items]	'
Land	$12,538
Building and Improvements	101,366
Tenant Origination and Absorption Costs	2,971
Total Purchase Price	116,875
Watertower Apartments [Member]	'
Business Acquisition [Line Items]	'
Acquisition Date	15-Jan-13
Land	4,100
Building and Improvements	33,227
Tenant Origination and Absorption Costs	1,048
Total Purchase Price	38,375
Crystal Park at Waterford [Member]	'
Business Acquisition [Line Items]	'
Acquisition Date	8-May-13
Land	5,666
Building and Improvements	38,125
Tenant Origination and Absorption Costs	1,109
Total Purchase Price	44,900
Millennium Apartment Homes [Member]	'
Business Acquisition [Line Items]	'
Acquisition Date	7-Jun-13
Land	2,772
Building and Improvements	30,014
Tenant Origination and Absorption Costs	814
Total Purchase Price	$33,600

RECENT_ACQUISITIONS_OF_REAL_ES3

RECENT ACQUISITIONS OF REAL ESTATE (Narrative) (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Business Combinations [Abstract]	'	'
Weighted-average amortization period	'	'5 months 21 days
Business combination and acquisition cost expensed	$25,000	$2,200,000
Total revenues recognized from business combination	3,000,000	5,600,000
Operating expense recognized from business combination	$2,100,000	$3,800,000

REAL_ESTATE_Narrative_Details

REAL ESTATE (Narrative) (Details)	Sep. 30, 2013
	sqft
	Units
Real Estate Properties [Line Items]	'
Number of real estate units	2,599
Rentable square feet	2,500,000
Percentage of portfolio occupied	94.00%
Apartment Complex [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	9

REAL_ESTATE_Schedule_of_Real_E

REAL ESTATE (Schedule of Real Estate Investments) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified			Legacy at Valley Ranch [Member]	Poplar Creek [Member]	The Residence at Waterstone [Member]	Legacy Crescent Park [Member]	Legacy at Martinbs Point [Member]	Wesley Village [Member]	Watertower Apartments [Member]	Crystal Park at Waterford [Member]	Millennium Apartment Homes [Member]
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Date Acquired	'	'	26-Oct-10	9-Feb-12	6-Apr-12	3-May-12	31-May-12	6-Nov-12	15-Jan-13	8-May-13	7-Jun-13
Total Real Estate at Cost	$343,584	$227,873	$36,134	$26,895	$64,172	$20,424	$35,935	$44,769	$37,567	$44,066	$33,622
Accumulated Depreciation and Amortization	-12,480	-5,298	-2,658	-966	-2,332	-837	-1,360	-1,136	-899	-1,425	-867
Total real estate, net	$331,104	$222,575	$33,476	$25,929	$61,840	$19,587	$34,575	$43,633	$36,668	$42,641	$32,755

REAL_ESTATE_REAL_ESTATE_Proper

REAL ESTATE REAL ESTATE (Property Damages) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Real Estate Properties [Line Items]	'	'	'	'
Maximum deductable per incident	$25,000	'	'	'
Loss due to property damages	1,478,000	'	1,478,000	0
Estimated insurance recoveries	1,400,000	'	1,400,000	'
Insurance recoveries related to emergency response costs	'	'	200,000	'
Operating, maintenance, and management	2,470,000	1,444,000	6,116,000	2,914,000
Estimated insurance recoveries to be collected	1,700,000	'	1,700,000	'
Damaged Properties [Member]	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'
Operating, maintenance, and management	$100,000	'	$100,000	'

NOTES_PAYABLE_Narrative_Detail

NOTES PAYABLE (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Debt Instrument [Line Items]	'	'	'	'	'
Interest expense	$2,239,000	$1,378,000	$5,906,000	$3,185,000	'
Amortization of deferred financing costs	200,000	53,000	500,000	300,000	'
Interest payable, current	600,000	'	600,000	'	500,000
Deferred Financing Costs, Prepaid Expenses and Other Assets [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Deferred financing costs	$2,100,000	'	$2,100,000	'	$1,600,000

NOTES_PAYABLE_Schedule_of_Long

NOTES PAYABLE (Schedule of Long-term Debt Instruments) (Details) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Apr. 19, 2013

Wells Fargo [Member]

Wells Fargo [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Unsecured Debt [Member]

Non-Revolving Line of Credit [Member]

Non-Revolving Line of Credit [Member]

Legacy at Valley Ranch [Member]

Legacy at Valley Ranch [Member]

Legacy at Valley Ranch [Member]

Legacy at Valley Ranch [Member]

Poplar Creek [Member]

Poplar Creek [Member]

Poplar Creek [Member]

Poplar Creek [Member]

The Residence at Waterstone [Member]

The Residence at Waterstone [Member]

The Residence at Waterstone [Member]

The Residence at Waterstone [Member]

Legacy Crescent Park [Member]

Legacy Crescent Park [Member]

Legacy Crescent Park [Member]

Legacy Crescent Park [Member]

Legacy at Martinbs Point [Member]

Legacy at Martinbs Point [Member]

Legacy at Martinbs Point [Member]

Legacy at Martinbs Point [Member]

Wesley Village [Member]

Wesley Village [Member]

Wesley Village [Member]

Watertower Apartments [Member]

Watertower Apartments [Member]

Watertower Apartments [Member]

Watertower Apartments [Member]

Crystal Park Mortgage Loan [Member]

Crystal Park Mortgage Loan [Member]

Crystal Park Mortgage Loan [Member]

Crystal Park Mortgage Loan [Member]

Millennium Mortgage Loan [Member]

Millennium Mortgage Loan [Member]

Millennium Mortgage Loan [Member]

Wells Fargo [Member]

First Two Years [Member]

Third Year and Thereafter [Member]

First Two Years [Member]

Third Year and Thereafter [Member]

First Two Years [Member]

Third Year and Thereafter [Member]

First Year [Member]

Second Year and Thereafter [Member]

First Two Years [Member]

Third Year and Thereafter [Member]

First Year [Member]

First Two Years [Member]

Third Year and Thereafter [Member]

First Year [Member]

First Year and Thereafter [Member]

First Year [Member]

Non-Revolving Line of Credit [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes Payable

$243,370,000

$167,940,000

$0

$0

$32,500,000

$32,500,000

'

'

$20,400,000

$20,400,000

'

'

$47,905,000

$47,905,000

'

'

$14,493,000

$14,560,000

'

'

$23,000,000

$23,000,000

'

'

$29,088,000

$29,575,000

'

$25,000,000

$0

'

'

$29,219,000

$0

'

'

$21,765,000

$0

'

'

Contractual Interest Rate

'

'

'

'

3.93%

[1]

'

'

'

4.00%

[1]

'

'

'

3.79%

[1]

'

'

'

3.47%

[1]

'

'

'

3.33%

[1]

'

'

'

2.57%

[1]

'

'

2.46%

[1]

'

'

'

2.50%

[1]

'

'

'

2.74%

[1]

'

'

'

Description of Variable Rate Basis

'

'

'One-month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis Spread on Variable Rate

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payment Type

'

'

'

'

'Principal & Interest

[2]

'

'interest-only

'

'Principal & Interest

[2]

'

'interest-only

'

'Principal & Interest

[2]

'

'interest-only

'

'Principal & Interest

[3]

'

'interest-only

'

'Principal & Interest

[2]

'

'interest-only

'

'Principal & Interest

[4]

'

'principal and interest

'Principal & Interest

[2]

'

'interest-only

'

'Principal & Interest

[4]

'

'principal and interest

'

'Principal & Interest

[4]

'

'principal and interest

'

Maturity Date

'

'

19-Oct-13

'

1-Apr-19

[2]

'

'

'

1-Mar-19

'

'

'

1-May-19

'

'

'

1-Jun-19

'

'

'

1-Jun-19

'

'

'

1-Dec-17

'

'

10-Feb-18

'

'

'

1-Jun-18

'

'

'

1-Jul-18

'

'

'

Periodic Payment

'

'

'

'

'

'

'monthly

'monthly

'

'

'monthly

'monthly

'

'

'monthly

'monthly

'

'

'monthly

'monthly

'

'

'monthly

'monthly

'

'

'monthly

'

'

'monthly

'monthly

'

'

'monthly

'

'

'

'monthly

'

Amortization Schedule

'

'

'

'

'30 years

'

'

'

'30 years

'

'

'

'30 years

'

'

'

'30 years

'

'

'

'30 years

'

'

'

'30 years

'

'

'30 years

'

'

'

'30 years

'

'

'

'30 years

'

'

'

Period of Interest Only Payments

'

'

'

'

'

'

'2 years

'

'

'

'2 years

'

'

'

'2 years

'

'

'

'1 year

'

'

'

'2 years

'

'

'

'

'

'

'2 years

'

'

'

'

'

'

'

'

'

Maximum Borrowing Capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$25,000,000

[1]

Contractual interest rate represents the interest rate in effect under the loan as of SeptemberB 30, 2013.

[2]

Monthly payments are interest-only during the first two years of the loan. Beginning with the third year of the loan, monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years.

[3]

Monthly payments are interest-only during the first year of the loan. Beginning with the second year of the loan, monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years.

[4]

Monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years.

NOTES_PAYABLE_Schedule_of_Matu

NOTES PAYABLE (Schedule of Maturities of Long-Term Debt) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Notes Payable [Abstract]	'	'
October 1, 2013 through December 31, 2013	$514	'
2014	3,416	'
2015	4,873	'
2016	5,108	'
2017	31,432	'
Thereafter	198,027	'
Notes payable	$243,370	$167,940

FAIR_VALUE_DISCLOSURES_Details

FAIR VALUE DISCLOSURES (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Notes payable, Face Value	$243,370	$167,940
Carrying Amount [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Notes payable, Value	243,370	167,940
Fair Value [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Notes payable, Value	$235,780	$171,232

RELATED_PARTY_TRANSACTIONS_Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $)	2 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended		50 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Jul. 31, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Aug. 14, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'
Incurred expenses	'	'	'	'	'	'	$300,000	'	'
Other organization and offering costs	'	'	'	'	'	'	900,000	'	'
Deferred financing costs, prepaid expenses and other assets	6,450,000	6,450,000	'	'	6,450,000	'	6,450,000	'	5,122,000
Percentage of selling commissions, dealer manager fees, and organization and other offering costs of gross offering proceeds	'	'	'	'	'	'	12.60%	'	'
Selling commissions, dealer manager fees, and other organization and offering expenses, percent of gross offering proceeds	15.00%	15.00%	'	'	15.00%	'	15.00%	'	'
Asset management fees	400,000	671,000	470,000	1,500,000	2,103,000	978,000	'	'	'
Nonbcompounded return on net invested capital	'	'	'	'	'	'	'	8.00%	'
Monthly fees paid of property's gross monthly collections, percentage	1.00%	1.00%	'	'	1.00%	'	1.00%	'	'
Option One [Member]	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'
Asset management fee, as percent	'	'	'	'	'	'	'	0.08%	'
Acquisition advisory fee, as percent	'	'	'	'	'	'	'	1.00%	'
Option Two [Member]	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'
Asset management fee, as percent	'	'	'	'	'	'	'	0.17%	'
Acquisition advisory fee, as percent	'	'	'	'	'	'	'	2.00%	'
Maximum [Member]	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'
Reimbursed offering costs determination, gross offering costs, percentage (exceeds amount)	'	'	'	'	'	'	15.00%	'	'
Other Organization and Offering Expenses [Member]	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'
Incurred expenses	'	'	'	'	'	'	2,000,000	'	'
Deferred financing costs, prepaid expenses and other assets	$1,400,000	$1,400,000	'	'	$1,400,000	'	$1,400,000	'	'

RELATED_PARTY_TRANSACTIONS_Sch

RELATED PARTY TRANSACTIONS (Schedule of Related Party Costs) (Details) (USD $)

3 Months Ended

9 Months Ended

50 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Related Party Transaction [Line Items]

'

'

'

'

'

'

Expenses

'

'

'

'

$300

'

Payable as of

1,894

'

1,894

'

1,894

74

Administrative fees

30

30

61

59

'

'

Advisor and Dealer Manager [Member]

'

'

'

'

'

'

Related Party Transaction [Line Items]

'

'

'

'

'

'

Incurred

1,017

2,735

8,559

11,094

'

'

Payable as of

1,894

'

1,894

'

1,894

74

Advisor and Dealer Manager [Member] | Asset Management Fees [Member] | Expensed [Member]

'

'

'

'

'

'

Related Party Transaction [Line Items]

'

'

'

'

'

'

Expenses

671

[1]

470

[1]

2,103

[1]

978

[1]

'

'

Payable as of

1,885

[1]

'

1,885

[1]

'

1,885

[1]

0

[1]

Advisor and Dealer Manager [Member] | Reimbursement of Operating Expenses [Member] | Expensed [Member]

'

'

'

'

'

'

Related Party Transaction [Line Items]

'

'

'

'

'

'

Expenses

77

[2]

30

[2]

295

[2]

59

[2]

'

'

Payable as of

6

[2]

'

6

[2]

'

6

[2]

39

[2]

Advisor and Dealer Manager [Member] | Acquisition Fees [Member] | Expensed [Member]

'

'

'

'

'

'

Related Party Transaction [Line Items]

'

'

'

'

'

'

Expenses

0

0

1,186

1,507

'

'

Payable as of

0

'

0

'

0

0

Advisor and Dealer Manager [Member] | Related Party Interest Expense [Member] | Expensed [Member]

'

'

'

'

'

'

Related Party Transaction [Line Items]

'

'

'

'

'

'

Expenses

0

0

0

10

'

'

Payable as of

0

'

0

'

0

0

Advisor and Dealer Manager [Member] | Property Management Fees [Member] | Expensed [Member]

'

'

'

'

'

'

Related Party Transaction [Line Items]

'

'

'

'

'

'

Expenses

58

[3]

34

[3]

150

[3]

64

[3]

'

'

Payable as of

0

[3]

'

0

[3]

'

0

[3]

0

[3]

Advisor and Dealer Manager [Member] | Sales Commissions and Fees [Member] | Additional Paid-in Capital [Member]

'

'

'

'

'

'

Related Party Transaction [Line Items]

'

'

'

'

'

'

Incurred

96

1,036

2,713

3,496

'

'

Payable as of

0

'

0

'

0

0

Advisor and Dealer Manager [Member] | Dealer Manager Fees [Member] | Additional Paid-in Capital [Member]

'

'

'

'

'

'

Related Party Transaction [Line Items]

'

'

'

'

'

'

Incurred

51

497

1,600

1,720

'

'

Payable as of

0

'

0

'

0

0

Advisor and Dealer Manager [Member] | Reimbursable Other Offering Costs [Member] | Additional Paid-in Capital [Member]

'

'

'

'

'

'

Related Party Transaction [Line Items]

'

'

'

'

'

'

Incurred

64

668

512

3,260

'

'

Payable as of

$3

'

$3

'

$3

$35

[1]

See bAmendments to the Advisory Agreementb below.

[2]

Reimbursable operating expenses primarily consists of marketing research costs and property pursuit costs incurred by the Sub-Advisor. In addition, the Advisor may seek reimbursement for employee costs under the Advisory Agreement. Beginning July 1, 2010, the Company has reimbursed the Advisor for the Companybs allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $30,000 and $30,000 for the three months ended SeptemberB 30, 2013 and 2012, respectively, and $61,000 and $59,000 for the nine months ended SeptemberB 30, 2013 and 2012, respectively, and were the only employee costs reimbursable under the Advisory Agreement through SeptemberB 30, 2013. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Companybs executive officers.

[3]

See bProperty Management b Account Services Agreementsb below.

PRO_FORMA_FINANCIAL_INFORMATIO2

PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Business Acquisition [Line Items]	'	'	'	'
Revenues	$9,136	$8,643	$26,920	$26,037
Depreciation and amortization	2,203	2,480	6,600	14,824
Net loss	-291	-842	-845	-9,832
Net loss per common share, basic and diluted	($0.02)	($0.05)	($0.05)	($0.69)
Weighted-average number of common shares outstanding, basic and diluted	18,522,980	16,268,911	18,522,980	14,302,626
Business combination and acquisition cost expensed	$25	'	$2,200	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

36 Months Ended

43 Months Ended

9 Months Ended

12 Months Ended

36 Months Ended

43 Months Ended

0 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Mar. 12, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Mar. 12, 2013

Sep. 30, 2013

Nov. 04, 2013

Nov. 01, 2013

Oct. 01, 2013

Oct. 18, 2013

Nov. 04, 2013

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Dividend Paid [Member]

Dividend Paid [Member]

Dividend Declared [Member]

Common Stock [Member]

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

'

'

'

'

5,790,674

8,195,092

18,088,084

18,672,977

'

'

'

'

18,995,751

Issuance of common stock, value

'

'

$57,263,000

'

$81,306,000

$179,200,000

$185,200,000

$58,000

$82,000

'

'

$188,600,000

'

'

'

'

Shares of common stock sold under dividend reinvestment plan, shares

'

'

'

'

'

'

'

'

'

368,872

618,848

'

'

'

'

703,884

Shares of common stock sold under dividend reinvestment plan, value

'

'

'

'

'

3,500,000

6,000,000

'

'

'

'

6,900,000

'

'

'

'

Redemptions of common stock, shares

'

'

'

'

'

'

'

134,150

35,848

'

169,997

'

'

'

'

174,997

Redemptions of common stock, value

'

'

1,274,000

'

350,000

'

1,600,000

2,000

'

'

'

1,700,000

'

'

'

'

Distributions paid

'

'

'

'

'

'

'

'

'

'

'

'

$1,000,000

$1,000,000

'

'

Distribution rate per share per day, declared

$0.00

$0.00

$0.00

$0.00

'

'

'

'

'

'

'

'

'

'

$0.00

'

Distribution rate per share annualized, declared, based on purchase price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.50%

'

Common stock, purchase price per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10

'

Distribution rate per share annualized, declared, based on offering price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.10%

'

Common stock, offering price per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10.68

'

SUBSEQUENT_EVENTS_Investment_S

SUBSEQUENT EVENTS (Investment Subsequent to September 30, 2013) (Details) (USD $)	Sep. 30, 2013	Oct. 21, 2013	Oct. 18, 2013
	Units	Subsequent Event [Member]	Subsequent Event [Member]
		Legacy Grand at Concord [Member]	Legacy Grand at Concord [Member]
			sqft
			acre
			Units
Subsequent Event [Line Items]	'	'	'
Number of real estate units	2,599	'	240
Area of land	'	'	18.4
Purchase price	$116,875,000	'	$28,000,000
Earnest money deposit, amount that may be forfeited	'	750,000	'
Earnest deposits	'	$750,000	'
Net rentable area	'	'	283,783
Percent of occupancy	'	'	98.00%