KBS Legacy Partners Apartment REIT 10-K 10 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document (USD $)	12 Months Ended
	Dec. 31, 2013	Mar. 03, 2014	Jun. 30, 2013
Document and Entity Information [Abstract]	'	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	31-Dec-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
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	'	19,576,838	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Public Float	'	'	$0

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Real estate:	'	'
Land	$42,363	$29,768
Buildings and improvements	301,857	196,592
Tenant origination and absorption costs	249	1,513
Total real estate, cost	344,469	227,873
Less accumulated depreciation and amortization	-13,429	-5,298
Total real estate, net	331,040	222,575
Cash and cash equivalents	36,698	31,849
Restricted cash	4,454	2,304
Deferred financing costs, prepaid expenses and other assets	5,974	5,122
Total assets	378,166	261,850
Liabilities and stockholders' equity	'	'
Notes payable	242,856	167,940
Accounts payable and accrued liabilities	5,040	3,499
Due to affiliates	2,670	74
Distributions payable	1,054	691
Other liabilities	725	1,068
Total liabilities	252,345	173,272
Commitments and contingencies (Note 10)	'	'
Redeemable common stock	4,761	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, 19,196,501 and 12,866,456 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively	192	129
Additional paid-in capital	161,328	107,685
Cumulative distributions and net losses	-40,460	-21,242
Total stockholders' equity	121,060	86,572
Total liabilities and stockholders' equity	$378,166	$261,850

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 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	19,196,501	12,866,456
Common stock, shares outstanding	19,196,501	12,866,456

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues:	'	'	'
Rental income	$32,825	$16,105	$5,372
Total revenues	32,825	16,105	5,372
Expenses:	'	'	'
Operating, maintenance, and management	8,500	4,273	1,503
Real estate taxes and insurance	4,496	2,311	985
Asset management fees to affiliate	2,670	1,521	362
Property management fees to affiliate	207	106	0
Real estate acquisition fees to affiliate	1,186	1,969	0
Real estate acquisition fees and expenses	981	1,584	23
General and administrative expenses	2,199	1,898	1,384
Depreciation and amortization	12,366	8,012	1,890
Interest expense	8,000	4,688	1,323
Total expenses	40,605	26,362	7,470
Other income:	'	'	'
Interest income	35	24	5
Net loss	($7,745)	($10,233)	($2,093)
Net loss per common share, basic and diluted (in dollars per share)	($0.44)	($1.16)	($1.21)
Weighted-average number of common shares outstanding, basic and diluted	17,649,883	8,801,166	1,734,410

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERSb EQUITY (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital	Cumulative Distributions and Net Loss
In Thousands, except Share data, unless otherwise specified
Balance, value at Jul. 30, 2009	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Issuance of common stock, shares	'	19,420,805	'	'
Issuance of common stock, value	'	$193,100	'	'
Redemptions of common stock, shares	'	-244,304	'	'
Redemptions of common stock, value	'	-2,300	'	'
Balance, value at Dec. 31, 2013	'	192	'	'
Balance, shares at Dec. 31, 2013	'	19,196,501	'	'
Balance, value at Dec. 31, 2010	1,040	4	3,101	-2,065
Balance, shares at Dec. 31, 2010	'	367,447	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Issuance of common stock, shares	'	4,339,765	'	'
Issuance of common stock, value	43,190	43	43,147	'
Transfers to redeemable common stock	-350	'	-350	'
Distributions declared	-1,127	'	'	-1,127
Commissions on stock sales and related dealer manager fees to affiliates	-3,896	'	-3,896	'
Other offering costs	2,583	'	-2,583	'
Net loss	-2,093	'	'	-2,093
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	'	6,538,502	'	'
Issuance of common stock, value	65,139	65	65,074	'
Redemptions of common stock, shares	'	-208,457	'	'
Redemptions of common stock, value	-1,978	-2	-1,976	'
Transfers to redeemable common stock	-2,532	'	-2,532	'
Distributions declared	-11,473	'	'	-11,473
Commissions on stock sales and related dealer manager fees to affiliates	-4,898	'	-4,898	'
Other offering costs	-2,025	'	-2,025	'
Net loss	-7,745	'	'	-7,745
Balance, value at Dec. 31, 2013	$121,060	$192	$161,328	($40,460)
Balance, shares at Dec. 31, 2013	19,196,501	19,196,501	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash Flows from Operating Activities:	'	'	'
Net loss	($7,745)	($10,233)	($2,093)
Adjustments to reconcile net loss to net cash provided by (used) in operating activities:	'	'	'
Depreciation and amortization	12,366	8,012	1,890
Bad debt expense	329	191	14
Loss due to property damages	1,203	0	0
Amortization of premium on notes payable	0	-395	-75
Amortization of deferred financing costs	620	386	149
Changes in operating assets and liabilities:	'	'	'
Restricted cash for operational expenditures	-1,350	-1,161	-156
Prepaid expenses and other assets	-1,092	-834	-490
Accounts payable and accrued liabilities	1,373	1,864	107
Due to affiliates	2,612	39	-305
Other liabilities	-120	598	114
Net cash provided by (used in) operating activities	8,196	-1,533	-845
Cash Flows from Investing Activities:	'	'	'
Acquisitions of real estate	-114,875	-193,900	0
Improvements to real estate	-4,939	-1,936	-595
Escrow deposits for pending real estate acquisition	-1,500	-500	-1,000
Restricted cash for capital expenditures	-800	0	0
Net cash used in investing activities	-122,114	-196,336	-1,595
Cash Flows from Financing Activities:	'	'	'
Proceeds from notes payable	76,220	167,940	0
Principal payments on mortgage note payable	-1,304	-22,682	-440
Principal payments on unsecured note payable due to affiliate	0	-1,000	-13,000
Payments of deferred financing costs	-1,025	-1,737	-10
Proceeds from issuance of common stock	60,378	79,077	42,840
Payments to redeem common stock	-1,978	-350	0
Payments of commissions on stock sales and related dealer manager fees	-4,898	-7,026	-3,896
Payments of other offering costs	-2,277	-4,538	-2,554
Distributions paid	-6,349	-3,038	-553
Net cash provided by financing activities	118,767	206,646	22,387
Net increase in cash and cash equivalents	4,849	8,777	19,947
Cash and cash equivalents, beginning of period	31,849	23,072	3,125
Cash and cash equivalents, end of period	36,698	31,849	23,072
Supplemental Disclosure of Cash Flow Information:	'	'	'
Interest paid, net of capitalized interest of $57 for the year ended December 31, 2013	7,228	3,793	1,008
Supplemental Disclosure of Noncash Transactions:	'	'	'
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	4,761	2,229	350
Application of escrow deposits to purchase real estate	2,000	0	0
Increase in distributions payable	363	457	224
Increase in accrued improvements to real estate	220	159	0
Increase in redeemable common stock payable	$0	$223	$0

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Statement of Cash Flows [Abstract]	'
Capitalized interest	$57

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 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 and further amended on August 14, 2013, and renewed for an additional one-year term on January 25, 2014 (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 December 31, 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 December 31, 2013, the Company owned nine apartment complexes and had identified two other apartment complexes that the Company acquired in February 2014.
	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 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 of 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 being offered pursuant to 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 December 31, 2013, the Company had sold an aggregate of 19,420,805 shares of common stock in the Offerings for gross offering proceeds of $193.1 million, including an aggregate of 746,836 shares of common stock under the dividend reinvestment plan for gross offering proceeds of $7.3 million. Also, as of December 31, 2013, the Company had redeemed 244,304 shares sold in the Offerings for $2.3 million. The Company intends to cease offering shares of common stock in its Follow-on Offering on March 31, 2014, but will continue to offer shares of common stock under its dividend reinvestment plan after March 31, 2014.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Principles of Consolidation and Basis of Presentation
	The consolidated financial statements include the accounts of the Company, REIT Holdings and the Operating Partnership, and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
	The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.
	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.
	Revenue Recognition
	The Company leases apartment units under operating leases with terms generally of one year or less. Generally, credit investigations will be performed for prospective residents and security deposits will be obtained. The Company recognizes rental revenue, net of concessions, on a straight-line basis over the term of the lease, when collectibility is reasonably assured.
	The Company will recognize gains on sales of real estate either in total or deferred for a period of time, depending on whether a sale has been consummated, the extent of the buyer’s investment in the property being sold, whether the receivable of the Company is subject to future subordination, and the degree of the Company’s continuing involvement with the property after the sale. If the criteria for profit recognition under the full-accrual method are not met, the Company will defer gain recognition and account for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery method, as appropriate, until the appropriate criteria are met.
	Other income, including interest earned on the Company’s cash, is recognized as it is earned.
	Real Estate
	Depreciation and Amortization
	Real estate properties are carried at cost and depreciated using the straight-line method over the estimated useful lives of 40 years for buildings, 10–20 years for building improvements, 10–20 years for land improvements and five to 12 years for computer, furniture, fixtures and equipment. Costs directly associated with the development of land and those incurred during construction are capitalized as part of the investment basis. Acquisition costs are expensed as incurred. Operating expenses incurred that are not related to the development and construction of the real estate investments are expensed as incurred. Repairs, maintenance and tenant turnover costs are expensed as incurred and significant replacements and improvements are capitalized. Repairs, maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate property. The Company considers the period of future benefit of an asset to determine its appropriate useful life.
	Intangible assets related to in-place leases are amortized to expense over the average remaining non-cancelable terms of the respective in-place leases.
	Development Costs
	The Company will capitalize development and construction costs (including interest and other financing fees, property taxes, and other direct and indirect development costs) beginning when active development commences and ending when apartment units are available for occupancy and all infrastructure is substantially complete.
	Real Estate Acquisition Valuation
	The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. Acquisition costs are expensed as incurred and restructuring costs that do not meet the definition of a liability at the acquisition date will be expensed in periods subsequent to the acquisition date.
	Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. Acquired in-place lease values are amortized to expense over the average remaining non-cancelable terms of the respective in-place leases.
	The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant.
	The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using a discount 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 above-market in-place leases and for the initial term plus any extended term for any leases with below-market renewal options. The Company amortizes any recorded above-market or below-market lease values as a reduction or increase, respectively, to rental income over the remaining non-cancelable terms of the respective leases, including any below-market renewal periods.
	The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. 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. The Company amortizes the value of tenant origination and absorption costs to depreciation and amortization expense over the remaining average non-cancelable term of the leases.
	Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions, such as market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income.
	Impairment of Real Estate and Related Intangible Assets and Liabilities
	The Company monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets and liabilities may not be recoverable or realized. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company will assess the recoverability by estimating whether the Company will recover the carrying value of the real estate and related intangible assets and liabilities through its undiscounted future cash flows and its eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. The Company did not record any impairment loss on its real estate and related intangible assets and liabilities during the years ended December 31, 2013, 2012 and 2011.
	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.
	Cash and Cash Equivalents
	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short term investments. Cash and cash equivalents are stated at cost, which approximates fair value. There are no restrictions on the use of the Company’s cash and cash equivalents as of December 31, 2013.
	The Company’s cash and cash equivalent balance exceeds federally insurable limits as of December 31, 2013. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
	Restricted Cash
	Restricted cash is comprised of lender impound reserve accounts for property taxes and insurance proceeds for property damages.
	Fair Value Measurements
	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.
	When available, the Company will utilize quoted market prices from independent third-party sources to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company will use several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources.
	Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument.
	The Company considers the following factors to be indicators of an inactive market: (i) there are few recent transactions, (ii) price quotations are not based on current information, (iii) price quotations vary substantially either over time or among market makers (for example, some brokered markets), (iv) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability, (v) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability, (vi) there is a wide bid-ask spread or significant increase in the bid-ask spread, (vii) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities, and (viii) little information is released publicly (for example, a principal-to-principal market).
	The Company considers the following factors to be indicators of non-orderly transactions: (i) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions, (ii) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant, (iii) the seller is in or near bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced), and (iv) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities.
	Dividend Reinvestment Plan
	The Company has adopted a dividend reinvestment plan (the “DRP”) through which future common stockholders may elect to reinvest an amount equal to the distributions declared on their shares in additional shares of the Company’s common stock in lieu of receiving cash distributions. On January 17, 2013, the Company’s board of directors approved a second amended and restated dividend reinvestment plan (the “Amended Dividend Reinvestment Plan”). The Amended Dividend Reinvestment Plan became effective for purchases under the plan on or after January 28, 2013. Pursuant to the Amended Dividend Reinvestment Plan, the purchase price of shares of the Company’s common stock issued under the Amended Dividend Reinvestment Plan is equal to 95% of the price to acquire a share of common stock in the Company’s public offering.
	On March 4, 2013, the Company’s board of directors approved an updated primary offering price for the Company’s common stock of $10.68 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, divided by the number of shares outstanding, all as of December 31, 2012 and increased for certain offering and other costs. Commencing on or after April 1, 2013, the purchase price per share under the DRP was $10.15. The Company currently expects to engage the Advisor and/or an independent valuation firm to update the estimated value per share in March 2014, but is not required to update the estimated value per share more frequently than every 18 months.
	On March 6, 2014, the Company’s board of directors approved an updated primary offering price for the Company’s common stock of $10.96 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, divided by the number of shares outstanding, all as of December 31, 2013 and increased for certain offering and other costs. Commencing on or after April 1, 2014, the purchase price per share under the DRP would be $10.42. The Company currently expects to engage the Advisor and/or an independent valuation firm to update the estimated value per share in December 2014, but is currently not required to update the estimated value per share more frequently than every 18 months. No selling commissions or dealer manager fees will be paid on shares sold under the DRP. The board of directors of the Company may amend or terminate the DRP for any reason upon 10 days’ notice to participants.
	Redeemable Common Stock
	The Company has adopted a share redemption program that may enable stockholders to sell their shares to the Company in limited circumstances.
	There are several limitations on the Company’s ability to redeem shares under the share redemption program:
	•	Unless the shares are being redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence” (each as defined under the share redemption program), the Company may not redeem shares until the stockholder has held his or her shares for one year.
	•	During each calendar year, the share redemption program limits the number of shares the Company may redeem to those that the Company could purchase with the amount of the net proceeds from the issuance of shares under the dividend reinvestment plan during the prior calendar year.
	•	During any calendar year, the Company may redeem no more than 5% of the weighted-average number of shares outstanding during the prior calendar year.
	•	The Company has no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency.
	On January 17, 2013, the Company’s board of directors approved a second amended and restated share redemption program (the “Amended Share Redemption Program”). The Amended Share Redemption Program was effective for redemptions under the program on or after February 17, 2013 through March 27, 2013. Under the Amended Share Redemption Program, the Company could redeem shares at specified percentages of the price paid to acquire common shares from the Company for ordinary redemptions, with the percentage varying in accordance with how long a stockholder had held their shares. Ordinary redemptions are all redemptions other than those sought in connection with a stockholder’s death, qualifying disability or determination of incompetence.
	On February 25, 2013, the Company’s board of directors approved a third amended and restated share redemption program (the “Third Amended Share Redemption Program”). The Third Amended Share Redemption Program was effective for redemptions under the program on or after March 28, 2013 through February 26, 2014. Pursuant to the Third Amended Share Redemption Program, the Company has modified how it would process redemptions that would result in a stockholder owning less than the minimum purchase requirement described in a currently effective, or the most recently effective, registration statement of the Company as such registration statement had been amended or supplemented (the “Minimum Purchase Requirement”). Specifically, if the Company could not repurchase all shares presented for redemption in any month because of the limitations on redemptions set forth in the program, then the Company would honor redemption requests on a pro rata basis, except that if a pro rata redemption would result in a stockholder owning less than the Minimum Purchase Requirement, then the Company would redeem all of such stockholder’s shares. If the Company was redeeming all of a stockholder’s shares, there would be no holding period requirement for shares purchased pursuant to the Company’s dividend reinvestment plan.
	Pursuant to the program, during the year ended December 31, 2013, the Company redeemed shares as follows:
	•	92.5% of the price paid to acquire the shares from the Company for stockholders who have held their shares for at least one year;
	•	95.0% of the price paid to acquire the shares from the Company for stockholders who have held their shares for at least two years;
	•	97.5% of the price paid to acquire the shares from the Company for stockholders who have held their shares for at least three years; and
	•	100% of the price paid to acquire the shares from the Company for stockholders who have held their shares for at least four years.
	Notwithstanding the above, the redemption price for redemptions sought upon a stockholder’s death, “qualifying disability” or “determination of incompetence” will initially be the amount paid to acquire the shares from the Company.  Furthermore, once the Company establishes an estimated value per share of its common stock for a purpose other than to set the price to acquire a share in one of its offerings, the redemption price per share for all stockholders will be equal to the estimated value per share, as determined by the Advisor or another firm chosen for that purpose. The Company expects to establish an estimated value per share upon completion of its offering stage. The Company will consider its offering stage complete when it is no longer publicly offering equity securities — whether through the primary offering or a follow-on public offering — and has not done so for up to 18 months. “Public equity offering” for this purpose does not include offerings on behalf of selling stockholders or offerings related to a dividend reinvestment plan, employee benefit plan or the redemption of interests in the Operating Partnership.
	The Company’s board of directors may amend, suspend or terminate the share redemption program with 30 days’ notice to its stockholders. The Company may provide this notice by including such information in a Current Report on Form 8-K or in the Company’s annual or quarterly reports, all publicly filed with the SEC, or by a separate mailing to its stockholders.
	The Company will record amounts that are redeemable under the share redemption program as redeemable common stock in its consolidated balance sheets because the shares will be mandatorily redeemable at the option of the holder and therefore their redemption will be outside the control of the Company. The maximum amount redeemable under the Company’s share redemption program is limited to the number of shares the Company could redeem with the amount of the net proceeds from the sale of shares under the dividend reinvestment plan during the prior calendar year. However, because the amounts that can be redeemed will be determinable and only contingent on an event that is likely to occur (e.g., the passage of time), the Company will present the net proceeds from the current year dividend reinvestment plan as redeemable common stock in its accompanying consolidated balance sheets.
	The Company will classify as liabilities financial instruments that represent a mandatory obligation of the Company to redeem shares. The Company’s redeemable common shares will be contingently redeemable at the option of the holder. When the Company determines it has a mandatory obligation to repurchase shares under the share redemption program, it will reclassify such obligations from temporary equity to a liability based upon their respective settlement values. During the year ended December 31, 2013, the Company redeemed $2.0 million of common stock, which represented all redemption requests received in good order and eligible for redemption through the December 31, 2013 redemption date. Effective January 2014, these limitations were reset and based on the amount of net proceeds raised from the sale of shares under the dividend reinvestment plan during 2013, the Company had $4.8 million available for all eligible redemptions through February 26, 2014.  The Company’s board of directors approved a fourth amended and restated share redemption program, and effective February 26, 2014, the redemption limitation for 2014 was reduced to $2.0 million. See Note 11, “Subsequent Events — Fourth Amended and Restated Share Redemption Program” for more information on the annual redemption limitation.
Related Party Transactions
Pursuant to the Advisory Agreement and Dealer Manager Agreement, the Company is obligated to pay the Advisor and the Dealer Manager specified fees upon the provision of certain services related to the Offering, the investment of funds in real estate and real estate-related investments, management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company is also obligated to reimburse the Advisor and Dealer Manager for organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company, and the Company is obligated to reimburse the Advisor for acquisition expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the Advisory Agreement.
On January 6, 2014, the Company, together with 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., KBS Strategic Opportunity REIT II, Inc., the Dealer Manager, the Advisor and other KBS-affiliated entities, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of coverage are shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each of the various entities covered by the plan, and is billed directly to each entity. The allocation of these shared coverage costs is proportionate to the pricing by the insurance marketplace for the first tiers of directors and officers liability coverage purchased individually by each REIT. The Advisor’s and the Dealer Manager’s portion of the shared lower tiers’ cost is proportionate to the respective entities’ prior cost for the errors and omissions insurance.
During the years ended December 31, 2013, 2012 and 2011, no other transactions occurred between the Company and 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 KBS Strategic Opportunity REIT II, Inc.
The Company records all related party fees as incurred, subject to any limitations described in the Advisory Agreement. The Company had not incurred any disposition fees, subordinated participation in net cash flows, or subordinated incentive listing fees during the year ended December 31, 2013.
Organization and Offering Costs
A portion of the organization and offering costs (other than selling commissions and dealer manager fees) of the Company are paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company. These organization and other offering costs include expenses to be paid by the Company in connection with the Offering. Organization costs include all expenses to be incurred by the Company in connection with the formation of the Company, including but not limited to legal fees and other costs to incorporate the Company.
Pursuant to the Advisory Agreement and the Dealer Manager Agreement, the Company is obligated to reimburse the Advisor, the Dealer Manager or their affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that 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 the Offering exceed 15% of gross offering proceeds. As a result, the Company is only liable for these costs up to an amount that, when combined with selling commissions and dealer manager fees, does not exceed 15% of the gross proceeds of the Offering.
Organization costs are expensed as incurred, and offering costs, which include selling commissions and dealer manager fees, will be deferred and charged to stockholders’ equity as such amounts are reimbursed to the Advisor, the Dealer Manager or their affiliates from the gross proceeds of the Offering. The Company expects the Advisor to continue to incur organization and other offering costs on its behalf.
Selling Commissions and Dealer Manager Fees
The Company pays the Dealer Manager up to 6.5% and 3.0% of the gross offering proceeds from the primary offering as selling commissions and dealer manager fees, respectively. A reduced sales commission and dealer manager fee is paid with respect to certain volume discount sales. No sales commission or dealer manager fee is paid with respect to shares issued through the dividend reinvestment plan. The Dealer Manager reallows 100% of sales commissions earned to participating broker-dealers. The Dealer Manager may reallow to any participating broker-dealer up to 1% of the gross offering proceeds attributable to that participating broker-dealer as a marketing fee and, in special cases, the Dealer Manager may increase the reallowance.
Acquisition Advisory Fee
The Company pays the Advisor an acquisition advisory fee equal to 1% of the cost of investments acquired, including any acquisition expenses and any debt attributable to such investments.
Asset Management Fee
Until January 8, 2013, with respect to investments in real estate, the Company paid the Advisor a monthly asset management fee equal to one twelfth of 1.0% of the amount paid to fund the acquisition, development, construction or improvement of the investment, inclusive of acquisition expenses related thereto (but excluding any acquisition fees related thereto). The amount paid included any portion of the investment that was debt financed. In the case of investments made through joint ventures, the asset management fee was determined based on the Company’s proportionate share of the underlying investment.
On January 8, 2013 and on August 14, 2013, the Company entered into amendments to the advisory agreement with the Advisor, which modified provision related to the calculation and payment of asset management fees. See Note 7, “Related Party Transactions — Amendments to the Advisory Agreement” for a discussion of these amendments.
Construction Management Fees
In the event that the Sub-Advisor or an affiliate of the Sub-Advisor, assists with planning and coordinating the construction of any building or tenant improvements, the Company will pay the Sub-Advisor or an affiliate of the Sub-Advisor a construction management fee in an amount that is usual and customary for comparable services rendered by third-party management companies to similar projects in the geographic market of the project.  Furthermore, the payment of any construction management fees to the Sub-Advisor and its affiliates is subject to approval by the Company’s conflicts committee.  Construction management fees are capitalized as part of the associated real estate in our accompanying consolidated balance sheets.
Income Taxes
The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company intends to organize and operate in such a manner as to qualify for treatment as a REIT.
The Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. The Company’s evaluations were performed for the tax years ended December 31, 2013, 2012 and 2011. As of December 31, 2013, returns for calendar years 2010 through 2012 remain subject to examination by major tax jurisdictions.
Segments
The Company has invested in nine apartment complexes as of December 31, 2013. Substantially all of the Company’s revenue and net loss is from real estate, and therefore, the Company currently operates in one reportable 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 years ended December 31, 2013, 2012 and 2011.
Distributions declared per common share was $0.650 for the years ended December 31, 2013, 2012 and 2011, respectively. Distributions declared per common share assumes each share was issued and outstanding each day during the years ended December 31, 2013, 2012 and 2011. For the years ended December 31, 2013, 2012 and 2011, 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, 2011 through February 28, 2012 and March 1, 2012 through December 31, 2013 was a record date for distributions.
Square Footage, Occupancy and Other Measures
Square footage, occupancy and other measures used to describe real estate investments included in the Notes to Consolidated Financial Statements are presented on an unaudited basis.

RECENT_ACQUISITIONS_OF_REAL_ES

RECENT ACQUISITIONS OF REAL ESTATE	12 Months Ended
	Dec. 31, 2013
Business Combinations [Abstract]	'
RECENT ACQUISITIONS OF REAL ESTATE	'
	RECENT ACQUISITIONS OF REAL ESTATE
	During the year ended December 31, 2013, the Company acquired the following properties (dollars in thousands):
	Property Name	City	State	Acquisition Date	Land		Building		Tenant Origination and Absorption Costs		Total
							and Improvements				Purchase Price
	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 $2.2 million of acquisition costs related to these properties during the year ended December 31, 2013. During the year ended December 31, 2013, the Company recognized $8.6 million of total revenues and $5.8 million of operating expenses from these properties.

REAL_ESTATE

REAL ESTATE	12 Months Ended
	Dec. 31, 2013
Real Estate [Abstract]	'
REAL ESTATE	'
	REAL ESTATE
	As of December 31, 2013, the Company owned nine apartment complexes, containing 2,599 units and encompassing 2.5 million rentable square feet, which were 93% occupied. The following table provides summary information regarding the properties owned by the Company as of December 31, 2013 (dollars in thousands):
	Property Name	Date Acquired	Location	Total		Accumulated Depreciation and Amortization			Total
				Real Estate at Cost					Real Estate, Net
	Legacy at Valley Ranch	10/26/10	Irving, TX	$	36,251	$	(2,896	)	$	33,355
	Poplar Creek	2/9/12	Schaumburg, IL	26,922		(1,117		)	25,805
	The Residence at Waterstone	4/6/12	Pikesville, MD	64,310		(2,735		)	61,575
	Legacy Crescent Park	5/3/12	Greer, SC	20,477		(992		)	19,485
	Legacy at Martin’s Point	5/31/12	Lombard, IL	36,186		(1,641		)	34,545
	Wesley Village	11/6/12	Charlotte, NC	44,910		(1,452		)	43,458
	Watertower Apartments	1/15/13	Eden Prairie, MN	37,947		(1,210		)	36,737
	Crystal Park at Waterford	5/8/13	Frederick, MD	44,529		(816		)	43,713
	Millennium Apartment Homes	6/7/13	Greenville, SC	32,937		(570		)	32,367
				$	344,469	$	(13,429	)	$	331,040
	Property Damage
	During the third quarter of 2013, four of the Company’s apartment complexes suffered physical damage 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 $1.2 million during the year ended December 31, 2013, which was reduced by $1.1 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 year ended December 31, 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.  Through December 31, 2013, the Company received insurance proceeds of $0.8 million. As of December 31, 2013, the total estimated insurance recoveries to be collected of $0.5 million were classified as deferred financing costs, prepaid expenses and other assets on the accompanying consolidated balance sheets.

NOTES_PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
NOTES PAYABLE	'
	NOTES PAYABLE
	As of December 31, 2013 and 2012, the Company’s notes payable consisted of the following (dollars in thousands):
			Principal as of December 31, 2013		Principal as of		Contractual	Payment Type		Maturity Date
					31-Dec-12		Interest Rate as of
							December 31, 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		14,425		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		28,923		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		29,055		—		2.50%	Principal & Interest	(4)	6/1/18
	Millennium Mortgage Loan		21,648		—		2.70%	Principal & Interest	(4)	7/1/18
			$	242,856	$	167,940
	_____________________
	(1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 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.
	As of December 31, 2013 and 2012, the Company’s deferred financing costs were $2.0 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 years ended December 31, 2013, 2012 and 2011, the Company incurred $8.0 million, $4.7 million and $1.3 million of interest expense, respectively. Included in interest expense for the years ended December 31, 2013, 2012 and 2011 were $0.6 million, $0.4 million and $0.1 million of amortization of deferred financing costs, respectively. Additionally, during the year ended December 31, 2013, the Company capitalized $0.1 million of interest to land under development. Included in interest expense for the year ended December 31, 2012 was $0.5 million and $(0.4) million due to early termination fees on mortgage debt and the write-off of a premium on notes payable, respectively. As of December 31, 2013 and 2012, the Company recorded interest payable of $0.7 million and $0.5 million, respectively.
	The following is a schedule of maturities, including principal amortization payments, for the Company’s notes payable outstanding as of December 31, 2013 (in thousands):
	2014	$	3,416
	2015	4,873
	2016	5,108
	2017	31,432
	2018	72,166
	Thereafter	125,861
		$	242,856

FAIR_VALUE_DISCLOSURES

FAIR VALUE DISCLOSURES

12 Months Ended

Dec. 31, 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 December 31, 2013 and 2012 (dollars in thousands):

December 31, 2013

December 31, 2012

Face Value

Carrying Amount

Fair Value

Face Value

Carrying Amount

Fair Value

Financial liabilities:

Notes payable

$

242,856

$

242,856

$

237,728

$

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	12 Months Ended
	Dec. 31, 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 Agreement 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 Offering and the investment of proceeds from the Offering 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 KBS Strategic Opportunity REIT II, Inc. During the years ended December 31, 2013 and 2012, no transactions occurred between the Company and these other KBS-sponsored programs.
	On January 6, 2014, the Company, together with 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., KBS Strategic Opportunity REIT II, Inc., the Dealer Manager, the Advisor and other KBS-affiliated entities, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of coverage are shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each of the various entities covered by the plan, and is billed directly to each entity. The allocation of these shared coverage costs is proportionate to the pricing by the insurance marketplace for the first tiers of directors and officers liability coverage purchased individually by each REIT. The Advisor’s and the Dealer Manager’s portion of the shared lower tiers’ cost is proportionate to the respective entities’ prior cost for the errors and omissions insurance.
	During the years ended December 31, 2013, 2012 and 2011, no other transactions occurred between the Company and 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 KBS Strategic Opportunity REIT II, Inc.
	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the years ended December 31, 2013, 2012 and 2011, respectively, and any related amounts payable as of December 31, 2013 and 2012 (in thousands):
		Incurred						Payable as of
		Years Ended December 31,						December 31,
		2013		2012		2011		2013		2012
	Expensed
	Asset management fees (1)	$	2,670	$	1,521	$	362	$	2,454	$	—
	Reimbursable operating expenses (2)	454		602		60		63		39
	Acquisition fees on real properties	1,186		1,969		—		—		—
	Related party interest expense	—		10		401		—		—
	Property management fees (3)	207		106		—		—		—
	Capitalized
	Construction management fees	134		—		—		134		—
	Additional Paid-in Capital
	Selling commissions	3,101		4,668		2,609		—		—
	Dealer manager fees	1,797		2,358		1,287		—		—
	Reimbursable other offering costs	619		3,408		2,583		19		35
		$	10,168	$	14,642	$	7,302	$	2,670	$	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 our 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 $87,000, $74,000 and $60,000 for the years ended December 31, 2013, 2012 and 2011, respectively, and were the only employee costs reimbursable under the Advisory Agreement through December 31, 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 Agreement.”
	From inception through December 31, 2013, the Company has recognized and paid $0.9 million in selling commissions and dealer manager fees related to the Follow-on Offering. Additionally, the Company has incurred $2.3 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 $2.1 million of selling commissions, dealer manager fees and other organization and offering costs as additional paid-in capital and $1.1 million as deferred financing costs, prepaid expenses and other assets on its consolidated balance sheet as of December 31, 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 December 31, 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.
	In connection with the Offering, the Company’s sponsors agreed to provide additional indemnification to one of the participating broker dealers.  The Company agreed to add supplemental coverage to its directors’ and officers’ insurance coverage to insure the sponsors’ obligations under this indemnification agreement in exchange for reimbursement by the sponsors to the Company for all costs, expenses and premiums related to this supplemental coverage.  During the years ended December 31, 2013 and 2012, the Advisor paid $87,000 and $88,500, respectively, to the insurer for the costs of the supplemental coverage obtained by the Company.
	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 December 31, 2013, the Company had accrued and deferred payment of $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 December 31, 2013, the Company accrued and deferred payment of $1.0 million of asset management fees for August through December 31, 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.
	Property Management Agreement
	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)	12 Months Ended
	Dec. 31, 2013
Business Acquisition, Pro Forma Information [Abstract]	'
PRO FORMA FINANCIAL INFORMATION (UNAUDITED)	'
	PRO FORMA FINANCIAL INFORMATION (UNAUDITED)
	The following table summarizes, on an unaudited pro forma basis, the combined results of operations of the Company for the years ended December 31, 2013 and 2012. The Company acquired three apartment complexes during the year ended December 31, 2013, all which were accounted for as business combinations. The following unaudited pro forma information for the years ended December 31, 2013 and 2012 has been prepared to give effect to the acquisitions of (i) Watertower Apartments, (ii) Crystal Park at Waterford and (iii) 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 Years Ended December 31,
		2013			2012
	Revenues	$	37,976		$	27,710
	Depreciation and amortization	$	9,946		$	13,879
	Net income (loss)	$	(923	)	$	(12,393	)
	Net income (loss) per common share, basic and diluted	$	(0.05	)	$	(0.92	)
	Weighted-average number of common shares outstanding, basic and diluted	18,907,574			13,461,536
	The unaudited pro forma information for the year ended December 31, 2013 was adjusted to exclude $2.2 million of acquisition costs incurred in 2013 related to Watertower Apartments, Crystal Park at Waterford and Millennium Apartment Homes.

SELECTED_QUARTERLY_FINANCIAL_D

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	'
	SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012 (in thousands, except per share amounts):
		2013
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	Revenues	$	6,730		$	7,912		$	9,136		$	9,047
	Net loss	$	(2,167	)	$	(3,336	)	$	(1,526	)	$	(716	)
	Net loss per common share, basic and diluted	$	(0.14	)	$	(0.18	)	$	(0.08	)	$	(0.04	)
	Distributions declared per common share (1)	$	0.16		$	0.162		$	0.164		$	0.164
		2012
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	Revenues	$	1,814		$	4,019		$	4,825		$	5,447
	Net loss	$	(1,073	)	$	(4,880	)	$	(2,448	)	$	(1,832	)
	Net loss per common share, basic and diluted	$	(0.19	)	$	(0.61	)	$	(0.25	)	$	(0.16	)
	Distributions declared per common share (1)	$	0.16		$	0.162		$	0.164		$	0.164
	_____________________
	(1) Distributions declared per common shares assumes each share was issued and outstanding each day during the respective quarterly period from January 1, 2012 through December 31, 2013. Each day during the period from January 1, 2012 through February 28, 2012 and March 1, 2012 through December 31, 2013 was a record date for distributions. Distributions were calculated at a rate of $0.00178082 per share per day.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 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 the Company’s 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	12 Months Ended
	Dec. 31, 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 Offering
	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 March 3, 2014, the Company had sold an aggregate of 19,812,304 shares of common stock in the Offerings for gross offering proceeds of $197.2 million, including an aggregate of 837,508 shares of common stock under the dividend reinvestment plan for gross offering proceeds of $8.3 million. Also as of March 3, 2014, the Company had redeemed 255,466 shares sold in the Offerings for $2.4 million.
	On January 29, 2014, in consideration of the Company’s size, the pace at which shares are sold in the Follow-on Offering, the costs associated with conducting a continuous primary offering, and the current conditions in the real estate and capital markets, the Company’s board of directors approved an early termination of the primary offering of the Follow-on Offering on March 31, 2014. The Company may continue to offer shares under the dividend reinvestment plan after the primary offering terminates until it has sold $760,000,000 of shares through the reinvestment of distributions.
	Distributions Paid
	On January 2, 2014, the Company paid distributions of $1.1 million, which related to distributions declared for each day in the period from December 1, 2012 through December 31, 2013. On February 3, 2014, the Company paid distributions of $1.1 million, which which related to distributions declared for each day in the period from January 1, 2014 through January 31, 2014. On March 3, 2014, the Company paid distributions of $1.0 million, which which related to distributions declared for each day in the period from February 1, 2014 through February 28, 2014.
	Distributions Declared
	On January 16, 2014, the Company’s board of directors declared distributions based on daily record dates for the period from February 1, 2014 through February 28, 2014, which the Company paid on March 3, 2014, and distributions based on daily record dates for the period from March 1, 2014 through March 31, 2014, which the Company expects to pay in April 2014. On March 6, 2014, the Company’s board of directors declared distributions based on daily record dates for the period from April 1, 2014 through April 30, 2014, which the Company expects to pay in May 2014, and distributions based on daily record dates for the period from May 1, 2014 through May 31, 2014, which the Company expects to pay in June 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 5.93% annualized rate based on the current offering price of $10.96 (which will be effective March 11, 2014).
	Fourth Amended and Restated Share Redemption Program
	On January 24, 2014, the Company’s board of directors approved a fourth amended and restated share redemption program (the “Fourth Amended Share Redemption Program”). The Fourth Amended Share Redemption Program will be effective for redemptions under the program on or after February 27, 2014. Under the Fourth Amended Share Redemption Program, the Company may redeem only the number of shares that the Company could purchase with the amount of the net proceeds from the sale of shares under the Company’s dividend reinvestment plan during the prior calendar year; provided that the Company may not redeem more than $2.0 million of shares in the aggregate during any calendar year. Furthermore, during any calendar year, once the Company has redeemed $1.5 million of shares under the Fourth Amended Share Redemption Program, including redemptions in connection with a stockholder’s death, qualifying disability or determination of incompetence, the remaining $0.5 million of the $2.0 million annual limit shall be reserved exclusively for shares being redeemed in connection with a stockholder’s death, qualifying disability or determination of incompetence. In establishing the $2.0 million limitation, the Company’s board of directors considered the $2.0 million of redemptions processed during the 2013 calendar year and the cash requirements necessary to effectively manage the Company’s assets.
	There were no other changes to the Fourth Amended Share Redemption Program. The Company’s board of directors may amend, suspend or terminate the program upon 30 days’ notice. The Company may provide notice by including such information (a) in a Current Report on Form 8-K or in the Company’s annual or quarterly reports, all publicly filed with the SEC or (b) in a separate mailing to the Company’s stockholders.
	Investments and Financings Subsequent to December 31, 2013
	Acquisition of Legacy Grand at Concord
	On February 18, 2014, the Company, through an indirect wholly owned subsidiary (the “Legacy Grand at Concord Owner”), purchased an apartment complex containing 240 units on approximately 18.4 acres of land in Concord, North Carolina (“Legacy Grand at Concord”). The seller is not affiliated with the Company or its advisors. The purchase price of Legacy Grand at Concord was $28.0 million plus closing costs. The Company funded the acquisition through the assumption of the Legacy Grand at Concord Mortgage Loan (defined below) in the amount of $23.2 million and with proceeds from the Offerings. The Company has yet to allocate the purchase price of the property to the fair value of the tangible assets and identifiable intangible assets and liabilities.
	Legacy Grand at Concord is located in Concord, North Carolina and consists of 240 apartment units, encompassing 283,783 rentable square feet. At acquisition, Legacy Grand at Concord was 91% occupied.
	Financing of Legacy Grand at Concord
	On February 18, 2014, in connection with the acquisition of Legacy Grand at Concord, the Legacy Grand at Concord Owner assumed a U.S. Housing and Urban Development Section 221d(4) loan with an outstanding principal balance of $23.2 million (the “Legacy Grand at Concord Mortgage Loan”). The Legacy Grand at Concord Mortgage Loan matures on December 1, 2050 and bears interest at a fixed rate of 4.05%. Monthly payments include principal and interest in the sum of $101,159.  The Company has the right to repay the loan in whole or in part subject to certain conditions and a fixed percentage prepayment premium which declines over time. The loan is fully assumable by a subsequent purchaser of Legacy Grand at Concord, subject to certain conditions contained in the loan documents.
	Acquisition of the Lofts at the Highlands
	On February 25, 2014, the Company, through an indirect wholly owned subsidiary (the “Lofts at the Highlands Owner”), purchased an apartment complex containing 200 units on approximately 2.8 acres of land in St. Louis, Missouri (the “Lofts at the Highlands”). The seller is not affiliated with the Company or its advisors. The purchase price of the Lofts at the Highlands was $41.8 million plus closing costs. The Company funded the acquisition through the assumption of the Lofts at the Highlands Mortgage Loan (defined below) in the amount of $32.0 million and proceeds from the Offerings. The Company has yet to allocate the purchase price of the property to the fair value of the tangible assets and identifiable intangible assets and liabilities.
	The Lofts at the Highlands is located in Saint Louis, Missouri and consists of 200 apartment units, encompassing 246,612 rentable square feet. At acquisition, the Lofts at the Highlands was 80% occupied.
	Financing of the Lofts at the Highlands
	On February 25, 2014, in connection with the acquisition of the Lofts at the Highlands, the Lofts at the Highlands Owner assumed a U.S. Housing and Urban Development Section 221d(4) loan with an outstanding principal balance of $32.0 million (the “Lofts at the Highlands Mortgage Loan”). The Lofts at the Highlands Mortgage Loan matures on August 1, 2052 and bears interest at a fixed rate of 3.4%. Monthly payments include principal and interest in the sum of $124,111.  The Company has the right to repay the loan in whole or in part subject to certain conditions and a fixed percentage prepayment premium which declines over time. The loan is fully assumable by a subsequent purchaser of the Lofts at the Highlands, subject to certain conditions in the loan documents.

SCHEDULE_III_REAL_ESTATE_ASSET

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION	12 Months Ended
	Dec. 31, 2013
Real Estate and Accumulated Depreciation Disclosure [Abstract]	'
SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION	'
								Initial Cost to Company									Gross Amount at which Carried at Close of Period
	Description	Location		Ownership Percent	Encumbrances			Land		Building and Improvements (1)		Total		Cost Capitalized Subsequent to Acquisition (2)			Land		Building and Improvements (1)		Total (3)		Accumulated Depreciation and Amortization			Original Date of Construction	Date Acquired
	Legacy at Valley Ranch	Irving, TX		100%	$	32,500		$	4,838	$	31,750	$	36,588	$	(337	)	$	4,838	$	31,413	$	36,251	$	(2,896	)	1999	10/26/10
	Poplar Creek	Schaumburg, IL		100%	20,400			7,020		20,180		27,200		(278		)	7,020		19,902		26,922		(1,117		)	1986/2007	2/9/12
	The Residence at Waterstone	Pikesville, MD		100%	47,905			7,700		57,000		64,700		(390		)	7,700		56,610		64,310		(2,735		)	2002	4/6/12
	Legacy Crescent Park	Greer, SC		100%	14,425			1,710		19,090		20,800		(323		)	1,710		18,767		20,477		(992		)	2008	5/3/12
	Legacy at Martin’s Point	Lombard, IL		100%	23,000			3,500		31,950		35,450		736			3,500		32,686		36,186		(1,641		)	1989/2009	5/31/12
	Wesley Village	Charlotte, NC		100%	28,923			5,000		40,750		45,750		(840		)	5,057		39,853		44,910		(1,452		)	2009	11/6/12
	Watertower Apartments	Eden Prairie, MN		100%	25,000			4,100		34,275		38,375		(428		)	4,100		33,847		37,947		(1,210		)	2004	1/15/13
	Crystal Park at Waterford	Frederick, MD		100%	29,055			5,666		39,234		44,900		(371		)	5,666		38,863		44,529		(816		)	1990	5/8/13
	Millennium Apartment Homes	Greenville, SC		100%	21,648			2,772		30,828		33,600		(663		)	2,772		30,165		32,937		(570		)	2009	6/7/13
				TOTAL	$	242,856		$	42,306	$	305,057	$	347,363	$	(2,894	)	$	42,363	$	302,106	$	344,469	$	(13,429	)
	_____________________
	(1) Building and improvements include tenant origination and absorption costs.
	(2) Costs capitalized subsequent to acquisition is net of write-offs of fully depreciated/amortized assets.
	(3) The aggregate cost of real estate for federal income tax purposes was $360.3 million as of December 31, 2013.
		2013			2012			2011
	Real Estate:
	Balance at the beginning of the year	$	227,873		$	37,241		$	36,646
	Acquisitions	116,875			193,900			—
	Improvements	5,159			2,095			595
	Write-off of fully depreciated and fully amortized assets	(4,235		)	(5,363		)	—
	Loss due to property damages	(1,203		)	—			—
	Balance at the end of the year	$	344,469		$	227,873		$	37,241
	Accumulated depreciation and amortization:
	Balance at the beginning of the year	$	5,298		$	2,649		$	759
	Depreciation and amortization expense	12,366			8,012			1,890
	Write-off of fully depreciated and fully amortized assets	(4,235		)	(5,363		)	—
	Balance at the end of the year	$	13,429		$	5,298		$	2,649

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Principles of Consolidation and Basis of Presentation	'
	Principles of Consolidation and Basis of Presentation
	The consolidated financial statements include the accounts of the Company, REIT Holdings and the Operating Partnership, and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
	The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.
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 consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Revenue Recognition	'
	Revenue Recognition
	The Company leases apartment units under operating leases with terms generally of one year or less. Generally, credit investigations will be performed for prospective residents and security deposits will be obtained. The Company recognizes rental revenue, net of concessions, on a straight-line basis over the term of the lease, when collectibility is reasonably assured.
	The Company will recognize gains on sales of real estate either in total or deferred for a period of time, depending on whether a sale has been consummated, the extent of the buyer’s investment in the property being sold, whether the receivable of the Company is subject to future subordination, and the degree of the Company’s continuing involvement with the property after the sale. If the criteria for profit recognition under the full-accrual method are not met, the Company will defer gain recognition and account for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery method, as appropriate, until the appropriate criteria are met.
	Other income, including interest earned on the Company’s cash, is recognized as it is earned.
Real Estate, Depreciation and Amortization	'
	Depreciation and Amortization
	Real estate properties are carried at cost and depreciated using the straight-line method over the estimated useful lives of 40 years for buildings, 10–20 years for building improvements, 10–20 years for land improvements and five to 12 years for computer, furniture, fixtures and equipment. Costs directly associated with the development of land and those incurred during construction are capitalized as part of the investment basis. Acquisition costs are expensed as incurred. Operating expenses incurred that are not related to the development and construction of the real estate investments are expensed as incurred. Repairs, maintenance and tenant turnover costs are expensed as incurred and significant replacements and improvements are capitalized. Repairs, maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate property. The Company considers the period of future benefit of an asset to determine its appropriate useful life.
	Intangible assets related to in-place leases are amortized to expense over the average remaining non-cancelable terms of the respective in-place leases.
Real Estate, Development Costs	'
	Development Costs
	The Company will capitalize development and construction costs (including interest and other financing fees, property taxes, and other direct and indirect development costs) beginning when active development commences and ending when apartment units are available for occupancy and all infrastructure is substantially complete.
Real Estate, Real Estate Acquisition Valuation	'
	Real Estate Acquisition Valuation
	The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. Acquisition costs are expensed as incurred and restructuring costs that do not meet the definition of a liability at the acquisition date will be expensed in periods subsequent to the acquisition date.
	Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. Acquired in-place lease values are amortized to expense over the average remaining non-cancelable terms of the respective in-place leases.
	The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant.
	The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using a discount 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 above-market in-place leases and for the initial term plus any extended term for any leases with below-market renewal options. The Company amortizes any recorded above-market or below-market lease values as a reduction or increase, respectively, to rental income over the remaining non-cancelable terms of the respective leases, including any below-market renewal periods.
	The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. 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. The Company amortizes the value of tenant origination and absorption costs to depreciation and amortization expense over the remaining average non-cancelable term of the leases.
	Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions, such as market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income.
Real Estate, Impairments of Real Estate and Related Intangible Assets and Liabilities	'
	Impairment of Real Estate and Related Intangible Assets and Liabilities
	The Company monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets and liabilities may not be recoverable or realized. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company will assess the recoverability by estimating whether the Company will recover the carrying value of the real estate and related intangible assets and liabilities through its undiscounted future cash flows and its eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. The Company did not record any impairment loss on its real estate and related intangible assets and liabilities during the years ended December 31, 2013, 2012 and 2011.
Real Estate, Insurance Proceeds for Property Damages	'
	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.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short term investments. Cash and cash equivalents are stated at cost, which approximates fair value. There are no restrictions on the use of the Company’s cash and cash equivalents as of December 31, 2013.
	The Company’s cash and cash equivalent balance exceeds federally insurable limits as of December 31, 2013. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Restricted Cash	'
	Restricted Cash
	Restricted cash is comprised of lender impound reserve accounts for property taxes and insurance proceeds for property damages.
Fair Value Measurements	'
	Fair Value Measurements
	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.
	When available, the Company will utilize quoted market prices from independent third-party sources to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company will use several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources.
	Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument.
	The Company considers the following factors to be indicators of an inactive market: (i) there are few recent transactions, (ii) price quotations are not based on current information, (iii) price quotations vary substantially either over time or among market makers (for example, some brokered markets), (iv) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability, (v) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability, (vi) there is a wide bid-ask spread or significant increase in the bid-ask spread, (vii) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities, and (viii) little information is released publicly (for example, a principal-to-principal market).
	The Company considers the following factors to be indicators of non-orderly transactions: (i) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions, (ii) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant, (iii) the seller is in or near bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced), and (iv) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities.
Dividend Reinvestment Plan	'
	Dividend Reinvestment Plan
	The Company has adopted a dividend reinvestment plan (the “DRP”) through which future common stockholders may elect to reinvest an amount equal to the distributions declared on their shares in additional shares of the Company’s common stock in lieu of receiving cash distributions. On January 17, 2013, the Company’s board of directors approved a second amended and restated dividend reinvestment plan (the “Amended Dividend Reinvestment Plan”). The Amended Dividend Reinvestment Plan became effective for purchases under the plan on or after January 28, 2013. Pursuant to the Amended Dividend Reinvestment Plan, the purchase price of shares of the Company’s common stock issued under the Amended Dividend Reinvestment Plan is equal to 95% of the price to acquire a share of common stock in the Company’s public offering.
	On March 4, 2013, the Company’s board of directors approved an updated primary offering price for the Company’s common stock of $10.68 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, divided by the number of shares outstanding, all as of December 31, 2012 and increased for certain offering and other costs. Commencing on or after April 1, 2013, the purchase price per share under the DRP was $10.15. The Company currently expects to engage the Advisor and/or an independent valuation firm to update the estimated value per share in March 2014, but is not required to update the estimated value per share more frequently than every 18 months.
	On March 6, 2014, the Company’s board of directors approved an updated primary offering price for the Company’s common stock of $10.96 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, divided by the number of shares outstanding, all as of December 31, 2013 and increased for certain offering and other costs. Commencing on or after April 1, 2014, the purchase price per share under the DRP would be $10.42. The Company currently expects to engage the Advisor and/or an independent valuation firm to update the estimated value per share in December 2014, but is currently not required to update the estimated value per share more frequently than every 18 months. No selling commissions or dealer manager fees will be paid on shares sold under the DRP. The board of directors of the Company may amend or terminate the DRP for any reason upon 10 days’ notice to participants.
Redeemable Common Stock	'
	Redeemable Common Stock
	The Company has adopted a share redemption program that may enable stockholders to sell their shares to the Company in limited circumstances.
	There are several limitations on the Company’s ability to redeem shares under the share redemption program:
	•	Unless the shares are being redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence” (each as defined under the share redemption program), the Company may not redeem shares until the stockholder has held his or her shares for one year.
	•	During each calendar year, the share redemption program limits the number of shares the Company may redeem to those that the Company could purchase with the amount of the net proceeds from the issuance of shares under the dividend reinvestment plan during the prior calendar year.
	•	During any calendar year, the Company may redeem no more than 5% of the weighted-average number of shares outstanding during the prior calendar year.
	•	The Company has no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency.
	On January 17, 2013, the Company’s board of directors approved a second amended and restated share redemption program (the “Amended Share Redemption Program”). The Amended Share Redemption Program was effective for redemptions under the program on or after February 17, 2013 through March 27, 2013. Under the Amended Share Redemption Program, the Company could redeem shares at specified percentages of the price paid to acquire common shares from the Company for ordinary redemptions, with the percentage varying in accordance with how long a stockholder had held their shares. Ordinary redemptions are all redemptions other than those sought in connection with a stockholder’s death, qualifying disability or determination of incompetence.
	On February 25, 2013, the Company’s board of directors approved a third amended and restated share redemption program (the “Third Amended Share Redemption Program”). The Third Amended Share Redemption Program was effective for redemptions under the program on or after March 28, 2013 through February 26, 2014. Pursuant to the Third Amended Share Redemption Program, the Company has modified how it would process redemptions that would result in a stockholder owning less than the minimum purchase requirement described in a currently effective, or the most recently effective, registration statement of the Company as such registration statement had been amended or supplemented (the “Minimum Purchase Requirement”). Specifically, if the Company could not repurchase all shares presented for redemption in any month because of the limitations on redemptions set forth in the program, then the Company would honor redemption requests on a pro rata basis, except that if a pro rata redemption would result in a stockholder owning less than the Minimum Purchase Requirement, then the Company would redeem all of such stockholder’s shares. If the Company was redeeming all of a stockholder’s shares, there would be no holding period requirement for shares purchased pursuant to the Company’s dividend reinvestment plan.
	Pursuant to the program, during the year ended December 31, 2013, the Company redeemed shares as follows:
	•	92.5% of the price paid to acquire the shares from the Company for stockholders who have held their shares for at least one year;
	•	95.0% of the price paid to acquire the shares from the Company for stockholders who have held their shares for at least two years;
	•	97.5% of the price paid to acquire the shares from the Company for stockholders who have held their shares for at least three years; and
	•	100% of the price paid to acquire the shares from the Company for stockholders who have held their shares for at least four years.
	Notwithstanding the above, the redemption price for redemptions sought upon a stockholder’s death, “qualifying disability” or “determination of incompetence” will initially be the amount paid to acquire the shares from the Company.  Furthermore, once the Company establishes an estimated value per share of its common stock for a purpose other than to set the price to acquire a share in one of its offerings, the redemption price per share for all stockholders will be equal to the estimated value per share, as determined by the Advisor or another firm chosen for that purpose. The Company expects to establish an estimated value per share upon completion of its offering stage. The Company will consider its offering stage complete when it is no longer publicly offering equity securities — whether through the primary offering or a follow-on public offering — and has not done so for up to 18 months. “Public equity offering” for this purpose does not include offerings on behalf of selling stockholders or offerings related to a dividend reinvestment plan, employee benefit plan or the redemption of interests in the Operating Partnership.
	The Company’s board of directors may amend, suspend or terminate the share redemption program with 30 days’ notice to its stockholders. The Company may provide this notice by including such information in a Current Report on Form 8-K or in the Company’s annual or quarterly reports, all publicly filed with the SEC, or by a separate mailing to its stockholders.
	The Company will record amounts that are redeemable under the share redemption program as redeemable common stock in its consolidated balance sheets because the shares will be mandatorily redeemable at the option of the holder and therefore their redemption will be outside the control of the Company. The maximum amount redeemable under the Company’s share redemption program is limited to the number of shares the Company could redeem with the amount of the net proceeds from the sale of shares under the dividend reinvestment plan during the prior calendar year. However, because the amounts that can be redeemed will be determinable and only contingent on an event that is likely to occur (e.g., the passage of time), the Company will present the net proceeds from the current year dividend reinvestment plan as redeemable common stock in its accompanying consolidated balance sheets.
	The Company will classify as liabilities financial instruments that represent a mandatory obligation of the Company to redeem shares. The Company’s redeemable common shares will be contingently redeemable at the option of the holder. When the Company determines it has a mandatory obligation to repurchase shares under the share redemption program, it will reclassify such obligations from temporary equity to a liability based upon their respective settlement values. During the year ended December 31, 2013, the Company redeemed $2.0 million of common stock, which represented all redemption requests received in good order and eligible for redemption through the December 31, 2013 redemption date. Effective January 2014, these limitations were reset and based on the amount of net proceeds raised from the sale of shares under the dividend reinvestment plan during 2013, the Company had $4.8 million available for all eligible redemptions through February 26, 2014.  The Company’s board of directors approved a fourth amended and restated share redemption program, and effective February 26, 2014, the redemption limitation for 2014 was reduced to $2.0 million. See Note 11, “Subsequent Events — Fourth Amended and Restated Share Redemption Program” for more information on the annual redemption limitation.
Related Party Transactions	'
	Related Party Transactions
	Pursuant to the Advisory Agreement and Dealer Manager Agreement, the Company is obligated to pay the Advisor and the Dealer Manager specified fees upon the provision of certain services related to the Offering, the investment of funds in real estate and real estate-related investments, management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company is also obligated to reimburse the Advisor and Dealer Manager for organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company, and the Company is obligated to reimburse the Advisor for acquisition expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the Advisory Agreement.
	On January 6, 2014, the Company, together with 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., KBS Strategic Opportunity REIT II, Inc., the Dealer Manager, the Advisor and other KBS-affiliated entities, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of coverage are shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each of the various entities covered by the plan, and is billed directly to each entity. The allocation of these shared coverage costs is proportionate to the pricing by the insurance marketplace for the first tiers of directors and officers liability coverage purchased individually by each REIT. The Advisor’s and the Dealer Manager’s portion of the shared lower tiers’ cost is proportionate to the respective entities’ prior cost for the errors and omissions insurance.
	During the years ended December 31, 2013, 2012 and 2011, no other transactions occurred between the Company and 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 KBS Strategic Opportunity REIT II, Inc.
	The Company records all related party fees as incurred, subject to any limitations described in the Advisory Agreement. The Company had not incurred any disposition fees, subordinated participation in net cash flows, or subordinated incentive listing fees during the year ended December 31, 2013.
Related Party Transactions, Organization and Offering Costs	'
	Organization and Offering Costs
	A portion of the organization and offering costs (other than selling commissions and dealer manager fees) of the Company are paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company. These organization and other offering costs include expenses to be paid by the Company in connection with the Offering. Organization costs include all expenses to be incurred by the Company in connection with the formation of the Company, including but not limited to legal fees and other costs to incorporate the Company.
	Pursuant to the Advisory Agreement and the Dealer Manager Agreement, the Company is obligated to reimburse the Advisor, the Dealer Manager or their affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that 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 the Offering exceed 15% of gross offering proceeds. As a result, the Company is only liable for these costs up to an amount that, when combined with selling commissions and dealer manager fees, does not exceed 15% of the gross proceeds of the Offering.
	Organization costs are expensed as incurred, and offering costs, which include selling commissions and dealer manager fees, will be deferred and charged to stockholders’ equity as such amounts are reimbursed to the Advisor, the Dealer Manager or their affiliates from the gross proceeds of the Offering. The Company expects the Advisor to continue to incur organization and other offering costs on its behalf.
Related Party Transactions, Selling Commissions and Dealer Manager Fees	'
	Selling Commissions and Dealer Manager Fees
	The Company pays the Dealer Manager up to 6.5% and 3.0% of the gross offering proceeds from the primary offering as selling commissions and dealer manager fees, respectively. A reduced sales commission and dealer manager fee is paid with respect to certain volume discount sales. No sales commission or dealer manager fee is paid with respect to shares issued through the dividend reinvestment plan. The Dealer Manager reallows 100% of sales commissions earned to participating broker-dealers. The Dealer Manager may reallow to any participating broker-dealer up to 1% of the gross offering proceeds attributable to that participating broker-dealer as a marketing fee and, in special cases, the Dealer Manager may increase the reallowance.
Related Party Transactions, Acquisition Advisory Fee	'
	Acquisition Advisory Fee
	The Company pays the Advisor an acquisition advisory fee equal to 1% of the cost of investments acquired, including any acquisition expenses and any debt attributable to such investments.
Related Party Transactions, Assets Management Fee	'
	Asset Management Fee
	Until January 8, 2013, with respect to investments in real estate, the Company paid the Advisor a monthly asset management fee equal to one twelfth of 1.0% of the amount paid to fund the acquisition, development, construction or improvement of the investment, inclusive of acquisition expenses related thereto (but excluding any acquisition fees related thereto). The amount paid included any portion of the investment that was debt financed. In the case of investments made through joint ventures, the asset management fee was determined based on the Company’s proportionate share of the underlying investment.
	On January 8, 2013 and on August 14, 2013, the Company entered into amendments to the advisory agreement with the Advisor, which modified provision related to the calculation and payment of asset management fees. See Note 7, “Related Party Transactions — Amendments to the Advisory Agreement” for a discussion of these amendments.
Related Party Transactions, Construction Management Fees	'
	Construction Management Fees
	In the event that the Sub-Advisor or an affiliate of the Sub-Advisor, assists with planning and coordinating the construction of any building or tenant improvements, the Company will pay the Sub-Advisor or an affiliate of the Sub-Advisor a construction management fee in an amount that is usual and customary for comparable services rendered by third-party management companies to similar projects in the geographic market of the project.  Furthermore, the payment of any construction management fees to the Sub-Advisor and its affiliates is subject to approval by the Company’s conflicts committee.  Construction management fees are capitalized as part of the associated real estate in our accompanying consolidated balance sheets.
Income Taxes	'
	Income Taxes
	The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company intends to organize and operate in such a manner as to qualify for treatment as a REIT.
	The Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. The Company’s evaluations were performed for the tax years ended December 31, 2013, 2012 and 2011. As of December 31, 2013, returns for calendar years 2010 through 2012 remain subject to examination by major tax jurisdictions.
Segments	'
	Segments
	The Company has invested in nine apartment complexes as of December 31, 2013. Substantially all of the Company’s revenue and net loss is from real estate, and therefore, the Company currently operates in one reportable segment.
Per Share Data	'
	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 years ended December 31, 2013, 2012 and 2011.
	Distributions declared per common share was $0.650 for the years ended December 31, 2013, 2012 and 2011, respectively. Distributions declared per common share assumes each share was issued and outstanding each day during the years ended December 31, 2013, 2012 and 2011. For the years ended December 31, 2013, 2012 and 2011, 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, 2011 through February 28, 2012 and March 1, 2012 through December 31, 2013 was a record date for distributions.
Square Footage, Occupancy and Other Measures	'
	Square Footage, Occupancy and Other Measures
	Square footage, occupancy and other measures used to describe real estate investments included in the Notes to Consolidated Financial Statements are presented on an unaudited basis.

RECENT_ACQUISITIONS_OF_REAL_ES1

RECENT ACQUISITIONS OF REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2013
Business Combinations [Abstract]	'
Schedule of Business Acquisitions, Properties Acquired	'
	During the year ended December 31, 2013, the Company acquired the following properties (dollars in thousands):
	Property Name	City	State	Acquisition Date	Land		Building		Tenant Origination and Absorption Costs		Total
							and Improvements				Purchase Price
	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)	12 Months Ended
	Dec. 31, 2013
Real Estate [Abstract]	'
Schedule of Real Estate Investments	'
	The following table provides summary information regarding the properties owned by the Company as of December 31, 2013 (dollars in thousands):
	Property Name	Date Acquired	Location	Total		Accumulated Depreciation and Amortization			Total
				Real Estate at Cost					Real Estate, Net
	Legacy at Valley Ranch	10/26/10	Irving, TX	$	36,251	$	(2,896	)	$	33,355
	Poplar Creek	2/9/12	Schaumburg, IL	26,922		(1,117		)	25,805
	The Residence at Waterstone	4/6/12	Pikesville, MD	64,310		(2,735		)	61,575
	Legacy Crescent Park	5/3/12	Greer, SC	20,477		(992		)	19,485
	Legacy at Martin’s Point	5/31/12	Lombard, IL	36,186		(1,641		)	34,545
	Wesley Village	11/6/12	Charlotte, NC	44,910		(1,452		)	43,458
	Watertower Apartments	1/15/13	Eden Prairie, MN	37,947		(1,210		)	36,737
	Crystal Park at Waterford	5/8/13	Frederick, MD	44,529		(816		)	43,713
	Millennium Apartment Homes	6/7/13	Greenville, SC	32,937		(570		)	32,367
				$	344,469	$	(13,429	)	$	331,040

NOTES_PAYABLE_Tables

NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments	'
	As of December 31, 2013 and 2012, the Company’s notes payable consisted of the following (dollars in thousands):
			Principal as of December 31, 2013		Principal as of		Contractual	Payment Type		Maturity Date
					31-Dec-12		Interest Rate as of
							December 31, 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		14,425		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		28,923		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		29,055		—		2.50%	Principal & Interest	(4)	6/1/18
	Millennium Mortgage Loan		21,648		—		2.70%	Principal & Interest	(4)	7/1/18
			$	242,856	$	167,940
	_____________________
	(1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 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.
Schedule of Maturities of Long-term Debt	'
	The following is a schedule of maturities, including principal amortization payments, for the Company’s notes payable outstanding as of December 31, 2013 (in thousands):
	2014	$	3,416
	2015	4,873
	2016	5,108
	2017	31,432
	2018	72,166
	Thereafter	125,861
		$	242,856

FAIR_VALUE_DISCLOSURES_Tables

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2013 and 2012 (dollars in thousands):
		December 31, 2013						December 31, 2012
		Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
	Financial liabilities:
	Notes payable	$	242,856	$	242,856	$	237,728	$	167,940	$	167,940	$	171,232

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2013, 2012 and 2011, respectively, and any related amounts payable as of December 31, 2013 and 2012 (in thousands):
		Incurred						Payable as of
		Years Ended December 31,						December 31,
		2013		2012		2011		2013		2012
	Expensed
	Asset management fees (1)	$	2,670	$	1,521	$	362	$	2,454	$	—
	Reimbursable operating expenses (2)	454		602		60		63		39
	Acquisition fees on real properties	1,186		1,969		—		—		—
	Related party interest expense	—		10		401		—		—
	Property management fees (3)	207		106		—		—		—
	Capitalized
	Construction management fees	134		—		—		134		—
	Additional Paid-in Capital
	Selling commissions	3,101		4,668		2,609		—		—
	Dealer manager fees	1,797		2,358		1,287		—		—
	Reimbursable other offering costs	619		3,408		2,583		19		35
		$	10,168	$	14,642	$	7,302	$	2,670	$	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 our 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 $87,000, $74,000 and $60,000 for the years ended December 31, 2013, 2012 and 2011, respectively, and were the only employee costs reimbursable under the Advisory Agreement through December 31, 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 Agreement.”

PRO_FORMA_FINANCIAL_INFORMATIO1

PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 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 Years Ended December 31,
		2013			2012
	Revenues	$	37,976		$	27,710
	Depreciation and amortization	$	9,946		$	13,879
	Net income (loss)	$	(923	)	$	(12,393	)
	Net income (loss) per common share, basic and diluted	$	(0.05	)	$	(0.92	)
	Weighted-average number of common shares outstanding, basic and diluted	18,907,574			13,461,536

SELECTED_QUARTERLY_FINANCIAL_D1

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Schedule of Unaudited Quarterly Financial Information	'
	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012 (in thousands, except per share amounts):
		2013
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	Revenues	$	6,730		$	7,912		$	9,136		$	9,047
	Net loss	$	(2,167	)	$	(3,336	)	$	(1,526	)	$	(716	)
	Net loss per common share, basic and diluted	$	(0.14	)	$	(0.18	)	$	(0.08	)	$	(0.04	)
	Distributions declared per common share (1)	$	0.16		$	0.162		$	0.164		$	0.164
		2012
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	Revenues	$	1,814		$	4,019		$	4,825		$	5,447
	Net loss	$	(1,073	)	$	(4,880	)	$	(2,448	)	$	(1,832	)
	Net loss per common share, basic and diluted	$	(0.19	)	$	(0.61	)	$	(0.25	)	$	(0.16	)
	Distributions declared per common share (1)	$	0.16		$	0.162		$	0.164		$	0.164
	_____________________
	(1) Distributions declared per common shares assumes each share was issued and outstanding each day during the respective quarterly period from January 1, 2012 through December 31, 2013. Each day during the period from January 1, 2012 through February 28, 2012 and March 1, 2012 through December 31, 2013 was a record date for distributions. Distributions were calculated at a rate of $0.00178082 per share per day.

ORGANIZATION_Details

ORGANIZATION (Details) (USD $)

12 Months Ended

36 Months Ended

53 Months Ended

12 Months Ended

36 Months Ended

53 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Mar. 12, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Mar. 12, 2013

Dec. 31, 2013

Aug. 19, 2009

Aug. 19, 2009

31-May-12

Aug. 19, 2009

Aug. 07, 2009

Dec. 31, 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]

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

19,196,501

12,866,456

'

'

19,196,501

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

Issuance of common stock, shares

'

'

'

'

'

'

6,538,502

8,195,092

4,339,765

18,088,084

19,420,805

'

'

'

'

'

'

Issuance of common stock, value

$65,139,000

$81,306,000

$43,190,000

$179,200,000

'

'

$65,000

$82,000

$43,000

'

$193,100,000

'

'

'

'

'

'

Shares of common stock sold under dividend reinvestment plan, shares

'

'

'

'

'

'

'

'

'

368,872

746,836

'

'

'

'

'

'

Shares of common stock sold under dividend reinvestment plan, value

'

'

'

3,500,000

7,300,000

'

'

'

'

'

'

'

'

'

'

'

'

Redemptions of common stock, shares

'

'

'

'

'

'

208,457

35,848

'

'

244,304

'

'

'

'

'

'

Redemptions of common stock, value

1,978,000

350,000

'

'

'

'

2,000

'

'

'

2,300,000

'

'

'

'

'

'

Stock offering, shares authorized for issuance, value

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000,000

'

'

'

Stock offering, shares authorized for dividend reinvestment plan, value

'

'

'

'

'

'

'

'

'

'

'

'

'

$760,000,000

'

'

'

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Useful Life) (Details)	12 Months Ended
	Dec. 31, 2013
Buildings [Member]	'
Property, Plant and Equipment [Line Items]	'
Useful life	'40 years
Building Improvements [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Useful life	'10 years
Building Improvements [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Useful life	'20 years
Land Improvements [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Useful life	'10 years
Land Improvements [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Useful life	'20 years
Computer, Furniture, Fixtures and Equipment [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Useful life	'5 years
Computer, Furniture, Fixtures and Equipment [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Useful life	'12 years

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Redeemable Common Stock) (Details) (USD $)

0 Months Ended

12 Months Ended

12 Months Ended

53 Months Ended

12 Months Ended

12 Months Ended

4-May-13

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dividend Reinvestment Plan [Member]

Common Stock [Member]

Common Stock [Member]

Third Amended and Restated Share Redemption Program [Member]

Fourth Amended and Restated Share Redemption Program [Member]

Fourth Amended and Restated Share Redemption Program [Member]

Fourth Amended and Restated Share Redemption Program [Member]

Fourth Amended and Restated Share Redemption Program [Member]

Fourth Amended and Restated Share Redemption Program [Member]

Through February 26, 2014 [Member]

Maximum [Member]

Effective February 26, 2014 [Member]

Held for One Year [Member]

Held for Two Years [Member]

Held for Three Years [Member]

Held for Four Years [Member]

Equity, Class of Treasury Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Share holding term

'

'

'

'

'

'

'

'

'1 year

'2 years

'3 years

'4 years

Percent of weighted-average shares outstanding that may be redeemed

'

'

'

'

'

'

5.00%

'

'

'

'

'

Redemption price percentage of most recent estimated value per share

'

'

'

'

'

'

'

'

92.50%

95.00%

97.50%

100.00%

Common Stock, Price per Share

$10.68

'

'

'

'

'

'

'

'

'

'

'

Par value determination, offering stage completion term

'

'18 months

'

'

'

'

'

'

'

'

'

'

Redemptions of common stock, value

'

($1,978,000)

($350,000)

'

($2,000)

($2,300,000)

'

'

'

'

'

'

Amount available for redemption

'

'

'

$4,800,000

'

'

'

$2,000,000

'

'

'

'

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Related Party Transactions) (Details)	12 Months Ended	53 Months Ended
	Dec. 31, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'
Percent of dealer manager reallows of sales commissions earned to participating broker-dealer	100.00%	100.00%
Maximum [Member]	'	'
Related Party Transaction [Line Items]	'	'
Costs paid by the company if selling commissions, dealer manager fees and other organization and offering costs exceed gross proceeds of the offering as percent	15.00%	15.00%
Selling commissions fees paid, percent of gross offering proceeds	6.50%	6.50%
Dealer managers fees paid, percent of gross offering proceeds	3.00%	3.00%
Sales commissions, broker dealer, percentage	1.00%	1.00%
KBS Capital Advisors LLC [Member]	'	'
Related Party Transaction [Line Items]	'	'
Acquisition advisory fee, as percent	1.00%	1.00%
Asset management fee, as percent	0.00%	0.00%
KBS Capital Advisors LLC [Member] | Minimum [Member]	'	'
Related Party Transaction [Line Items]	'	'
Reimbursable offering costs determination, percentage	15.00%	15.00%

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

14 Months Ended

4-May-13

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Feb. 28, 2012

Jan. 17, 2013

Mar. 04, 2013

Mar. 07, 2014

Dec. 31, 2013

On or after April 1, 2013 [Member]

Subsequent Event [Member]

Apartment Complex [Member]

On or after April 1, 2014 [Member]

properties

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9

Amended Dividend Reinvestment Plan common stock price per share as percent of common stock price per share from the public offering

'

'

'

'

'

'

'

'

'

'

'

'

'

95.00%

'

'

'

Common Stock, Price per Share

$10.68

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend reinvestment plan, initial purchase price per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10.15

$10.42

'

Par value determination, offering stage completion term

'

'

'

'

'

'

'

'

'

'18 months

'

'

'

'

'

'

'

Distributions declared per common share (usd per share)

'

$0.16

[1]

$0.16

[1]

$0.16

[1]

$0.16

[1]

$0.16

[1]

$0.16

[1]

$0.16

[1]

$0.16

[1]

$0.65

$0.65

$0.65

'

'

'

'

'

Distribution rate per share per day, declared (usd per share)

'

'

'

'

'

'

'

'

'

$0.00

$0.00

$0.00

$0.00

'

'

'

'

[1]

Distributions declared per common shares assumes each share was issued and outstanding each day during the respective quarterly period from JanuaryB 1,B 2012 through DecemberB 31, 2013. Each day during the period from JanuaryB 1,B 2012 through February 28, 2012 and March 1, 2012 through DecemberB 31, 2013 was a record date for distributions. Distributions were calculated at a rate of $0.00178082 per share per day.

RECENT_ACQUISITIONS_OF_REAL_ES2

RECENT ACQUISITIONS OF REAL ESTATE (Narrative) (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013
Business Combinations [Abstract]	'
Weighted-average amortization period	'5 months 24 days
Business combination and acquisition cost expensed	$2.20
Total revenues recognized from business combination	8.6
Operating Expense recognized from business combination	$5.80

RECENT_ACQUISITIONS_OF_REAL_ES3

RECENT ACQUISITIONS OF REAL ESTATE (Schedule of Business Acquisitions, Properties Acquired) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 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

REAL_ESTATE_Narrative_Details

REAL ESTATE (Narrative) (Details)	Dec. 31, 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	93.00%
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 $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 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]	Westley 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	$344,469	$227,873	$36,251	$26,922	$64,310	$20,477	$36,186	$44,910	$37,947	$44,529	$32,937
Accumulated Depreciation and Amortization	-13,429	-5,298	-2,896	-1,117	-2,735	-992	-1,641	-1,452	-1,210	-816	-570
Total real estate, net	$331,040	$222,575	$33,355	$25,805	$61,575	$19,485	$34,545	$43,458	$36,737	$43,713	$32,367

REAL_ESTATE_Property_Damage_De

REAL ESTATE (Property Damage) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate Properties [Line Items]	'	'	'
Maximum deductible per incident	$25,000	'	'
Loss due to property damages	1,203,000	0	0
Estimated insurance recoveries	1,100,000	'	'
Insurance recoveries related to emergency response costs	200,000	'	'
Operating, maintenance, and management	8,500,000	4,273,000	1,503,000
Insurance proceeds	800,000	'	'
Estimated insurance recoveries to be collected	500,000	'	'
Damaged Properties [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
Operating, maintenance, and management	$100,000	'	'

NOTES_PAYABLE_Narrative_Detail

NOTES PAYABLE (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]	'	'	'
Interest expense	$8,000,000	$4,688,000	$1,323,000
Amortization of deferred financing costs	620,000	386,000	149,000
Capitalized interest	57,000	'	'
Interest payable, current	700,000	500,000	'
Mortgages [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Early termination fees	'	500,000	'
Notes Payable [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Premium write-off	'	-400,000	'
Deferred Financing Costs, Prepaid Expenses and Other Assets [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Deferred financing costs	$2,000,000	$1,600,000	'

NOTES_PAYABLE_Schedule_of_Long

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

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Advisor Bridge Loan [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]

One-month London Interbank Offered Rate (LIBOR) [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]

Westley Village [Member]

Westley Village [Member]

Watertower Apartments [Member]

Watertower Apartments [Member]

Watertower Apartments [Member]

Watertower Apartments [Member]

Crystal Park Mortgage Loan [Member]

Crystal Park Mortgage Loan [Member]

Millennium Mortgage Loan [Member]

Millennium Mortgage Loan [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 Two Years [Member]

Third Year and Thereafter [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage Notes Payable

$242,856,000

$167,940,000

'

'

$32,500,000

$32,500,000

'

'

$20,400,000

$20,400,000

'

'

$47,905,000

$47,905,000

'

'

$14,425,000

$14,560,000

'

'

$23,000,000

$23,000,000

'

'

$28,923,000

$29,575,000

$25,000,000

$0

'

'

$29,055,000

$0

$21,648,000

$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]

'

Basis Spread on Variable Rate

'

'

3.00%

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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 & Interest

[2]

'

'interest-only

'

'Principal & Interest

[4]

'

'Principal & Interest

[4]

'

Maturity Date

'

'

'

'

1-Apr-19

'

'

'

1-Mar-19

'

'

'

1-May-19

'

'

'

1-Jun-19

'

'

'

1-Jun-19

'

'

'

1-Dec-17

'

10-Feb-18

'

'

'

1-Jun-18

'

1-Jul-18

'

Early termination fees

'

'

'

$500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization schedule

'

'

'

'

'30 years

'

'

'

'30 years

'

'

'

'30 years

'

'

'

'30 years

'

'

'

'30 years

'

'

'

'30 years

'

'30 years

'

'

'

'30 years

'

'30 years

'

Periodic payment

'

'

'

'

'

'

'monthly

'monthly

'

'

'monthly

'monthly

'

'

'monthly

'monthly

'

'

'monthly

'monthly

'

'

'monthly

'monthly

'monthly

'

'

'

'monthly

'monthly

'monthly

'

'monthly

'

Period of interest only payments

'

'

'

'

'

'

'2 years

'

'

'

'2 years

'

'

'

'2 years

'

'

'

'1 year

'

'

'

'2 years

'

'

'

'

'

'2 years

'

'

'

'

'

[1]

Contractual interest rate represents the interest rate in effect under the loan as of DecemberB 31, 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 $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]	'	'
2014	$3,416	'
2015	4,873	'
2016	5,108	'
2017	31,432	'
2018	72,166	'
Thereafter	125,861	'
Notes payable	$242,856	$167,940

FAIR_VALUE_DISCLOSURES_Details

FAIR VALUE DISCLOSURES (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Face amount	$242,856	$167,940
Carrying Amount [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Notes payable, Value	242,856	167,940
Fair Value [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Notes payable, Value	$237,728	$171,232

RELATED_PARTY_TRANSACTIONS_Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $)	5 Months Ended	6 Months Ended	12 Months Ended			53 Months Ended
	Dec. 31, 2013	Jul. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Aug. 14, 2013
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Incurred expenses	'	'	'	'	'	$900,000	'
Other organization and offering costs	'	'	'	'	'	2,100,000	'
Deferred financing costs, prepaid expenses and other assets	5,974,000	'	5,974,000	5,122,000	'	5,974,000	'
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%	'
Asset management fees to affiliate	1,000,000	1,500,000	2,670,000	1,521,000	362,000	'	'
Non-compounded return on net invested capital	'	'	'	'	'	'	8.00%
Monthly fees paid of property's gross monthly collections, percentage	1.00%	'	1.00%	'	'	1.00%	'
Option One [Member]	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Acquisition advisory fee, as percent	'	'	'	'	'	'	1.00%
Option Two [Member]	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Acquisition advisory fee, as percent	'	'	'	'	'	'	2.00%
KBS Capital Advisors LLC [Member]	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Payments for supplemental coverage	'	'	87,000	88,500	'	'	'
Acquisition advisory fee, as percent	1.00%	'	1.00%	'	'	1.00%	'
Maximum [Member]	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Costs paid by the company if selling commissions, dealer manager fees and other organization and offering costs exceed gross proceeds of the offering as percent	'	'	15.00%	'	'	15.00%	'
Other Organization and Offering Expenses [Member]	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Incurred expenses	'	'	'	'	'	2,300,000	'
Deferred financing costs, prepaid expenses and other assets	$1,100,000	'	$1,100,000	'	'	$1,100,000	'

RELATED_PARTY_TRANSACTIONS_Sch

RELATED PARTY TRANSACTIONS (Schedule of Related Party Costs) (Details) (USD $)	12 Months Ended						53 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011		Dec. 31, 2013
Related Party Transaction [Line Items]	'		'		'		'
Expenses	'		'		'		$900
Payable	2,670		74		'		2,670
Administrative fees, amount paid	87		74		60		'
Advisor and Dealer Manager [Member]	'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'
Incurred	10,168		14,642		7,302		'
Payable	2,670		74		'		2,670
Advisor and Dealer Manager [Member] | Expensed [Member] | Asset Management Fees [Member]	'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'
Expenses	2,670	[1]	1,521	[1]	362	[1]	'
Payable	2,454	[1]	0	[1]	'		2,454	[1]
Advisor and Dealer Manager [Member] | Expensed [Member] | Reimbursement of Operating Expenses [Member]	'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'
Expenses	454	[2]	602	[2]	60	[2]	'
Payable	63	[2]	39	[2]	'		63	[2]
Advisor and Dealer Manager [Member] | Expensed [Member] | Acquisition Fees [Member]	'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'
Expenses	1,186		1,969		0		'
Payable	0		0		'		0
Advisor and Dealer Manager [Member] | Expensed [Member] | Related Party Interest Expense [Member]	'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'
Expenses	0		10		401		'
Payable	0		0		'		0
Advisor and Dealer Manager [Member] | Expensed [Member] | Property Management Fees [Member]	'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'
Expenses	207	[3]	106	[3]	0	[3]	'
Payable	0	[3]	0	[3]	'		0	[3]
Advisor and Dealer Manager [Member] | Additional Paid-in Capital [Member] | Sales Commissions and Fees [Member]	'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'
Incurred	3,101		4,668		2,609		'
Payable	0		0		'		0
Advisor and Dealer Manager [Member] | Additional Paid-in Capital [Member] | Dealer Manager Fees [Member]	'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'
Incurred	1,797		2,358		1,287		'
Payable	0		0		'		0
Advisor and Dealer Manager [Member] | Additional Paid-in Capital [Member] | Reimbursable Other Offering Costs [Member]	'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'
Incurred	619		3,408		2,583		'
Payable	19		35		'		19
Advisor and Dealer Manager [Member] | Capitalized [Member] | Construction Management Fees [Member]	'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'
Incurred	134		0		0		'
Payable	$134		$0		'		$134
[1]	See bAmendments to the Advisory Agreementb below
[2]	Reimbursable operating expenses primarily consists of marketing research costs and property pursuit costs incurred by our 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 $87,000, $74,000 and $60,000 for the years ended DecemberB 31, 2013, 2012 and 2011, respectively, and were the only employee costs reimbursable under the Advisory Agreement through DecemberB 31, 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 b b Property Management Agreement.b

PRO_FORMA_FINANCIAL_INFORMATIO2

PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition [Line Items]	'	'
Revenues	$37,976,000	$27,710,000
Depreciation and amortization	9,946,000	13,879,000
Net income (loss)	-923,000	-12,393,000
Net income (loss) per common share, basic and diluted (usd per share)	($0.05)	($0.92)
Weighted-average number of common shares outstanding, basic and diluted	18,907,574	13,461,536
Business combination and acquisition cost expensed	$2,200,000	'
Apartment Complex [Member]	'	'
Business Acquisition [Line Items]	'	'
Number of real estate properties acquired	3	'

SELECTED_QUARTERLY_FINANCIAL_D2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $)	3 Months Ended																12 Months Ended			14 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Feb. 28, 2012
Quarterly Financial Information Disclosure [Abstract]	'		'		'		'		'		'		'		'		'	'	'	'
Revenues	$9,047		$9,136		$7,912		$6,730		$5,447		$4,825		$4,019		$1,814		$32,825	$16,105	$5,372	'
Net loss	($716)		($1,526)		($3,336)		($2,167)		($1,832)		($2,448)		($4,880)		($1,073)		($7,745)	($10,233)	($2,093)	'
Net loss per common share, basic and diluted (in dollars per share)	($0.04)		($0.08)		($0.18)		($0.14)		($0.16)		($0.25)		($0.61)		($0.19)		($0.44)	($1.16)	($1.21)	'
Distributions declared per common share (usd per share)	$0.16	[1]	$0.16	[1]	$0.16	[1]	$0.16	[1]	$0.16	[1]	$0.16	[1]	$0.16	[1]	$0.16	[1]	$0.65	$0.65	$0.65	'
Distribution rate per share per day, declared (usd per share)	'		'		'		'		'		'		'		'		$0.00	$0.00	$0.00	$0.00
[1]	Distributions declared per common shares assumes each share was issued and outstanding each day during the respective quarterly period from JanuaryB 1,B 2012 through DecemberB 31, 2013. Each day during the period from JanuaryB 1,B 2012 through February 28, 2012 and March 1, 2012 through DecemberB 31, 2013 was a record date for distributions. Distributions were calculated at a rate of $0.00178082 per share per day.

SUBSEQUENT_EVENTS_Status_Offer

SUBSEQUENT EVENTS (Status Offering and Distributions Paid and Declared) (Details) (USD $)

0 Months Ended

12 Months Ended

14 Months Ended

36 Months Ended

53 Months Ended

12 Months Ended

36 Months Ended

53 Months Ended

0 Months Ended

4-May-13

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Feb. 28, 2012

Mar. 12, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Mar. 12, 2013

Dec. 31, 2013

Mar. 03, 2014

Jan. 29, 2014

Mar. 03, 2014

Feb. 03, 2014

Jan. 02, 2014

Mar. 07, 2014

Jan. 16, 2014

Mar. 03, 2014

Common Stock [Member]

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]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Dividend Paid [Member]

Dividend Paid [Member]

Dividend Paid [Member]

Dividend Declared [Member]

Dividend Declared [Member]

Common Stock [Member]

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

'

'

'

'

6,538,502

8,195,092

4,339,765

18,088,084

19,420,805

'

'

'

'

'

'

'

19,812,304

Issuance of common stock, value

'

$65,139,000

$81,306,000

$43,190,000

'

$179,200,000

'

$65,000

$82,000

$43,000

'

$193,100,000

$197,200,000

'

'

'

'

'

'

'

Shares of common stock sold under dividend reinvestment plan, shares

'

'

'

'

'

'

'

'

'

'

368,872

746,836

'

'

'

'

'

'

'

837,508

Shares of common stock sold under dividend reinvestment plan, value

'

'

'

'

'

3,500,000

7,300,000

'

'

'

'

'

8,300,000

'

'

'

'

'

'

'

Redemptions of common stock, shares

'

'

'

'

'

'

'

208,457

35,848

'

'

244,304

'

'

'

'

'

'

'

255,466

Redemptions of common stock, value

'

1,978,000

350,000

'

'

'

'

2,000

'

'

'

2,300,000

2,400,000

'

'

'

'

'

'

'

Minimum amount of shares sold for termination, value

'

'

'

'

'

'

'

'

'

'

'

'

'

760,000,000

'

'

'

'

'

'

Distributions paid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,000,000

$1,100,000

$1,100,000

'

'

'

Distribution rate per share per day, declared (usd per share)

'

$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

'

Common Share, Distribution Rate Per Share Annualized, Declared, Based on Current Offering Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.93%

'

Common Stock, Price per Share

$10.68

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10.96

'

'

SUBSEQUENT_EVENTS_Fourth_Amend

SUBSEQUENT EVENTS (Fourth Amended and Restated Share Redemption Program) (Details) (Fourth Amended and Restated Share Redemption Program [Member], USD $)	12 Months Ended		0 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2013	Jan. 24, 2014	Jan. 24, 2014	Jan. 24, 2014
		Effective February 26, 2014 [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
				Effective February 26, 2014 [Member]	Redeemed in Connection with a Stockholderbs Death, Qualifying Disability or Determination of Incompetence [Member]
Subsequent Event [Line Items]	'	'	'	'	'
Amount available for redemption	'	$2	'	$2	$0.50
Temporary Equity, Redemption Proceeds	$2	'	$1.50	'	'

SUBSEQUENT_EVENTS_Acquisitions

SUBSEQUENT EVENTS (Acquisitions) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Feb. 18, 2014	Feb. 18, 2014	Feb. 25, 2014	Feb. 25, 2014
			Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
			Legacy Grand at Concord [Member]	Legacy Grand at Concord [Member]	Lofts of the Highlands [Member]	Lofts of the Highlands [Member]
			Units	Legacy Grand at Concord Mortgage Loan [Member]	sqft	Lofts at the Highlands Mortgage Loan [Member]
			sqft		Units
			acre		acre
Subsequent Event [Line Items]	'	'	'	'	'	'
Number of units	'	'	240	'	200	'
Area of land	'	'	18.4	'	2.8	'
Purchase price	'	'	'	$28,000,000	'	$41,800,000
Face amount	$242,856,000	$167,940,000	$23,200,000	'	$32,000,000	'
Rentable square footage	'	'	283,783	'	246,612	'
Percent of occupancy	'	'	91.00%	'	80.00%	'

SUBSEQUENT_EVENTS_Financing_De

SUBSEQUENT EVENTS (Financing) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Feb. 18, 2014	Feb. 25, 2014
			Subsequent Event [Member]	Subsequent Event [Member]
			Legacy Grand at Concord Mortgage Loan [Member]	Lofts at the Highlands Mortgage Loan [Member]
Subsequent Event [Line Items]	'	'	'	'
Notes payable	$242,856,000	$167,940,000	$23,200,000	$32,000,000
Contractual interest rate	'	'	4.05%	3.40%
Payment terms	'	'	'Monthly	'Monthly
Periodic payment	'	'	$101,159	$124,111

SCHEDULE_III_REAL_ESTATE_ASSET1

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (Details) (USD $)	12 Months Ended
	Dec. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances	$242,856,000
Initial Cost to Property, Land	42,306,000
Initial Cost to Property, Buildings and Improvements	305,057,000	[1]
Initial Cost to Property, Total	347,363,000
Cost Capitalized Subsequent to Acquisition	-2,894,000	[2]
Gross Amount at which Carried at Close of Period, Land	42,363,000
Gross Amount at which Carried at Close of Period, Building and Improvements	302,106,000	[1]
Gross Amount at which Carried at Close of Period, Total	344,469,000	[3]
Accumulated Depreciation and Amortization	-13,429,000
Aggregate cost of real estate for federal income tax purposes	360,300,000
Legacy at Valley Ranch [Member]	'
Real Estate and Accumulated Depreciation [Line Items]	'
Ownership Percent	100.00%
Encumbrances	32,500,000
Initial Cost to Property, Land	4,838,000
Initial Cost to Property, Buildings and Improvements	31,750,000	[1]
Initial Cost to Property, Total	36,588,000
Cost Capitalized Subsequent to Acquisition	-337,000	[2]
Gross Amount at which Carried at Close of Period, Land	4,838,000
Gross Amount at which Carried at Close of Period, Building and Improvements	31,413,000	[1]
Gross Amount at which Carried at Close of Period, Total	36,251,000	[3]
Accumulated Depreciation and Amortization	-2,896,000
Original Date of Construction	'1999
Date Acquired	26-Oct-10
Poplar Creek [Member]	'
Real Estate and Accumulated Depreciation [Line Items]	'
Ownership Percent	100.00%
Encumbrances	20,400,000
Initial Cost to Property, Land	7,020,000
Initial Cost to Property, Buildings and Improvements	20,180,000	[1]
Initial Cost to Property, Total	27,200,000
Cost Capitalized Subsequent to Acquisition	-278,000	[2]
Gross Amount at which Carried at Close of Period, Land	7,020,000
Gross Amount at which Carried at Close of Period, Building and Improvements	19,902,000	[1]
Gross Amount at which Carried at Close of Period, Total	26,922,000	[3]
Accumulated Depreciation and Amortization	-1,117,000
Original Date of Construction	'1986/2007
Date Acquired	9-Feb-12
The Residence at Waterstone [Member]	'
Real Estate and Accumulated Depreciation [Line Items]	'
Ownership Percent	100.00%
Encumbrances	47,905,000
Initial Cost to Property, Land	7,700,000
Initial Cost to Property, Buildings and Improvements	57,000,000	[1]
Initial Cost to Property, Total	64,700,000
Cost Capitalized Subsequent to Acquisition	-390,000	[2]
Gross Amount at which Carried at Close of Period, Land	7,700,000
Gross Amount at which Carried at Close of Period, Building and Improvements	56,610,000	[1]
Gross Amount at which Carried at Close of Period, Total	64,310,000	[3]
Accumulated Depreciation and Amortization	-2,735,000
Original Date of Construction	'2002
Date Acquired	6-Apr-12
Legacy Crescent Park [Member]	'
Real Estate and Accumulated Depreciation [Line Items]	'
Ownership Percent	100.00%
Encumbrances	14,425,000
Initial Cost to Property, Land	1,710,000
Initial Cost to Property, Buildings and Improvements	19,090,000	[1]
Initial Cost to Property, Total	20,800,000
Cost Capitalized Subsequent to Acquisition	-323,000	[2]
Gross Amount at which Carried at Close of Period, Land	1,710,000
Gross Amount at which Carried at Close of Period, Building and Improvements	18,767,000	[1]
Gross Amount at which Carried at Close of Period, Total	20,477,000	[3]
Accumulated Depreciation and Amortization	-992,000
Original Date of Construction	'2008
Date Acquired	3-May-12
Legacy at Martinbs Point [Member]	'
Real Estate and Accumulated Depreciation [Line Items]	'
Ownership Percent	100.00%
Encumbrances	23,000,000
Initial Cost to Property, Land	3,500,000
Initial Cost to Property, Buildings and Improvements	31,950,000	[1]
Initial Cost to Property, Total	35,450,000
Cost Capitalized Subsequent to Acquisition	736,000	[2]
Gross Amount at which Carried at Close of Period, Land	3,500,000
Gross Amount at which Carried at Close of Period, Building and Improvements	32,686,000	[1]
Gross Amount at which Carried at Close of Period, Total	36,186,000	[3]
Accumulated Depreciation and Amortization	-1,641,000
Original Date of Construction	'1989/2009
Date Acquired	31-May-12
Westley Village [Member]	'
Real Estate and Accumulated Depreciation [Line Items]	'
Ownership Percent	100.00%
Encumbrances	28,923,000
Initial Cost to Property, Land	5,000,000
Initial Cost to Property, Buildings and Improvements	40,750,000	[1]
Initial Cost to Property, Total	45,750,000
Cost Capitalized Subsequent to Acquisition	-840,000	[2]
Gross Amount at which Carried at Close of Period, Land	5,057,000
Gross Amount at which Carried at Close of Period, Building and Improvements	39,853,000	[1]
Gross Amount at which Carried at Close of Period, Total	44,910,000	[3]
Accumulated Depreciation and Amortization	-1,452,000
Original Date of Construction	'2009
Date Acquired	6-Nov-12
Watertower Apartments [Member]	'
Real Estate and Accumulated Depreciation [Line Items]	'
Ownership Percent	100.00%
Encumbrances	25,000,000
Initial Cost to Property, Land	4,100,000
Initial Cost to Property, Buildings and Improvements	34,275,000	[1]
Initial Cost to Property, Total	38,375,000
Cost Capitalized Subsequent to Acquisition	-428,000	[2]
Gross Amount at which Carried at Close of Period, Land	4,100,000
Gross Amount at which Carried at Close of Period, Building and Improvements	33,847,000	[1]
Gross Amount at which Carried at Close of Period, Total	37,947,000	[3]
Accumulated Depreciation and Amortization	-1,210,000
Original Date of Construction	'2004
Date Acquired	15-Jan-13
Crystal Park at Waterford [Member]	'
Real Estate and Accumulated Depreciation [Line Items]	'
Ownership Percent	100.00%
Encumbrances	29,055,000
Initial Cost to Property, Land	5,666,000
Initial Cost to Property, Buildings and Improvements	39,234,000	[1]
Initial Cost to Property, Total	44,900,000
Cost Capitalized Subsequent to Acquisition	-371,000	[2]
Gross Amount at which Carried at Close of Period, Land	5,666,000
Gross Amount at which Carried at Close of Period, Building and Improvements	38,863,000	[1]
Gross Amount at which Carried at Close of Period, Total	44,529,000	[3]
Accumulated Depreciation and Amortization	-816,000
Original Date of Construction	'1990
Date Acquired	8-May-13
Millennium Apartment Homes [Member]	'
Real Estate and Accumulated Depreciation [Line Items]	'
Ownership Percent	100.00%
Encumbrances	21,648,000
Initial Cost to Property, Land	2,772,000
Initial Cost to Property, Buildings and Improvements	30,828,000	[1]
Initial Cost to Property, Total	33,600,000
Cost Capitalized Subsequent to Acquisition	-663,000	[2]
Gross Amount at which Carried at Close of Period, Land	2,772,000
Gross Amount at which Carried at Close of Period, Building and Improvements	30,165,000	[1]
Gross Amount at which Carried at Close of Period, Total	32,937,000	[3]
Accumulated Depreciation and Amortization	($570,000)
Original Date of Construction	'2009
Date Acquired	7-Jun-13
[1]	Building and improvements include tenant origination and absorption costs.
[2]	Costs capitalized subsequent to acquisition is net of write-offs of fully depreciated/amortized assets.
[3]	The aggregate cost of real estate for federal income tax purposes was $360.3 million as of DecemberB 31, 2013.

SCHEDULE_III_REAL_ESTATE_ASSET2

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (Reconciliation) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate:	'	'	'
Balance at the beginning of the year	$227,873	$37,241	$36,646
Acquisitions	116,875	193,900	0
Improvements	5,159	2,095	595
Write-off of fully depreciated and fully amortized assets	-4,235	-5,363	0
Loss Due to Property Damages	-1,203	0	0
Balance at the end of the year	344,469	227,873	37,241
Accumulated depreciation:	'	'	'
Balance at the beginning of the year	5,298	2,649	759
Depreciation expense	12,366	8,012	1,890
Write-off of fully depreciated and fully amortized assets	-4,235	-5,363	0
Balance at the end of the year	$13,429	$5,298	$2,649