KBS Legacy Partners Apartment REIT Inactive 10-Q6 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Aug. 04, 2014
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
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	'	19,939,478

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Real estate:	'	'
Land	$46,828	$42,363
Buildings and improvements	361,684	301,022
Tenant origination and absorption costs	1,052	249
Total real estate, cost	409,564	343,634
Less accumulated depreciation and amortization	-19,446	-13,317
Total real estate, net	390,118	330,317
Cash and cash equivalents	25,391	36,698
Restricted cash	4,761	4,454
Deferred financing costs, prepaid expenses and other assets	6,588	6,697
Total assets	426,858	378,166
Liabilities and stockholders' equity	'	'
Notes payable	293,652	242,856
Accounts payable and accrued liabilities	4,364	5,040
Due to affiliates	3,716	2,670
Distributions payable	1,064	1,054
Other liabilities	990	725
Total liabilities	303,786	252,345
Commitments and contingencies (Note 9)	'	'
Redeemable common stock	2,975	4,761
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, 19,897,474 and 19,196,501 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively	199	192
Additional paid-in capital	169,470	161,328
Cumulative distributions and net losses	-49,572	-40,460
Total stockholders' equity	120,097	121,060
Total liabilities and stockholders' equity	$426,858	$378,166

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
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	19,897,474	19,196,501
Common stock, shares outstanding	19,897,474	19,196,501

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Rental income	$10,823	$7,912	$20,440	$14,642
Total revenues	10,823	7,912	20,440	14,642
Expenses:	'	'	'	'
Operating, maintenance, and management	2,939	1,995	5,332	3,646
Real estate taxes and insurance	1,461	941	2,854	1,868
Asset management fees to affiliate	652	773	1,247	1,432
Property management fees to affiliate	72	47	134	92
Real estate acquisition fees to affiliate	0	797	701	1,186
Real estate acquisition fees and expenses	12	754	264	956
General and administrative expenses	567	624	1,247	1,154
Depreciation and amortization	3,416	3,351	6,496	6,162
Interest expense	2,639	1,976	4,937	3,667
Total expenses	11,758	11,258	23,212	20,163
Other income:	'	'	'	'
Interest income	5	10	11	18
Net loss	($930)	($3,336)	($2,761)	($5,503)
Net loss per common share, basic and diluted (usd per share)	($0.05)	($0.18)	($0.14)	($0.33)
Weighted-average number of common shares outstanding, basic and diluted	19,900,033	18,180,070	19,704,561	16,629,413

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERSb EQUITY (Unaudited) (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions and Net Loss [Member]
In Thousands, except Share data, unless otherwise specified	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions and Net Loss [Member]
Balance, value at Mar. 11, 2010	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Issuance of common stock, shares	'	20,230,295	'	'
Issuance of common stock, value	$201,600	'	'	'
Redemptions of common stock, shares	'	-352,820	'	'
Redemptions of common stock, value	-3,400	'	'	'
Balance, value at Jun. 30, 2014	120,097	199	'	'
Balance, shares at Jun. 30, 2014	19,897,474	19,897,474	'	'
Balance, value at Dec. 31, 2012	86,572	129	107,685	-21,242
Balance, shares at Dec. 31, 2012	'	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)/ from 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	'	'
Balance, value at Mar. 12, 2013	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Issuance of common stock, shares	'	1,496,198	'	'
Issuance of common stock, value	15,900	'	'	'
Balance, value at Jun. 30, 2014	120,097	199	'	'
Balance, shares at Jun. 30, 2014	19,897,474	19,897,474	'	'
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	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Issuance of common stock, shares	'	809,489	'	'
Issuance of common stock, value	8,542	8	8,534	'
Redemptions of common stock, shares	'	-108,516	'	'
Redemptions of common stock, value	-1,025	-1	-1,024	'
Transfers (to)/ from redeemable common stock	1,786	'	1,786	'
Distributions declared	-6,351	'	'	-6,351
Commissions on stock sales and related dealer manager fees to affiliates	-536	'	-536	'
Other offering costs	-618	'	-618	'
Net loss	-2,761	'	'	-2,761
Balance, value at Jun. 30, 2014	$120,097	$199	$169,470	($49,572)
Balance, shares at Jun. 30, 2014	19,897,474	19,897,474	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash Flows from Operating Activities:	'	'
Net loss	($2,761)	($5,503)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	6,496	6,162
Bad debt expense	159	130
Loss due to property damages	309	0
Amortization of discount on notes payable	35	0
Amortization of deferred financing costs	207	247
Changes in operating assets and liabilities:	'	'
Restricted cash for operational expenditures	-588	-688
Prepaid expenses and other assets	89	-256
Accounts payable and accrued liabilities	-490	93
Due to affiliates	1,199	1,181
Other liabilities	265	-109
Net cash provided by operating activities	4,920	1,257
Cash Flows from Investing Activities:	'	'
Acquisitions of real estate	-13,141	-114,875
Improvements to real estate	-2,832	-1,434
Restricted cash for capital expenditures	281	0
Net cash used in investing activities	-15,692	-116,309
Cash Flows from Financing Activities:	'	'
Proceeds from notes payable	0	76,220
Principal payments on mortgage note payable	-1,507	-325
Payments of deferred financing costs	-90	-1,011
Proceeds from issuance of common stock	5,785	52,089
Payments to redeem common stock	-1,025	-724
Payments of commissions on stock sales and related dealer manager fees	-536	-4,166
Payments of other offering costs	-323	-1,474
Reimbursements of other offering costs from affiliates	745	0
Distributions paid	-3,584	-2,901
Net cash (used in) provided by financing activities	-535	117,708
Net (decrease) increase in cash and cash equivalents	-11,307	2,656
Cash and cash equivalents, beginning of period	36,698	31,849
Cash and cash equivalents, end of period	25,391	34,505
Supplemental Disclosure of Cash Flow Information:	'	'
Interest paid	4,550	3,340
Supplemental Disclosure of Noncash Transactions:	'	'
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	2,757	2,176
Mortgage debt assumed in connection with real estate acquisitions at fair value	52,268	0
Application of escrow deposits to purchase real estate	1,500	2,000
Increase in distributions payable	$10	$285

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2014
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 renewed with the Advisor 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 June 30, 2014, the Sub-Advisor owned 20,000 shares of common stock of the Company.
	The Company has invested in and manages a portfolio of high quality apartment communities located throughout the United States. The Company’s portfolio includes “core” apartment buildings that are already well positioned and producing rental income. As of June 30, 2014, the Company owned 11 apartment complexes.
	On August 19, 2009, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a minimum of 250,000 shares and a maximum of 280,000,000 shares of common stock for sale to the public (the “Initial Offering”), of which 80,000,000 shares would be offered pursuant to the Company’s dividend reinvestment plan.
	The SEC declared the Company’s registration statement for the Initial Offering effective on March 12, 2010, and the Company retained KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Company, to serve as the dealer manager for the Initial Offering pursuant to a dealer manager agreement dated March 12, 2010 (the “Initial Dealer Manager Agreement”). Under the Initial Dealer Manager Agreement, the Dealer Manager was responsible for marketing the Company’s shares 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.
	In the Initial Offering, 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. The Company ceased offering shares in the primary Follow-on Offering on March 31, 2014 and completed subscription processing procedures on April 30, 2014. The Company sold an aggregate of 1,496,198 shares of common stock in the primary Follow-on Offering for gross offering proceeds of $15.9 million.
	As of June 30, 2014, the Company had sold an aggregate of 20,230,295 shares of common stock in the Offerings for gross offering proceeds of $201.6 million, including an aggregate of 1,014,885 shares of common stock under the dividend reinvestment plan for gross offering proceeds of $10.1 million. Also, as of June 30, 2014, the Company had redeemed 352,820 shares sold in the Offerings for $3.4 million.
	The Company continues to offer shares of common stock under the dividend reinvestment plan.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2014
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2013. During the six months ended June 30, 2014, the Company adopted ASU No. 2014-08 (defined below), which impacts the Company’s reporting of discontinued operations. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K filed with the SEC.
	Principles of Consolidation and Basis of Presentation
	The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
	Use of Estimates
	The preparation of the consolidated financial statements and condensed notes thereto 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.
	Reclassifications
	Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods.
	Segments
	The Company had invested in 11 apartment complexes as of June 30, 2014. 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 six months ended June 30, 2014 and 2013.
	Distributions declared per common share were $0.162 and $0.322 for the three and six months ended June 30, 2014, respectively, and $0.162 and $0.322 for the three and six months ended June 30, 2013, respectively. Distributions declared per common share assumes each share was issued and outstanding each day during the three and six months ended June 30, 2014 and 2013. For the three and six months ended June 30, 2014 and 2013, distributions were based on daily record dates and calculated at a rate of $0.00178082 per share per day. Each day during the periods from January 1, 2013 through June 30, 2013 and January 1, 2014 through June 30, 2014 was a record date for distributions.
	Recently Issued Accounting Standards Update
	In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU No. 2014-08”). ASU No. 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: a) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; b) the component of an entity or group of components of an entity is disposed of by sale; and c) the component of an entity or group of components of an entity is disposed of other than by sale. ASU No. 2014-08 also requires additional disclosures about discontinued operations. ASU No. 2014-08 is effective for reporting periods beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted ASU No. 2014-08 for the reporting period beginning January 1, 2014. As a result of the adoption of ASU No. 2014-08, results of operations for properties that are classified as held for sale in the ordinary course of business on or subsequent to January 1, 2014 would generally be included in continuing operations on the Company’s consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. Additionally, any gain or loss on sale of real estate that does not meet the criteria for classification as a discontinued operation would be included in income from continuing operations on the consolidated statements of operations. As there are no properties currently classified as held for sale, ASU No. 2014-08 did not have an impact on the presentation of the Company’s financial statements.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company does not expect the adoption of ASU No. 2014-09 to have an impact on its financial statements.

RECENT_ACQUISITIONS_OF_REAL_ES

RECENT ACQUISITIONS OF REAL ESTATE	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
RECENT ACQUISITIONS OF REAL ESTATE	'
	RECENT ACQUISITIONS OF REAL ESTATE
	During the six months ended June 30, 2014, the Company acquired the following properties (dollars in thousands):


	Property Name	City	State	Acquisition Date	Land		Building		Tenant		Other Intangible Assets			Total
							and Improvements		Origination and					Purchase Price
									Absorption Costs
	Legacy Grand at Concord	Concord	NC	2/18/14	$	1,465	$	25,960	$	542	$	—		$	27,967

	Lofts at the Highlands (1)	St. Louis	MO	2/25/14	3,000		32,486		510		2,946		(2)	38,942

					$	4,465	$	58,446	$	1,052	$	2,946		$	66,909

	_____________________
	(1) In connection with the acquisition of Lofts at the Highlands, the Company assumed the Lofts at the Highlands Mortgage Loan. The Company recorded the mortgage debt assumed with an outstanding principal balance of $32.0 million at an estimated fair value of $29.1 million, which is net of a discount on note payable of $2.9 million due to the below-market interest rate. The discount on note payable is amortized over the remaining life of the loan of 38.5 years.
	(2) The property is subject to certain property tax abatements through 2031. The estimated fair value of the property tax abatements of $2.9 million is recorded as deferred financing costs, prepaid expenses and other assets on the Company's consolidated balance sheet as of the acquisition date and amortized over the tax abatement period of 17.9 years.
	The in-place leases acquired in connection with these acquisitions have a total weighted-average amortization period of 6 months as of the date of acquisition.
	The Company recorded each acquisition as a business combination and expensed $1.0 million of acquisition costs related to these properties for the six months ended June 30, 2014. During the three and six months ended June 30, 2014, the Company recognized $1.6 million and $2.2 million of total revenues from these properties, respectively. During the three and six months ended June 30, 2014, the Company recognized $1.1 million and $1.6 million of operating expenses from these properties, respectively.

REAL_ESTATE

REAL ESTATE	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
REAL ESTATE	'
	REAL ESTATE
	As of June 30, 2014, the Company owned 11 apartment complexes, containing 3,039 units and encompassing 3.1 million rentable square feet, which were 94% occupied. The following table provides summary information regarding the properties owned by the Company as of June 30, 2014 (dollars in thousands):


	Property Name	Date Acquired	Location	Total		Accumulated			Total
				Real Estate, Cost		Depreciation and			Real Estate, Net
						Amortization
	Legacy at Valley Ranch	10/26/10	Irving, TX	$	36,338	$	(3,377	)	$	32,961

	Poplar Creek	2/9/12	Schaumburg, IL	26,955		(1,418		)	25,537

	The Residence at Waterstone	4/6/12	Pikesville, MD	64,466		(3,551		)	60,915

	Legacy Crescent Park	5/3/12	Greer, SC	20,510		(1,307		)	19,203

	Legacy at Martin’s Point	5/31/12	Lombard, IL	36,602		(2,229		)	34,373

	Wesley Village	11/6/12	Charlotte, NC	44,146		(1,930		)	42,216

	Watertower Apartments	1/15/13	Eden Prairie, MN	37,982		(1,504		)	36,478

	Crystal Park at Waterford	5/8/13	Frederick, MD	45,411		(1,485		)	43,926

	Millennium Apartment Homes	6/7/13	Greenville, SC	33,006		(1,068		)	31,938

	Legacy Grand at Concord	2/18/14	Concord, NC	28,081		(775		)	27,306

	Lofts at the Highlands	2/25/14	St. Louis, MO	36,067		(802		)	35,265

				$	409,564	$	(19,446	)	$	390,118

	Additionally, as of June 30, 2014 and December 31, 2013, the Company had recorded unamortized tax abatement intangible assets, which are included in deferred financing costs, prepaid expenses and other assets in the accompanying balance sheets, of $3.6 million and $0.7 million, respectively. During the three and six months ended June 30, 2014, the Company recorded amortization expense of $65,000 and $0.1 million, respectively, related to tax abatement intangible assets. During the three and six months ended June 30, 2013, the Company recorded amortization expense of $24,000 and $48,000, respectively, related to tax abatement intangible assets.
	Property Damage
	During the six months ended June 30, 2014, one of the Company’s apartment complexes suffered physical damage due to winter storms. The Company’s insurance policy provides coverage for property damage and business interruption subject to a deductible of up to $25,000 per incident. Based on management’s estimates, the Company recognized an estimated aggregate loss due to damages of $0.3 million during the six months ended June 30, 2014, which was reduced by $0.3 million of estimated insurance recoveries related to such damages, which the Company determined were probable of collection. The net loss due to damages of $50,000 during the six months ended June 30, 2014 was classified as operating, maintenance and management expenses on the accompanying consolidated statements of operations and relates to the Company’s insurance deductible. As of June 30, 2014, the total estimated insurance recovery to be collected related to this loss of $0.2 million, was classified as deferred financing costs, prepaid expenses and other assets on the accompanying consolidated balance sheets.

NOTES_PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2014
Notes Payable [Abstract]	'
NOTES PAYABLE	'
	NOTES PAYABLE
	As of June 30, 2014 and December 31, 2013, the Company’s notes payable consisted of the following (dollars in thousands):


			Principal as of June 30, 2014			Principal as of		Contractual	Payment Type		Maturity Date
						31-Dec-13		Interest Rate as of
								30-Jun-14
	Legacy at Valley Ranch Mortgage Loan		$	32,409		$	32,500	3.90%	Principal & Interest	(1)	4/1/19

	Poplar Creek Mortgage Loan		20,316			20,400		4.00%	Principal & Interest	(1)	3/1/19

	The Residence at Waterstone Mortgage Loan		47,838			47,905		3.80%	Principal & Interest	(1)	5/1/19

	Legacy Crescent Park Mortgage Loan		14,286			14,425		3.50%	Principal & Interest	(1)	6/1/19

	Legacy at Martin’s Point Mortgage Loan		23,000			23,000		3.30%	Principal & Interest	(1)	6/1/19

	Wesley Village Mortgage Loan		28,589			28,923		2.60%	Principal & Interest	(1)	12/1/17

	Watertower Mortgage Loan		25,000			25,000		2.50%	Principal & Interest	(2)	2/10/18

	Crystal Park Mortgage Loan		28,724			29,055		2.50%	Principal & Interest	(1)	6/1/18

	Millennium Mortgage Loan		21,413			21,648		2.70%	Principal & Interest	(1)	7/1/18

	Legacy Grand at Concord Mortgage Loan		23,121			—		4.10%	Principal & Interest	(3)	12/1/50

	Lofts at the Highlands Mortgage Loan		31,816			—		3.40%	Principal & Interest	(4)	8/1/52

	Total notes payable principal outstanding		$	296,512		$	242,856

	Discount on note payable, net (5)		(2,860		)	—

	Total notes payable, net		$	293,652		$	242,856

	_____________________
	(1) Monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years.
	(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 for the Legacy Grand at Concord Mortgage Loan include principal and interest in the sum of $101,159.
	(4) Monthly payments for the Lofts at the Highlands Mortgage Loan include principal and interest in the sum of $124,111.
	(5) Represents the unamortized discount on Lofts at the Highlands Mortgage Loan due to the below-market interest rate when the loan was assumed. The discount is amortized over the remaining life of the loan.
	As of June 30, 2014 and December 31, 2013, the Company’s deferred financing costs were $1.9 million and $2.0 million, respectively, net of amortization, and are included in deferred financing costs, prepaid expenses and other assets on the accompanying consolidated balance sheets.
	During the three and six months ended June 30, 2014, the Company incurred $2.6 million and $4.9 million of interest expense, respectively. During the three and six months ended June 30, 2013, the Company incurred $2.0 million and $3.7 million of interest expense, respectively. Included in interest expense for the three and six months ended June 30, 2014 were $0.1 million and $0.2 million of amortization of deferred financing costs, respectively. Included in interest expense for the three and six months ended June 30, 2013 were $0.2 million and $0.2 million of amortization of deferred financing costs, respectively. As of June 30, 2014 and December 31, 2013, the Company recorded interest payable of $0.8 million and $0.7 million, respectively.
	The following is a schedule of maturities, including principal payments, for the Company’s notes payable outstanding as of June 30, 2014 (in thousands):


	July 1, 2014 through December 31, 2014	$	2,481

	2015	5,582

	2016	5,844

	2017	32,196

	2018	72,958

	Thereafter	177,451

		$	296,512

FAIR_VALUE_DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
FAIR VALUE DISCLOSURES	Jun. 30, 2014
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, 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 face value, carrying amount and fair value of the Company’s notes payable as of June 30, 2014 and December 31, 2013 (dollars in thousands):


			June 30, 2014						December 31, 2013
			Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
	Financial liabilities:
	Notes payable		$	296,512	$	293,652	$	296,286	$	242,856	$	242,856	$	237,728
	Notes payable		$	296,512	$	293,652	$	296,286	$	242,856	$	242,856	$	237,728
	Disclosure of the fair values 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	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	RELATED PARTY TRANSACTIONS
	The Company has entered into the Advisory Agreement with the Advisor and the Dealer Manager Agreements with the Dealer Manager. These agreements entitled the Advisor and/or the Dealer Manager to specified fees upon the provision of certain services with regard to the Offerings and entitle the Advisor to specified fees upon the provision of certain services with regard to the management of the Company’s real estate properties, 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, such as expenses related to the dividend reinvestment plan, 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 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.
	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 such insurance 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 program, 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 three and six months ended June 30, 2014 and 2013, 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 three and six months ended June 30, 2014 and 2013, respectively, and any related amounts payable as of June 30, 2014 and December 31, 2013 (in thousands):


		Incurred								Payable as of
		Three Months Ended June 30,				Six Months Ended June 30,				June 30,		December 31,
		2014		2013		2014		2013		2014		2013
	Expensed
	Asset management fees (1)	$	652	$	773	$	1,247	$	1,432	$	3,701	$	2,454

	Reimbursable operating expenses (2)	75		115		289		218		15		63

	Acquisition fees on real properties	—		797		701		1,186		—		—

	Property management fees (3)	72		47		134		92		—		—

	Capitalized
	Construction management fees	—		—		—		—		—		134

	Additional Paid-in Capital
	Selling commissions	27		60		363		2,617		—		—

	Dealer manager fees	13		53		173		1,549		—		—

	Reimbursable other offering costs (4)	1		133		59		448		—		19

		$	840	$	1,978	$	2,966	$	7,542	$	3,716	$	2,670

	____________________
	(1) See “Amendments to the Advisory Agreement” below.
	(2) Reimbursable operating expenses primarily consists of marketing research costs and property pursuit costs incurred by the Sub-Advisor. In addition, the Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. Beginning July 1, 2010, the Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $30,000 and $16,000 for the three months ended June 30, 2014 and 2013, respectively, and $53,000 and $31,000 for the six months ended June 30, 2014 and 2013, respectively, and were the only employee costs reimbursable under the Advisory Agreement for the three and six months ended June 30, 2014 and 2013. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers.
	(3) See “— Property Management — Account Services Agreements.”
	(4) See “— Other Offering Costs.”
	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 six months ended June 30, 2014, the Advisor incurred $87,000 for the costs of the supplemental coverage obtained by the Company.
	Other Offering Costs Related to Follow-on Offering
	The offering costs related to the Follow-on Offering (other than selling commissions and dealer manager fees) were either paid directly by the Company or in some instances were paid by the Advisor, the Dealer Manager or their affiliates on the Company’s behalf. Offering costs include all expenses in connection with an offering and are charged as incurred as a reduction to stockholders’ equity.
	Pursuant to the Advisory Agreement and the Follow-on Dealer Manager Agreement, the Company is obligated to reimburse the Advisor, the Dealer Manager or their affiliates, as applicable, for offering costs paid by them on the Company’s behalf. However, at the termination of the primary Follow-on Offering and at the termination of the offering under the Company’s dividend reinvestment plan, the Advisor agreed to reimburse the Company to the extent that selling commissions, dealer manager fees and other offering expenses incurred by the Company exceed 15% of the gross offering proceeds. Further the Company is only liable to reimburse offering costs incurred by the Advisor up to an amount that, when combined with selling commissions, dealer manager fees and all other amounts spent by the Company on offering expenses, does not exceed 15% of the gross proceeds of the primary Follow-on Offering and the offering under the Company’s dividend reinvestment plan as of the date of reimbursement. Within 30 days after the end of the month in which the Company’s primary Follow-on Offering terminates, the Dealer Manager must reimburse the Company to the extent that the Company’s reimbursements to the Dealer Manager and payment of selling commissions and dealer manager fees cause total underwriting compensation for the Company’s primary Follow-on Offering to exceed 10% of the gross offering proceeds from the primary Follow-on Offering.
	The Company ceased offering shares in the primary Follow-on Offering on March 31, 2014 and completed subscription processing procedures on April 30, 2014. Through April 30, 2014, the Company sold an aggregate of 2,051,925 shares of common stock in the Follow-on Offering for gross offering proceeds of $21.5 million, including 555,727 shares under the dividend reinvestment plan for proceeds of $5.7 million. Total offering expenses in the Follow-on Offering were $4.2 million, including $1.8 million in underwriting compensation (which includes selling commissions, dealer manager fees and any other items viewed as underwriting compensation by the Financial Industry Regulatory Authority). After reimbursements from the Advisor and the Dealer Manager, the Company incurred offering expenses of $3.2 million in the Follow-on Offering (representing 15.0% of gross offering proceeds), which includes underwriting compensation of $1.6 million (representing 9.9% of primary Follow-on Offering proceeds). Including the reimbursements to the Company, the Dealer Manager incurred underwriting expenses of $0.2 million in the Follow-on Offering.
	Advisory Agreement - Asset Management Fees
	Pursuant to the advisory agreement, the asset management fee payable by the Company to the Advisor with respect to investments in real estate is 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 (whether at or subsequent to acquisition), including acquisition expenses and budgeted capital improvement costs, less any debt used to finance the investment.
	The advisory agreement 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 the advisory agreement) and then to pay asset management fees previously deferred by the Advisor’s in accordance with the advisory agreement that remain unpaid. As of June 30, 2014, the Company had accrued and deferred payment of $1.5 million of asset management fees for February through July 2013 under the advisory agreement, 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.
	In addition, the advisory agreement defers without interest under certain circumstances, the Company’s obligation to pay asset management fees accruing from August 1, 2013. Specifically, the advisory agreement defers the Company’s obligation to pay an asset management fee for any month in which the Company’s modified funds from operations (“MFFO”) for such month, 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 by the Company for record dates of that month. The Company remains obligated to pay the Advisor an asset management fee in any month in which the Company’s 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”); however, any amount of such asset management fee in excess of the MFFO Surplus is also deferred under the advisory agreement. 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 the advisory agreement. As of June 30, 2014, the Company had accrued and deferred payment of $2.2 million of asset management fees for August 2013 through June 2014 under the advisory agreement, 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.
	However, notwithstanding any of the foregoing, any and all deferred asset management fees shall be immediately due and payable at such time as the Company’s 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.
	Property Management — Account Services Agreements
	In connection with each of its acquisitions of Poplar Creek, The Residence at Waterstone, Legacy Crescent Park, Legacy at Martin’s Point, Wesley Village, Millennium Apartment Homes, Legacy Grand at Concord and Lofts at the Highlands, the Company, through an indirect wholly owned subsidiary, entered into separate Property Management — Account Services Agreements (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.

UNAUDITED_PRO_FORMA_FINANCIAL_

UNAUDITED PRO FORMA FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2014
Business Acquisition, Pro Forma Information [Abstract]	'
UNAUDITED PRO FORMA FINANCIAL INFORMATION	'
	PRO FORMA FINANCIAL INFORMATION
	The following table summarizes, on an unaudited pro forma basis, the combined results of operations of the Company for the three and six months ended June 30, 2014 and 2013. The Company acquired two apartment complexes during the six months ended June 30, 2014, both of which were accounted for as business combinations. The following unaudited pro forma information for the three and six months ended June 30, 2014 and 2013 has been prepared to give effect to the acquisition of Lofts at the Highlands as if the acquisition occurred on January 1, 2013. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this acquisition occurred on January 1, 2013, nor does it purport to predict the results of operations for future periods (in thousands, except share and per share amounts).


		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2014			2013			2014			2013
	Revenues	$	10,823		$	8,789		$	21,025		$	16,397

	Depreciation and amortization	$	3,160		$	3,618		$	6,159		$	7,206

	Net loss	$	(729	)	$	(3,383	)	$	(1,775	)	$	(6,108	)
	Net loss per common share, basic and diluted	$	(0.04	)	$	(0.18	)	$	(0.09	)	$	(0.34	)
	Weighted-average number of common shares outstanding,	19,897,474			19,314,029			19,897,474			17,763,372
	basic and diluted
	The unaudited pro forma information for the six months ended June 30, 2014 was adjusted to exclude $0.6 million of acquisition costs incurred in 2014 related to Lofts at the Highlands.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	COMMITMENTS AND CONTINGENCIES
	Economic Dependency
	The Company is dependent on the Advisor and the Sub-Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, 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	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2014
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS
	The Company evaluates subsequent events up until the date the consolidated financial statements are issued.
	Distributions Paid
	On July 1, 2014, the Company paid distributions of $1.1 million, which related to distributions declared for daily record dates for each day in the period from June 1, 2014 through June 30, 2014. On August 1, 2014, the Company paid distributions of $1.1 million, which related to distributions declared for daily record dates for each day in the period from July 1, 2014 through July 31, 2014.
	Distributions Declared
	On July 7, 2014, the Company’s board of directors declared distributions based on daily record dates for the period from August 1, 2014 through August 31, 2014, which the Company expects to pay in September 2014. On August 4, 2014, the Company’s board of directors declared distributions based on daily record dates for the period from September 1, 2014 through September 30, 2014, which the Company expects to pay in October 2014, and distributions based on daily record dates for the period from October 1, 2014 through October 31, 2014, which the Company expects to pay in November 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 equal a daily amount that, if paid each day for a 365-day period, would equal a 6.5% annualized rate based on the initial primary offering price for the Initial Offering of $10.00 per share or a 5.93% annualized rate based on the most recent offering price in the Company’s now terminated primary Follow-on Offering of $10.96 per share (which became effective March 11, 2014).

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2014
Accounting Policies [Abstract]	'
Principles of Consolidation and Basis of Presentation Policy	'
	The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	'
Use of Estimates	The preparation of the consolidated financial statements and condensed notes thereto 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.
Reclassifications	'
Reclassifications	Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods.
Segments	'
Segments	The Company had invested in 11 apartment complexes as of June 30, 2014. 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 six months ended June 30, 2014 and 2013.
	Distributions declared per common share were $0.162 and $0.322 for the three and six months ended June 30, 2014, respectively, and $0.162 and $0.322 for the three and six months ended June 30, 2013, respectively. Distributions declared per common share assumes each share was issued and outstanding each day during the three and six months ended June 30, 2014 and 2013. For the three and six months ended June 30, 2014 and 2013, distributions were based on daily record dates and calculated at a rate of $0.00178082 per share per day. Each day during the periods from January 1, 2013 through June 30, 2013 and January 1, 2014 through June 30, 2014 was a record date for distributions.
Recently Issued Accounting Standards Update	'
	In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU No. 2014-08”). ASU No. 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: a) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; b) the component of an entity or group of components of an entity is disposed of by sale; and c) the component of an entity or group of components of an entity is disposed of other than by sale. ASU No. 2014-08 also requires additional disclosures about discontinued operations. ASU No. 2014-08 is effective for reporting periods beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted ASU No. 2014-08 for the reporting period beginning January 1, 2014. As a result of the adoption of ASU No. 2014-08, results of operations for properties that are classified as held for sale in the ordinary course of business on or subsequent to January 1, 2014 would generally be included in continuing operations on the Company’s consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. Additionally, any gain or loss on sale of real estate that does not meet the criteria for classification as a discontinued operation would be included in income from continuing operations on the consolidated statements of operations. As there are no properties currently classified as held for sale, ASU No. 2014-08 did not have an impact on the presentation of the Company’s financial statements.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company does not expect the adoption of ASU No. 2014-09 to have an impact on its financial statements.

RECENT_ACQUISITIONS_OF_REAL_ES1

RECENT ACQUISITIONS OF REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
Schedule of Business Acquisitions, Properties Acquired	'
	During the six months ended June 30, 2014, the Company acquired the following properties (dollars in thousands):


	Property Name	City	State	Acquisition Date	Land		Building		Tenant		Other Intangible Assets			Total
							and Improvements		Origination and					Purchase Price
									Absorption Costs
	Legacy Grand at Concord	Concord	NC	2/18/14	$	1,465	$	25,960	$	542	$	—		$	27,967

	Lofts at the Highlands (1)	St. Louis	MO	2/25/14	3,000		32,486		510		2,946		(2)	38,942

					$	4,465	$	58,446	$	1,052	$	2,946		$	66,909

	_____________________
	(1) In connection with the acquisition of Lofts at the Highlands, the Company assumed the Lofts at the Highlands Mortgage Loan. The Company recorded the mortgage debt assumed with an outstanding principal balance of $32.0 million at an estimated fair value of $29.1 million, which is net of a discount on note payable of $2.9 million due to the below-market interest rate. The discount on note payable is amortized over the remaining life of the loan of 38.5 years.
	(2) The property is subject to certain property tax abatements through 2031. The estimated fair value of the property tax abatements of $2.9 million is recorded as deferred financing costs, prepaid expenses and other assets on the Company's consolidated balance sheet as of the acquisition date and amortized over the tax abatement period of 17.9 years.

REAL_ESTATE_Tables

REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
Schedule of Real Estate Investments	'
	The following table provides summary information regarding the properties owned by the Company as of June 30, 2014 (dollars in thousands):


	Property Name	Date Acquired	Location	Total		Accumulated			Total
				Real Estate, Cost		Depreciation and			Real Estate, Net
						Amortization
	Legacy at Valley Ranch	10/26/10	Irving, TX	$	36,338	$	(3,377	)	$	32,961

	Poplar Creek	2/9/12	Schaumburg, IL	26,955		(1,418		)	25,537

	The Residence at Waterstone	4/6/12	Pikesville, MD	64,466		(3,551		)	60,915

	Legacy Crescent Park	5/3/12	Greer, SC	20,510		(1,307		)	19,203

	Legacy at Martin’s Point	5/31/12	Lombard, IL	36,602		(2,229		)	34,373

	Wesley Village	11/6/12	Charlotte, NC	44,146		(1,930		)	42,216

	Watertower Apartments	1/15/13	Eden Prairie, MN	37,982		(1,504		)	36,478

	Crystal Park at Waterford	5/8/13	Frederick, MD	45,411		(1,485		)	43,926

	Millennium Apartment Homes	6/7/13	Greenville, SC	33,006		(1,068		)	31,938

	Legacy Grand at Concord	2/18/14	Concord, NC	28,081		(775		)	27,306

	Lofts at the Highlands	2/25/14	St. Louis, MO	36,067		(802		)	35,265

				$	409,564	$	(19,446	)	$	390,118

NOTES_PAYABLE_Tables

NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2014
Notes Payable [Abstract]	'
Schedule of Long-term Debt Instruments	'
	As of June 30, 2014 and December 31, 2013, the Company’s notes payable consisted of the following (dollars in thousands):


			Principal as of June 30, 2014			Principal as of		Contractual	Payment Type		Maturity Date
						31-Dec-13		Interest Rate as of
								30-Jun-14
	Legacy at Valley Ranch Mortgage Loan		$	32,409		$	32,500	3.90%	Principal & Interest	(1)	4/1/19

	Poplar Creek Mortgage Loan		20,316			20,400		4.00%	Principal & Interest	(1)	3/1/19

	The Residence at Waterstone Mortgage Loan		47,838			47,905		3.80%	Principal & Interest	(1)	5/1/19

	Legacy Crescent Park Mortgage Loan		14,286			14,425		3.50%	Principal & Interest	(1)	6/1/19

	Legacy at Martin’s Point Mortgage Loan		23,000			23,000		3.30%	Principal & Interest	(1)	6/1/19

	Wesley Village Mortgage Loan		28,589			28,923		2.60%	Principal & Interest	(1)	12/1/17

	Watertower Mortgage Loan		25,000			25,000		2.50%	Principal & Interest	(2)	2/10/18

	Crystal Park Mortgage Loan		28,724			29,055		2.50%	Principal & Interest	(1)	6/1/18

	Millennium Mortgage Loan		21,413			21,648		2.70%	Principal & Interest	(1)	7/1/18

	Legacy Grand at Concord Mortgage Loan		23,121			—		4.10%	Principal & Interest	(3)	12/1/50

	Lofts at the Highlands Mortgage Loan		31,816			—		3.40%	Principal & Interest	(4)	8/1/52

	Total notes payable principal outstanding		$	296,512		$	242,856

	Discount on note payable, net (5)		(2,860		)	—

	Total notes payable, net		$	293,652		$	242,856

	_____________________
	(1) Monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years.
	(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 for the Legacy Grand at Concord Mortgage Loan include principal and interest in the sum of $101,159.
	(4) Monthly payments for the Lofts at the Highlands Mortgage Loan include principal and interest in the sum of $124,111.
	(5) Represents the unamortized discount on Lofts at the Highlands Mortgage Loan due to the below-market interest rate when the loan was assumed. The discount is amortized over the remaining life of the loan.
Schedule of Maturities of Long-term Debt	'
	The following is a schedule of maturities, including principal payments, for the Company’s notes payable outstanding as of June 30, 2014 (in thousands):


	July 1, 2014 through December 31, 2014	$	2,481

	2015	5,582

	2016	5,844

	2017	32,196

	2018	72,958

	Thereafter	177,451

		$	296,512

FAIR_VALUE_DISCLOSURES_Tables

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Schedule of Face Value, Carrying Amounts and Fair Value	'
	The following were the face value, carrying amount and fair value of the Company’s notes payable as of June 30, 2014 and December 31, 2013 (dollars in thousands):


		June 30, 2014						December 31, 2013
		Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
	Financial liabilities:
	Notes payable	$	296,512	$	293,652	$	296,286	$	242,856	$	242,856	$	237,728

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Schedule of Related Party Costs	'
	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2014 and 2013, respectively, and any related amounts payable as of June 30, 2014 and December 31, 2013 (in thousands):


		Incurred								Payable as of
		Three Months Ended June 30,				Six Months Ended June 30,				June 30,		December 31,
		2014		2013		2014		2013		2014		2013
	Expensed
	Asset management fees (1)	$	652	$	773	$	1,247	$	1,432	$	3,701	$	2,454

	Reimbursable operating expenses (2)	75		115		289		218		15		63

	Acquisition fees on real properties	—		797		701		1,186		—		—

	Property management fees (3)	72		47		134		92		—		—

	Capitalized
	Construction management fees	—		—		—		—		—		134

	Additional Paid-in Capital
	Selling commissions	27		60		363		2,617		—		—

	Dealer manager fees	13		53		173		1,549		—		—

	Reimbursable other offering costs (4)	1		133		59		448		—		19

		$	840	$	1,978	$	2,966	$	7,542	$	3,716	$	2,670

	____________________
	(1) See “Amendments to the Advisory Agreement” below.
	(2) Reimbursable operating expenses primarily consists of marketing research costs and property pursuit costs incurred by the Sub-Advisor. In addition, the Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. Beginning July 1, 2010, the Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $30,000 and $16,000 for the three months ended June 30, 2014 and 2013, respectively, and $53,000 and $31,000 for the six months ended June 30, 2014 and 2013, respectively, and were the only employee costs reimbursable under the Advisory Agreement for the three and six months ended June 30, 2014 and 2013. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers.
	(3) See “— Property Management — Account Services Agreements.”
	(4) See “— Other Offering Costs.”

UNAUDITED_PRO_FORMA_FINANCIAL_1

UNAUDITED PRO FORMA FINANCIAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2014
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 this acquisition occurred on January 1, 2013, nor does it purport to predict the results of operations for future periods (in thousands, except share and per share amounts).


		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2014			2013			2014			2013
	Revenues	$	10,823		$	8,789		$	21,025		$	16,397

	Depreciation and amortization	$	3,160		$	3,618		$	6,159		$	7,206

	Net loss	$	(729	)	$	(3,383	)	$	(1,775	)	$	(6,108	)
	Net loss per common share, basic and diluted	$	(0.04	)	$	(0.18	)	$	(0.09	)	$	(0.34	)
	Weighted-average number of common shares outstanding,	19,897,474			19,314,029			19,897,474			17,763,372
	basic and diluted

ORGANIZATION_Details

ORGANIZATION (Details) (USD $)

6 Months Ended

12 Months Ended

16 Months Ended

36 Months Ended

52 Months Ended

121 Months Ended

6 Months Ended

12 Months Ended

16 Months Ended

36 Months Ended

52 Months Ended

121 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Mar. 12, 2013

Jun. 30, 2014

Apr. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Mar. 12, 2013

Jun. 30, 2014

Apr. 30, 2014

Aug. 19, 2009

31-May-12

Aug. 19, 2009

Aug. 07, 2009

Jun. 30, 2014

Apartment Complex [Member]

Common Stock [Member]

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

properties

Minimum [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

19,897,474

19,196,501

19,897,474

20,000

Common stock, purchase price per share

$10

Shares held by affiliate

20,000

Number of real estate properties

Number of shares authorized to be repurchased

250,000

280,000,000

Shares of common stock authorized under dividend reinvestment plan, shares

80,000,000

Stock offering, shares authorized for issuance, value

$2,000,000,000

Stock offering, shares authorized for dividend reinvestment plan, value

760,000,000

Issuance of common stock, shares

809,489

6,538,502

1,496,198

18,088,084

20,230,295

2,051,925

Issuance of common stock, value

8,542,000

65,139,000

15,900,000

179,200,000

201,600,000

21,500,000

8,000

65,000

Shares of common stock sold under dividend reinvestment plan, shares

368,872

1,014,885

555,727

Shares of common stock sold under dividend reinvestment plan, value

3,500,000

10,100,000

5,700,000

Redemptions of common stock, shares

108,516

208,457

352,820

Redemptions of common stock, value

$1,025,000

$1,978,000

$3,400,000

$1,000

$2,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Real Estate Properties [Line Items]	'	'	'	'
Distributions declared per common share	$0.16	$0.16	$0.32	$0.32
Distribution rate per share per day, declared	'	'	$0.00	$0.00
Apartment Complex [Member]	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'
Number of real estate properties	11	'	11	'

RECENT_ACQUISITIONS_OF_REAL_ES2

RECENT ACQUISITIONS OF REAL ESTATE (Schedule of Business Acquisitions, Properties Acquired) (Details) (USD $)	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2014		Jun. 30, 2014	Jun. 30, 2014
					Lofts at the Highlands Mortgage Loan [Member]		Legacy Grand at Concord [Member]	Lofts of the Highlands [Member]
					Mortgages [Member]
Business Acquisition [Line Items]	'		'		'		'	'
Acquisition Date	'		'		'		18-Feb-14	25-Feb-14	[1]
Land	$4,465,000		'		'		$1,465,000	$3,000,000	[1]
Building and Improvements	58,446,000		'		'		25,960,000	32,486,000	[1]
Tenant Origination and Absorption Costs	1,052,000		'		'		542,000	510,000	[1],[2]
Other Intangible Assets	2,946,000	[1]	'		'		0	2,946,000	[1]
Total Purchase Price	66,909,000		'		'		27,967,000	38,942,000	[1]
Notes payable	293,652,000		242,856,000		32,000,000	[3]	'	'
Debt, fair value	'		'		29,100,000	[3]	'	'
Discount on notes payable	2,860,000	[3]	0	[3]	2,900,000	[3]	'	'
Loan, remaining life	'		'		'38 years 6 months	[3]	'	'
Property tax abatement, fair value	'		'		'		'	$2,900,000
Property tax abatement, period	'		'		'		'	'17 years 10 months 24 days

[1]	In connection with the acquisition of Lofts at the Highlands, the Company assumed the Lofts at the Highlands Mortgage Loan. The Company recorded the mortgage debt assumed with an outstanding principal balance of $32.0 million at an estimated fair value of $29.1 million, which is net of a discount on note payable of $2.9 million due to the below-market interest rate. The discount on note payable is amortized over the remaining life of the loan of 38.5 years.
[2]	The property is subject to certain property tax abatements through 2031. The estimated fair value of the property tax abatements of $2.9 million is recorded as deferred financing costs, prepaid expenses and other assets on the Company's consolidated balance sheet as of the acquisition date and amortized over the tax abatement period of 17.9 years.
[3]	Represents the unamortized discount on Lofts at the Highlands Mortgage Loan due to the below-market interest rate when the loan was assumed. The discount is amortized over the remaining life of the loan.

RECENT_ACQUISITIONS_OF_REAL_ES3

RECENT ACQUISITIONS OF REAL ESTATE (Narrative) (Details) (USD $)	3 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014
Business Acquisition [Line Items]	'	'
Business combination and acquisition cost expensed	'	$1
Total revenues recognized from business combination	1.6	2.2
Operating expense recognized from business combination	$1.10	$1.60
Leases, Acquired-in-Place [Member]	'	'
Business Acquisition [Line Items]	'	'
Weighted-average amortization period	'6 months	'

REAL_ESTATE_Narrative_Details

REAL ESTATE (Narrative) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
	Units		Property Tax Abatement Intangible Asset [Member]	Property Tax Abatement Intangible Asset [Member]	Property Tax Abatement Intangible Asset [Member]	Property Tax Abatement Intangible Asset [Member]	Apartment Complex [Member]
	sqft						properties
Real Estate Properties [Line Items]	'	'	'	'	'	'	'
Number of real estate properties	'	'	'	'	'	'	11
Number of real estate units	3,039	'	'	'	'	'	'
Rentable square feet	3,100,000	'	'	'	'	'	'
Percentage of portfolio occupied	94.00%	'	'	'	'	'	'
Tax abatement asset	$3,600,000	$700,000	'	'	'	'	'
Amortization of intangible assets	'	'	$65,000	$24,000	$100,000	$48,000	'

REAL_ESTATE_Schedule_of_Real_E

REAL ESTATE (Schedule of Real Estate Investments) (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

In Thousands, unless otherwise specified

Legacy at Valley Ranch [Member]

Poplar Creek [Member]

The Residence at Waterstone [Member]

Legacy Crescent Park [Member]

Legacy at Martinbs Point [Member]

Wesley Village [Member]

Watertower Apartments [Member]

Crystal Park at Waterford [Member]

Millennium Apartment Homes [Member]

Legacy Grand at Concord [Member]

Lofts of the Highlands [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

18-Feb-14

25-Feb-14

Total Real Estate at Cost

$409,564

$343,634

$36,338

$26,955

$64,466

$20,510

$36,602

$44,146

$37,982

$45,411

$33,006

$28,081

$36,067

Accumulated Depreciation and Amortization

-19,446

-13,317

-3,377

-1,418

-3,551

-1,307

-2,229

-1,930

-1,504

-1,485

-1,068

-775

-802

Total real estate, net

$390,118

$330,317

$32,961

$25,537

$60,915

$19,203

$34,373

$42,216

$36,478

$43,926

$31,938

$27,306

$35,265

REAL_ESTATE_Property_Damages_D

REAL ESTATE (Property Damages) (Details) (USD $)	3 Months Ended		6 Months Ended
REAL ESTATE (Property Damages) (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Real Estate Properties [Line Items]	'	'	'	'
Maximum deductible per incident	'	'	$25,000	'
Loss due to property damages	'	'	309,000	0
Estimated insurance recoveries	300,000	'	300,000	'
Operating, maintenance, and management	2,939,000	1,995,000	5,332,000	3,646,000
Estimated insurance recoveries to be collected	200,000	'	200,000	'
Damaged Properties [Member]	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'
Operating, maintenance, and management	'	'	$50,000	'

NOTES_PAYABLE_Narrative_Detail

NOTES PAYABLE (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
NOTES PAYABLE (Narrative) (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'	'	'
Interest expense	$2,639,000	$1,976,000	$4,937,000	$3,667,000	'
Amortization of deferred financing costs	100,000	200,000	200,000	200,000	'
Interest payable, current	800,000	'	800,000	'	700,000
Deferred Financing Costs, Prepaid Expenses and Other Assets [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Deferred financing costs	$1,900,000	'	$1,900,000	'	$2,000,000

NOTES_PAYABLE_Schedule_of_Long

NOTES PAYABLE (Schedule of Long-term Debt Instruments) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Notes Payable	$293,652,000		$242,856,000
Long-term Debt, Gross	296,512,000		242,856,000
Discount on note payable, net	-2,860,000	[1]	0	[1]
Long-term Debt	293,652,000		242,856,000
Mortgages [Member] \| Legacy at Valley Ranch [Member]	'		'
Debt Instrument [Line Items]	'		'
Contractual Interest Rate	3.93%		'
Payment Type	'Principal & Interest	[2]	'
Maturity Date	1-Apr-19		'
Long-term Debt, Gross	32,409,000		32,500,000
Amortization Schedule	'30 years		'
Mortgages [Member] \| Poplar Creek [Member]	'		'
Debt Instrument [Line Items]	'		'
Contractual Interest Rate	4.00%		'
Payment Type	'Principal & Interest	[2]	'
Maturity Date	1-Mar-19		'
Long-term Debt, Gross	20,316,000		20,400,000
Amortization Schedule	'30 years		'
Mortgages [Member] \| The Residence at Waterstone [Member]	'		'
Debt Instrument [Line Items]	'		'
Contractual Interest Rate	3.79%		'
Payment Type	'Principal & Interest	[2]	'
Maturity Date	1-May-19		'
Long-term Debt, Gross	47,838,000		47,905,000
Amortization Schedule	'30 years		'
Mortgages [Member] \| Legacy Crescent Park [Member]	'		'
Debt Instrument [Line Items]	'		'
Contractual Interest Rate	3.47%		'
Payment Type	'Principal & Interest	[2]	'
Maturity Date	1-Jun-19		'
Long-term Debt, Gross	14,286,000		14,425,000
Amortization Schedule	'30 years		'
Mortgages [Member] \| Legacy at Martinbs Point [Member]	'		'
Debt Instrument [Line Items]	'		'
Contractual Interest Rate	3.33%		'
Payment Type	'Principal & Interest	[2]	'
Maturity Date	1-Jun-19		'
Long-term Debt, Gross	23,000,000		23,000,000
Amortization Schedule	'30 years		'
Mortgages [Member] \| Wesley Village [Member]	'		'
Debt Instrument [Line Items]	'		'
Contractual Interest Rate	2.57%		'
Payment Type	'Principal & Interest	[2]	'
Maturity Date	1-Dec-17		'
Long-term Debt, Gross	28,589,000		28,923,000
Amortization Schedule	'30 years		'
Mortgages [Member] \| Watertower Apartments [Member]	'		'
Debt Instrument [Line Items]	'		'
Contractual Interest Rate	2.46%		'
Payment Type	'Principal & Interest	[3]	'
Maturity Date	10-Feb-18		'
Long-term Debt, Gross	25,000,000		25,000,000
Amortization Schedule	'30 years		'
Mortgages [Member] \| Watertower Apartments [Member] \| First Two Years [Member]	'		'
Debt Instrument [Line Items]	'		'
Payment Type	'interest-only		'
Periodic Payment	'monthly		'
Period of Interest Only Payments	'2 years		'
Mortgages [Member] \| Watertower Apartments [Member] \| Third Year and Thereafter [Member]	'		'
Debt Instrument [Line Items]	'		'
Payment Type	'principal and interest		'
Periodic Payment	'monthly		'
Mortgages [Member] \| Crystal Park Mortgage Loan [Member]	'		'
Debt Instrument [Line Items]	'		'
Contractual Interest Rate	2.50%		'
Payment Type	'Principal & Interest	[2]	'
Maturity Date	1-Jun-18		'
Long-term Debt, Gross	28,724,000		29,055,000
Amortization Schedule	'30 years		'
Mortgages [Member] \| Millennium Mortgage Loan [Member]	'		'
Debt Instrument [Line Items]	'		'
Contractual Interest Rate	2.74%		'
Payment Type	'Principal & Interest	[2]	'
Maturity Date	1-Jul-18		'
Long-term Debt, Gross	21,413,000		21,648,000
Amortization Schedule	'30 years		'
Mortgages [Member] \| Legacy Grand at Concord Mortgage Loan [Member]	'		'
Debt Instrument [Line Items]	'		'
Contractual Interest Rate	4.05%		'
Payment Type	'Principal & Interest	[4]	'
Maturity Date	1-Dec-50	[4]	'
Long-term Debt, Gross	23,121,000		0
Periodic payment	101,159		'
Mortgages [Member] \| Lofts at the Highlands Mortgage Loan [Member]	'		'
Debt Instrument [Line Items]	'		'
Notes Payable	32,000,000	[1]	'
Contractual Interest Rate	3.40%		'
Payment Type	'Principal & Interest	[5]	'
Maturity Date	1-Aug-52	[5]	'
Long-term Debt, Gross	31,816,000		0
Discount on note payable, net	-2,900,000	[1]	'
Periodic payment	$124,111		'

[1]	Represents the unamortized discount on Lofts at the Highlands Mortgage Loan due to the below-market interest rate when the loan was assumed. The discount is amortized over the remaining life of the loan.
[2]	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 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.
[4]	Monthly payments for the Legacy Grand at Concord Mortgage Loan include principal and interest in the sum of $101,159.
[5]	Monthly payments for the Lofts at the Highlands Mortgage Loan include principal and interest in the sum of $124,111.

NOTES_PAYABLE_Schedule_of_Matu

NOTES PAYABLE (Schedule of Maturities of Long-Term Debt) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Notes Payable [Abstract]	'	'
July 1, 2014 through December 31, 2014	$2,481	'
2015	5,582	'
2016	5,844	'
2017	32,196	'
2018	72,958	'
Thereafter	177,451	'
Notes payable	$296,512	$242,856

FAIR_VALUE_DISCLOSURES_Details

FAIR VALUE DISCLOSURES (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Notes payable, Face Value	$296,512	$242,856
Notes payable, Value	296,286	237,728
Carrying Amount [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Notes payable, Value	$293,652	$242,856

RELATED_PARTY_TRANSACTIONS_Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $)

3 Months Ended

6 Months Ended

12 Months Ended

16 Months Ended

36 Months Ended

52 Months Ended

53 Months Ended

121 Months Ended

53 Months Ended

121 Months Ended

6 Months Ended

12 Months Ended

16 Months Ended

36 Months Ended

52 Months Ended

121 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Mar. 12, 2013

Jun. 30, 2014

Apr. 30, 2014

Mar. 05, 2014

Jun. 30, 2014

Aug. 14, 2013

Jun. 30, 2014

Aug. 14, 2013

Jun. 30, 2014

Apr. 30, 2014

Jun. 30, 2014

Apr. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Mar. 12, 2013

Jun. 30, 2014

Apr. 30, 2014

Jun. 30, 2014

Option One [Member]

Option Two [Member]

Maximum [Member]

After Reimbursements from the Advisor and the Dealer Manager [Member]

Underwriting Compensation [Member]

KBS Capital Advisors LLC [Member]

Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Common Stock [Member]

February through July 2013 [Member]

August 2013 through June 2014 [Member]

After Reimbursements from the Advisor and the Dealer Manager [Member]

Reimbursable Other Offering Costs [Member]

Asset Management Fees [Member]

Additional Paid-in Capital [Member]

Related Party Transaction [Line Items]

Reimbursed offering costs determination, gross offering costs, percentage (exceeds amount)

15.00%

Percentage of selling commissions, dealer manager fees, and organization and other offering costs of gross offering proceeds

10.00%

Due to affiliates

$3,716,000

$2,670,000

$3,716,000

$87,000

$3,716,000

$2,670,000

[1]

$19,000

[1]

$1,500,000

$2,200,000

Asset management fees

652,000

773,000

1,247,000

1,432,000

Acquisition advisory fee, percent

1.00%

2.00%

Issuance of common stock, shares

809,489

6,538,502

1,496,198

18,088,084

20,230,295

2,051,925

Issuance of common stock, value

8,542,000

65,139,000

15,900,000

179,200,000

201,600,000

21,500,000

8,000

65,000

Shares of common stock sold under dividend reinvestment plan, shares

368,872

1,014,885

555,727

Shares of common stock sold under dividend reinvestment plan, value

3,500,000

10,100,000

5,700,000

Expense offering cost

$4,200,000

$3,200,000

$1,800,000

$1,600,000

$200,000

Asset management fee, as percent

0.08%

0.17%

Nonbcompounded return on net invested capital

9.90%

8.00%

Monthly fees paid of property's gross monthly collections, percentage

1.00%

[1]

See bb Other Offering Costs.b

RELATED_PARTY_TRANSACTIONS_Sch

RELATED PARTY TRANSACTIONS (Schedule of Related Party Costs) (Details) (USD $)	3 Months Ended				6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Dec. 31, 2013
Related Party Transaction [Line Items]	'		'		'		'		'
Payable as of	$3,716		'		$3,716		'		$2,670
Administrative fees	30		16		53		31		'
Advisor and Dealer Manager [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Incurred	840		1,978		2,966		7,542		'
Payable as of	3,716		'		3,716		'		2,670
Advisor and Dealer Manager [Member] \| Construction Management Fees [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Incurred	0		0		0		0		'
Payable as of	0		'		0		'		134
Advisor and Dealer Manager [Member] \| Expensed [Member] \| Asset Management Fees [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Expenses	652	[1]	773	[1]	1,247	[1]	1,432	[1]	'
Payable as of	3,701	[1]	'		3,701	[1]	'		2,454	[1]
Advisor and Dealer Manager [Member] \| Expensed [Member] \| Reimbursement of Operating Expenses [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Expenses	75	[2]	115	[2]	289	[2]	218	[2]	'
Payable as of	15	[2]	'		15	[2]	'		63	[2]
Advisor and Dealer Manager [Member] \| Expensed [Member] \| Acquisition Fees [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Expenses	0		797		701		1,186		'
Payable as of	0		'		0		'		0
Advisor and Dealer Manager [Member] \| Expensed [Member] \| Property Management Fees [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Expenses	72	[3]	47	[3]	134	[3]	92	[3]	'
Payable as of	0	[3]	'		0	[3]	'		0	[3]
Advisor and Dealer Manager [Member] \| Additional Paid-in Capital [Member] \| Sales Commissions [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Incurred	27		60		363		2,617		'
Payable as of	0		'		0		'		0
Advisor and Dealer Manager [Member] \| Additional Paid-in Capital [Member] \| Dealer Manager Fees [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Incurred	13		53		173		1,549		'
Payable as of	0		'		0		'		0
Advisor and Dealer Manager [Member] \| Additional Paid-in Capital [Member] \| Reimbursable Other Offering Costs [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Incurred	1	[4]	133	[4]	59	[4]	448	[4]	'
Payable as of	$0	[4]	'		$0	[4]	'		$19	[4]

[1]	See bAmendments to the Advisory Agreementb below.
[2]	Reimbursable operating expenses primarily consists of marketing research costs and property pursuit costs incurred by the Sub-Advisor. In addition, the Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. Beginning July 1, 2010, the Company has reimbursed the Advisor for the Companybs allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $30,000 and $16,000 for the three months ended JuneB 30, 2014 and 2013, respectively, and $53,000 and $31,000 for the six months ended JuneB 30, 2014 and 2013, respectively, and were the only employee costs reimbursable under the Advisory Agreement for the three and six months ended JuneB 30, 2014 and 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 bb Property Management b Account Services Agreements.b
[4]	See bb Other Offering Costs.b

UNAUDITED_PRO_FORMA_FINANCIAL_2

UNAUDITED PRO FORMA FINANCIAL INFORMATION (Details) (USD $)	3 Months Ended		6 Months Ended
UNAUDITED PRO FORMA FINANCIAL INFORMATION (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Business Acquisition [Line Items]	'	'	'	'
Revenues	$10,823,000	$8,789,000	$21,025,000	$16,397,000
Depreciation and amortization	3,160,000	3,618,000	6,159,000	7,206,000
Net loss	-729,000	-3,383,000	-1,775,000	-6,108,000
Net loss per common share, basic and diluted	($0.04)	($0.18)	($0.09)	($0.34)
Weighted-average number of common shares outstanding, basic and diluted	19,897,474	19,314,029	19,897,474	17,763,372
Business combination and acquisition cost expensed	'	'	1,000,000	'
Apartment Complex [Member]	'	'	'	'
Business Acquisition [Line Items]	'	'	'	'
Real estate properties acquired	'	'	2	'
Lofts of the Highlands [Member]	'	'	'	'
Business Acquisition [Line Items]	'	'	'	'
Business combination and acquisition cost expensed	'	'	$600,000	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)

6 Months Ended

12 Months Ended

16 Months Ended

36 Months Ended

52 Months Ended

121 Months Ended

6 Months Ended

12 Months Ended

16 Months Ended

36 Months Ended

52 Months Ended

121 Months Ended

0 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Mar. 12, 2013

Jun. 30, 2014

Apr. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Mar. 12, 2013

Jun. 30, 2014

Apr. 30, 2014

Aug. 01, 2014

Jul. 01, 2014

Jul. 07, 2014

Common Stock [Member]

Subsequent Event [Member]

Dividend Paid [Member]

Dividend Declared [Member]

Subsequent Event [Line Items]

Distributions Paid, cash and shares issued

$1,100,000

Issuance of common stock, shares

809,489

6,538,502

1,496,198

18,088,084

20,230,295

2,051,925

Issuance of common stock, value

8,542,000

65,139,000

15,900,000

179,200,000

201,600,000

21,500,000

8,000

65,000

Shares of common stock sold under dividend reinvestment plan, shares

368,872

1,014,885

555,727

Shares of common stock sold under dividend reinvestment plan, value

3,500,000

10,100,000

5,700,000

Redemptions of common stock, shares

108,516

208,457

352,820

Redemptions of common stock, value

$1,025,000

$1,978,000

$3,400,000

$1,000

$2,000

Distribution rate per share per day, declared

$0.00

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

6.50%

Common stock, purchase price per share

$10

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

5.93%

Common stock, offering price per share

$10.96