KBS Legacy Partners Apartment REIT 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 08, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	KBS Legacy Partners Apartment REIT, Inc.
Entity Central Index Key	1,469,822
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		20,729,552

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Real estate:
Land	$ 46,828	$ 46,828
Buildings and improvements	366,020	365,219
Total real estate, cost	412,848	412,047
Less accumulated depreciation and amortization	(41,615)	(35,713)
Total real estate, net	371,233	376,334
Cash and cash equivalents	17,772	20,193
Restricted cash	4,698	4,676
Prepaid expenses and other assets	3,868	4,976
Total assets	397,571	406,179
Liabilities and stockholders’ equity
Notes payable, net	281,841	284,488
Accounts payable and accrued liabilities	4,334	5,236
Due to affiliates	5,298	4,894
Distributions payable	1,102	1,133
Other liabilities	2,399	2,163
Total liabilities	294,974	297,914
Commitments and contingencies (Note 7)
Redeemable common stock	939	894
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, 20,627,997 and 20,508,397 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively	206	205
Additional paid-in capital	177,321	176,476
Cumulative distributions and net losses	(75,869)	(69,310)
Total stockholders’ equity	101,658	107,371
Total liabilities and stockholders’ equity	$ 397,571	$ 406,179

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 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 (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	20,627,997	20,508,397
Common stock, shares outstanding	20,627,997	20,508,397

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rental income	$ 11,367	$ 11,184	$ 22,521	$ 22,240
Total revenues	11,367	11,184	22,521	22,240
Expenses:
Operating, maintenance, and management	1,559	2,266	3,185	4,999
Real estate taxes and insurance	1,811	1,508	3,451	3,022
Asset management fees to affiliate	44	266	238	543
Property management fees and expenses to affiliate	1,498	693	2,853	767
General and administrative expenses	849	572	1,474	1,212
Depreciation and amortization	3,065	3,019	6,116	6,019
Interest expense	2,579	2,627	5,170	5,245
Total expenses	11,405	10,951	22,487	21,807
Other income:
Interest and other income	14	4	28	9
Net (loss) income	$ (24)	$ 237	$ 62	$ 442
Net income per common share, basic and diluted (in dollars per share)	$ 0	$ 0.01	$ 0	$ 0.02
Weighted-average number of common shares outstanding, basic and diluted (in shares)	20,585,367	20,174,951	20,543,217	20,146,759

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions and Net Income (Loss) [Member]
Balance, shares at Dec. 31, 2014		20,084,830
Balance, value at Dec. 31, 2014	$ 115,724	$ 201	$ 172,448	$ (56,925)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares		595,095
Issuance of common stock, value	5,736	$ 6	5,730
Redemptions of common stock, shares		(171,528)
Redemptions of common stock, value	(1,697)	$ (2)	(1,695)
Distributions declared	(13,176)			(13,176)
Other offering costs	(7)		(7)
Net income	$ 791			791
Balance, shares at Dec. 31, 2015	20,508,397	20,508,397
Balance, value at Dec. 31, 2015	$ 107,371	$ 205	176,476	(69,310)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares		294,063
Issuance of common stock, value	2,876	$ 3	2,873
Redemptions of common stock, shares		(174,463)
Redemptions of common stock, value	(1,769)	$ (2)	(1,767)
Transfers to redeemable common stock	(250)		(250)
Distributions declared	(6,621)			(6,621)
Other offering costs	(11)		(11)
Net income	$ 62			62
Balance, shares at Jun. 30, 2016	20,627,997	20,627,997
Balance, value at Jun. 30, 2016	$ 101,658	$ 206	$ 177,321	$ (75,869)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities:
Net income	$ 62	$ 442
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,116	6,019
Bad debt expense	213	166
Loss due to property damages	145	78
Amortization of discount on notes payable	44	43
Amortization of deferred financing costs	207	207
Changes in operating assets and liabilities:
Restricted cash for operational expenditures	(22)	(22)
Prepaid expenses and other assets	630	394
Accounts payable and accrued liabilities	(750)	(857)
Due to affiliates	404	24
Other liabilities	31	(72)
Net cash provided by operating activities	7,080	6,422
Cash Flows from Investing Activities:
Improvements to real estate	(1,180)	(1,193)
Insurance proceeds received for property damage	133	0
Net cash used in investing activities	(1,047)	(1,193)
Cash Flows from Financing Activities:
Principal payments on mortgage notes payable	(2,898)	(2,731)
Payments to redeem common stock	(1,769)	(1,507)
Payments of other offering costs	(11)	(7)
Distributions paid	(3,776)	(3,671)
Net cash used in financing activities	(8,454)	(7,916)
Net decrease in cash and cash equivalents	(2,421)	(2,687)
Cash and cash equivalents, beginning of period	20,193	23,878
Cash and cash equivalents, end of period	17,772	21,191
Supplemental Disclosure of Cash Flow Information:
Interest paid	4,947	5,021
Supplemental Disclosure of Noncash Transactions:
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	2,876	2,850
Increase in restricted cash related to property insurance proceeds	0	159
Increase in redeemable common stock payable	$ 205	$ 0

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2016
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, 2016 and amended on March 15, 2016 (as amended, the “Advisory Agreement”). On August 7, 2009, the Company issued 20,000 shares of its common stock to KBS-Legacy Apartment Community REIT Venture, LLC (the “Sub-Advisor”), an affiliate of the Company, at a purchase price of $10.00 per share. As of June 30, 2016 , the Sub-Advisor owned 20,000 shares of common stock of the Company. The Company invested in and manages a portfolio of high quality apartment communities located throughout the United States. The Company’s portfolio consists of “core” apartment buildings that were already well-positioned and producing rental income at acquisition. As of June 30, 2016 , 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 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, 2016 , the Company had sold an aggregate of 21,391,438 shares of common stock in the Offerings for gross offering proceeds of $213.0 million , including an aggregate of 2,176,028 shares of common stock under the dividend reinvestment plan for gross offering proceeds of $21.5 million . Also, as of June 30, 2016 , the Company had redeemed 783,441 shares sold in the Offerings for $7.6 million . The Company continues to offer shares of common stock under the dividend reinvestment plan.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
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, 2015 . 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, 2015 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (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, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . 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 unaudited 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 unaudited consolidated financial statements and condensed 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. During the three months ended June 30, 2015, the Company entered into various Property Management Agreements (defined below) with Legacy Partners, Inc., formerly known as Legacy Partners Residential, Inc. (“LPI”), an affiliate of the Sub-Advisor. See Note 6, “Related Party Transactions — Property Management Agreements.” As a result, management fees to LPI, as well as reimbursable on-site personnel salary and related benefits expenses at the Company’s real estate properties, have been reclassified from operating, maintenance and management costs to property management fees and expenses to affiliate on the accompanying consolidated statements of operations. Segments The Company had invested in 11 apartment complexes as of June 30, 2016 . Substantially all of the Company’s revenue and net income (loss) is from real estate, and therefore, the Company currently operates in one reportable segment. Square Footage, Occupancy and Other Measures Any references to square footage or occupancy are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. 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, 2016 and 2015 , respectively. Distributions declared per common share were $0.162 and $0.322 for the three and six months ended June 30, 2016 , respectively, and $0.162 and 0.322 for the three and six months ended June 30, 2015, respectively. Distributions declared per common share assumes each share was issued and outstanding each day during the three and six months ended June 30, 2016 and 2015 . For the three and six months ended June 30, 2016 and 2015 , distributions were based on daily record dates and calculated at a rate of $0.00178082 per share per day. Each day during the period from January 1, 2016 through February 28, 2016 and March 1, 2016 through June 30, 2016 was a record date for distributions. Each day during the periods from January 1, 2015 through June 30, 2015 was a record date for distributions. Recently Issued Accounting Standards Update 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 was to be 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU No. 2015-14”), which defers the effective date of ASU No. 2014-09 by one year. Early adoption is permitted but not before the original effective date. The Company is still evaluating the impact of adopting ASU No. 2014-09 on its financial statements, but does not expect the adoption of ASU No. 2014-09 to have a material impact on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Subtopic 205-40) , Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”). The amendments in ASU No. 2014-15 require management to evaluate, for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued when applicable) and, if so, provide related disclosures. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect the adoption of ASU No. 2014-15 to have a significant impact on its financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU No. 2016-01”). The amendments in ASU No. 2016-01 address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU No. 2016-01 primarily affects accounting for equity investments and financial liabilities where the fair value option has been elected. ASU No. 2016-01 also requires entities to present financial assets and financial liabilities separately, grouped by measurement category and form of financial asset in the balance sheet or in the accompanying notes to the financial statements. ASU No. 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of ASU No. 2016-01 to have a significant impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 as of its issuance is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements.

REAL ESTATE

REAL ESTATE	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE As of June 30, 2016 , the Company owned 11 apartment complexes, containing 3,039 units and encompassing 3.1 million rentable square feet, which were 95% occupied. The following table provides summary information regarding the properties owned by the Company as of June 30, 2016 (dollars in thousands): Property Name Date Acquired Location Total Real Estate, Cost Accumulated Depreciation and Amortization Total Real Estate, Net Legacy at Valley Ranch 10/26/2010 Irving, TX $ 36,444 $ (4,796 ) $ 31,648 Poplar Creek 02/09/2012 Schaumburg, IL 27,165 (2,661 ) 24,504 The Residence at Waterstone 04/06/2012 Pikesville, MD 65,158 (6,938 ) 58,220 Legacy Crescent Park 05/03/2012 Greer, SC 20,694 (2,596 ) 18,098 Legacy at Martin’s Point 05/31/2012 Lombard, IL 37,463 (4,858 ) 32,605 Wesley Village 11/06/2012 Charlotte, NC 44,394 (4,350 ) 40,044 Watertower Apartments 01/15/2013 Eden Prairie, MN 38,661 (3,734 ) 34,927 Crystal Park at Waterford 05/08/2013 Frederick, MD 45,992 (4,387 ) 41,605 Millennium Apartment Homes 06/07/2013 Greenville, SC 33,259 (3,115 ) 30,144 Legacy Grand at Concord 02/18/2014 Concord, NC 27,822 (1,935 ) 25,887 Lofts at the Highlands 02/25/2014 St. Louis, MO 35,796 (2,245 ) 33,551 $ 412,848 $ (41,615 ) $ 371,233 Additionally, as of June 30, 2016 and December 31, 2015 , the Company had recorded unamortized tax abatement intangible assets, which are included in prepaid expenses and other assets in the accompanying balance sheets, of $3.0 million and $3.2 million , respectively. During the three and six months ended June 30, 2016 , the Company recorded amortization expense of $65,000 and $130,000 , respectively, related to tax abatement intangible assets. During the three and six months ended June 30, 2015, the Company recorded amortization expense of $65,000 and $130,000 , respectively, related to tax abatement intangible assets. Property Damage During the six months ended June 30, 2016 , one of the Company’s apartment complexes suffered physical damage due to frozen water pipes. The Company’s insurance policies provide coverage for property damage and business interruption subject to a deductible of up to $12,500 per incident. The Company recognized a loss due to damage of $145,000 during the six months ended June 30, 2016 , which was reduced by a $132,500 insurance recovery related to such damage. The net loss due to damage of $12,500 during the six months ended June 30, 2016 was classified as operating, maintenance and management expenses on the accompanying consolidated statements of operations and relates to the Company’s insurance deductible.

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2016
Notes Payable [Abstract]
NOTES PAYABLE	NOTES PAYABLE As of June 30, 2016 and December 31, 2015 , the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of June 30, 2016 Book Value as of December 31, 2015 Contractual Interest Rate as of June 30, 2016 Payment Type Maturity Date Legacy at Valley Ranch Mortgage Loan $ 31,259 $ 31,554 3.9% Principal & Interest 04/01/2019 Poplar Creek Mortgage Loan 19,601 19,785 4.0% Principal & Interest 03/01/2019 The Residence at Waterstone Mortgage Loan 46,106 46,550 3.8% Principal & Interest 05/01/2019 Legacy Crescent Park Mortgage Loan 13,710 13,858 3.5% Principal & Interest 06/01/2019 Legacy at Martin’s Point Mortgage Loan 22,100 22,330 3.3% Principal & Interest 06/01/2019 Wesley Village Mortgage Loan 27,217 27,566 2.6% Principal & Interest 12/01/2017 Watertower Mortgage Loan 24,236 24,525 2.5% Principal & Interest 02/10/2018 Crystal Park Mortgage Loan 27,363 27,709 2.5% Principal & Interest 06/01/2018 Millennium Mortgage Loan 20,441 20,689 2.7% Principal & Interest 07/01/2018 Legacy Grand at Concord Mortgage Loan 22,544 22,693 4.1% Principal & Interest 12/01/2050 Lofts at the Highlands Mortgage Loan 30,974 31,190 3.4% Principal & Interest 08/01/2052 Total notes payable principal outstanding $ 285,551 $ 288,449 Discount on note payable, net (2,687 ) (2,731 ) Deferred financing costs, net (1,023 ) (1,230 ) Total notes payable, net $ 281,841 $ 284,488 During the three and six months ended June 30, 2016 , the Company incurred $2.6 million and $5.2 million of interest expense, respectively. During the three and six months ended June 30, 2015 , the Company incurred $2.6 million and $5.2 million of interest expense, respectively. Included in interest expense for the three and six months ended June 30, 2016 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, 2015 were $0.1 million and $0.2 million of amortization of deferred financing costs, respectively. Also included in interest expense were $22,000 and $44,000 of amortization of discount on a note payable for the three and six months ended June 30, 2016 , respectively, and $22,000 and $43,000 of amortization of discount on a note payable for the three and six months ended June 30, 2015 , respectively. As of June 30, 2016 and December 31, 2015 , the Company recorded interest payable of $0.8 million and $0.8 million , respectively. The following is a schedule of maturities, including principal amortization payments, for the Company’s notes payable outstanding as of June 30, 2016 (in thousands): July 1, 2016 through December 31, 2016 $ 2,945 2017 32,196 2018 72,958 2019 126,682 2020 852 Thereafter 49,918 $ 285,551

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2016
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 non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired long-lived assets). Fair value, as defined under GAAP, is 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 instrument 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, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 December 31, 2015 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 285,551 $ 281,841 $ 290,805 $ 288,449 $ 284,488 $ 284,160 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. Low levels of transaction volume for certain financial instruments have 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, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has entered into the Advisory Agreement with the Advisor and the Follow-on Dealer Manager Agreement 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 Follow-on Offering 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, such as acquisition expenses and certain operating costs. The Company has also entered into a fee 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., KBS Strategic Opportunity REIT II, Inc. and KBS Growth & Income REIT, 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. In June 2015, KBS Growth & Income REIT, Inc. was added to the insurance program at terms similar to those described above. During the three and six months ended June 30, 2016 and 2015 , no other business 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., KBS Strategic Opportunity REIT II, Inc. and KBS Growth & Income REIT, Inc. Pursuant to the terms of these agreements and the property management agreements discussed below, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2016 and 2015 , respectively, and any related amounts payable as of June 30, 2016 and December 31, 2015 (in thousands): Incurred Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2016 2015 2016 2015 2016 2015 Expensed Asset management fees (1) $ 44 $ 266 $ 238 $ 543 $ 4,991 $ 4,752 Reimbursable operating expenses (2) 54 66 120 206 12 25 Property management fees and expenses (3) 1,498 693 2,853 767 295 117 $ 1,596 $ 1,025 $ 3,211 $ 1,516 $ 5,298 $ 4,894 ____________________ (1) See “Advisory Agreement – Asset Management Fee” below. (2) Reimbursable operating expenses primarily consist of marketing research costs and property pursuit costs incurred by the Sub-Advisor and internal audit personnel costs, accounting software and cybersecurity related expenses incurred by the Advisor 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 $33,000 and $24,000 for the three months ended June 30, 2016 and 2015 , respectively, and $75,000 and $49,000 for the six months ended June 30, 2016 and 2015 , respectively, and were the only type of employee costs reimbursed under the Advisory Agreement through June 30, 2016 . The Company does 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. In addition to the amounts above, the Company reimburses the Advisor and Sub-Advisor for certain of the Company’s direct property operating costs incurred from third parties that were initially paid by the Advisor and Sub-Advisor on behalf of the Company. (3) Property management fees and expenses consist of property management fees paid to LPI, as well as reimbursable on-site personnel salary and related benefits expenses at the properties and through March 31, 2015, fees for account maintenance and bookkeeping services paid to Legacy Partners Residential, L.P., an affiliate of the Sub-Advisor (“LPR”), under the now-terminated account services agreements. See “— Property Management Agreements.” During the three and six months ended June 30, 2016 , the Advisor reimbursed the Company $28,000 and $28,000 for property insurance rebate, respectively, and $0.1 million and $0.1 million for legal and professional fees, respectively. In connection with the Follow-on 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, 2016 , the Advisor incurred $61,000 for the costs of the supplemental coverage obtained by the Company. Advisory Agreement - Asset Management Fee 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 in accordance with the Advisory Agreement that remain unpaid. As of June 30, 2016 , the Company had accrued and deferred payment of $1.5 million of asset management fees for February 2013 through July 2013 under the Advisory Agreement, as the Company believed the payment of this amount to the Advisor was considered probable at the time it was recorded. 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, 2016 , the Company had accrued and deferred payment of $3.3 million of asset management fees for August 2013 through December 2014 under the Advisory Agreement, as the Company believed the payment of this amount to the Advisor was considered probable at the time it was recorded. These fees will be reimbursed in accordance with the terms noted above. During the six months ended June 30, 2015, the Company incurred $1.4 million of asset management fees. However, the Company only recorded $0.5 million pursuant to the limitations in the Advisory Agreement as noted above. The Company deferred but did not accrue the remaining $0.9 million of these asset management fees as it is uncertain whether any of this amount will be paid in the future. During the six months ended June 30, 2016 , the Company incurred $1.4 million of asset management fees. However, the Company only recorded $0.2 million pursuant to the limitations in the Advisory Agreement as noted above. The Company deferred but did not accrue the remaining $1.2 million of these asset management fees as it is uncertain whether any of this amount will be paid in the future. 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 Agreements The Company, through indirect wholly owned subsidiaries (each, a “Property Owner”), has entered into property management agreements with LPI (each, a “Property Management Agreement”), pursuant to which LPI provides, among other services, general property management services, including bookkeeping and accounting services, construction management services and budgeting and business plans for the Company’s properties as follows: Property Name Effective Date Management Fee Percentage Watertower Apartments 04/07/2015 2.75% Crystal Park at Waterford 04/14/2015 3.00% The Residence at Waterstone 04/28/2015 3.00% Lofts at the Highlands 05/05/2015 3.00% Legacy at Martin’s Point 05/12/2015 3.00% Poplar Creek 05/14/2015 3.00% Wesley Village 05/19/2015 3.00% Legacy Grand at Concord 05/21/2015 3.00% Millennium Apartment Homes (1) 05/27/2015 3.00% Legacy Crescent Park (1) 05/29/2015 3.00% Legacy at Valley Ranch 06/09/2015 3.00% ____________________ (1) Under the Property Management Agreement, the Property Owner will pay LPI the Management Fee Percentage in an amount equal to the greater of (a) 3% of the Gross Monthly Collections (as defined in the Property Management Agreement) or (b) $4,000 per month. Under the Property Management Agreements, each Property Owner will pay LPI: (i) a monthly fee based on a percentage (as described in the table above, the “Management Fee Percentage”) of the Gross Monthly Collections (as defined in each Property Management Agreement), (ii) a construction supervision fee equal to a percentage of construction costs to the extent overseen by LPI and as further detailed in each Property Management Agreement, (iii) a leasing commission at a rate to be agreed upon between the Property Owner and LPI for retail leases executed that were procured or obtained by LPI, (iv) certain reimbursements if included in an approved capital budget and (v) certain reimbursements if included in the approved operating budget, including the reimbursement of the salaries and benefits for on-site personnel. Unless otherwise provided for in an approved operating budget, LPI will be responsible for all expenses that it incurs in rendering services pursuant to each Property Management Agreement. Each Property Management 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 Property Management Agreement. Notwithstanding the foregoing, the Property Owner may terminate each Property Management Agreement at any time without cause upon 30 days’ prior written notice to LPI. The Property Owner may also terminate the Property Management Agreement with cause immediately upon notice to LPI and the expiration of any applicable cure period. LPI may terminate each Property Management Agreement at any time without cause upon prior written notice to the Property Owner which, depending upon the terms of the particular Property Management Agreement, requires either 30 , 60 or 90 days prior written notice. LPI may terminate the Property Management Agreement for cause if a Property Owner commits any material default under the Property Management Agreement and the default continues for a period of 30 days after notice from LPI to a Property Owner for a default or, in the case of Watertower Apartments, Lofts at the Highlands, Wesley Village, Legacy Grand at Concord, Millennium Apartment Homes and Legacy Crescent Park, if a monetary default continues for a period of 10 days after notice of such monetary default. The Management Fee Percentage and any other fees and reimbursements payable to LPI by the Property Owner under each Property Management Agreement are approximately equal to the applicable percentage and other fees and reimbursements payable to LPR, by the Property Owner under the now-terminated account services agreements and to the prior third party management companies by the Property Owner under the now-terminated prior property management agreements.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
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 management of the daily operations of the Company’s investment portfolio; the disposition of investments; and other general and administrative responsibilities. The Company is also dependent on LPI to provide the property management services under the Property Management Agreements. In the event that these companies are unable to provide any of 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
	Jun. 30, 2016
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, 2016, 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, 2016 through June 30, 2016 . On August 1, 2016, 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, 2016 through July 31, 2016. Distributions Declared On July 12, 2016, the Company’s board of directors declared distributions based on daily record dates for the period from August 1, 2016 through August 31, 2016, which the Company expects to pay in September 2016. On August 10, 2016, the Company’s board of directors declared distributions based on daily record dates for the period from September 1, 2016 through September 30, 2016, which the Company expects to pay in October 2016, and distributions based on daily record dates for the period from October 1, 2016 through October 31, 2016, which the Company expects to pay in November 2016. 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 6.32% annualized rate based on the Company’s December 8, 2015 estimated value per share of $10.29 .

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
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, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 .
Principles of Consolidation	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 unaudited 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 unaudited consolidated financial statements and condensed 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. During the three months ended June 30, 2015, the Company entered into various Property Management Agreements (defined below) with Legacy Partners, Inc., formerly known as Legacy Partners Residential, Inc. (“LPI”), an affiliate of the Sub-Advisor. See Note 6, “Related Party Transactions — Property Management Agreements.” As a result, management fees to LPI, as well as reimbursable on-site personnel salary and related benefits expenses at the Company’s real estate properties, have been reclassified from operating, maintenance and management costs to property management fees and expenses to affiliate on the accompanying consolidated statements of operations.
Segments	The Company had invested in 11 apartment complexes as of June 30, 2016 . Substantially all of the Company’s revenue and net income (loss) is from real estate, and therefore, the Company currently operates in one reportable segment.
Square Footage, Occupancy and Other Measures	Any references to square footage or occupancy are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
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, 2016 and 2015 , respectively. Distributions declared per common share were $0.162 and $0.322 for the three and six months ended June 30, 2016 , respectively, and $0.162 and 0.322 for the three and six months ended June 30, 2015, respectively. Distributions declared per common share assumes each share was issued and outstanding each day during the three and six months ended June 30, 2016 and 2015 . For the three and six months ended June 30, 2016 and 2015 , distributions were based on daily record dates and calculated at a rate of $0.00178082 per share per day. Each day during the period from January 1, 2016 through February 28, 2016 and March 1, 2016 through June 30, 2016 was a record date for distributions. Each day during the periods from January 1, 2015 through June 30, 2015 was a record date for distributions.
Recently Issued Accounting Standards Update	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 was to be 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU No. 2015-14”), which defers the effective date of ASU No. 2014-09 by one year. Early adoption is permitted but not before the original effective date. The Company is still evaluating the impact of adopting ASU No. 2014-09 on its financial statements, but does not expect the adoption of ASU No. 2014-09 to have a material impact on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Subtopic 205-40) , Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”). The amendments in ASU No. 2014-15 require management to evaluate, for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued when applicable) and, if so, provide related disclosures. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect the adoption of ASU No. 2014-15 to have a significant impact on its financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU No. 2016-01”). The amendments in ASU No. 2016-01 address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU No. 2016-01 primarily affects accounting for equity investments and financial liabilities where the fair value option has been elected. ASU No. 2016-01 also requires entities to present financial assets and financial liabilities separately, grouped by measurement category and form of financial asset in the balance sheet or in the accompanying notes to the financial statements. ASU No. 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of ASU No. 2016-01 to have a significant impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 as of its issuance is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements.

REAL ESTATE (Tables)

REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 (dollars in thousands): Property Name Date Acquired Location Total Real Estate, Cost Accumulated Depreciation and Amortization Total Real Estate, Net Legacy at Valley Ranch 10/26/2010 Irving, TX $ 36,444 $ (4,796 ) $ 31,648 Poplar Creek 02/09/2012 Schaumburg, IL 27,165 (2,661 ) 24,504 The Residence at Waterstone 04/06/2012 Pikesville, MD 65,158 (6,938 ) 58,220 Legacy Crescent Park 05/03/2012 Greer, SC 20,694 (2,596 ) 18,098 Legacy at Martin’s Point 05/31/2012 Lombard, IL 37,463 (4,858 ) 32,605 Wesley Village 11/06/2012 Charlotte, NC 44,394 (4,350 ) 40,044 Watertower Apartments 01/15/2013 Eden Prairie, MN 38,661 (3,734 ) 34,927 Crystal Park at Waterford 05/08/2013 Frederick, MD 45,992 (4,387 ) 41,605 Millennium Apartment Homes 06/07/2013 Greenville, SC 33,259 (3,115 ) 30,144 Legacy Grand at Concord 02/18/2014 Concord, NC 27,822 (1,935 ) 25,887 Lofts at the Highlands 02/25/2014 St. Louis, MO 35,796 (2,245 ) 33,551 $ 412,848 $ (41,615 ) $ 371,233

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Payable [Abstract]
Schedule of Long-term Debt Instruments	As of June 30, 2016 and December 31, 2015 , the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of June 30, 2016 Book Value as of December 31, 2015 Contractual Interest Rate as of June 30, 2016 Payment Type Maturity Date Legacy at Valley Ranch Mortgage Loan $ 31,259 $ 31,554 3.9% Principal & Interest 04/01/2019 Poplar Creek Mortgage Loan 19,601 19,785 4.0% Principal & Interest 03/01/2019 The Residence at Waterstone Mortgage Loan 46,106 46,550 3.8% Principal & Interest 05/01/2019 Legacy Crescent Park Mortgage Loan 13,710 13,858 3.5% Principal & Interest 06/01/2019 Legacy at Martin’s Point Mortgage Loan 22,100 22,330 3.3% Principal & Interest 06/01/2019 Wesley Village Mortgage Loan 27,217 27,566 2.6% Principal & Interest 12/01/2017 Watertower Mortgage Loan 24,236 24,525 2.5% Principal & Interest 02/10/2018 Crystal Park Mortgage Loan 27,363 27,709 2.5% Principal & Interest 06/01/2018 Millennium Mortgage Loan 20,441 20,689 2.7% Principal & Interest 07/01/2018 Legacy Grand at Concord Mortgage Loan 22,544 22,693 4.1% Principal & Interest 12/01/2050 Lofts at the Highlands Mortgage Loan 30,974 31,190 3.4% Principal & Interest 08/01/2052 Total notes payable principal outstanding $ 285,551 $ 288,449 Discount on note payable, net (2,687 ) (2,731 ) Deferred financing costs, net (1,023 ) (1,230 ) Total notes payable, net $ 281,841 $ 284,488
Schedule of Maturities of Long-term Debt	The following is a schedule of maturities, including principal amortization payments, for the Company’s notes payable outstanding as of June 30, 2016 (in thousands): July 1, 2016 through December 31, 2016 $ 2,945 2017 32,196 2018 72,958 2019 126,682 2020 852 Thereafter 49,918 $ 285,551

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 December 31, 2015 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 285,551 $ 281,841 $ 290,805 $ 288,449 $ 284,488 $ 284,160

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements and the property management agreements discussed below, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2016 and 2015 , respectively, and any related amounts payable as of June 30, 2016 and December 31, 2015 (in thousands): Incurred Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2016 2015 2016 2015 2016 2015 Expensed Asset management fees (1) $ 44 $ 266 $ 238 $ 543 $ 4,991 $ 4,752 Reimbursable operating expenses (2) 54 66 120 206 12 25 Property management fees and expenses (3) 1,498 693 2,853 767 295 117 $ 1,596 $ 1,025 $ 3,211 $ 1,516 $ 5,298 $ 4,894 ____________________ (1) See “Advisory Agreement – Asset Management Fee” below. (2) Reimbursable operating expenses primarily consist of marketing research costs and property pursuit costs incurred by the Sub-Advisor and internal audit personnel costs, accounting software and cybersecurity related expenses incurred by the Advisor 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 $33,000 and $24,000 for the three months ended June 30, 2016 and 2015 , respectively, and $75,000 and $49,000 for the six months ended June 30, 2016 and 2015 , respectively, and were the only type of employee costs reimbursed under the Advisory Agreement through June 30, 2016 . The Company does 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. In addition to the amounts above, the Company reimburses the Advisor and Sub-Advisor for certain of the Company’s direct property operating costs incurred from third parties that were initially paid by the Advisor and Sub-Advisor on behalf of the Company. (3) Property management fees and expenses consist of property management fees paid to LPI, as well as reimbursable on-site personnel salary and related benefits expenses at the properties and through March 31, 2015, fees for account maintenance and bookkeeping services paid to Legacy Partners Residential, L.P., an affiliate of the Sub-Advisor (“LPR”), under the now-terminated account services agreements. See “— Property Management Agreements.”
Schedule of Property Management Agreements	The Company, through indirect wholly owned subsidiaries (each, a “Property Owner”), has entered into property management agreements with LPI (each, a “Property Management Agreement”), pursuant to which LPI provides, among other services, general property management services, including bookkeeping and accounting services, construction management services and budgeting and business plans for the Company’s properties as follows: Property Name Effective Date Management Fee Percentage Watertower Apartments 04/07/2015 2.75% Crystal Park at Waterford 04/14/2015 3.00% The Residence at Waterstone 04/28/2015 3.00% Lofts at the Highlands 05/05/2015 3.00% Legacy at Martin’s Point 05/12/2015 3.00% Poplar Creek 05/14/2015 3.00% Wesley Village 05/19/2015 3.00% Legacy Grand at Concord 05/21/2015 3.00% Millennium Apartment Homes (1) 05/27/2015 3.00% Legacy Crescent Park (1) 05/29/2015 3.00% Legacy at Valley Ranch 06/09/2015 3.00% ____________________ (1) Under the Property Management Agreement, the Property Owner will pay LPI the Management Fee Percentage in an amount equal to the greater of (a) 3% of the Gross Monthly Collections (as defined in the Property Management Agreement) or (b) $4,000 per month.

ORGANIZATION (Details)

ORGANIZATION (Details)	6 Months Ended	12 Months Ended	36 Months Ended	40 Months Ended	76 Months Ended
	Jun. 30, 2016USD ($)propertyshares	Dec. 31, 2015USD ($)shares	Mar. 12, 2013USD ($)shares	Jun. 30, 2016USD ($)propertyshares	Jun. 30, 2016USD ($)propertyshares	May 31, 2012USD ($)	Aug. 19, 2009shares	Aug. 07, 2009$ / sharesshares
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	20,627,997	20,508,397		20,627,997	20,627,997
Issuance of common stock, value | $	$ 2,876,000	$ 5,736,000	$ 179,200,000	$ 15,900,000	$ 213,000,000
Shares of common stock sold under dividend reinvestment plan, value | $			$ 3,500,000		21,500,000
Redemptions of common stock, value | $	$ 1,769,000	$ 1,697,000			$ 7,600,000
Apartment Complex [Member]
Organizational Structure [Line Items]
Number of real estate properties | property	11			11	11
Common Stock [Member]
Organizational Structure [Line Items]
Shares of common stock authorized under dividend reinvestment plan, shares							80,000,000
Issuance of common stock, shares	294,063	595,095	18,088,084	1,496,198	21,391,438
Issuance of common stock, value | $	$ 3,000	$ 6,000
Shares of common stock sold under dividend reinvestment plan, shares			368,872		2,176,028
Redemptions of common stock, shares	174,463	171,528			783,441
Redemptions of common stock, value | $	$ 2,000	$ 2,000
Common Stock [Member] | Minimum [Member]
Organizational Structure [Line Items]
Number of shares authorized to be repurchased							250,000
Common Stock [Member] | Maximum [Member]
Organizational Structure [Line Items]
Number of shares authorized to be repurchased							280,000,000
Stock offering, shares authorized for issuance, value | $						$ 2,000,000,000
Stock offering, shares authorized for dividend reinvestment plan, value | $						$ 760,000,000
KBS-Legacy Apartment Community REIT Venture, LLC [Member]
Organizational Structure [Line Items]
Common stock, shares issued								20,000
Common stock, purchase price per share | $ / shares								$ 10
KBS-Legacy Apartment Community REIT Venture, LLC [Member] | Common Stock [Member]
Organizational Structure [Line Items]
Shares held by affiliate	20,000			20,000	20,000

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016property$ / shares	Jun. 30, 2015$ / shares	Jun. 30, 2016segmentsproperty$ / shares	Jun. 30, 2015$ / shares
Real Estate Properties [Line Items]
Number of reportable segments | segments			1
Distributions declared per common share	$ 0.162	$ 0.162	$ 0.322	$ 0.322
Distribution rate per share per day on annual basis, declared	$ 0.00178082	$ 0.00178082	$ 0.00178082	$ 0.00178082
Apartment Complex [Member]
Real Estate Properties [Line Items]
Number of real estate properties | property	11		11

REAL ESTATE (Narrative) (Detail

REAL ESTATE (Narrative) (Details) $ in Thousands, ft² in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)ft²propertyUnits	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)ft²propertyUnits	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Number of real estate units | Units	3,039		3,039
Rentable square feet | ft²	3.1		3.1
Percentage of portfolio occupied	95.00%		95.00%
Tax abatement asset	$ 3,000		$ 3,000		$ 3,200
Property Tax Abatement Intangible Asset [Member]
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 65	$ 65	$ 130	$ 130
Apartment Complex [Member]
Real Estate Properties [Line Items]
Number of real estate properties | property	11		11

REAL ESTATE (Schedule of Real E

REAL ESTATE (Schedule of Real Estate Investments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Total Real Estate at Cost	$ 412,848	$ 412,047
Accumulated Depreciation and Amortization	(41,615)	(35,713)
Total real estate, net	$ 371,233	$ 376,334
Legacy at Valley Ranch [Member]
Real Estate Properties [Line Items]
Date Acquired	Oct. 26, 2010
Total Real Estate at Cost	$ 36,444
Accumulated Depreciation and Amortization	(4,796)
Total real estate, net	$ 31,648
Poplar Creek [Member]
Real Estate Properties [Line Items]
Date Acquired	Feb. 9, 2012
Total Real Estate at Cost	$ 27,165
Accumulated Depreciation and Amortization	(2,661)
Total real estate, net	$ 24,504
The Residence at Waterstone [Member]
Real Estate Properties [Line Items]
Date Acquired	Apr. 6, 2012
Total Real Estate at Cost	$ 65,158
Accumulated Depreciation and Amortization	(6,938)
Total real estate, net	$ 58,220
Legacy Crescent Park [Member]
Real Estate Properties [Line Items]
Date Acquired	May 3, 2012
Total Real Estate at Cost	$ 20,694
Accumulated Depreciation and Amortization	(2,596)
Total real estate, net	$ 18,098
Legacy at Martin’s Point [Member]
Real Estate Properties [Line Items]
Date Acquired	May 31, 2012
Total Real Estate at Cost	$ 37,463
Accumulated Depreciation and Amortization	(4,858)
Total real estate, net	$ 32,605
Wesley Village [Member]
Real Estate Properties [Line Items]
Date Acquired	Nov. 6, 2012
Total Real Estate at Cost	$ 44,394
Accumulated Depreciation and Amortization	(4,350)
Total real estate, net	$ 40,044
Watertower Apartments [Member]
Real Estate Properties [Line Items]
Date Acquired	Jan. 15, 2013
Total Real Estate at Cost	$ 38,661
Accumulated Depreciation and Amortization	(3,734)
Total real estate, net	$ 34,927
Crystal Park at Waterford [Member]
Real Estate Properties [Line Items]
Date Acquired	May 8, 2013
Total Real Estate at Cost	$ 45,992
Accumulated Depreciation and Amortization	(4,387)
Total real estate, net	$ 41,605
Millennium Apartment Homes [Member]
Real Estate Properties [Line Items]
Date Acquired	Jun. 7, 2013
Total Real Estate at Cost	$ 33,259
Accumulated Depreciation and Amortization	(3,115)
Total real estate, net	$ 30,144
Legacy Grand at Concord [Member]
Real Estate Properties [Line Items]
Date Acquired	Feb. 18, 2014
Total Real Estate at Cost	$ 27,822
Accumulated Depreciation and Amortization	(1,935)
Total real estate, net	$ 25,887
Lofts of the Highlands [Member]
Real Estate Properties [Line Items]
Date Acquired	Feb. 25, 2014
Total Real Estate at Cost	$ 35,796
Accumulated Depreciation and Amortization	(2,245)
Total real estate, net	$ 33,551

REAL ESTATE (Property Damages)

REAL ESTATE (Property Damages) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)property	Jun. 30, 2015USD ($)
Real Estate Properties [Line Items]
Number of real estate properties suffered from physical damage | property			1
Maximum deductible per incident			$ 12,500
Loss due to property damages			145,000	$ 78,000
Insurance recoveries			132,500
Operating, maintenance, and management	$ 1,559,000	$ 2,266,000	3,185,000	$ 4,999,000
Damaged Properties [Member]
Real Estate Properties [Line Items]
Operating, maintenance, and management			$ 12,500

NOTES PAYABLE (Narrative) (Deta

NOTES PAYABLE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Interest expense	$ 2,579	$ 2,627	$ 5,170	$ 5,245
Amortization of deferred financing costs	100	100	200	200
Amortization of discount on notes payable			44	43
Interest payable, current	800		800		$ 800
Notes Payable [Member]
Debt Instrument [Line Items]
Amortization of discount on notes payable	$ 22	$ 22	$ 44	$ 43

NOTES PAYABLE (Schedule of Long

NOTES PAYABLE (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 285,551	$ 288,449
Discount on note payable, net	(2,687)	(2,731)
Deferred financing costs, net	(1,023)	(1,230)
Total notes payable, net	281,841	284,488
Mortgages [Member] | Legacy at Valley Ranch [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 31,259	31,554
Contractual Interest Rate	3.90%
Maturity Date	Apr. 1, 2019
Mortgages [Member] | Poplar Creek [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 19,601	19,785
Contractual Interest Rate	4.00%
Maturity Date	Mar. 1, 2019
Mortgages [Member] | The Residence at Waterstone [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 46,106	46,550
Contractual Interest Rate	3.80%
Maturity Date	May 1, 2019
Mortgages [Member] | Legacy Crescent Park [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 13,710	13,858
Contractual Interest Rate	3.50%
Maturity Date	Jun. 1, 2019
Mortgages [Member] | Legacy at Martin’s Point [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 22,100	22,330
Contractual Interest Rate	3.30%
Maturity Date	Jun. 1, 2019
Mortgages [Member] | Wesley Village [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 27,217	27,566
Contractual Interest Rate	2.60%
Maturity Date	Dec. 1, 2017
Mortgages [Member] | Watertower Apartments [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 24,236	24,525
Contractual Interest Rate	2.50%
Maturity Date	Feb. 10, 2018
Mortgages [Member] | Crystal Park Mortgage Loan [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 27,363	27,709
Contractual Interest Rate	2.50%
Maturity Date	Jun. 1, 2018
Mortgages [Member] | Millennium Mortgage Loan [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 20,441	20,689
Contractual Interest Rate	2.70%
Maturity Date	Jul. 1, 2018
Mortgages [Member] | Legacy Grand at Concord Mortgage Loan [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 22,544	22,693
Contractual Interest Rate	4.10%
Maturity Date	Dec. 1, 2050
Mortgages [Member] | Lofts at the Highlands Mortgage Loan [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 30,974	$ 31,190
Contractual Interest Rate	3.40%
Maturity Date	Aug. 1, 2052

NOTES PAYABLE (Schedule of Matu

NOTES PAYABLE (Schedule of Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Notes Payable [Abstract]
July 1, 2016 through December 31, 2016	$ 2,945
2,017	32,196
2,018	72,958
2,019	126,682
2,020	852
Thereafter	49,918
Notes payable	$ 285,551	$ 288,449

FAIR VALUE DISCLOSURES (Details

FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Face Value	$ 285,551	$ 288,449
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	281,841	284,488
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	$ 290,805	$ 284,160

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015	Mar. 05, 2014	Aug. 14, 2013
Related Party Transaction [Line Items]
Due to affiliates	$ 5,298		$ 5,298	$ 4,894
Non‑compounded return on net invested capital					8.00%
LPR Inc. [Member]
Related Party Transaction [Line Items]
Initial term of management agreements	1 year
Period of termination notice	30 days
Period of termination notice 2	60 days
Period of termination notice 3	90 days
Period of monetary default	30 days
LPR Inc. [Member] | Watertower Apartments and Lofts at the Highlands [Member]
Related Party Transaction [Line Items]
Period of monetary default	10 days
Option One [Member] | KBS Capital Advisors LLC [Member]
Related Party Transaction [Line Items]
Acquisition advisory fee, percent	1.00%		1.00%
Monthly asset management fee, percent of acquisition expense						0.083%
Option Two [Member] | KBS Capital Advisors LLC [Member]
Related Party Transaction [Line Items]
Acquisition advisory fee, percent	2.00%		2.00%
Monthly asset management fee, percent of acquisition expense						0.166%
Asset Management Fees [Member]
Related Party Transaction [Line Items]
Due to affiliates	$ 200	$ 500	$ 200
Incurred expenses		1,400	1,400
Deferred fees		$ 900	1,200
Asset Management Fees [Member] | February through July 2013 [Member]
Related Party Transaction [Line Items]
Due to affiliates	1,500		1,500
Asset Management Fees [Member] | August 2013 through December 2014 [Member]
Related Party Transaction [Line Items]
Due to affiliates	3,300		3,300
KBS Capital Advisors LLC [Member]
Related Party Transaction [Line Items]
Incurred expenses			61
KBS Capital Advisors LLC [Member] | Legal and Professional Fees Reimbursement [Member]
Related Party Transaction [Line Items]
Due from related parties	100		100
KBS Capital Advisors LLC [Member] | Property Insurance Rebate [Member]
Related Party Transaction [Line Items]
Due from related parties	$ 28		$ 28

RELATED PARTY TRANSACTIONS (Sch

RELATED PARTY TRANSACTIONS (Schedule of Related Party Costs) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Payable as of	$ 5,298,000		$ 5,298,000		$ 4,894,000
Administrative fees	33,000	$ 24,000	75,000	$ 49,000
Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses		1,400,000	1,400,000
Payable as of	200,000	500,000	200,000	500,000
Advisor and Dealer Manager [Member]
Related Party Transaction [Line Items]
Incurred	1,596,000	1,025,000	3,211,000	1,516,000
Payable as of	5,298,000		5,298,000		4,894,000
Advisor and Dealer Manager [Member] | Expensed [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses	44,000	266,000	238,000	543,000
Payable as of	4,991,000		4,991,000		4,752,000
Advisor and Dealer Manager [Member] | Expensed [Member] | Reimbursement of Operating Expenses [Member]
Related Party Transaction [Line Items]
Expenses	54,000	66,000	120,000	206,000
Payable as of	12,000		12,000		25,000
Advisor and Dealer Manager [Member] | Expensed [Member] | Property Management Fees and Expenses [Member]
Related Party Transaction [Line Items]
Expenses	1,498,000	$ 693,000	2,853,000	$ 767,000
Payable as of	$ 295,000		$ 295,000		$ 117,000

RELATED PARTY TRANSACTIONS (Pro

RELATED PARTY TRANSACTIONS (Property Management Agreements) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Watertower Apartments [Member]
Related Party Transaction [Line Items]
Management Fee Percentage	2.75%
Crystal Park at Waterford [Member]
Related Party Transaction [Line Items]
Management Fee Percentage	3.00%
The Residence at Waterstone [Member]
Related Party Transaction [Line Items]
Management Fee Percentage	3.00%
Lofts of the Highlands [Member]
Related Party Transaction [Line Items]
Management Fee Percentage	3.00%
Legacy at Martin’s Point [Member]
Related Party Transaction [Line Items]
Management Fee Percentage	3.00%
Poplar Creek [Member]
Related Party Transaction [Line Items]
Management Fee Percentage	3.00%
Wesley Village [Member]
Related Party Transaction [Line Items]
Management Fee Percentage	3.00%
Legacy Grand at Concord [Member]
Related Party Transaction [Line Items]
Management Fee Percentage	3.00%
Millennium Apartment Homes [Member]
Related Party Transaction [Line Items]
Management Fee Percentage	3.00%
Property management fee, amount	$ 4
Legacy Crescent Park [Member]
Related Party Transaction [Line Items]
Management Fee Percentage	3.00%
Legacy at Valley Ranch [Member]
Related Party Transaction [Line Items]
Management Fee Percentage	3.00%

SUBSEQUENT EVENTS (Distribution

SUBSEQUENT EVENTS (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 10, 2016	Aug. 01, 2016	Jul. 12, 2016	Jul. 01, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Subsequent Event [Line Items]
Paid distributions							$ 6,621		$ 13,176
Distribution rate per share per day on annual basis, declared					$ 0.00178082	$ 0.00178082	$ 0.00178082	$ 0.00178082
Subsequent Event [Member] | Dividend Paid [Member]
Subsequent Event [Line Items]
Paid distributions		$ 1,100		$ 1,100
Subsequent Event [Member] | Dividend Declared [Member]
Subsequent Event [Line Items]
Distribution rate per share per day on annual basis, declared	$ 0.00178082		$ 0.00178082
Distribution rate per share annualized, declared, based on offering price	6.32%		6.32%
Offering price per share	$ 10.29		$ 10.29