RREEF Property Trust (ZRPTIX) 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 10, 2017
Document Information [Line Items]
Entity Registrant Name	RREEF Property Trust, Inc.
Entity Central Index Key	1,542,447
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,695,007
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,985,896
Common Class T [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Land	$ 37,238,612	$ 37,238,612
Buildings and improvements, less accumulated depreciation of $8,284,439 and $7,224,763, respectively	95,224,705	96,237,173
Property, Plant and Equipment, Net	252,181	270,260
Acquired intangible lease assets, less accumulated amortization of $12,658,162 and $11,703,672, respectively	24,137,172	25,091,662
Total investment in real estate assets, net	156,852,670	158,837,707
Investment in marketable securities	8,615,069	8,609,212
Total investment in real estate assets and marketable securities, net	165,467,739	167,446,919
Cash and cash equivalents	2,861,354	1,493,256
Receivables, net of allowance for doubtful accounts of $1,786 and $1,133, respectively	2,202,386	1,857,590
Deferred Costs, Leasing, Net, Current	1,840,091	1,872,817
Prepaid and other assets	1,736,740	1,518,865
Total assets	174,108,310	174,189,447
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit, net	64,787,142	64,677,532
Long-term Debt	27,227,937	27,219,106
Accounts payable and accrued expenses	2,779,153	2,409,307
Notes Payable, Related Parties, Net of Discount	7,333,223	7,297,892
Due to affiliates	4,381,335	4,844,917
Acquired below market lease intangibles, less accumulated amortization of $2,721,431 and $2,623,139, respectively	5,962,324	6,060,616
Distributions payable	247,846	239,897
Other liabilities	1,329,125	1,168,665
Total liabilities	114,048,085	113,917,932
Stockholders' Equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued	0	0
Additional paid in capital	81,477,059	79,994,729
Deficit	(21,922,096)	(20,302,983)
Accumulated other comprehensive income	429,518	505,451
Total stockholders' equity	60,060,225	60,271,515
Total liabilities and stockholders' equity	174,108,310	174,189,447
Common Class A [Member]
Stockholders' Equity:
Common stock	36,867	36,469
Common Class I [Member]
Stockholders' Equity:
Common stock	38,877	37,809
Common Class T [Member]
Stockholders' Equity:
Common stock	0	40
Common Class D [Member]
Stockholders' Equity:
Common stock	0	0
Common Class N [Member]
Stockholders' Equity:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Buildings and improvements, accumulated depreciation	$ 8,284,439	$ 7,224,763
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	146,397	124,752
Acquired intangible lease assets, accumulated amortization	12,658,162	11,703,672
Allowance for Doubtful Accounts Receivable	1,786	1,133
Deferred Costs, Leasing, Accumulated Amortization	80,885	47,159
Off-market lease, unfavorable, accumulated depreciation	$ 2,721,431	$ 2,623,139
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Note payable, Related Party, Unamortized Debt Discount, Amount	$ 1,616,777	$ 1,652,108
Common Class A [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	3,686,678	3,646,919
Common stock, shares outstanding (in shares)	3,686,678	3,646,919
Common Class I [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	3,887,689	3,780,836
Common stock, shares outstanding (in shares)	3,887,689	3,780,836
Common Class T [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	0	4,043
Common stock, shares outstanding (in shares)	0	4,043
Common Class D [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Common Class N [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Wells Fargo Bank [Member]
Debt Issuance Costs, Line of Credit Arrangements, Net	$ 412,858	$ 522,468

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Rental and other property income	$ 3,797,133	$ 3,238,899
Tenant reimbursement income	537,200	355,396
Investment income on marketable securities	43,876	190,516
Total revenues	4,378,209	3,784,811
Expenses
General and administrative expenses	383,130	588,476
Property operating expenses	1,351,130	1,373,671
Management Fee Expense	247,348	205,937
Depreciation	1,081,321	909,020
Amortization	928,247	1,456,937
Total operating expenses	3,991,176	4,534,041
Operating income (loss)	387,033	(749,230)
Interest expense	(825,479)	(565,707)
Net realized gain (loss) on sale of marketable securities	54,702	(94,945)
Net loss	$ (383,744)	$ (1,409,882)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	7,479,640	6,376,234
Net loss per common share:
Basic and diluted (in usd per share)	$ (0.05)	$ (0.22)

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (383,744)	$ (1,409,882)
Other comprehensive (loss) income:
Reclassification of previous unrealized (gain) loss on marketable securities into net realized gain (loss)	(54,702)	94,945
Unrealized gain (loss) on marketable securities	(21,231)	279,300
Total other comprehensive (loss) income	(75,933)	374,245
Comprehensive loss	$ (459,677)	$ (1,035,637)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2017 - USD ($)	Total	Common Class A [Member]	Common Class I [Member]	Common Class T [Member]	Preferred Stock	Common StockCommon Class A [Member]	Common StockCommon Class I [Member]	Common StockCommon Class T [Member]	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance (shares) at Dec. 31, 2016					0	3,646,919	3,780,836	4,043
Balance at Dec. 31, 2016	$ 60,271,515				$ 0	$ 36,469	$ 37,809	$ 40	$ 79,994,729	$ (20,302,983)	$ 505,451
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares					0	47,299	129,552	0
Issuance of common stock, value	2,389,619				$ 0	$ 473	$ 1,296	$ 0	2,387,850
Issuance of common stock through the distribution reinvestment plan (in shares)				0		23,567	15,152
Distributions reinvested	518,614					$ 236	$ 152		518,226
Stock Redeemed or Called During Period, Shares		(31,106.99)	(37,850.94)	(4,043)		(31,107)	(37,851)	(4,043)
Stock Redeemed or Called During Period, Value	(984,698)	$ (413,761)	$ (509,119)	$ (61,818)		$ (311)	$ (380)	$ (40)	(983,967)
Distributions to investors	(1,235,369)									(1,235,369)
Dealer-manager fees	(118,832)								(118,832)
Other offering costs	(320,947)								320,947
Comprehensive loss	(459,677)									(383,744)	(75,933)
Balance (shares) at Mar. 31, 2017					0	3,686,678	3,887,689	0
Balance at Mar. 31, 2017	$ 60,060,225				$ 0	$ 36,867	$ 38,877	$ 0	$ 81,477,059	$ (21,922,096)	$ 429,518

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (383,744)	$ (1,409,882)
Depreciation	1,081,321	909,020
Net realized (gain) loss on sale of marketable securities	(54,702)	94,945
Amortization of intangible lease assets and liabilities	889,924	1,370,891
Amortization of deferred financing costs	118,441	83,235
Allowance for doubtful accounts	653	341,109
Straight Line Rent, Net of Bad Debt	310,895	136,408
Amortization of discount on note to affiliate	35,331	91,726
Changes in assets and liabilities:
Receivables	17,026	(154,631)
Deferred leasing costs	(1,000)	0
Prepaid and other assets	(239,199)	42,102
Accounts payable and accrued expenses	143,281	372,984
Other liabilities	129,429	10,697
Due to affiliates	(168,554)	84,942
Net cash provided by operating activities	1,257,312	1,700,730
Cash flows from investing activities:
Payments for Capital Improvements	(50,774)	0
Investment in marketable securities	(2,833,935)	(3,331,255)
Proceeds from sale of marketable securities	2,794,954	3,101,833
Net cash used in investing activities	(89,755)	(229,422)
Cash flows from financing activities:
Proceeds from line of credit	0	2,700,000
Repayments of line of credit	0	14,500,000
Repayments of Lines of Credit	0	(22,000,000)
Proceeds from issuance of common stock	2,383,619	11,854,962
Payment of offering costs	(604,617)	(1,330,196)
Repayment of note to affiliate	0	(250,000)
Distributions to investors	(1,227,421)	(1,008,339)
Redemption of common stock	(869,654)	(6,154,975)
Common stock issued through the distribution reinvestment plan	518,614	407,009
Deferred financing costs	0	(159,500)
Net cash provided by (used in) financing activities	200,541	(1,441,039)
Net increase in cash and cash equivalents	1,368,098	30,269
Cash and cash equivalents, beginning of period	1,493,256	1,936,870
Cash and cash equivalents, end of period	2,861,354	1,967,139
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	247,846	225,018
Purchases of marketable securities not yet paid	140,602	51,408
Proceeds from sale of marketable securities not yet received	(129,913)	(38,596)
Proceeds from issuance of common stock not yet received	(25,000)	(183,341)
Accounts Payable for Repurchase of Common Stock	115,044	0
Discount on note to affiliate	1,861,880	1,861,880
Accrued dealer manager and distribution fees	2,347,207	1,669,440
Interest paid	$ 626,188	$ 444,400

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION RREEF Property Trust, Inc. (the “Company”) was formed on February 7, 2012 as a Maryland corporation and has elected to qualify as a real estate investment trust (“REIT”) for federal income tax purposes. Substantially all of the Company's business is conducted through RREEF Property Operating Partnership, LP, the Company's operating partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. RREEF Property OP Holder, LLC (the “OP Holder”), a wholly-owned subsidiary of the Company, is the limited partner of the Operating Partnership. As the Company completes the settlement for purchase orders for shares of its common stock in its continuous public offering, it will continue to transfer substantially all of the proceeds to the Operating Partnership. The Company was organized to invest primarily in a diversified portfolio consisting primarily of high quality, income-producing commercial real estate located in the United States, including, without limitation, office, industrial, retail and multifamily properties (“Real Estate Properties”). Although the Company intends to invest primarily in Real Estate Properties, it also intends to acquire common and preferred stock of REITs and other real estate companies (“Real Estate Equity Securities”) and debt investments backed principally by real estate (“Real Estate Loans” and, together with Real Estate Equity Securities, “Real Estate-Related Assets”). On January 3, 2013, the Securities and Exchange Commission ("SEC") declared effective the Company's registration statement on Form S-11 (File No. 333-180356), filed under the Securities Act of 1933, as amended (the "Initial Registration Statement"). On May 30, 2013, RREEF America L.L.C., a Delaware limited liability company (“RREEF America”), the Company's sponsor and advisor, purchased $10,000,000 of the Company's Class I common stock, $0.01 par value per share ("Class I Shares"), and the Company’s board of directors authorized the release of the escrowed funds to the Company, thereby allowing the Company to commence operations. On January 15, 2016, the Company filed articles supplementary to its articles of incorporation to add a newly-designated Class D common stock, $0.01 par value per share ("Class D Shares"). On January 20, 2016, the Company commenced a private offering of up to a maximum of $350,000,000 in Class D Shares (the "Private Offering," and together with the Follow-On Public Offering (defined below), the "Offerings"). On July 12, 2016, the SEC declared effective the Company's registration statement on Form S-11 (File No. 333-208751), filed under the Securities Act of 1933, as amended (the "Registration Statement"). Pursuant to the Registration Statement, the Company is offering for sale up to $2,100,000,000 of shares of its Class A common stock, $0.01 par value per share ("Class A Shares"), Class I Shares, and Class T common stock, $0.01 par value per share ("Class T Shares"), in its primary offering and up to $200,000,000 of Class A Shares, Class I Shares, Class N common stock, $0.01 par value per share ("Class N Shares") and Class T Shares pursuant to its distribution reinvestment plan, to be sold on a "best efforts" basis for the Company's follow-on offering (the "Follow-On Public Offering"). Class T Shares contain a conversion feature whereby upon the occurrence of a specified event (generally related to a Class T stockholder's account having incurred a maximum of 8.5% of underwriting compensation), Class T Shares owned in a shareholder's Class T account for a given offering will automatically convert to Class N Shares. Shares of the Company’s common stock are sold at the Company’s net asset value (“NAV”) per share, plus, for Class A, T and D Shares only, applicable selling commissions. Each class of shares may have a different NAV per share because of certain class-specific fees, such as trailing distribution fees and dealer manager fees. NAV per share is calculated by dividing the NAV at the end of each business day for each class by the number of shares outstanding for that class on such day. The Company's NAV per share for its Class A, Class I and Class T Shares is posted to the Company's website at www.rreefpropertytrust.com after the stock market close each business day. Additionally, the Company's NAV per share for its Class A, Class I and Class T Shares is published daily via NASDAQ's Mutual Fund Quotation System under the symbols ZRPTAX, ZRPTIX and ZRPTTX for its Class A Shares, Class I Shares and Class T Shares, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the authoritative reference for U.S. generally accepted accounting principles (“GAAP”). There have been no significant changes to the Company's significant accounting policies during the three months ended March 31, 2017. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Organization and Offering Expenses Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred from and after the commencement of operations. Offering costs are those costs incurred by the Company, RREEF America and its affiliates on behalf of the Company which relate directly to the Company’s activities of raising capital in the Offerings, preparing for the Offerings, the qualification and registration of the Offerings and the marketing and distribution of the Company’s shares. This includes, but is not limited to, accounting and legal fees, including the legal fees of the dealer managers for the public offerings, costs for registration statement amendments and prospectus supplements, printing, mailing and distribution costs, filing fees, amounts to reimburse RREEF America as the Company’s advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse the dealer managers for amounts that they may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company with respect to a particular Offering will not exceed 15% of the gross proceeds from such particular Offering. In addition, the Company will not reimburse RREEF America or the dealer managers for any underwriting compensation (a subset of organization and offering costs) which would cause the Company’s total underwriting compensation to exceed 10% of the gross proceeds from the primary portion of a particular offering. Included in offering costs are (1) distribution fees paid on a trailing basis at the rate of (a) 0.50% per annum on the NAV of the outstanding Class A Shares, and (b) 1.00% per annum for approximately three years on the NAV of the outstanding Class T Shares, and (2) dealer manager fees paid on a trailing basis at the rate of 0.55% per annum on the NAV of the outstanding Class A and Class I Shares (collectively, the "Trailing Fees"). The Trailing Fees are computed daily based on the respective NAV of each share class as of the beginning of each day and paid monthly. However, at each reporting date, the Company accrues an estimate for the amount of Trailing Fees that ultimately may be paid on the outstanding shares. Such estimate reflects the Company's assumptions for certain variables, including future redemptions, share price appreciation and the total gross proceeds raised or to be raised during each Offering. In addition, the estimated accrual for future Trailing Fees as of a given reporting date may be reduced by the aforementioned limits on total organization and offering costs and total underwriting compensation. Changes in this estimate will be recorded prospectively as an adjustment to additional paid in capital. As of March 31, 2017, the Company has accrued $2,285,311 in Trailing Fees estimated to be payable in the future. Concentration of Credit Risk As of March 31, 2017 and 2016 , the Company had cash on deposit at multiple financial institutions which were in excess of federally insured levels. The Company limits significant cash holdings to accounts held by financial institutions with a high credit standing. Therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. As of March 31, 2017 , the Company owned six commercial properties with fourteen tenants, one medical office building with five tenants and one student housing property with 316 beds. As of March 31, 2016 , the Company owned six commercial properties with fourteen tenants and one student housing property with 316 beds. Percentages of gross rental revenues by property and tenant representing more than 10% of the Company's total gross rental revenues (rental and other property income and tenant reimbursement income) for the three months ended March 31, 2017 and 2016 are shown below. Percent of actual gross rental revenues Property Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Loudoun Gateway, Sterling, VA 18.3 % 23.6 % Flats at Carrs Hill, Athens, GA 17.2 % 20.2 % Allied Drive, Dedham, MA 16.5 % — % Anaheim Hills Office Plaza, Anaheim, CA 12.1 % 14.9 % Terra Nova Plaza, Chula Vista, CA 11.9 % 11.5 % Commerce Corner, Logan Township, NJ 10.2 % 12.8 % Total 86.2 % 83.0 % Percent of actual gross rental revenues Tenant Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Orbital ATK Inc. - Loudoun Gateway 18.3 % 23.6 % New England Baptist Hospital - Allied Drive 13.9 % — % Gateway One Lending and Finance, L.L.C.- Anaheim Hills Office Plaza 8.0 % 10.1 % Total 40.2 % 33.7 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of March 31, 2017 and 2016 were as follows: Percent of in-place annualized base rental revenues as of Tenant March 31, 2017 March 31, 2016 Orbital ATK Inc. - Loudoun Gateway 18.7 % 22.0 % New England Baptist Hospital - Allied Drive 10.7 % — % Gateway One Lending and Finance, L.L.C. - Anaheim Hills Office Plaza 9.4 % 11.1 % Allstate Insurance Company - Heritage Parkway 8.8 % 10.3 % Total 47.6 % 43.4 % Recent Accounting Pronouncement s In January 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-01, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 amends the guidance on the classification and measurement of financial instruments. Although ASU 2016-01 retains many current requirements, it significantly revises an entity’s accounting related to investments in equity securities, excluding those accounted for under the equity method of accounting or those that result in consolidation of the investee. Under ASU 2016-01, investments in equity securities that fall within the scope of ASU 2016-01 will be measured at fair value, with changes in fair value recognized in net earnings. Since our inception, we have accounted for our investments in equity securities as available for sale securities, with changes in fair value recognized in other comprehensive income or loss. ASU 2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective for us on January 1, 2018 with early adoption permitted for certain provisions. Upon adoption, we will be required to record the amount of net unrealized gain or loss on our investments in marketable securities at the time of adoption in earnings via a cumulative effect adjustment. We presently do not intend to early adopt ASU 2016-01. In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows, (Topic 230): Classification of Cash Receipts and Cash Payments, which identifies the principles for the classification of eight specific types of cash flow with the objective of providing specific guidance on these specified cash flows. The cash flows that may be pertinent to us in the future include debt prepayment or debt extinguishment costs, contingent consideration of payments made after a business combination, proceeds from the settlement of insurance claims and distributions received. In addition, ASU 2016-15 also specifies the classification of cash flows for payments made under zero-coupon debt instruments, such as our note to affiliate on our consolidated balance sheet as of March 31, 2017 . During the year ended December 31, 2016, we made one payment of $250,000 to our advisor under the note to affiliate. Under ASU 2016-15, the portion of such payment representing the imputed interest expense, which was $91,726, would be included in cash flows from operating activities. Under current GAAP, the entire payment of $250,000 was reported as a financing activity. ASU 2016-15 will become effective for us on January 1, 2018. Upon adoption, ASU 2016-15 must be applied retrospectively, implying that prior periods presented should be adjusted to conform to ASU 2016-15, unless to do so would be impracticable. We are currently evaluating the full impact of ASU 2016-15 our consolidated financial statements. In January 2017, FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, the intent of which is to assist entities with evaluating whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. Under the current implementation guidance, real estate has broadly been interpreted to be a business, which requires, among other things, that acquisition related costs be expensed at the time of acquisition. The amendments in ASU 2017-01 provide a screen to determine when a set of identifiable assets is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. Generally, a real estate asset and its related leases will be considered a single identifiable asset and therefore will not meet the definition of a business. If the real estate and related leases in an acquisition are determined to be an asset and not a business, then the acquisition related costs would be capitalized onto the balance sheet. ASU 2017-01 is effective for us on January 1, 2018 with early adoption permitted in certain circumstances. Adoption of ASU 2017-01 is not expected to have an impact on our consolidated financial statements, but may affect transactions in real estate that occur after adoption. We presently intend to early adopt ASU 2017-01, but will more fully evaluate this option based on the specifics of our next real estate transaction. In May 2014, FASB issued ASU 2014-09, Revenue From Contracts With Customers. ASU 2014-09 requires entities to recognize revenue in their financial statements in a manner that depicts the transfer of the promised goods or services to its customers in an amount that reflects the consideration to which the entity is entitled at the time of transfer of those goods or services. As a result, the amount and timing of revenue recognition may be affected. However, certain types of contracts are excluded from the provisions of ASU 2014-09, including leases. However, other types of real estate related contracts, such as for dispositions or development of real estate, will be impacted by ASU 2014-09. In addition, ASU 2014-09 requires additional disclosures regarding revenue recognition. ASU 2014-09, as amended, becomes effective for us on January 1, 2018. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Upon adoption, ASU 2014-09 must be applied retrospectively either (a) to each prior reporting period presented, or (b) with a cumulative effect adjustment. We are still evaluating the impact of ASU 2014-09 on our consolidated financial statements but currently do not expect its adoption to have a material impact. Presently, we do not intend to early adopt ASU 2014-09 and we intend to adopt via a cumulative effect adjustment in the period of adoption. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessors to identify the lease and non-lease components contained within each lease. Recent interpretations imply that common area maintenance reimbursements within a real estate lease under ASU 2016-02 may be non-lease components and as such, would have to be evaluated under the revenue recognition guidance of ASU 2014-09. However, after adoption of ASU 2014-09 and prior to adoption of ASU 2016-02 (if they are not simultaneously adopted), the non-lease components of a lease will continue to be accounted for under current leasing guidance rather than under ASU 2014-09. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. As of March 31, 2017 , we are not a lessee under any lease contracts. Upon adoption of ASU 2016-02, we would apply a modified retrospective approach that will depend on the types of leases we have in force at the time of adoption. ASU 2016-02 is effective for us on January 1, 2019 with early adoption permitted. We are currently evaluating the impact of ASU 2016-02 on our consolidated financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, FASB ASC 820, Fair Value Measurement and Disclosures, establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity's own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company's investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges. FASB ASC 825-10-65-1 requires the Company to disclose fair value information for all financial instruments for which it is practicable to estimate fair value, whether or not recognized in the consolidated balance sheets. Fair value of lines of credit and mortgage loans payable is determined using Level 2 inputs and a discounted cash flow approach with an interest rate and other assumptions that approximate current market conditions. The carrying amount of the Company's line of credit approximated its fair value of $65,200,000 at March 31, 2017 and December 31, 2016 . The Company estimated the fair value of the Company's mortgage loans payable at $26,419,943 and $25,942,141 as of March 31, 2017 and December 31, 2016 , respectively. The fair value of the Company's note to affiliate is determined using Level 2 and Level 3 inputs and a discounted cash flow approach with an interest rate and other assumptions that estimate current market conditions. The Company has estimated the fair value of its note to affiliate at approximately $2,600,000 as of March 31, 2017 and December 31, 2016 . The Company's financial instruments, other than those referred to above, are generally short-term in nature and contain minimal credit risk. These instruments consist of cash and cash equivalents, accounts and other receivables and accounts payable. The carrying amounts of these assets and liabilities in the consolidated balance sheets approximate their fair value.

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS The Company acquired no real estate property during the three months ended March 31, 2017 or 2016. The Company's rental and other property income for the three months ended March 31, 2017 and 2016 is comprised of the following: Three Months Ended March 31, 2017 2016 Rental revenue $ 3,447,915 $ 3,016,445 Straight line revenue 310,895 136,408 Above- and below-market lease amortization 63,878 86,046 Lease incentive amortization (25,555 ) — Rental and other property income $ 3,797,133 $ 3,238,899

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The following is a summary of the Company's marketable securities held as of March 31, 2017 and December 31, 2016 , which consisted entirely of publicly-traded shares of common stock in REITs as of each date. All marketable securities held as of March 31, 2017 and December 31, 2016 were available-for-sale securities and none were considered impaired on an other-than-temporary basis. March 31, 2017 December 31, 2016 Marketable securities—cost $ 8,185,551 $ 8,103,761 Unrealized gains 587,987 652,417 Unrealized losses (158,469 ) (146,966 ) Net unrealized gain 429,518 505,451 Marketable securities—fair value $ 8,615,069 $ 8,609,212 Upon the sale of a particular security, the realized net gain or loss is computed assuming the shares with the highest cost are sold first. During the three months ended March 31, 2017 and 2016 , marketable securities sold generated proceeds of $2,840,534 and $3,122,818 , respectively, resulting in gross realized gains of $137,206 and $122,649 , respectively, and gross realized losses of $82,504 and $217,594 , respectively.

LINE OF CREDIT

LINE OF CREDIT	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
LINE OF CREDIT	Wells Fargo Line of Credit On March 6, 2015, the Company, as guarantor, and the wholly-owned subsidiaries of the Operating Partnership, as co-borrowers, entered into a secured revolving line of credit arrangement (the “Wells Fargo Line of Credit”) pursuant to a credit agreement with Wells Fargo Bank, National Association, as administrative agent, and other lending institutions that may become parties to the credit agreement. The Wells Fargo Line of Credit has a three -year term set to mature on March 6, 2018 with two one -year extension options exercisable by the Company upon satisfaction of certain conditions and payment of applicable extension fees. Each one -year extension is exercisable between 45 and 120 days prior to the then scheduled maturity. The Company plans to extend the line of credit prior to the maturity date using available cash flow to meet the requirements for extension. The interest rate under the Wells Fargo Line of Credit is based on the 1-month LIBOR with a spread of 170 to 190 basis points depending on the debt yield as defined in the agreement. In addition, the Wells Fargo Line of Credit has a maximum capacity of $100,000,000 and is expandable by the the Company up to a maximum capacity of $150,000,000 upon satisfaction of specified conditions. Each requested expansion must be for at least $25,000,000 and may result in the Wells Fargo Line of Credit being syndicated. As of March 31, 2017 and December 31, 2016, the outstanding balance was $65,200,000 and the weighted average interest rate was 2.81% and 2.40% , respectively . At any time, the borrowing capacity under the Wells Fargo Line of Credit is based on the lesser of (1) an amount equal to 65% of the aggregate value of the properties in the collateral pool as determined by lender appraisals, (2) an amount that results in a minimum debt yield of 11% based on the in-place net operating income of the collateral pool as defined, or (3) the maximum capacity of the Wells Fargo Line of Credit. Proceeds from the Wells Fargo Line of Credit can be used to fund acquisitions, redeem shares pursuant to the Company's redemption plan and for any other corporate purpose. As of March 31, 2017 and December 31, 2016 , the Company's maximum borrowing capacity was $66,319,381 and $65,800,970 , respectively. The Wells Fargo Line of Credit agreement contains customary representations, warranties, borrowing conditions and affirmative, negative and financial covenants, including that there must be at least five properties in the collateral pool at all times and that the collateral pool must also meet specified concentration provisions, unless waived by the lender. In addition, the Company, as guarantor, must meet tangible net worth hurdles. The Company was in compliance with all financial covenants as of March 31, 2017 and December 31, 2016 . Nationwide Life Insurance Loan On March 1, 2016, RPT Flats at Carrs Hill, LLC, a wholly-owned subsidiary of the Operating Partnership, entered into a credit agreement with Nationwide Life Insurance Company (the "Nationwide Loan"). Proceeds of $14,500,000 obtained from the Nationwide Loan were used to repay outstanding balances under the Wells Fargo Line of Credit, thereby releasing The Flats at Carrs Hill from the Wells Fargo Line of Credit. The Nationwide Loan is a secured, fully non-recourse loan with a term of ten years with no extension options. The Nationwide Loan carries a fixed interest rate of 3.63% and requires monthly interest-only payments of $43,862 during the entire term. Hartford Life Insurance Loan On December 1, 2016 , RPT 1109 Commerce Boulevard, LLC, a wholly-owned subsidiary of the Operating Partnership, entered into a credit agreement with Hartford Life Insurance Company (the "Hartford Loan"). Proceeds of $13,000,000 obtained from the Hartford Loan were used to repay outstanding balances under the Wells Fargo Line of Credit, thereby releasing Commerce Corner from the Wells Fargo Line of Credit. The Hartford Loan is a secured, fully non-recourse loan with a term of seven years. The Hartford Loan carries a fixed interest rate of 3.41% with interest-only payments for the first 24 months of the term, then principal and interest payments for the remainder of the term, based upon a 30 -year amortization schedule. The following is a reconciliation of the carrying amount of the of the Wells Fargo Line of Credit and mortgage loans payable as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Line of credit $ 65,200,000 $ 65,200,000 Deduct: Deferred financing costs, less accumulated amortization (412,858 ) (522,468 ) Line of credit, net $ 64,787,142 $ 64,677,532 Mortgage loans payable $ 27,500,000 $ 27,500,000 Deduct: Deferred financing costs, less accumulated amortization (272,063 ) (280,894 ) Mortgage loans payable, net $ 27,227,937 $ 27,219,106

RELATED PARTY ARRANGEMENTS

RELATED PARTY ARRANGEMENTS	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY ARRANGEMENTS	RELATED PARTY ARRANGEMENTS Advisory Agreement RREEF America is entitled to compensation and reimbursements in connection with the management of the Company's investments in accordance with an advisory agreement between RREEF America and the Company (the "Advisory Agreement"). The Advisory Agreement has a one -year term and is renewable annually upon the review and approval of the Company's board of directors, including the approval of a majority of the Company's independent directors. The Advisory Agreement has a current expiration date of January 20, 2018. There is no limit to the number of terms for which the Advisory Agreement can be renewed. Fees Under the Advisory Agreement, RREEF America can earn an advisory fee split between two components as described below. 1. The fixed component accrues daily in an amount equal to 1/365 th of 1.0% of the NAV for each class of shares for such day. The fixed component of the advisory fee is payable monthly in arrears. 2. The performance component is calculated for each class of shares on the basis of the total return to stockholders and is measured by the total distributions per share declared to such class plus the change in the NAV per share for such class. For any calendar year in which the total return per share allocable to a class exceeds 6% per annum, RREEF America will receive 25% of the excess total return allocable to that class; provided, however, that in no event will the performance component exceed 10% of the aggregate total return allocable to such class for such year. The performance component earned by RREEF America for each class is subject to certain other adjustments which do not apply unless the NAV per share is below $12.00 per share. The performance component is payable annually in arrears. The fees earned by RREEF America for the three months ended March 31, 2017 and 2016 are shown below. Three Months Ended March 31, 2017 2016 Fixed component $ 247,348 $ 205,937 Performance component — — $ 247,348 $ 205,937 Expense Reimbursements Under the Advisory Agreement, RREEF America is entitled to reimbursement of certain costs incurred by RREEF America or its affiliates that were not incurred under the Expense Support Agreement, as described below. Costs eligible for reimbursement, if they were not incurred under the Expense Support Agreement, include most third-party operating expenses, salaries and related costs of RREEF America's employees who perform services for the Company (but not those employees for which RREEF America earns a separate fee or those employees who are executive officers of the Company) and travel related costs for RREEF America's employees who incur such costs on behalf of the Company. Reimbursement payments to RREEF America are subject to the limitations described below under "Reimbursement Limitations." For the three months ended March 31, 2017 and 2016 , RREEF America incurred $64,951 and $77,461 of reimbursable operating expenses, respectively, that were subject to the terms and conditions of the Advisory Agreement. As of March 31, 2017 and December 31, 2016 , the Company had a payable to RREEF America of $108,550 and $72,200 , respectively, of operating expenses reimbursable under the Advisory Agreement. Organization and Offering Costs Under the Advisory Agreement, RREEF America agreed to pay all of the Company’s organization and offering costs incurred through January 3, 2013. In addition, RREEF America agreed to pay certain of the Company’s organization and offering costs from January 3, 2013 through January 3, 2014 that were incurred in connection with certain offering related activities. In total, RREEF America incurred $4,618,318 of these costs (the “Deferred O&O”) on behalf of the Company from the Company’s inception through January 3, 2014. Pursuant to the Advisory Agreement, the Company began reimbursing RREEF America monthly for the Deferred O&O on a pro rata basis over 60 months beginning in January 2014. However, if the Advisory Agreement is terminated by RREEF America, then the unpaid balance of the Deferred O&O is payable to RREEF America within 30 days. For the three months ended March 31, 2017 and 2016 , the Company reimbursed RREEF America $227,628 and $230,157 , respectively. The amount of Deferred O&O payable to RREEF America is as follows. March 31, 2017 December 31, 2016 Total Deferred O&O $ 4,618,318 $ 4,618,318 Cumulative reimbursements made to RREEF America (2,994,572 ) (2,766,943 ) Remaining Deferred O&O reimbursable to RREEF America $ 1,623,746 $ 1,851,375 Expense Support Agreement Pursuant to the terms of the expense support agreement, as most recently amended on January 20, 2016 (the "Expense Support Agreement"), RREEF America agreed to defer reimbursement of certain expenses related to the Company's operations that RREEF America has incurred that are not part of the Deferred O&O described above and, therefore, are in addition to the Deferred O&O amount (the “Expense Payments”). The Expense Payments include organization and offering costs and operating expenses as described above under the Advisory Agreement. RREEF America incurred these expenses until the earlier of (i) the date the Company raised $200,000,000 in aggregate gross proceeds from the Offerings or (ii) the date upon which the aggregate Expense Payments by RREEF America exceed $9,200,000 . Through December 31, 2015, the Company had incurred a total of $9,200,000 in Expense Payments in addition to the $4,618,318 of Deferred O&O noted above. The balance of $9,200,000 in Expense Payments consisted of $3,775,369 in organization and offering costs related to the Company's initial public offering, $195,450 of offering costs for the Private Offering and $5,229,181 in operating expenses. As the maximum amount of Expense Payments has been reached, the Company is no longer eligible to receive Expense Payments from RREEF America and has not received any Expense Payments since December 31, 2015. In addition, under the Expense Support Agreement, RREEF America agreed to defer reimbursement of Expense Payments until the first calendar quarter of the first calendar year that follows the earlier of (1) the quarter in which the Company surpasses $200,000,000 in aggregate gross proceeds from the Offering or (2) the date upon which the aggregate Expense Payments by RREEF America exceed $9,200,000 . Pursuant to this provisions, reimbursement of the Expense Payments was triggered in January 2016, for which the Company would reimburse RREEF America $250,000 per quarter (the "Quarterly Reimbursement"). The Quarterly Reimbursements were scheduled to continue until RREEF America was fully repaid for all Expense Payments. In accordance with the quarterly reimbursement schedule, the Company's obligation to reimburse RREEF America represented a non-interest bearing note due to RREEF America ("Note to Affiliate") which is subject to the imputation of interest. In accordance therewith, as of January 1, 2016, the Company recorded a discount on the Note to Affiliate equal to the difference between the $9,200,000 face amount and the present value of the contractual reimbursements using an estimated market interest rate of 5.0% . The Company estimated the market interest rate based on how an independent market participant would evaluate the note in addition to considering other financing options available to the Company. The amount of the Quarterly Reimbursement is subject to adjustment in amount or timing as described in the Expense Support Agreement. However, the provisions altering the amount or timing of the Quarterly Reimbursement are contingent on future events not within the Company's control and which cannot be reasonably estimated. Accordingly, these contingencies were not considered in determining the present value of the Note to Affiliate as of January 1, 2016. As of January 1, 2016, the Company recorded a discount on the Note to Affiliate in the amount of $1,861,880 which was to be amortized to interest expense over the contractual reimbursement period using the effective interest method. For the three months ended March 31, 2016, the Company made one payment of $250,000 to RREEF America. On April 25, 2016, the Company and RREEF America entered into a letter agreement that amended certain provisions of the Advisory Agreement and the Expense Support Agreement (the "Letter Agreement"). The Letter Agreement provides, in part, that the Company's obligations to reimburse RREEF America for Expense Payments under the Expense Support Agreement are suspended until the first calendar month following the month in which the Company has reached $500,000,000 in offering proceeds from the offerings (the "ESA Commencement Date"). The Company currently owes $8,950,000 to RREEF America under the Expense Support Agreement. Beginning the month following the ESA Commencement Date, the Company will make monthly reimbursement payments to RREEF America in the amount of $416,667 for the first 12 months and $ 329,166 for the second 12 months, subject to monthly reimbursement payment limitations described in the Letter Agreement. The execution of the Letter Agreement represented a modification of the Note to Affiliate, and as such, the unamortized discount on the Note to Affiliate as of April 25, 2016 is instead being amortized over the estimated repayment period pursuant to the Letter Agreement. In accordance therewith, the Company is amortizing the remaining discount using an interest rate of 1.93% . For the three months ended March 31, 2017 and 2016 , the Company amortized $35,331 and $91,726 , respectively, of the discount on the Note to Affiliate into interest expense. In addition, pursuant to the Letter Agreement, if RREEF America is serving as the Company's advisor at the time that the Company or the Operating Partnership undertakes a liquidation, the Company's remaining obligations to reimburse RREEF America for the unpaid Deferred O&O under the Advisory Agreement and the unpaid monthly reimbursements under the Expense Support Agreement shall be waived. Dealer Manager Agreement Effective July 1, 2016, the Company and the Operating Partnership terminated the amended and restated dealer manager agreement, dated as of January 26, 2016, with SC Distributors, Inc. On July 1, 2016, the Company and its Operating Partnership entered into a new dealer manager agreement (the "Dealer Manager Agreement") with Deutsche AM Distributors, Inc., an affiliate of the Company's sponsor and advisor (the "Dealer Manager"). The Dealer Manager Agreement governs the distribution by the Dealer Manager of the Company’s Class A Shares, Class I Shares, Class N Shares and Class T Shares in the Follow-On Public Offering and any subsequent registered public offering. In connection with the ongoing Trailing Fees to be paid in the future, the Company and the Dealer Manager entered into an agreement whereby the Company will pay to the Dealer Manager the Trailing Fees that are attributable to the Company's shares issued in the Company's initial public offering that remain outstanding. In addition, the Company is obligated to pay to the Dealer Manager Trailing Fees that are attributable to the Company's shares issued in the Follow-On Public Offering. As of March 31, 2017 and December 31, 2016 , the Company has accrued $61,896 and $60,514 , respectively, in Trailing Fees currently payable to the Dealer Manager, and $2,285,311 and $2,352,711 , respectively, in Trailing Fees estimated to become payable in the future to the Dealer Manager, both of which are included in due to affiliates on the consolidated balance sheet. We also pay the Dealer Manager upfront selling commissions and upfront dealer manager fees in connection with our Offerings, as applicable. For the three months ended March 31, 2017 , the Dealer Manager has earned upfront selling commissions and upfront dealer manager fees totaling $17,062 . Under the Dealer Manager Agreement, the Company is obligated to reimburse the Dealer Manager for certain offering costs incurred by the Dealer Manager on the Company's behalf, including but not limited to broker-dealer sponsorships, attendance fees for retail seminars conducted by broker-dealers, and travel costs for certain personnel of the Dealer Manager who are dedicated to the distribution of the Company's shares of common stock. For the three months ended March 31, 2017 , the Dealer Manager incurred $66,203 in such costs on behalf of the Company. As of March 31, 2017 and December 31, 2016 , the Company had payable to the Dealer Manager $216,335 and $150,132 , respectively, of such costs which was included in due to affiliates on the consolidated balance sheets. Reimbursement Limitations Organization and Offering Costs The Company will not reimburse RREEF America under the Advisory Agreement or the Expense Support Agreement and will not reimburse the Dealer Manager under the Dealer Manager Agreement for any organization and offering costs which would cause the Company's total organization and offering costs with respect to a public offering to exceed 15% of the gross proceeds from such public offering. Further, the Company will not reimburse RREEF America or the Dealer Manager for any underwriting compensation (a subset of organization and offering costs) which would cause the Company's total underwriting compensation with respect to a public offering to exceed 10% of the gross proceeds from the primary portion of such public offering. The Company raised $102,831,442 in gross proceeds from its initial public offering that ended on June 30, 2016. A summary of the Company's total organization and offering costs for its initial public offering is shown below. Deferred O&O - RREEF America Expense Payments - O&O Portion Other organization and offering costs (1) Total organization and offering costs Balance, March 31, 2017 and December 31, 2016 $ 4,618,318 $ 3,775,369 $ 7,031,029 $ 15,424,716 (1) Includes $1,845,250 and $2,010,409 of estimated accrued Trailing Fees payable in the future as of March 31, 2017 and December 31, 2016, respectively. As of March 31, 2017 , in the Follow-On Public Offering, the Company had raised $10,195,826 in gross proceeds and incurred total organization and offering costs of $1,410,133 , including estimated accrued Trailing Fees payable in the future of $440,061 . Operating Expenses Pursuant to the Company’s charter, the Company may reimburse RREEF America, at the end of each fiscal quarter, for total operating expenses incurred by RREEF America, whether under the Expense Support Agreement or otherwise. However, commencing with the quarter ended June 30, 2014, the Company may not reimburse RREEF America at the end of any fiscal quarter for total operating expenses (as defined in the Company’s charter) that, in the four consecutive fiscal quarters then ended, exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company's assets for that period (the “ 2% / 25% Guidelines”). Notwithstanding the foregoing, the Company may reimburse RREEF America for expenses in excess of the 2% / 25% Guidelines if a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended March 31, 2017 , total operating expenses of the Company were $3,097,524 which did not exceed the amount prescribed by the 2% / 25% Guidelines. Due to Affiliates and Note to Affiliate In accordance with all the above, as of March 31, 2017 and December 31, 2016 , the Company owed its affiliates the following amounts: March 31, 2017 December 31, 2016 Deferred O&O $ 1,623,746 $ 1,851,375 Reimbursable under the advisory agreement 108,550 72,200 Reimbursable under Dealer Manager Agreement 216,335 150,132 Advisory fees 85,497 357,985 Accrued Trailing Fees 2,347,207 2,413,225 Due to affiliates $ 4,381,335 $ 4,844,917 Note to Affiliate $ 8,950,000 $ 8,950,000 Unamortized discount (1,616,777 ) (1,652,108 ) Note to Affiliate, net of unamortized discount $ 7,333,223 $ 7,297,892

CAPITALIZATION

CAPITALIZATION	3 Months Ended
	Mar. 31, 2017
Capitalization [Abstract]
CAPITALIZATION	CAPITALIZATION Under the Company's charter, as most recently amended on February 16, 2017, the Company has the authority to issue 1,000,000,000 shares of common stock and 50,000,000 shares of preferred stock. All shares of such stock have a par value of $0.01 per share. The Company's authorized shares of common stock are allocated between classes as follows: Common Stock No. of Authorized Shares Class A Shares 200,000,000 Class I Shares 200,000,000 Class T Shares 250,000,000 Class D Shares 50,000,000 Class N Shares 300,000,000 1,000,000,000 Class A Shares are subject to selling commissions of up to 3% of the purchase price, and annual dealer manager fees of 0.55% and distribution fees of 0.50% of NAV, both paid on a trailing basis. Class I Shares are subject to annual dealer manager fees of 0.55% of NAV paid in a trailing basis, but are not subject to any selling commissions or distribution fees. Class T Shares are subject to selling commissions of up to 3% of the purchase price, an up-front dealer manager fee of 2.50% of the purchase price, and annual distribution fees of 1.0% of NAV paid on a trailing basis for approximately three years. Class D shares sold in the Private Offering are subject to selling commissions of up to 1.0% of the purchase price, but do not incur any dealer manager or distribution fees. Class N Shares are not sold in the primary Follow-On Public Offering, but will be issued upon conversion of an investor's Class T Shares once (i) the investor's Class T Share account for a given offering has incurred a maximum of 8.5% of commissions, dealer manager fees and distribution fees; (ii) the total underwriting compensation from whatever source with respect to the Follow-On Public Offering exceeds 10% of the gross proceeds from the primary portion of the Follow-On Public Offering, respectively; (iii) a listing of the Class N Shares; or (iv) the Company's merger or consolidation with or into another entity or the sale or after disposition of all or substantially all of the Company's assets. The Company's board of directors is authorized to amend its charter from time to time, without the approval of the stockholders, to increase or decrease the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan that allows stockholders to have the cash distributions attributable to the class of shares that the stockholder owns automatically invested in additional shares of the same class. Shares are offered pursuant to the Company's distribution reinvestment plan at the NAV per share applicable to that class, calculated as of the distribution date and after giving effect to all distributions. Stockholders who elect to participate in the distribution reinvestment plan, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of the Company's common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions used to purchase those shares of the Company's common stock in cash. Redemption Plan In an effort to provide the Company's stockholders with liquidity in respect of their investment in shares of the Company's common stock, the Company has adopted a redemption plan whereby on a daily basis stockholders may request the redemption of all or any portion of their shares. The redemption price per share is equal to the Company's NAV per share of the class of shares being redeemed on the date of redemption, subject to a short-term trading discount, if applicable. The total amount of redemptions in any calendar quarter will be limited to shares whose aggregate value (based on the redemption price per share on the date of the redemption) is equal to 5% of the Company's combined NAV for all classes of shares as of the last day of the previous calendar quarter. In addition, if redemptions do not reach the 5% limit in a calendar quarter, the unused portion generally will be carried over to the next quarter and not any subsequent quarter, except that the maximum amount of redemptions during any quarter may never exceed 10% of the combined NAV for all classes of shares as of the last day of the previous calendar quarter. If the quarterly volume limitation is reached on or before the third business day of a calendar quarter, redemption requests during the next quarter will be satisfied on a stockholder by stockholder basis, which the Company refers to as a per stockholder allocation, instead of a first-come, first-served basis. Pursuant to the per stockholder allocation, each stockholder would be allowed to request redemption at any time during such quarter of a total number of shares not to exceed 5% of the shares of common stock the stockholder held as of the end of the prior quarter. The per stockholder allocation requirement will remain in effect for each succeeding quarter for which the total redemptions for the immediately preceding quarter exceeded 4% of the Company's NAV on the last business day of such preceding quarter. If total redemptions during a quarter for which the per stockholder allocation applies are equal to or less than 4% of the Company's NAV on the last business day of such preceding quarter, then redemptions will again be satisfied on a first-come, first-served basis for the next succeeding quarter and each quarter thereafter. Each redemption request will be evaluated by the Company in consideration of rules and regulations promulgated by the Internal Revenue Service with respect to dividend equivalent redemptions. Redemptions that may be considered dividend equivalent redemptions may adversely affect the Company or its stockholders. Accordingly, the Company may reject any redemption request that it reasonably believes may be treated as a dividend equivalent redemption. While there is no minimum holding period, shares redeemed within 365 days of the date of the investor's initial purchase of the Company's shares will be redeemed at the Company's NAV per share of the class of shares being redeemed on the date of redemption less a short-term trading discount equal to 2% of the gross proceeds otherwise payable with respect to the redemption. In the event that any stockholder fails to maintain a minimum balance of $500 worth of shares of common stock, the Company may redeem all of the shares held by that stockholder at the redemption price per share in effect on the date it is determined that the stockholder has failed to meet the minimum balance, less the short-term trading discount of 2% , if applicable. Minimum account redemptions will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in the Company's NAV. During the three months ended March 31, 2017 and 2016 , redemptions were as shown below. The Company funded these redemptions with cash flow from operations, proceeds from our public offerings or borrowings on the Wells Fargo Line of Credit. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Three Months Ended March 31, 2017 Shares Weighted Average Share Price Amount Class A 31,107 $ 13.34 $ 413,761 Class I 37,851 13.45 509,119 Class T 4,043 * 15.29 61,818 * Repurchased in private transactions. Three Months Ended March 31, 2016 Shares Weighted Average Share Price Amount Class A 457,246 $ 12.87 $ 5,885,610 Class I 20,630 13.07 269,604 Class T — — — The Company's board of directors has the discretion to suspend or modify the redemption plan at any time, including in circumstances in which it (1) determines that such action is in the best interest of the Company's stockholders, (2) determines that it is necessary due to regulatory changes or changes in law or (3) becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are redeemed. In addition, the Company's board of directors may suspend the Offerings and the redemption plan, if it determines that the calculation of NAV is materially incorrect or there is a condition that restricts the valuation of a material portion of the Company's assets. If the board of directors materially amends (including any reduction of the quarterly limit) or suspends the redemption plan during any quarter, other than any temporary suspension to address certain external events unrelated to the Company's business, any unused portion of that quarter’s 5% limit will not be carried forward to the next quarter or any subsequent quarter.

DISTRIBUTIONS

DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2017
Distributions [Abstract]
DISTRIBUTIONS	DISTRIBUTIONS In order to qualify as a REIT, the Company is required, among other things, to make distributions each taxable year of at least 90% of its taxable income determined without regard to the dividends-paid deduction and excluding net capital gains, and to meet certain tests regarding the nature of the Company's income and assets. The Company expects that its board of directors will continue to declare distributions with a daily record date, payable monthly in arrears. Any distributions the Company makes will be at the discretion of its board of directors, considering factors such as its earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. The Company commenced operations on May 30, 2013 and elected taxation as a REIT for the year ended December 31, 2013. Distributions for each month are payable on or before the first business day of the following month. However, any distributions reinvested by the stockholders in accordance with the Company's dividend reinvestment plan are reinvested at the per share NAV of the same class determined at the close of business on the last business day of the month in which the distributions were accrued. Shown below are details of the Company's distributions for the three months ended March 31, 2017 and 2016 . Three Months Ended March 31, 2017 2016 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00183555 $ 0.00179534 Distributions paid or payable in cash $ 716,755 $ 633,913 Distributions reinvested 518,614 407,009 Distributions declared $ 1,235,369 $ 1,040,922 Class A Shares issued upon reinvestment 23,567 18,860 Class I Shares issued upon reinvestment 15,152 12,476 Class T Shares issued upon reinvestment — —

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company believes that it has operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes beginning with the taxable year ended December 31, 2013, when it first elected REIT status. In each calendar year that the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax to the extent it meets certain criteria and distributes its REIT taxable income to its stockholders. Distributions declared and paid by the Company may consist of ordinary income, qualifying dividends, return of capital, capital gains or a combination thereof. The characterization of the distributions into these various components will impact how the distributions are taxable to the stockholder who received them. Distributions that constitute a return of capital generally are non-taxable and will reduce the stockholder's basis in the shares. The characterization of the distributions is generally determined during the month of January following the close of the tax year.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION For the three months ended March 31, 2017, and the year ended December 31, 2016, the Company had two segments with reportable information: Real Estate Properties and Real Estate Equity Securities. The Company organizes and analyzes the operations and results of each of these segments independently, due to inherently different considerations for each segment. Such considerations include, but are not limited to, the nature and characteristics of the investment and investment strategies and objectives. The following tables set forth the carrying value, revenue and the components of operating income of the Company's segments reconciled to total assets as of March 31, 2017 and December 31, 2016 and net loss for the three months ended March 31, 2017 and 2016 . Real Estate Properties Real Estate Equity Securities Total Carrying value as of March 31, 2017 $ 156,852,670 $ 8,615,069 $ 165,467,739 Reconciliation to total assets of March 31, 2017 Carrying value per reportable segments $ 165,467,739 Corporate level assets 8,640,571 Total assets $ 174,108,310 Carrying value as of December 31, 2016 $ 158,837,707 $ 8,609,212 $ 167,446,919 Reconciliation to total assets of December 31, 2016 Carrying value per reportable segments $ 167,446,919 Corporate level assets 6,742,528 Total assets $ 174,189,447 Three Months Ended March 31, 2017 Real Estate Properties Real Estate Equity Securities Total Revenues Rental and other property income $ 3,797,133 $ — $ 3,797,133 Tenant reimbursement income 537,200 — 537,200 Investment income on marketable securities — 43,876 43,876 Total revenues 4,334,333 43,876 4,378,209 Operating expenses Property operating expenses 1,351,130 — 1,351,130 Total segment operating expenses 1,351,130 — 1,351,130 Operating income - segments $ 2,983,203 $ 43,876 $ 3,027,079 Three Months Ending March 31, 2016 Revenues Rental and other property income $ 3,238,899 $ — $ 3,238,899 Tenant reimbursement income 355,396 — 355,396 Investment income on marketable securities — 190,516 190,516 Total revenues 3,594,295 190,516 3,784,811 Operating expenses Property operating expenses 1,373,671 — 1,373,671 Total segment operating expenses 1,373,671 — 1,373,671 Operating income - Segments $ 2,220,624 $ 190,516 $ 2,411,140 Three Months Ended March 31, Reconciliation to net loss 2017 2016 Operating income - segments $ 3,027,079 $ 2,411,140 General and administrative expenses (383,130 ) (588,476 ) Advisory expenses (247,348 ) (205,937 ) Depreciation (1,081,321 ) (909,020 ) Amortization (928,247 ) (1,456,937 ) Operating income (loss) 387,033 (749,230 ) Interest expense (825,479 ) (565,707 ) Net realized gain (loss) upon sale of marketable securities 54,702 (94,945 ) Net loss $ (383,744 ) $ (1,409,882 )

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	3 Months Ended
	Mar. 31, 2017
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY The Company depends on RREEF America and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company's shares of common stock, asset acquisition and disposition decisions and other general and administrative responsibilities. In the event that RREEF America or the Dealer Manager is unable to provide such services, the Company would be required to find alternative service providers.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the normal course of business, from time to time, the Company may be involved in legal actions relating to the ownership and operations of real estate investments. In the Company's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity. The Company, as an owner of real estate, is subject to various environmental laws of federal and local governments. All of the Company's properties were subject to assessments, involving visual inspections of the properties and their neighborhoods. The Company carries environmental liability insurance on its properties that provides coverage for remediation liability and pollution liability for third-party bodily injury and property damage claims. The Company does not believe such environmental assessments will have a material adverse impact on the Company's consolidated financial position or results of operations in the future.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 3, 2017, the Company announced that its board of directors declared a daily cash distribution equal to $0.00183207 per Class A, Class I and Class T Share (before adjustment for applicable class-specific fees) for all such shares of record on each day from April 1, 2017 through June 30, 2017.

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the authoritative reference for U.S. generally accepted accounting principles (“GAAP”). There have been no significant changes to the Company's significant accounting policies during the three months ended March 31, 2017.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Organization and Offering Expenses	Organization and Offering Expenses Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred from and after the commencement of operations. Offering costs are those costs incurred by the Company, RREEF America and its affiliates on behalf of the Company which relate directly to the Company’s activities of raising capital in the Offerings, preparing for the Offerings, the qualification and registration of the Offerings and the marketing and distribution of the Company’s shares. This includes, but is not limited to, accounting and legal fees, including the legal fees of the dealer managers for the public offerings, costs for registration statement amendments and prospectus supplements, printing, mailing and distribution costs, filing fees, amounts to reimburse RREEF America as the Company’s advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse the dealer managers for amounts that they may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company with respect to a particular Offering will not exceed 15% of the gross proceeds from such particular Offering. In addition, the Company will not reimburse RREEF America or the dealer managers for any underwriting compensation (a subset of organization and offering costs) which would cause the Company’s total underwriting compensation to exceed 10% of the gross proceeds from the primary portion of a particular offering. Included in offering costs are (1) distribution fees paid on a trailing basis at the rate of (a) 0.50% per annum on the NAV of the outstanding Class A Shares, and (b) 1.00% per annum for approximately three years on the NAV of the outstanding Class T Shares, and (2) dealer manager fees paid on a trailing basis at the rate of 0.55% per annum on the NAV of the outstanding Class A and Class I Shares (collectively, the "Trailing Fees"). The Trailing Fees are computed daily based on the respective NAV of each share class as of the beginning of each day and paid monthly. However, at each reporting date, the Company accrues an estimate for the amount of Trailing Fees that ultimately may be paid on the outstanding shares. Such estimate reflects the Company's assumptions for certain variables, including future redemptions, share price appreciation and the total gross proceeds raised or to be raised during each Offering. In addition, the estimated accrual for future Trailing Fees as of a given reporting date may be reduced by the aforementioned limits on total organization and offering costs and total underwriting compensation. Changes in this estimate will be recorded prospectively as an adjustment to additional paid in capital.
Concentration of Credit Risk	Concentration of Credit Risk As of March 31, 2017 and 2016 , the Company had cash on deposit at multiple financial institutions which were in excess of federally insured levels. The Company limits significant cash holdings to accounts held by financial institutions with a high credit standing. Therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. As of March 31, 2017 , the Company owned six commercial properties with fourteen tenants, one medical office building with five tenants and one student housing property with 316 beds. As of March 31, 2016 , the Company owned six commercial properties with fourteen tenants and one student housing property with 316 beds. Percentages of gross rental revenues by property and tenant representing more than 10% of the Company's total gross rental revenues (rental and other property income and tenant reimbursement income) for the three months ended March 31, 2017 and 2016 are shown below. Percent of actual gross rental revenues Property Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Loudoun Gateway, Sterling, VA 18.3 % 23.6 % Flats at Carrs Hill, Athens, GA 17.2 % 20.2 % Allied Drive, Dedham, MA 16.5 % — % Anaheim Hills Office Plaza, Anaheim, CA 12.1 % 14.9 % Terra Nova Plaza, Chula Vista, CA 11.9 % 11.5 % Commerce Corner, Logan Township, NJ 10.2 % 12.8 % Total 86.2 % 83.0 % Percent of actual gross rental revenues Tenant Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Orbital ATK Inc. - Loudoun Gateway 18.3 % 23.6 % New England Baptist Hospital - Allied Drive 13.9 % — % Gateway One Lending and Finance, L.L.C.- Anaheim Hills Office Plaza 8.0 % 10.1 % Total 40.2 % 33.7 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of March 31, 2017 and 2016 were as follows: Percent of in-place annualized base rental revenues as of Tenant March 31, 2017 March 31, 2016 Orbital ATK Inc. - Loudoun Gateway 18.7 % 22.0 % New England Baptist Hospital - Allied Drive 10.7 % — % Gateway One Lending and Finance, L.L.C. - Anaheim Hills Office Plaza 9.4 % 11.1 % Allstate Insurance Company - Heritage Parkway 8.8 % 10.3 % Total 47.6 % 43.4 %

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of Rental and Other Property Income	The Company's rental and other property income for the three months ended March 31, 2017 and 2016 is comprised of the following: Three Months Ended March 31, 2017 2016 Rental revenue $ 3,447,915 $ 3,016,445 Straight line revenue 310,895 136,408 Above- and below-market lease amortization 63,878 86,046 Lease incentive amortization (25,555 ) — Rental and other property income $ 3,797,133 $ 3,238,899

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	The following is a summary of the Company's marketable securities held as of March 31, 2017 and December 31, 2016 , which consisted entirely of publicly-traded shares of common stock in REITs as of each date. All marketable securities held as of March 31, 2017 and December 31, 2016 were available-for-sale securities and none were considered impaired on an other-than-temporary basis. March 31, 2017 December 31, 2016 Marketable securities—cost $ 8,185,551 $ 8,103,761 Unrealized gains 587,987 652,417 Unrealized losses (158,469 ) (146,966 ) Net unrealized gain 429,518 505,451 Marketable securities—fair value $ 8,615,069 $ 8,609,212

LINE OF CREDIT LINE OF CREDIT (

LINE OF CREDIT LINE OF CREDIT (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities [Table Text Block]	The following is a reconciliation of the carrying amount of the of the Wells Fargo Line of Credit and mortgage loans payable as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Line of credit $ 65,200,000 $ 65,200,000 Deduct: Deferred financing costs, less accumulated amortization (412,858 ) (522,468 ) Line of credit, net $ 64,787,142 $ 64,677,532 Mortgage loans payable $ 27,500,000 $ 27,500,000 Deduct: Deferred financing costs, less accumulated amortization (272,063 ) (280,894 ) Mortgage loans payable, net $ 27,227,937 $ 27,219,106

RELATED PARTY ARRANGEMENTS (Tab

RELATED PARTY ARRANGEMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The amount of Deferred O&O payable to RREEF America is as follows. March 31, 2017 December 31, 2016 Total Deferred O&O $ 4,618,318 $ 4,618,318 Cumulative reimbursements made to RREEF America (2,994,572 ) (2,766,943 ) Remaining Deferred O&O reimbursable to RREEF America $ 1,623,746 $ 1,851,375 The fees earned by RREEF America for the three months ended March 31, 2017 and 2016 are shown below. Three Months Ended March 31, 2017 2016 Fixed component $ 247,348 $ 205,937 Performance component — — $ 247,348 $ 205,937 In accordance with all the above, as of March 31, 2017 and December 31, 2016 , the Company owed its affiliates the following amounts: March 31, 2017 December 31, 2016 Deferred O&O $ 1,623,746 $ 1,851,375 Reimbursable under the advisory agreement 108,550 72,200 Reimbursable under Dealer Manager Agreement 216,335 150,132 Advisory fees 85,497 357,985 Accrued Trailing Fees 2,347,207 2,413,225 Due to affiliates $ 4,381,335 $ 4,844,917 Note to Affiliate $ 8,950,000 $ 8,950,000 Unamortized discount (1,616,777 ) (1,652,108 ) Note to Affiliate, net of unamortized discount $ 7,333,223 $ 7,297,892 A summary of the Company's total organization and offering costs for its initial public offering is shown below. Deferred O&O - RREEF America Expense Payments - O&O Portion Other organization and offering costs (1) Total organization and offering costs Balance, March 31, 2017 and December 31, 2016 $ 4,618,318 $ 3,775,369 $ 7,031,029 $ 15,424,716 (1) Includes $1,845,250 and $2,010,409 of estimated accrued Trailing Fees payable in the future as of March 31, 2017 and December 31, 2016, respectively.

CAPITALIZATION (Tables)

CAPITALIZATION (Tables)	3 Months Ended
	Mar. 31, 2017
Capitalization [Abstract]
Schedule of repurchase agreement	The Company's authorized shares of common stock are allocated between classes as follows: Common Stock No. of Authorized Shares Class A Shares 200,000,000 Class I Shares 200,000,000 Class T Shares 250,000,000 Class D Shares 50,000,000 Class N Shares 300,000,000 1,000,000,000 The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Three Months Ended March 31, 2017 Shares Weighted Average Share Price Amount Class A 31,107 $ 13.34 $ 413,761 Class I 37,851 13.45 509,119 Class T 4,043 * 15.29 61,818 * Repurchased in private transactions. Three Months Ended March 31, 2016 Shares Weighted Average Share Price Amount Class A 457,246 $ 12.87 $ 5,885,610 Class I 20,630 13.07 269,604 Class T — — —

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2017
Distributions [Abstract]
Schedule of distributions	Shown below are details of the Company's distributions for the three months ended March 31, 2017 and 2016 . Three Months Ended March 31, 2017 2016 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00183555 $ 0.00179534 Distributions paid or payable in cash $ 716,755 $ 633,913 Distributions reinvested 518,614 407,009 Distributions declared $ 1,235,369 $ 1,040,922 Class A Shares issued upon reinvestment 23,567 18,860 Class I Shares issued upon reinvestment 15,152 12,476 Class T Shares issued upon reinvestment — —

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables set forth the carrying value, revenue and the components of operating income of the Company's segments reconciled to total assets as of March 31, 2017 and December 31, 2016 and net loss for the three months ended March 31, 2017 and 2016 . Real Estate Properties Real Estate Equity Securities Total Carrying value as of March 31, 2017 $ 156,852,670 $ 8,615,069 $ 165,467,739 Reconciliation to total assets of March 31, 2017 Carrying value per reportable segments $ 165,467,739 Corporate level assets 8,640,571 Total assets $ 174,108,310 Carrying value as of December 31, 2016 $ 158,837,707 $ 8,609,212 $ 167,446,919 Reconciliation to total assets of December 31, 2016 Carrying value per reportable segments $ 167,446,919 Corporate level assets 6,742,528 Total assets $ 174,189,447 Three Months Ended March 31, 2017 Real Estate Properties Real Estate Equity Securities Total Revenues Rental and other property income $ 3,797,133 $ — $ 3,797,133 Tenant reimbursement income 537,200 — 537,200 Investment income on marketable securities — 43,876 43,876 Total revenues 4,334,333 43,876 4,378,209 Operating expenses Property operating expenses 1,351,130 — 1,351,130 Total segment operating expenses 1,351,130 — 1,351,130 Operating income - segments $ 2,983,203 $ 43,876 $ 3,027,079 Three Months Ending March 31, 2016 Revenues Rental and other property income $ 3,238,899 $ — $ 3,238,899 Tenant reimbursement income 355,396 — 355,396 Investment income on marketable securities — 190,516 190,516 Total revenues 3,594,295 190,516 3,784,811 Operating expenses Property operating expenses 1,373,671 — 1,373,671 Total segment operating expenses 1,373,671 — 1,373,671 Operating income - Segments $ 2,220,624 $ 190,516 $ 2,411,140 Three Months Ended March 31, Reconciliation to net loss 2017 2016 Operating income - segments $ 3,027,079 $ 2,411,140 General and administrative expenses (383,130 ) (588,476 ) Advisory expenses (247,348 ) (205,937 ) Depreciation (1,081,321 ) (909,020 ) Amortization (928,247 ) (1,456,937 ) Operating income (loss) 387,033 (749,230 ) Interest expense (825,479 ) (565,707 ) Net realized gain (loss) upon sale of marketable securities 54,702 (94,945 ) Net loss $ (383,744 ) $ (1,409,882 )

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($)	May 30, 2013	Mar. 31, 2017	Mar. 31, 2016	Feb. 16, 2017	Dec. 31, 2016	Jul. 12, 2016	Jan. 27, 2016	Jan. 20, 2016	Jan. 15, 2016
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized				1,000,000,000
Issuance of common stock, value		$ 2,383,619	$ 11,854,962
Common stock, par value (in usd per share)				$ 0.01
RREEF America [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds		10.00%
Common Class A [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized		200,000,000		200,000,000	200,000,000
Common stock, par value (in usd per share)		$ 0.01			$ 0.01
Common Class I [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized		200,000,000		200,000,000	200,000,000
Issuance of common stock, value	$ 10,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01			$ 0.01
Common Class D [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized		50,000,000		50,000,000	50,000,000
Common stock, par value (in usd per share)		$ 0.01			$ 0.01				$ 0.01
Value of shares offered pursuant to registration statement								$ 350,000,000
Common Class T [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized		250,000,000		250,000,000	250,000,000
Common stock, par value (in usd per share)		$ 0.01			$ 0.01
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds		8.50%					8.50%
Common Class N [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized		300,000,000		300,000,000	300,000,000
Common stock, par value (in usd per share)		$ 0.01			$ 0.01
Follow-On Public Offering [Member] | Common Class A [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in usd per share)						$ 0.01
Public Offering Value of Shares Offered Pursuant To Registration Statement						$ 2,100,000,000
Follow-On Public Offering [Member] | Common Class T [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in usd per share)						$ 0.01
Dividend reinvestment plan						$ 200,000,000
Follow-On Public Offering [Member] | Common Class N [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in usd per share)						$ 0.01

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended		12 Months Ended		23 Months Ended
	Mar. 31, 2017USD ($)Propertytenant	Mar. 31, 2016USD ($)Propertytenant	Mar. 31, 2017USD ($)Propertytenant	Mar. 31, 2016Propertytenant	Jan. 03, 2014USD ($)	Dec. 31, 2016USD ($)	Jan. 27, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other liabilities	$ 1,329,125		$ 1,329,125			$ 1,168,665
Reimbursement period	60 months
Percentage of taxable income required for REIT distribution	90.00%		90.00%
Concentration of revenue, geographic area and property type	10.00%
Straight line rent	$ 310,895	$ 136,408
Document Period End Date	Mar. 31, 2017
Allowance for Doubtful Accounts Receivable	$ 1,786		$ 1,786			1,133
Liabilities	114,048,085		114,048,085			113,917,932
Additional paid in capital	81,477,059		81,477,059			79,994,729
Total stockholders' equity	60,060,225		60,060,225			60,271,515
Amortization	928,247	1,456,937
Rental and other property income	3,797,133	$ 3,238,899
Accrued Trailing Fee-Estimated Payable For Future	$ 2,285,311		$ 2,285,311			$ 2,352,711
RREEF America [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Offering costs incurred					$ 4,618,318
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%		15.00%
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	10.00%		10.00%
Sales Revenue, Gross [Member] | Property | Loudoun Gateway [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	18.30%	23.60%
Sales Revenue, Gross [Member] | Property | Commerce Corner member [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	10.20%	12.80%
Sales Revenue, Gross [Member] | Property | Terra Nova Plaza [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	11.90%	11.50%
Sales Revenue, Gross [Member] | Property | Anaheim Hills Office Plaza [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	12.10%	14.90%
Sales Revenue, Gross [Member] | Property | The Flats at Carrs Hill
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	17.20%	20.20%
Sales Revenue, Gross [Member] | Property | Allied Drive
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	16.50%	0.00%
Sales Revenue, Gross [Member] | Tenant | Gateway One Lending and Finance, L.L.C [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	8.00%	10.10%
Sales Revenue, Gross [Member] | Tenant | orbital [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	18.30%	23.60%
Sales Revenue, Gross [Member] | Tenant | New England Baptist Hospital [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	13.90%	0.00%
Gross Rental Revenues [Member] | Property
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	86.20%	83.00%
Gross Rental Revenues [Member] | Tenant
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	40.20%	33.70%
Annualized Base Rental Revenues [Member] | Tenant
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			47.60%	43.40%
Annualized Base Rental Revenues [Member] | Tenant | Gateway One Lending and Finance, L.L.C [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			9.40%	11.10%
Annualized Base Rental Revenues [Member] | Tenant | orbital [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			18.70%	22.00%
Annualized Base Rental Revenues [Member] | Tenant | New England Baptist Hospital [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			10.70%	0.00%
Annualized Base Rental Revenues [Member] | Tenant | Allstate Insurance Company [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			8.80%	10.30%
Commercial Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties owned | Property	6	6	6	6
Number of Tenants | tenant	14	14	14	14
Medical Building
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties owned | Property	1		1
Number of Tenants | tenant	5		5
Multifamily [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties owned | Property	1	1	1	1
Number of beds | tenant	316	316	316	316
Common Class I [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of Dealer Manager Fee	0.55%		0.55%
Common Class A [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of Distribution Fee	0.50%		0.50%
Percentage of Dealer Manager Fee	0.55%		0.55%
Common Class T [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	8.50%		8.50%				8.50%
Percentage of Distribution Fee	1.00%		1.00%
Duration of Distribution Fee	3 years
Percentage of Dealer Manager Fee	2.50%		2.50%

FAIR VALUE MEASUREMENTS Fair Va

FAIR VALUE MEASUREMENTS Fair Value Measurements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Document Period End Date	Mar. 31, 2017
Wells Fargo Bank [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit	$ 65,200,000	$ 65,200,000
RREEF America [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note to affiliate, net of unamortized discount of $1,722,262 at June 30, 2016	2,600,000	2,600,000
Mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 26,419,943	$ 25,942,141

REAL ESTATE INVESTMENTS REAL ES

REAL ESTATE INVESTMENTS REAL ESTATE INVESTMENTS - Rental income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Real Estate [Line Items]
Revenues	$ 4,378,209	$ 3,784,811
Rental revenue	3,447,915	3,016,445
Amortization of Lease Incentives	(25,555)	0
Straight line rent	310,895	136,408
Above- and below-market lease amortization	63,878	86,046
Rental and other property income	3,797,133	3,238,899
Net Income (Loss) Attributable to Parent	$ (383,744)	$ (1,409,882)

REAL ESTATE INVESTMENTS - Pro F

REAL ESTATE INVESTMENTS - Pro Forma (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 4,378,209	$ 3,784,811
Net loss	$ (383,744)	$ (1,409,882)

REAL ESTATE INVESTMENTS - Narra

REAL ESTATE INVESTMENTS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Business Acquisition [Line Items]
Proceeds from line of credit	$ 0	$ 2,700,000

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Marketable securities—cost	$ 8,185,551		$ 8,103,761
Unrealized gains	587,987		652,417
Unrealized losses	(158,469)		(146,966)
Accumulated other comprehensive income	429,518		505,451
Investment in marketable securities	8,615,069		$ 8,609,212
Proceeds from sale of marketable securities	2,840,534	$ 3,122,818
Gross realized gains from sale of marketable securities	137,206	122,649
Gross realized losses from sale of marketable securities	$ 82,504	$ 217,594

LINE OF CREDIT (Details)

LINE OF CREDIT (Details)	Dec. 01, 2016USD ($)	Mar. 06, 2015extension	Mar. 31, 2016	Mar. 31, 2017USD ($)Property	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Mar. 01, 2016USD ($)	Jan. 20, 2016USD ($)
Line of Credit Facility [Line Items]
Amortization of deferred financing costs				$ 118,441	$ 83,235
Line of credit, current borrowing capacity				66,319,381
Debt Instrument, Extension Period		1 year
Long-term Debt				$ 27,227,937		$ 27,219,106
Line of credit, interest rate at period end				2.81%		2.40%
Percentage of Property Value		65.00%
Percentage of Minimum Debt Yield		11.00%
Proceeds from Common Stock Issuance, Inception to Date								$ 200,000,000
Line of credit, net of unamortized deferred financing costs				$ 64,787,142		$ 64,677,532
Interest Expense				825,479	$ 565,707
Mortgages [Member]
Line of Credit Facility [Line Items]
Long-term Debt							$ 14,500,000
Long-term Debt, Gross				27,500,000		27,500,000
Deferred financing costs, less accumulated amortization				272,063		280,894
Wells Fargo Bank [Member]
Line of Credit Facility [Line Items]
Line of credit				65,200,000		65,200,000
Line of Credit Term		3 years
Line of credit, current borrowing capacity				100,000,000		65,800,970
Debt Instrument, Number of Extensions | extension		2
Line of Credit Facility, Maximum Borrowing Capacity				150,000,000
Line of Credit Facility, Expansion Feature, Increase Limit				25,000,000
Deduct: Deferred financing costs, less accumulated amortization				412,858		$ 522,468
Line of credit, net of unamortized deferred financing costs				$ 64,787,142
Wells Fargo Bank [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instruments, Exercisable Days		45 days
Number of real estate properties owned | Property				5
Wells Fargo Bank [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.70%
Wells Fargo Bank [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instruments, Exercisable Days		120 days
Wells Fargo Bank [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.90%
Nationwide Bank [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Line of Credit Term			10 years
Debt Instrument, Interest Rate, Stated Percentage							3.63%
Interest Expense				$ 43,862
Hartford Life Insurance Company [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Amortization Period	30 years
Line of Credit Term	7 years
Long-term Debt	$ 13,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.41%
Debt Instrument, Period, Fixed Rate	24 months
RREEF America [Member]
Line of Credit Facility [Line Items]
Maximum offering costs as percentage of gross proceeds from initial public offering				15.00%

RELATED PARTY ARRANGEMENTS - Na

RELATED PARTY ARRANGEMENTS - Narrative (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Jan. 03, 2014	Dec. 31, 2016	Jan. 20, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Term of Agreements		1 year
Number of components, Advisory Fees	2	2		2
Reimbursement period		60 months
Due to affiliate							$ 200,000,000
Expense Payments							9,200,000
Due to related party, expenses, quarterly repayment commitment	$ 250,000	$ 250,000		$ 250,000			$ 250,000
Proceeds from Common Stock Issuance, Initial Public Offering	102,831,442
Four fiscal quarter total operating expense				3,097,524
Deferred O&O	$ 4,618,318	4,618,318		$ 4,618,318
Increase (Decrease) in Prepaid Expense		$ 239,199	$ (42,102)
RREEF America [Member]
Related Party Transaction [Line Items]
Daily advisory fee accrued as percentage of fixed component of investment	0.00274%	0.00274%		0.00274%
Percentage of RREEF America advisory fee to NAV	1.00%	1.00%		1.00%
Performance fee to advisor, percentage return per share threshold	6.00%	6.00%		6.00%
Performance fee to advisor as percent of excess total return	25.00%	25.00%		25.00%
Performance fee to advisor, limit as percent of excess total return	10.00%	10.00%		10.00%
Performance fee to advisor, net asset value per share, threshold to which no fee earned on increase	$ 12	$ 12		$ 12
Reimbursements to related parties during the period		$ (64,951)	(77,461)
Reimbursable under the advisory agreement	$ 108,550	$ 108,550		$ 108,550		$ 72,200
Stock Offering, Reimbursable Costs, Offering Costs, Unpaid Balance, Days to Due Dates		30 days
Offering costs incurred					$ 4,618,318
Expense Payments								$ 9,200,000
Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses		2.00%		2.00%
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	10.00%	10.00%		10.00%
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%	15.00%		15.00%
Expenses to advisor not reimbursable, percentage of net income excluding certain reductions threshold exceeded by operating expenses		25.00%		25.00%
Deutsche AM Distributors [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursable Under Dealer Agreement		$ 66,203
Accrued Trailing Fee	$ 2,347,207	2,347,207		$ 2,347,207		2,413,225
Organization and offering costs
Related Party Transaction [Line Items]
Reimbursements to related parties during the period		(227,628)	$ (230,157)
Organization and offering costs | RREEF America [Member]
Related Party Transaction [Line Items]
Expense Payments	3,775,369	3,775,369		3,775,369				$ 3,775,369
Deferred O&O	4,618,318	4,618,318		4,618,318		$ 4,618,318
Follow-On Public Offering [Member]
Related Party Transaction [Line Items]
Due to affiliate	$ 10,195,826	$ 10,195,826		$ 10,195,826

RELATED PARTY ARRANGEMENTS Fees

RELATED PARTY ARRANGEMENTS Fees (Details) - USD ($)	3 Months Ended		12 Months Ended	23 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Jan. 03, 2014	Dec. 31, 2016
Related Party Transaction [Line Items]
Accrued Trailing Fee - Current	$ 61,896		$ 61,896		$ 60,514
Accrued Trailing Fee-Estimated Payable For Future	2,285,311		$ 2,285,311		2,352,711
Sales Commission and Upfront Dealer Manager Fees	$ 17,062
Reimbursement period	60 months
RREEF America [Member]
Related Party Transaction [Line Items]
Daily advisory fee accrued as percentage of fixed component of investment	0.00274%		0.00274%
Offering costs incurred				$ 4,618,318
Stock Offering, Reimbursable Costs, Offering Costs, Unpaid Balance, Days to Due Dates	30 days
Performance fee to advisor, percentage return per share threshold	6.00%		6.00%
Performance fee to advisor, net asset value per share, threshold to which no fee earned on increase	$ 12		$ 12
Expenses to advisor not reimbursable, percentage of net income excluding certain reductions threshold exceeded by operating expenses	25.00%		25.00%
Related Party Transaction, Fees, Fixed Component	$ 247,348	$ 205,937
Performance component	0	0
Fees	247,348	$ 205,937
Deutsche AM Distributors [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursable Under Dealer Agreement	66,203
Accounts Payable, Related Party Transaction, Reimbursable Under Dealer Agreement	$ 216,335		$ 216,335		$ 150,132

RELATED PARTY ARRANGEMENTS Expe

RELATED PARTY ARRANGEMENTS Expense Support Agreement (Details) - USD ($)	Apr. 25, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Jan. 20, 2016	Jan. 01, 2016
Related Party Transaction [Line Items]
Related Party Transaction Maximum Expense Support, Discount Rate		$ 0.050
Note payable, Related Party, Discount, Amount						$ 1,861,880
Document Period End Date		Mar. 31, 2017
Deferred O&O		$ 4,618,318
Due to related party, expenses, quarterly repayment commitment		250,000			$ 250,000
Expense Payments [Roll Forward]
Amortization of discount on note to affiliate		35,331	$ 91,726
Related Party Transaction, Minimum Offering Proceeds Needed Before Expense Repayment	$ 500,000,000
Due to affiliates		4,381,335		$ 4,844,917
Organization and offering costs
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursements (To) From Related Parties During the Period		227,628	230,157
Expense Payments [Roll Forward]
Related Party Transaction, Reimbursements (To) From Related Parties		(2,994,572)		(2,766,943)
RREEF America [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursements (To) From Related Parties During the Period		64,951	77,461
Expense Payments [Roll Forward]
Expense Payments, beginning balance			9,200,000
Reimbursable under the advisory agreement		108,550		72,200
Due to affiliates	$ 8,950,000
Duration of Related Party Transaction, Month Reimbursement Payment, First Twelve Months	12 months
Related Party Transaction, Month Reimbursement Payment, Next Twelve Months	$ 416,667
Related Party Transaction, Month Reimbursement Payment, Year Two	$ 329,166
Duration of Related Party Transaction, Month Reimbursement Payment, Second Twelve Months	12 months
RREEF America [Member] | Organization and offering costs
Related Party Transaction [Line Items]
Deferred O&O		4,618,318		4,618,318
Expense Payments [Roll Forward]
Expense Payments, beginning balance			3,775,369
Expense Payments, ending balance		3,775,369
Deferred Reimbursement Cost to Advisor		$ 1,623,746		$ 1,851,375
RREEF America [Member] | Private Offering [Member]
Expense Payments [Roll Forward]
Expense Payments, beginning balance			195,450
RREEF America [Member] | Operating expenses
Expense Payments [Roll Forward]
Expense Payments, beginning balance			$ 5,229,181

RELATED PARTY ARRANGEMENTS Orga

RELATED PARTY ARRANGEMENTS Organization and Offering Costs (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016	Jan. 20, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Document Period End Date	Mar. 31, 2017
Four fiscal quarter total operating expense			$ 3,097,524
Deferred O&O	$ 4,618,318		4,618,318
Expense Payments					$ 9,200,000
Other organization and offering costs (1)	7,031,029		7,031,029
Total organization and offering costs	15,424,716		15,424,716
Proceeds from Common Stock Issuance, Inception to Date					$ 200,000,000
Payments of Stock Issuance Costs	604,617	$ 1,330,196
Accrued Trailing Fee-Estimated Payable For Future	2,285,311		2,285,311	$ 2,352,711
Organization and offering costs
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursements (To) From Related Parties During the Period	227,628	230,157
Reimbursements made to RREEF America	(2,994,572)		$ (2,994,572)	(2,766,943)
RREEF America [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursements (To) From Related Parties During the Period	$ 64,951	$ 77,461
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%		15.00%
Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses	2.00%		2.00%
Expense Payments						$ 9,200,000
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	10.00%		10.00%
RREEF America [Member] | Organization and offering costs
Related Party Transaction [Line Items]
Deferred O&O	$ 4,618,318		$ 4,618,318	4,618,318
Expense Payments	3,775,369		3,775,369			$ 3,775,369
Deferred O&O reimbursable to RREEF America	1,623,746		1,623,746	1,851,375
IPO [Member]
Related Party Transaction [Line Items]
Accrued Trailing Fee	1,845,250		1,845,250	$ 2,010,409
Follow-On Public Offering [Member]
Related Party Transaction [Line Items]
Proceeds from Common Stock Issuance, Inception to Date	10,195,826		10,195,826
Payments of Stock Issuance Costs	1,410,133
Accrued Trailing Fee-Estimated Payable For Future	$ 440,061		$ 440,061

RELATED PARTY ARRANGEMENTS Due

RELATED PARTY ARRANGEMENTS Due to Affiliates (Details) - USD ($)	Apr. 25, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Jan. 20, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Fair Value Inputs, Discount Rate	1.93%
Document Period End Date		Mar. 31, 2017
Amortization of discount on note to affiliate		$ 35,331	$ 91,726
Expense Payments					$ 9,200,000
Management Fee Payable		85,497		$ 357,985
Due to affiliates		4,381,335		4,844,917
Accrued Trailing Fee - Current		61,896		60,514
Notes Payable, Related Parties, Net of Discount		7,333,223		7,297,892
Note to affiliate, net of unamortized discount of $1,687,270 at September 30, 2016		(1,616,777)		(1,652,108)
RREEF America [Member]
Related Party Transaction [Line Items]
Expense Payments						$ 9,200,000
Reimbursable under the advisory agreement		108,550		72,200
Due to affiliates	$ 8,950,000
Debt Instrument, Unamortized Discount		8,950,000		8,950,000
Note to affiliate, net of unamortized discount of $1,687,270 at September 30, 2016		(1,616,777)		(1,652,108)
Deutsche AM Distributors [Member]
Related Party Transaction [Line Items]
Accrued Trailing Fee		2,347,207		2,413,225
Accounts Payable, Related Party Transaction, Reimbursable Under Dealer Agreement		216,335		150,132
Organization and offering costs | RREEF America [Member]
Related Party Transaction [Line Items]
Deferred Reimbursement Cost to Advisor		1,623,746		$ 1,851,375
Expense Payments		$ 3,775,369				$ 3,775,369

CAPITALIZATION (Details)

CAPITALIZATION (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Feb. 16, 2017	Dec. 31, 2016	Jan. 27, 2016	Jan. 15, 2016	May 30, 2013
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)			1,000,000,000
Preferred stock, shares authorized (in shares)	50,000,000		50,000,000	50,000,000
Common stock, par value (in usd per share)			$ 0.01
Preferred stock, par value (in usd per share)	$ 0.01			$ 0.01
Aggregate redemptions value limit, as a percentage of combined net asset value	5.00%
Aggregate redemptions value including carryover limit, as a percentage of combined net asset value	10.00%
Common stock redemption limit per shareholder, as a percentage of shares held	5.00%
Short-term trading discount as percentage of gross proceeds	2.00%
Minimum Balance of Common Stock, Threshold at Which Company Has Option To Redeem Shares	$ 500
Stock Redeemed or Called During Period, Value	$ 984,698
Per Stockholder Allocation Requirement Triggering Event, Redemptions as a Percentage of Net Asset Value, Last Business day of Preceding Quarter	4.00%
Short Term Trading Penalty Period	365 days
RREEF America [Member]
Schedule of Capitalization [Line Items]
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	10.00%
Common Class A [Member]
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	200,000,000		200,000,000	200,000,000
Common stock, par value (in usd per share)	$ 0.01			$ 0.01
Maximum selling commissions as percentage of purchase price	3.00%
Stock Redeemed or Called During Period, Shares	31,106.99	457,246
Common Stock Redemption Weighted Average Price	$ 13.34	$ 12.87
Stock Redeemed or Called During Period, Value	$ 413,761	$ 5,885,610
Percentage of Dealer Manager Fee	0.55%
Percentage of Distribution Fee	0.50%
Common Class I [Member]
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	200,000,000		200,000,000	200,000,000
Common stock, par value (in usd per share)	$ 0.01			$ 0.01			$ 0.01
Stock Redeemed or Called During Period, Shares	37,850.94	20,630
Common Stock Redemption Weighted Average Price	$ 13.45	$ 13.07
Stock Redeemed or Called During Period, Value	$ 509,119	$ 269,604
Percentage of Dealer Manager Fee	0.55%
Common Class D [Member]
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	50,000,000		50,000,000	50,000,000
Common stock, par value (in usd per share)	$ 0.01			$ 0.01		$ 0.01
Maximum selling commissions as percentage of purchase price	1.00%
Common Class T [Member]
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	250,000,000		250,000,000	250,000,000
Common stock, par value (in usd per share)	$ 0.01			$ 0.01
Maximum selling commissions as percentage of purchase price	3.00%
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	8.50%				8.50%
Stock Redeemed or Called During Period, Shares	4,043	0
Common Stock Redemption Weighted Average Price	$ 15.29	$ 0
Stock Redeemed or Called During Period, Value	$ 61,818	$ 0
Percentage of Dealer Manager Fee	2.50%
Percentage of Distribution Fee	1.00%
Duration of Distribution Fee	3 years

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Percentage of taxable income required for REIT distribution	90.00%
Declared daily distribution rate, before adjustment for class-specific expenses (usd per share)	$ 0.00183555	$ 0.00179534
Distributions paid or payable in cash	$ 716,755	$ 633,913
Distributions reinvested	518,614	407,009
Distributions declared	$ 1,235,369	$ 1,040,922
Common Class T [Member]
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	0	0
Common Stock | Common Class A [Member]
Class of Stock [Line Items]
Distributions reinvested	$ 236
Stock issued during period, dividend reinvestment plan (in shares)	23,567	18,860
Common Stock | Common Class I [Member]
Class of Stock [Line Items]
Distributions reinvested	$ 152
Stock issued during period, dividend reinvestment plan (in shares)	15,152	12,476

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)segment
Segment Reporting Information [Line Items]
Real estate properties	$ 156,852,670		$ 158,837,707
Investment in marketable securities	8,615,069		8,609,212
Investments	165,467,739		167,446,919
Reconciliation to total assets of March 31, 2017
Total assets	174,108,310		$ 174,189,447
Revenues
Rental and other property income	3,797,133	$ 3,238,899
Tenant reimbursement income	537,200	355,396
Investment income on marketable securities	43,876	190,516
Total revenues	4,378,209	3,784,811
Operating expenses
Property operating expenses	1,351,130	1,373,671
Total segment operating expenses	1,351,130	1,373,671
Operating Income - Segments	3,027,079	2,411,140
Reconciliation to net loss
General and administrative expense	(383,130)	(588,476)
Investment Advisory Fees	247,348	205,937
Depreciation	(1,081,321)	(909,020)
Amortization	(928,247)	(1,456,937)
Operating income (loss)	387,033	(749,230)
Interest expense	(825,479)	(565,707)
Net realized loss upon sale of marketable securities	54,702	(94,945)
Net loss	$ (383,744)	(1,409,882)
Additional Disclosure [Abstract]
Number of reportable segments | segment	2		2
Real Estate Properties [Member]
Segment Reporting Information [Line Items]
Real estate properties	$ 156,852,670		$ 158,837,707
Revenues
Rental and other property income	3,797,133	3,238,899
Tenant reimbursement income	537,200	355,396
Investment income on marketable securities	0	0
Total revenues	4,334,333	3,594,295
Operating expenses
Property operating expenses	1,351,130	1,373,671
Total segment operating expenses	1,351,130	1,373,671
Operating Income - Segments	2,983,203	2,220,624
Real Estate Equity Securities [Member]
Segment Reporting Information [Line Items]
Investment in marketable securities	8,615,069		8,609,212
Revenues
Rental and other property income	0	0
Tenant reimbursement income	0	0
Investment income on marketable securities	43,876	190,516
Total revenues	43,876	190,516
Operating expenses
Property operating expenses	0	0
Total segment operating expenses	0	0
Operating Income - Segments	43,876	$ 190,516
Corporate [Member]
Reconciliation to total assets of March 31, 2017
Total assets	$ 8,640,571		$ 6,742,528

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Apr. 03, 2017	Apr. 25, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Subsequent Event [Line Items]
Distributions declared per common shares			$ 0.00183555	$ 0.00179534
Stock Redeemed or Called During Period, Value			$ 984,698
Short-term trading discount as percentage of gross proceeds			2.00%
Related Party Transaction, Minimum Offering Proceeds Needed Before Expense Repayment		$ 500,000,000
Due to affiliates			$ 4,381,335		$ 4,844,917
Term of Agreements			1 year
Common Class A [Member]
Subsequent Event [Line Items]
Stock Redeemed or Called During Period, Shares			31,106.99	457,246
Stock Redeemed or Called During Period, Value			$ 413,761	$ 5,885,610
Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions declared per common shares	$ 0.00183207
RREEF America [Member]
Subsequent Event [Line Items]
Due to affiliates		8,950,000
Related Party Transaction, Month Reimbursement Payment, Next Twelve Months		416,667
Related Party Transaction, Month Reimbursement Payment, Year Two		$ 329,166
Common Stock | Common Class A [Member]
Subsequent Event [Line Items]
Stock Redeemed or Called During Period, Shares			31,107
Stock Redeemed or Called During Period, Value			$ 311