RREEF Property Trust (ZRPTIX) 10-Q 13 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 08, 2018
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	Sep. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,607,335
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,770,270
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		564,664
Class D Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class N Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Land	$ 46,658,955	$ 37,238,612
Buildings and improvements, less accumulated depreciation of $14,740,905 and $11,476,041, respectively	97,204,810	92,160,948
Furniture, fixtures and equipment, less accumulated depreciation of $272,423 and $211,727, respectively	246,802	239,225
Acquired intangible lease assets, less accumulated amortization of $18,488,151 and $15,510,271, respectively	22,058,686	21,285,063
Total investment in real estate assets, net	166,169,253	150,923,848
Investment in marketable securities	15,697,601	10,046,177
Total investment in real estate assets and marketable securities, net	181,866,854	160,970,025
Cash and cash equivalents	3,521,462	2,441,853
Receivables, net of allowance for doubtful accounts of $20,526 and $9,586, respectively	2,473,886	2,615,939
Deferred leasing costs, net of amortization of $320,947 and $201,108, respectively	2,169,888	1,833,527
Prepaid and other assets	1,537,301	1,454,988
Total assets	191,569,391	169,316,332
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit, net	66,929,809	63,022,061
Mortgage loans payable, net	27,280,925	27,254,431
Accounts payable and accrued expenses	1,731,432	768,049
Due to affiliates	3,971,994	4,375,191
Note to affiliate, net of unamortized discount of $1,401,165 and $1,509,753, respectively	7,548,835	7,440,247
Acquired below market lease intangibles, less accumulated amortization of $3,331,253 and $3,016,239, respectively	5,807,515	5,667,516
Distributions payable	311,496	258,542
Other liabilities	1,122,082	1,190,779
Total liabilities	114,704,088	109,976,816
Stockholders' Equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued	0	0
Additional paid-in capital	110,644,957	86,813,276
Deficit	(33,879,376)	(28,290,303)
Accumulated other comprehensive income	0	735,639
Total stockholders' equity	76,865,303	59,339,516
Total liabilities and stockholders' equity	191,569,391	169,316,332
Class A Common Stock
Stockholders' Equity:
Common stock	38,115	36,670
Class I Common Stock
Stockholders' Equity:
Common stock	56,203	43,521
Class T Common Stock
Stockholders' Equity:
Common stock	5,404	713
Class D Common Stock
Stockholders' Equity:
Common stock	0	0
Class N Common Stock
Stockholders' Equity:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Buildings and improvements, accumulated depreciation	$ 14,740,905	$ 11,476,041
Furniture, fixtures and equipment, accumulated depreciation	272,423	211,727
Acquired intangible lease assets, accumulated amortization	18,488,151	15,510,271
Allowance for doubtful accounts	20,526	9,586
Deferred leasing costs, amortization	320,947	201,108
Note to affiliate, unamortized discount	1,401,165	1,509,753
Off-market lease, unfavorable, accumulated depreciation	$ 3,331,253	$ 3,016,239
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
Class A Common Stock
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)	3,811,496	3,666,927
Common stock, shares outstanding (in shares)	3,811,496	3,666,927
Class I Common Stock
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)	5,620,297	4,352,050
Common stock, shares outstanding (in shares)	5,620,297	4,352,050
Class T Common Stock
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)	540,436	71,316
Common stock, shares outstanding (in shares)	540,436	71,316
Class D Common Stock
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
Class N Common Stock
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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Rental and other property income	$ 4,302,433	$ 3,819,417	$ 11,969,709	$ 11,400,901
Tenant reimbursement income	688,482	540,528	1,907,590	1,608,351
Investment income on marketable securities	136,832	84,836	345,609	205,692
Total revenues	5,127,747	4,444,781	14,222,908	13,214,944
Expenses
General and administrative expenses	434,501	407,787	1,441,290	1,272,533
Property operating expenses	1,597,997	1,446,432	4,348,090	4,093,912
Advisory fees	542,353	623,670	1,211,569	1,128,071
Depreciation	1,162,905	1,085,483	3,325,560	3,253,971
Amortization	1,125,428	933,854	2,938,390	2,794,203
Total operating expenses	4,863,184	4,497,226	13,264,899	12,542,690
Net realized gain (loss) upon sale of marketable securities	201,769	(25,389)	(206,763)	22,407
Net unrealized (loss) gain on investment in marketable securities	(201,223)	0	280,022	0
Operating income (loss)	265,109	(77,834)	1,031,268	694,661
Interest expense	(1,012,974)	(910,512)	(2,800,888)	(2,622,446)
Net loss	(747,865)	(988,346)	(1,769,620)	(1,927,785)
Class A Common Stock
Expenses
Net loss	$ (297,967)	$ (426,893)	$ (740,819)	$ (882,864)
Net loss per common share:
Basic and diluted net loss per share (in usd per share)	$ (0.08)	$ (0.12)	$ (0.20)	$ (0.24)
Class I Common Stock
Expenses
Net loss	$ (421,558)	$ (560,770)	$ (986,227)	$ (1,043,371)
Net loss per common share:
Basic and diluted net loss per share (in usd per share)	$ (0.08)	$ (0.13)	$ (0.20)	$ (0.26)
Class T Common Stock
Expenses
Net loss	$ (28,340)	$ (683)	$ (42,574)	$ (1,550)
Net loss per common share:
Basic and diluted net loss per share (in usd per share)	$ (0.07)	$ (0.10)	$ (0.19)	$ (0.22)

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (747,865)	$ (988,346)	$ (1,769,620)	$ (1,927,785)
Other comprehensive (loss) gain for the three and nine months ended September 30, 2017:
Reclassification of previous unrealized loss (gain) on marketable securities into net realized loss	0	25,389	0	(22,407)
Unrealized (loss) gain on marketable securities for the three and nine months ended September 30, 2017	0	(37,393)	0	24,921
Total other comprehensive (loss) gain for the three and nine months ended September 30, 2017	0	(12,004)	0	2,514
Comprehensive loss	$ (747,865)	$ (1,000,350)	$ (1,769,620)	$ (1,925,271)

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Total	Class A Common Stock	Class I Common Stock	Class T Common Stock	Preferred Stock	Common StockClass A Common Stock	Common StockClass I Common Stock	Common StockClass T Common Stock	Common StockClass D Common Stock	Common StockClass N Common Stock	Additional Paid-in Capital	Deficit	Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment for change in accounting principle (see Note 2)	$ 0											$ 735,639	$ (735,639)
Beginning balance, as adjusted	59,339,516				$ 0	$ 36,670	$ 43,521	$ 713	$ 0	$ 0	$ 86,813,276	(27,554,664)	0
Balance, as adjusted (shares)					0	3,666,927	4,352,050	71,316	0	0
Balance, as adjusted	59,339,516				$ 0	$ 36,670	$ 43,521	$ 713	$ 0	$ 0	86,813,276	(28,290,303)	735,639
Beginning balance at Dec. 31, 2017	59,339,516				$ 0	$ 36,670	$ 43,521	$ 713	$ 0	$ 0	86,813,276	(28,290,303)	735,639
Beginning balance (shares) at Dec. 31, 2017					0	3,666,927	4,352,050	71,316	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, as adjusted (shares)					0	3,666,927	4,352,050	71,316	0	0
Balance, as adjusted	59,339,516				$ 0	$ 36,670	$ 43,521	$ 713	$ 0	$ 0	86,813,276	(28,290,303)	735,639
Issuance of common stock (shares)					0	310,128	1,358,532	465,918
Issuance of common stock, value	30,272,679				$ 0	$ 3,101	$ 13,585	$ 4,659			30,251,334
Issuance of common stock through the distribution reinvestment plan	2,014,795					$ 691	$ 722	$ 32			2,013,350
Issuance of common stock through the distribution reinvestment plan (in shares)						69,115	72,179	3,202
Redemption of common stock (shares)		(234,674)	(162,464)	0		(234,674)	(162,464)	0
Redemption of common stock, value	(5,516,876)	$ (3,254,765)	$ (2,262,111)	$ 0		$ (2,347)	$ (1,625)	$ 0			(5,512,904)
Distributions to investors	(4,555,092)											(4,555,092)
Other offering costs	(2,920,099)										(2,920,099)
Net loss	(1,769,620)											(1,769,620)	0
Ending balance (shares) at Sep. 30, 2018					0	3,811,496	5,620,297	540,436	0	0
Ending balance at Sep. 30, 2018	76,865,303				$ 0	$ 38,115	$ 56,203	$ 5,404	$ 0	$ 0	110,644,957	(33,879,376)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, as adjusted (shares)					0	3,811,496	5,620,297	540,436	0	0
Balance, as adjusted	$ 76,865,303				$ 0	$ 38,115	$ 56,203	$ 5,404	$ 0	$ 0	$ 110,644,957	$ (33,879,376)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net loss	$ (1,769,620)	$ (1,927,785)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	3,325,560	3,253,971
Net realized loss (gain) upon sale of marketable securities	206,763	(22,407)
Net unrealized gain on marketable securities	(280,022)	0
Amortization of intangible lease assets and liabilities	2,782,705	2,680,086
Amortization of deferred financing costs	216,648	358,978
Allowance for doubtful accounts	10,940	16,458
Straight line rent	52,691	(450,710)
Amortization of discount on note to affiliate	108,588	106,508
Changes in assets and liabilities:
Receivables	(56,477)	77,291
Deferred leasing costs	(346,169)	(93,211)
Prepaid and other assets	(5,020)	(32,156)
Accounts payable and accrued expenses	557,347	(1,164,539)
Other liabilities	(161,521)	(31,977)
Due to affiliates	(331,611)	87,094
Net cash provided by operating activities	4,310,802	2,857,601
Cash flows from investing activities:
Investment in real estate and related assets	20,618,450	0
Improvements to real estate assets	(103,163)	(119,755)
Investment in marketable securities	(22,178,430)	(12,161,827)
Proceeds from sale of marketable securities	16,555,574	10,997,483
Net cash used in investing activities	(26,344,469)	(1,284,099)
Cash flows from financing activities:
Proceeds from line of credit	19,900,000	3,250,000
Repayments of line of credit	(15,500,000)	(3,950,000)
Proceeds from issuance of common stock	30,376,055	10,353,815
Payment of financing costs	(682,407)	0
Payment of offering costs	(2,976,153)	(2,305,716)
Distributions to investors	(4,502,138)	(3,862,541)
Redemption of common stock	(5,516,876)	(5,751,172)
Common stock issued through the distribution reinvestment plan	2,014,795	1,638,756
Net cash provided by (used in) financing activities	23,113,276	(626,858)
Net increase in cash and cash equivalents	1,079,609	946,644
Cash and cash equivalents, beginning of period	2,441,853	1,493,256
Cash and cash equivalents, end of period	3,521,462	2,439,900
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	311,496	248,375
Net unrealized gain on marketable securities, nine months ended September 30, 2017	0	2,514
Purchases of marketable securities not yet paid	26,312	60,460
Proceeds from sale of marketable securities not yet received	41,746	30,480
Proceeds from issuance of common stock not yet received	118,624	189,575
Accrued dealer manager and distribution fees	1,536,975	907,648
Capital expenditures not yet paid	144,850	0
Supplemental Cash Flow Disclosures:
Interest paid	2,412,657	2,091,318
In connection with the purchase of investments in real estate and related assets, the Company also assumed certain non-real estate assets and liabilities:
Purchase price	20,842,319	0
Other liabilities assumed	(223,869)	0
Investment in real estate and related assets	$ 20,618,450	$ 0

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2018
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 apartment 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 public offering (the "Follow-On Public Offering"). The Company's initial public offering terminated upon the commencement of the Follow-On Public Offering. 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. 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	9 Months Ended
	Sep. 30, 2018
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 nine months ended September 30, 2018 except for the adoption of Accounting Standards Updates ("ASU") noted below in Note 2. The interim financial data as of September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 is unaudited. In our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. 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. Real Estate Investments and Lease Intangibles 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 previous implementation guidance, real estate was broadly interpreted to be a business, which required, 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 consolidated balance sheet. The Company adopted ASU 2017-01 on its effective date of January 1, 2018, which did not have an impact on the Company's consolidated financial statements. Acquisitions of real estate investments after January 1, 2018 will be evaluated based on ASU 2017-01 and may result in the capitalization of acquisition related costs for those acquisitions deemed to be asset acquisitions. Investments in Marketable Securities Effective January 1, 2018, the Company adopted ASU 2016-01, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities, which improves certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 revised the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. Since the Company's inception and prior to adoption of ASU 2016-01, it has accounted for its investments in equity securities as available for sale securities, with unrealized changes in fair value recognized in other comprehensive income or loss. Beginning January 1, 2018, the net unrealized change in the fair value of the Company's investments in marketable securities is recorded in earnings as part of operating income or loss. The Company adopted ASU 2016-01 using a modified retrospective approach that resulted in recording, on January 1, 2018, a cumulative effect adjustment of $735,639 of net unrealized gain on its investments in marketable securities as of December 31, 2017 into deficit in the accompanying consolidated financial statements. The Company has reclassified the $25,389 of net realized loss and $22,407 of net realized gain upon sale of marketable securities on the accompanying consolidated statement of operations for the three and nine months ended September 30, 2017 , respectively, to include it in operating income or loss for comparative purposes. This reclassification has not changed the Company's net loss for the three and nine months ended September 30, 2017 . Organization and Offering Costs Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred. 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 manager 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 manager for amounts that it 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 manager 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 September 30, 2018 and December 31, 2017 , the Company has accrued $2,869,271 and $2,238,576 , respectively, in Trailing Fees to be payable in the future, which was included in due to affiliates on the consolidated balance sheets. Revenue Recognition In May 2014, the 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. 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. The Company adopted ASU 2014-09, as amended, on its effective of January 1, 2018, using the cumulative effect adjustment method in the period of adoption. The adoption of ASU 2014-09 did not have a material impact on the Company's consolidated financial statements. Net Earnings or Loss Per Share Net earnings or loss per share is calculated using the two-class method. The two-class method is utilized when an entity (1) has different classes of common stock that participate differently in net earnings or loss, or (2) has issued participating securities, which are securities that participate in distributions separately from the entity’s common stock. Pursuant to the advisory agreement between the Company and its advisor (see Note 8), the advisor may earn a performance component of the advisory fee which is calculated separately for each class of common stock which therefore may result in a different allocation of net earnings or loss to each class of common stock. Since the Company’s inception, the Company has not issued any participating securities. Concentration of Credit Risk As of September 30, 2018 and December 31, 2017 , 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. Recent Accounting Pronouncement s 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. Common area maintenance reimbursements within a real estate lease under ASU 2016-02 are considered a non-lease component and as such, would have to be evaluated under the revenue recognition guidance of ASU 2014-09. However, in July 2018, FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements. Under ASU 2018-11, a lessor may elect a practical expedient to not separate lease and non-lease components of a lease and instead account for them as a single component if two criteria are met: (1) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same, and (2) the lease component, if accounted for separately, would be classified as an operating lease. Furthermore, the combined component will be accounted for under the new revenue recognition guidance of ASU 2014-09 if the non-lease components are the predominant component of the combined component. Otherwise, the combined component will be accounted for under the lease guidance of ASU 2016-02. 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 September 30, 2018 , the Company is not a lessee under any lease contracts. As of September 30, 2018 , all of the Company's leases are classified as operating leases, and it is expected that such leases will continue to be classified as operating leases under ASU 2016-02. The Company intends to adopt ASU 2016-02 when it is effective on January 1, 2019. The Company is still evaluating the impact of ASU 2016-02 and subsequent amendments on its consolidated financial statements but currently does not expect adoption of ASU 2016-02 to have a material impact. In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurement. ASU 2018-13 changes the fair value measurement disclosure requirements of ASC 820 by eliminating, modifying or adding certain disclosure requirements for fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods therein. However, ASU 2018-13 allows an entity to early adopt the provisions regarding eliminating or modifying certain disclosures while not adopting the provisions regarding additional disclosures until the effective date of the ASU. The Company is evaluating the impact of ASU 2018-13 but does not expect a material change to its fair value disclosures.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2018
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, exclusive of deferred financing costs, approximated its fair value of $67,500,000 and $63,100,000 at September 30, 2018 and December 31, 2017 , respectively. The Company estimated the fair value of the Company's mortgage loans payable at $25,985,182 and $26,610,378 as of September 30, 2018 and December 31, 2017 , respectively. The fair value of the Company's note to affiliate is determined using 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 and $2,400,000 as of September 30, 2018 and December 31, 2017 , respectively. 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	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS The Company acquired three real estate properties during the three and nine months ended September 30, 2018 and no real estate property during the three and nine months ended September 30, 2017 . On July 17, 2018, the Company acquired three industrial properties located in Miami, Florida ("Miami Industrial") for a purchase price of $20,700,000 (excluding closing costs). The acquisition was funded with proceeds from the Offering and by borrowing $19,900,000 under the Company's line of credit. Miami Industrial consists of three warehouse distribution buildings totaling 289,919 square feet fully leased to three tenants, with one tenant per building. All leases at Miami Industrial have been classified as operating leases. Under ASU 2017-01, the transaction was determined to be an asset acquisition, resulting in the Company's capitalization of $142,319 of acquisition related costs. The Company's allocation of the purchase price (including acquisition related costs) of Miami Industrial is as follows: Miami Industrial Land $ 9,420,343 Building and improvements 8,125,485 Acquired in-place leases 3,751,504 Acquired below-market leases (455,013 ) Total purchase price $ 20,842,319 The Company recorded revenues and net loss related to Miami Industrial, acquired during the three and nine months ended September 30, 2018 as follows: Three and Nine Months Ended September 30, 2018 Revenues $ 416,727 Net loss (117,213 ) The Company’s estimated revenues and net loss, on a pro forma basis (as if the acquisition of Miami Industrial was completed on January 1, 2017), for the three and nine months ended September 30, 2018 are as follows: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenues $ 5,207,968 $ 15,210,628 Net loss (777,281 ) (2,131,800 ) Basic and diluted net loss per share of Class A common stock $ (0.08 ) $ (0.24 ) Basic and diluted net loss per share of Class I common stock $ (0.08 ) $ (0.25 ) Basic and diluted net loss per share of Class T common stock $ (0.07 ) $ (0.23 ) The pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of period presented, nor does it purport to represent the results of future operations.

RENTAL UNDER OPERATING LEASES

RENTAL UNDER OPERATING LEASES	9 Months Ended
	Sep. 30, 2018
Leases [Abstract]
RENTALS UNDER OPERATING LEASES	RENTALS UNDER OPERATING LEASES As of September 30, 2018 , the Company owned four office properties (including one medical office property), two retail properties and four industrial properties with a total of twenty-one tenants, and one student housing property with 316 beds. As of September 30, 2017 , the Company owned four office properties (including one medical office property), two retail properties and one industrial property with a total of nineteen tenants, and one student housing property with 316 beds. All leases at the Company's properties have been classified as operating leases. The Company's rental and other property income from its real estate investments for the three and nine months ended September 30, 2018 and 2017 is comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Rental revenue $ 3,979,066 $ 3,714,023 $ 11,866,716 $ 10,836,073 Straight-line revenue 257,840 67,638 (52,691 ) 450,710 Above- and below-market lease amortization, net 91,650 63,878 233,200 191,634 Lease incentive amortization (26,123 ) (26,122 ) (77,516 ) (77,516 ) Rental and other property income $ 4,302,433 $ 3,819,417 $ 11,969,709 $ 11,400,901 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 and nine months ended September 30, 2018 and 2017 are shown below. Percent of actual gross rental revenues Property Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Flats at Carrs Hill, Athens, GA 16.2 % 16.7 % Loudoun Gateway, Sterling, VA 14.8 16.2 Allied Drive, Dedham, MA 14.6 15.9 Anaheim Hills Office Plaza, Anaheim, CA 11.7 12.5 Terra Nova Plaza, Chula Vista, CA 11.1 11.9 Commerce Corner, Logan Township, NJ 10.5 10.4 Total 78.9 % 83.6 % Percent of actual gross rental revenues Tenant Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Orbital ATK Inc. - Loudoun Gateway 14.8 % 16.2 % New England Baptist Hospital - Allied Drive 12.6 13.5 Total 27.4 % 29.7 % Percent of actual gross rental revenues Property Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Flats at Carrs Hill, Athens, GA 17.7 % 17.4 % Loudoun Gateway, Sterling, VA 16.7 17.3 Allied Drive, Dedham, MA 15.7 16.2 Terra Nova Plaza, Chula Vista, CA 13.0 12.5 Anaheim Hills Office Plaza, Anaheim, CA 12.9 12.6 Commerce Corner, Logan Township, NJ 10.6 10.4 Total 86.6 % 86.4 % Percent of actual gross rental revenues Tenant Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Orbital ATK Inc. - Loudoun Gateway 16.7 % 17.3 % New England Baptist Hospital - Allied Drive 13.4 13.7 Total 30.1 % 31.0 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of September 30, 2018 and 2017 were as follows: Percent of in-place annualized base rental revenues as of Property September 30, 2018 September 30, 2017 Orbital ATK Inc. - Loudoun Gateway 17.5 % 18.7 % New England Baptist Hospital - Allied Drive 9.9 10.7 Total 27.4 % 29.4 %

MARKETABLE SECURITIES

MARKETABLE SECURITIES	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The following is a summary of the Company's marketable securities held as of September 30, 2018 and December 31, 2017 , which consisted entirely of publicly-traded shares of common stock in REITs as of each date. All marketable securities held as of December 31, 2017 were available-for-sale securities and none were considered impaired on an other-than-temporary basis. Pursuant to ASU 2016-01 adopted by the Company (see Note 2), beginning on January 1, 2018, changes in fair value of the Company's investments in marketable securities are recorded in earnings. September 30, 2018 December 31, 2017 Marketable securities—cost $ 14,681,940 $ 9,310,538 Unrealized gains 1,091,409 832,651 Unrealized losses (75,748 ) (97,012 ) Net unrealized gain 1,015,661 735,639 Marketable securities—fair value $ 15,697,601 $ 10,046,177 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 September 30, 2018 and 2017 , marketable securities sold generated proceeds of $5,468,743 and $3,030,317 , respectively, resulting in gross realized gains of $297,496 and $110,632 , respectively, and gross realized losses of $95,727 and $136,021 , respectively. During the nine months ended September 30, 2018 and 2017 , marketable securities sold generated proceeds of $16,524,051 and $10,943,630 , respectively, resulting in gross realized gains of $508,338 and $480,574 , respectively, and gross realized losses of $715,101 and $458,167 , respectively.

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE 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 had 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. As of December 31, 2017 , the outstanding balance was $63,100,000 and the weighted average interest rate was 3.16% . As of December 31, 2017 , the maximum borrowing capacity was $69,900,795 , and the Company was in compliance with all covenants. On February 27, 2018, the Company, as guarantor, and certain of the wholly-owned subsidiaries of the Operating Partnership, as co-borrowers, entered into an amended and restated secured revolving credit facility (the “Revised Wells Fargo Line of Credit”) with Wells Fargo Bank, National Association, as administrative agent, and other lending institutions that may become parties to the credit agreement. The Revised Wells Fargo Line of Credit has a three -year term maturing February 27, 2021. The Company has two one -year extension options following the initial term subject to satisfaction of certain conditions and payment of applicable extension fees. The interest rate under the Revised Wells Fargo Line of Credit is based on the 1-month London Inter-bank Offered Rate ("LIBOR") with a spread of 160 to 180 basis points depending on the debt yield as defined in the agreement. In addition, the Revised Wells Fargo Line of Credit has a maximum capacity of $100,000,000 and is expandable by the Company up to a maximum capacity of $200,000,000 upon satisfaction of specified conditions. Each requested expansion must be for at least $25,000,000 and may result in the Revised Wells Fargo Line of Credit being syndicated. As of September 30, 2018 , the outstanding balance was $67,500,000 and the weighted average interest rate was 3.76% . At any time, the borrowing capacity under the Revised 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 10% based on the in-place net operating income of the collateral pool as defined, or (3) the maximum capacity of the Revised Wells Fargo Line of Credit. Proceeds from the Revised 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 September 30, 2018 , the Company's maximum borrowing capacity was $95,510,154 . The Revised 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 September 30, 2018 . 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 with no extension options. 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 line of credit and mortgage loans payable as of September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Line of credit $ 67,500,000 $ 63,100,000 Deduct: Deferred financing costs, less accumulated amortization (570,191 ) (77,939 ) Line of credit, net $ 66,929,809 $ 63,022,061 Mortgage loans payable $ 27,500,000 $ 27,500,000 Deduct: Deferred financing costs, less accumulated amortization (219,075 ) (245,569 ) Mortgage loans payable, net $ 27,280,925 $ 27,254,431 Aggregate future principal payments of mortgage loans payable as of September 30, 2018 are as follows: Year Amount Remainder of 2018 $ — 2019 253,331 2020 262,106 2021 271,185 2022 280,578 Thereafter 26,432,800 Total $ 27,500,000

RELATED PARTY ARRANGEMENTS

RELATED PARTY ARRANGEMENTS	9 Months Ended
	Sep. 30, 2018
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, 2020. 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 comprised of 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 of the outstanding shares of each class of common stock 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 common stock 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 (the “Hurdle Amount”), RREEF America will receive up to 10% of the aggregate total return allocable to such class with a Catch-Up (defined below) calculated as follows: first, if the total return for the applicable period exceeds the Hurdle Amount, 25% of such total return in excess of the Hurdle Amount (the “Excess Profits”) until the total return reaches 10% (commonly referred to as a “Catch-Up”); and second, to the extent there are remaining Excess Profits, 10% of such remaining Excess Profits. 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 performance component is calculated daily on a year-to-date basis by reference to a proration of the per annum hurdle as of the date of calculation. Any resulting performance component as of a given date is deducted from the published NAV per share for such date. At each interim balance sheet date, the Company considers the estimated performance component that is probable to be due as of the end of the current calendar year in assessing whether the calculated performance component as of the interim balance sheet date meets the threshold for recognition in accordance with GAAP in the Company's consolidated financial statements. The ultimate amount of the performance component as of the end of the current calendar year, if any, may be more or less than the amount recognized by the Company as of any interim date and will depend on a variety of factors, including but not limited to, the performance of the Company's investments, interest rates, capital raise and redemptions. The Company considers the estimated performance component as of September 30, 2018 to be sufficiently probable to warrant recognition of a performance component as of September 30, 2018 in the Company's consolidated financial statements. The fixed component earned by RREEF America, and the performance component recognized by the Company, for the three and nine months ended September 30, 2018 and 2017 , are shown below. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Fixed component $ 332,353 $ 270,369 $ 911,568 $ 774,770 Performance component 210,000 353,301 300,000 353,301 $ 542,353 $ 623,670 $ 1,211,568 $ 1,128,071 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 September 30, 2018 and 2017 , RREEF America incurred $69,742 and $63,329 of reimbursable operating expenses and offering costs, respectively, that were subject to reimbursement under the Advisory Agreement. For the nine months ended September 30, 2018 and 2017 , RREEF America incurred $233,940 and $ 204,819 of reimbursable operating expenses and offering costs, respectively, that were subject to reimbursement under the Advisory Agreement. As of September 30, 2018 and December 31, 2017 , the Company had a payable to RREEF America of $ 76,525 and $58,874 , respectively, of operating expenses and offering costs 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 September 30, 2018 and 2017 , the Company reimbursed RREEF America $232,686 and $232,686 , respectively. For the nine months ended September 30, 2018 and 2017 , the Company reimbursed RREEF America $690,471 and $690,473 , respectively. The amount of Deferred O&O payable to RREEF America is shown below. September 30, 2018 December 31, 2017 Total Deferred O&O $ 4,618,318 $ 4,618,318 Cumulative reimbursements made to RREEF America (4,380,573 ) (3,690,102 ) Remaining Deferred O&O reimbursable to RREEF America $ 237,745 $ 928,216 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 date upon which the aggregate Expense Payments by RREEF America reached $9,200,000 . As of 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. The Company has not received any Expense Payments since December 31, 2015. In accordance with the Expense Support Agreement, the Company was to reimburse RREEF America $250,000 per quarter (the "Quarterly Reimbursement"), representing a non-interest bearing note due to RREEF America ("Note to Affiliate") which was subject to the imputation of interest. In accordance therewith, on 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. 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 in the form of the Note to Affiliate. 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 September 30, 2018 and 2017 , the Company amortized $36,371 and $35,675 , respectively, of the discount on the Note to Affiliate into interest expense. For the nine months ended September 30, 2018 and 2017 , the Company amortized $108,588 and $106,508 , 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 unreimbursed Expense Payments under the Expense Support Agreement shall be waived. Dealer Manager Agreement On July 1, 2016, the Company and its Operating Partnership entered into a new dealer manager agreement (the "Dealer Manager Agreement") with DWS Distributors, Inc. (formerly known as Deutsche 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 September 30, 2018 and December 31, 2017 , the Company has accrued $80,554 and $67,279 , respectively, in Trailing Fees currently payable to the Dealer Manager, and $2,869,271 and $2,238,576 , 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 sheets. The Company also pays the Dealer Manager upfront selling commissions and upfront dealer manager fees in connection with its Offerings, as applicable. For the three months ended September 30, 2018 and 2017 , the Dealer Manager earned upfront selling commissions and upfront dealer manager fees totaling $277,077 and $41,466 , respectively. For the nine months ended September 30, 2018 and 2017 , the Dealer Manager earned upfront selling commissions and upfront dealer manager fees totaling $441,406 and $76,700 , respectively. 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 or the Dealer Manager, 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 September 30, 2018 and 2017 , the Dealer Manager incurred $67,000 and $80,000 , respectively, in such costs on behalf of the Company. For the nine months ended September 30, 2018 and 2017 , the Dealer Manager incurred $287,823 and $228,203 , respectively, in such costs on behalf of the Company. As of September 30, 2018 and December 31, 2017 , the Company had payable to the Dealer Manager $295,343 and $315,622 , 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, September 30, 2018 and December 31, 2017 $ 4,618,318 $ 3,775,369 $ 7,031,029 $ 15,424,716 (1) Includes $913,132 and $1,355,890 of estimated accrued Trailing Fees payable in the future as of September 30, 2018 and December 31, 2017, respectively. As of September 30, 2018 , in the Follow-On Public Offering, the Company had raised $57,800,338 in gross proceeds and incurred total organization and offering costs of $6,090,879 , including estimated accrued Trailing Fees payable in the future of $1,956,139 . 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, 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 September 30, 2018 , total operating expenses of the Company were $3,604,820 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 September 30, 2018 and December 31, 2017 , the Company owed its affiliates the following amounts: September 30, 2018 December 31, 2017 Deferred O&O $ 237,745 $ 928,216 Reimbursable under the Advisory Agreement 76,525 58,874 Reimbursable under the Dealer Manager Agreement 295,343 315,622 Advisory fees 412,555 766,624 Accrued Trailing Fees 2,949,826 2,305,855 Due to affiliates $ 3,971,994 $ 4,375,191 Note to Affiliate $ 8,950,000 $ 8,950,000 Unamortized discount (1,401,165 ) (1,509,753 ) Note to Affiliate, net of unamortized discount $ 7,548,835 $ 7,440,247

CAPITALIZATION

CAPITALIZATION	9 Months Ended
	Sep. 30, 2018
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 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. 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; (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 other disposition of all or substantially all of the Company's assets. 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 and nine months ended September 30, 2018 and 2017 , redemptions were as shown below. The Company funded these redemptions with cash flow from operations, proceeds from its public offerings or borrowings on the line of credit. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Three Months Ended September 30, 2018 Shares Weighted Average Share Price Amount Class A 95,496 $ 13.98 $ 1,334,534 Class I 44,865 14.08 631,873 Class T — — — Nine Months Ended September 30, 2018 Shares Weighted Average Share Price Amount Class A 234,674 $ 13.87 $ 3,254,765 Class I 162,464 13.96 2,262,111 Class T — — — Three Months Ended September 30, 2017 Shares Weighted Average Share Price Amount Class A 89,747 $ 13.48 $ 1,209,895 Class I 179,284 13.59 2,435,188 Class T — — — Nine Months Ended September 30, 2017 Shares Weighted Average Share Price Amount Class A 180,196 $ 13.40 $ 2,414,334 Class I 241,808 13.54 3,275,020 Class T 4,043 * 15.29 61,818 * Repurchased in private transactions. 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.

NET INCOME (LOSS) PER SHARE NET

NET INCOME (LOSS) PER SHARE NET INCOME (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE The Company computes net income (loss) per share of Class A, Class I and Class T common stock using the two-class method. RREEF America may earn a performance component of the advisory fee (see Note 8) which may impact the net income (loss) of each class of common stock differently. The performance component for three and nine months ended September 30, 2018 and 2017 , and the impact on each class of common stock, are shown below. In periods where no performance component of the advisory fee is recognized in the Company’s consolidated statement of operations, the net income (loss) per share will be the same for each class of common stock. Basic and diluted net income (loss) per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. The Company has not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income (loss) per share for a given class of common stock is the same for each period presented. The following table sets forth the computation of basic and diluted net income (loss) per share for each of the Company’s Class A, Class I and Class T common stock. Three Months Ended September 30, 2018 Class A Class I Class T Basic and diluted net loss per share: Allocation of net loss before performance fee $ (216,006 ) $ (297,490 ) $ (24,369 ) Allocation of performance fees (81,961 ) (124,068 ) (3,971 ) Total numerator $ (297,967 ) $ (421,558 ) $ (28,340 ) Denominator - weighted average number of common shares outstanding 3,777,836 5,202,959 426,209 Basic and diluted net loss per share: $ (0.08 ) $ (0.08 ) $ (0.07 ) Nine Months Ended September 30, 2018 Class A Class I Class T Basic and diluted net loss per share: Allocation of net loss before performance fee $ (623,732 ) $ (808,987 ) $ (36,901 ) Allocation of performance fees (117,087 ) (177,240 ) (5,673 ) Total numerator $ (740,819 ) $ (986,227 ) $ (42,574 ) Denominator - weighted average number of common shares outstanding 3,719,098 4,823,708 220,030 Basic and diluted net loss per share: $ (0.20 ) $ (0.20 ) $ (0.19 ) Three Months Ended September 30, 2017 Class A Class I Class T Basic and diluted net loss per share: Allocation of net loss before performance fee $ (294,674 ) $ (339,812 ) $ (559 ) Allocation of performance fees (132,219 ) (220,958 ) (124 ) Total numerator $ (426,893 ) $ (560,770 ) $ (683 ) Denominator - weighted average number of common shares outstanding 3,677,266 4,240,550 6,982 Basic and diluted net loss per share: $ (0.12 ) $ (0.13 ) $ (0.10 ) Nine Months Ended September 30, 2017 Class A Class I Class T Basic and diluted net loss per share: Allocation of net loss before performance fee $ (750,645 ) $ (822,413 ) $ (1,426 ) Allocation of performance fees (132,219 ) (220,958 ) (124 ) Total numerator $ (882,864 ) $ (1,043,371 ) $ (1,550 ) Denominator - weighted average number of common shares outstanding 3,675,618 4,027,040 6,982 Basic and diluted net loss per share: $ (0.24 ) $ (0.26 ) $ (0.22 )

DISTRIBUTIONS

DISTRIBUTIONS	9 Months Ended
	Sep. 30, 2018
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 first three quarters of 2018 and 2017 and for the nine months ended September 30, 2018 and 2017 . Three Months Ended Nine Months Ended September 30, 2018 March 31, 2018 June 30, 2018 September 30, 2018 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00189004 $ 0.00190140 $ 0.00192261 Distributions paid or payable in cash $ 780,511 $ 831,391 $ 928,395 $ 2,540,297 Distributions reinvested 619,468 661,799 733,528 2,014,795 Distributions declared $ 1,399,979 $ 1,493,190 $ 1,661,923 $ 4,555,092 Class A Shares issued upon reinvestment 22,714 22,901 23,500 69,115 Class I Shares issued upon reinvestment 21,479 23,520 27,180 72,179 Class T Shares issued upon reinvestment 678 976 1,548 3,202 Three Months Ended Nine Months Ended September 30, 2017 March 31, 2017 June 30, 2017 September 30, 2017 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00183555 $ 0.00183207 $ 0.00185445 Distributions paid or payable in cash $ 716,755 $ 742,522 $ 772,986 $ 2,232,263 Distributions reinvested 518,614 541,538 578,604 1,638,756 Distributions declared $ 1,235,369 $ 1,284,060 $ 1,351,590 $ 3,871,019 Class A Shares issued upon reinvestment 23,567 23,806 23,649 71,022 Class I Shares issued upon reinvestment 15,152 16,611 18,986 50,749 Class T Shares issued upon reinvestment — — 17 17 Shown below are details by share class of the Company's distributions for each of the first three quarters of 2018 and 2017 and for the nine months ended September 30, 2018 and 2017 . Three Months Ended Nine Months Ended September 30, 2018 March 31, 2018 June 30, 2018 September 30, 2018 Class A $ 593,300 $ 603,263 $ 631,342 $ 1,827,905 Class I 794,033 865,555 960,012 2,619,600 Class T 12,646 24,372 70,569 107,587 Distributions declared $ 1,399,979 $ 1,493,190 $ 1,661,923 $ 4,555,092 Three Months Ended Nine Months Ended September 30, 2017 March 31, 2017 June 30, 2017 September 30, 2017 Class A $ 572,184 $ 584,416 $ 594,252 $ 1,750,852 Class I 662,918 699,644 756,964 2,119,526 Class T 267 — 374 641 Distributions declared $ 1,235,369 $ 1,284,060 $ 1,351,590 $ 3,871,019

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2018
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. Net worth and similar taxes paid to certain states where the Company owns real estate properties were $88 and $14,209 for the three months ended September 30, 2018 and 2017 , respectively. The net worth and similar taxes paid to certain states where the Company owns real estate properties were $23,338 and $36,415 for the nine months ended September 30, 2018 and 2017 , respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION For the nine months ended September 30, 2018 and 2017 , 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 September 30, 2018 and December 31, 2017 and net income (loss) for the three and nine months ended September 30, 2018 and 2017 . Real Estate Properties Real Estate Equity Securities Total Carrying value as of September 30, 2018 $ 166,169,253 $ 15,697,601 $ 181,866,854 Reconciliation to total assets of September 30 , 2018 Carrying value per reportable segments $ 181,866,854 Corporate level assets 9,702,537 Total assets $ 191,569,391 Carrying value as of December 31, 2017 $ 150,923,848 $ 10,046,177 $ 160,970,025 Reconciliation to total assets of December 31, 2017 Carrying value per reportable segments $ 160,970,025 Corporate level assets 8,346,307 Total assets $ 169,316,332 Three Months Ended September 30, 2018 Real Estate Properties Real Estate Equity Securities Total Rental and other property income $ 4,302,433 $ — $ 4,302,433 Tenant reimbursement income 688,482 — 688,482 Investment income on marketable securities 136,832 136,832 Total revenues 4,990,915 136,832 5,127,747 Segment operating expenses 1,597,996 14,319 1,612,315 Net realized gain upon sale of marketable securities — 201,769 201,769 Net unrealized loss on investment in marketable securities (1) — (201,223 ) (201,223 ) Operating income - segments $ 3,392,919 $ 123,059 $ 3,515,978 (1) Net unrealized gain or loss on investment in marketable securities included pursuant to adoption of ASU 2016-01. See Note 2. Three Months Ended September 30, 2017 Rental and other property income $ 3,819,417 $ — $ 3,819,417 Tenant reimbursement income 540,528 — 540,528 Investment income on marketable securities — 84,836 84,836 Total revenues 4,359,945 84,836 4,444,781 Segment operating expenses 1,446,432 12,341 1,458,773 Net realized loss upon sale of marketable securities — (25,389 ) (25,389 ) Operating income - segments $ 2,913,513 $ 47,106 $ 2,960,619 Three Months Ended September 30, Reconciliation to net loss 2018 2017 Operating income - segments $ 3,515,978 $ 2,960,619 General and administrative expenses (420,183 ) (395,446 ) Advisory expenses (542,353 ) (623,670 ) Depreciation (1,162,905 ) (1,085,483 ) Amortization (1,125,428 ) (933,854 ) Operating income (loss) 265,109 (77,834 ) Interest expense (1,012,974 ) (910,512 ) Net loss $ (747,865 ) $ (988,346 ) Nine Months Ended September 30, 2018 Real Estate Properties Real Estate Equity Securities Total Rental and other property income $ 11,969,709 $ — $ 11,969,709 Tenant reimbursement income 1,907,590 — 1,907,590 Investment income on marketable securities — 345,609 345,609 Total revenues 13,877,299 345,609 14,222,908 Segment operating expenses 4,348,090 37,198 4,385,288 Net realized loss upon sale of marketable securities (206,763 ) (206,763 ) Net unrealized gain on investment in marketable securities 280,022 280,022 Operating income - segments $ 9,529,209 $ 381,670 $ 9,910,879 Nine Months Ended September 30, 2017 Rental and other property income $ 11,400,901 $ — $ 11,400,901 Tenant reimbursement income 1,608,351 — 1,608,351 Investment income on marketable securities — 205,692 205,692 Total revenues 13,009,252 205,692 13,214,944 Segment operating expenses 4,093,912 27,673 4,121,585 Net realized gain upon sale of marketable securities 22,407 22,407 Operating income - segments $ 8,915,340 $ 200,426 $ 9,115,766 Nine Months Ended September 30, Reconciliation to net loss 2018 2017 Operating income - segments $ 9,910,879 $ 9,115,766 General and administrative expenses (1,404,092 ) (1,244,860 ) Advisory expenses (1,211,569 ) (1,128,071 ) Depreciation (3,325,560 ) (3,253,971 ) Amortization (2,938,390 ) (2,794,203 ) Operating income 1,031,268 694,661 Interest expense (2,800,888 ) (2,622,446 ) Net loss $ (1,769,620 ) $ (1,927,785 )

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	9 Months Ended
	Sep. 30, 2018
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	9 Months Ended
	Sep. 30, 2018
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	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On October 1, 2018, the Company disclosed that its board of directors declared a daily cash distribution equal to $0.00192836 per share of common stock (before adjustment for applicable class-specific fees) for all such shares of record on each day from October 1, 2018 through December 31, 2018. As of October 1, 2018, there were no Class D Shares or Class N Shares outstanding. On November 8, 2018, the board of directors of the Company, including a majority of the independent directors, approved the renewal of the Advisory Agreement by and among the Company, the Operating Partnership and RREEF America effective as of January 20, 2019 for an additional one -year term expiring January 20, 2020. The terms of the Advisory Agreement otherwise remain unchanged.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2018
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 nine months ended September 30, 2018 except for the adoption of Accounting Standards Updates ("ASU") noted below in Note 2. The interim financial data as of September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 is unaudited. In our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods.
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.
Recent Accounting Pronouncements	Real Estate Investments and Lease Intangibles 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 previous implementation guidance, real estate was broadly interpreted to be a business, which required, 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 consolidated balance sheet. The Company adopted ASU 2017-01 on its effective date of January 1, 2018, which did not have an impact on the Company's consolidated financial statements. Acquisitions of real estate investments after January 1, 2018 will be evaluated based on ASU 2017-01 and may result in the capitalization of acquisition related costs for those acquisitions deemed to be asset acquisitions. Investments in Marketable Securities Effective January 1, 2018, the Company adopted ASU 2016-01, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities, which improves certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 revised the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. Since the Company's inception and prior to adoption of ASU 2016-01, it has accounted for its investments in equity securities as available for sale securities, with unrealized changes in fair value recognized in other comprehensive income or loss. Beginning January 1, 2018, the net unrealized change in the fair value of the Company's investments in marketable securities is recorded in earnings as part of operating income or loss. The Company adopted ASU 2016-01 using a modified retrospective approach that resulted in recording, on January 1, 2018, a cumulative effect adjustment of $735,639 of net unrealized gain on its investments in marketable securities as of December 31, 2017 into deficit in the accompanying consolidated financial statements. The Company has reclassified the $25,389 of net realized loss and $22,407 of net realized gain upon sale of marketable securities on the accompanying consolidated statement of operations for the three and nine months ended September 30, 2017 , respectively, to include it in operating income or loss for comparative purposes. This reclassification has not changed the Company's net loss for the three and nine months ended September 30, 2017 . Recent Accounting Pronouncement s 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. Common area maintenance reimbursements within a real estate lease under ASU 2016-02 are considered a non-lease component and as such, would have to be evaluated under the revenue recognition guidance of ASU 2014-09. However, in July 2018, FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements. Under ASU 2018-11, a lessor may elect a practical expedient to not separate lease and non-lease components of a lease and instead account for them as a single component if two criteria are met: (1) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same, and (2) the lease component, if accounted for separately, would be classified as an operating lease. Furthermore, the combined component will be accounted for under the new revenue recognition guidance of ASU 2014-09 if the non-lease components are the predominant component of the combined component. Otherwise, the combined component will be accounted for under the lease guidance of ASU 2016-02. 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 September 30, 2018 , the Company is not a lessee under any lease contracts. As of September 30, 2018 , all of the Company's leases are classified as operating leases, and it is expected that such leases will continue to be classified as operating leases under ASU 2016-02. The Company intends to adopt ASU 2016-02 when it is effective on January 1, 2019. The Company is still evaluating the impact of ASU 2016-02 and subsequent amendments on its consolidated financial statements but currently does not expect adoption of ASU 2016-02 to have a material impact. In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurement. ASU 2018-13 changes the fair value measurement disclosure requirements of ASC 820 by eliminating, modifying or adding certain disclosure requirements for fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods therein. However, ASU 2018-13 allows an entity to early adopt the provisions regarding eliminating or modifying certain disclosures while not adopting the provisions regarding additional disclosures until the effective date of the ASU. The Company is evaluating the impact of ASU 2018-13 but does not expect a material change to its fair value disclosures. Revenue Recognition In May 2014, the 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. 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. The Company adopted ASU 2014-09, as amended, on its effective of January 1, 2018, using the cumulative effect adjustment method in the period of adoption. The adoption of ASU 2014-09 did not have a material impact on the Company's consolidated financial statements.
Investments in Marketable Securities	Investments in Marketable Securities Effective January 1, 2018, the Company adopted ASU 2016-01, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities, which improves certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 revised the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. Since the Company's inception and prior to adoption of ASU 2016-01, it has accounted for its investments in equity securities as available for sale securities, with unrealized changes in fair value recognized in other comprehensive income or loss. Beginning January 1, 2018, the net unrealized change in the fair value of the Company's investments in marketable securities is recorded in earnings as part of operating income or loss. The Company adopted ASU 2016-01 using a modified retrospective approach that resulted in recording, on January 1, 2018, a cumulative effect adjustment of $735,639 of net unrealized gain on its investments in marketable securities as of December 31, 2017 into deficit in the accompanying consolidated financial statements. The Company has reclassified the $25,389 of net realized loss and $22,407 of net realized gain upon sale of marketable securities on the accompanying consolidated statement of operations for the three and nine months ended September 30, 2017 , respectively, to include it in operating income or loss for comparative purposes.
Organization and Offering Expenses	Organization and Offering Costs Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred. 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 manager 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 manager for amounts that it 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 manager 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.
Net Earnings or Loss per Share	Net Earnings or Loss Per Share Net earnings or loss per share is calculated using the two-class method. The two-class method is utilized when an entity (1) has different classes of common stock that participate differently in net earnings or loss, or (2) has issued participating securities, which are securities that participate in distributions separately from the entity’s common stock. Pursuant to the advisory agreement between the Company and its advisor (see Note 8), the advisor may earn a performance component of the advisory fee which is calculated separately for each class of common stock which therefore may result in a different allocation of net earnings or loss to each class of common stock. Since the Company’s inception, the Company has not issued any participating securities.
Concentration of Credit Risk	Concentration of Credit Risk As of September 30, 2018 and December 31, 2017 , 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.

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Schedule of Purchase Price Allocation	The Company's allocation of the purchase price (including acquisition related costs) of Miami Industrial is as follows: Miami Industrial Land $ 9,420,343 Building and improvements 8,125,485 Acquired in-place leases 3,751,504 Acquired below-market leases (455,013 ) Total purchase price $ 20,842,319
Estimated Revenues and Net Loss, on a Pro Forma Basis	The Company recorded revenues and net loss related to Miami Industrial, acquired during the three and nine months ended September 30, 2018 as follows: Three and Nine Months Ended September 30, 2018 Revenues $ 416,727 Net loss (117,213 ) The Company’s estimated revenues and net loss, on a pro forma basis (as if the acquisition of Miami Industrial was completed on January 1, 2017), for the three and nine months ended September 30, 2018 are as follows: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenues $ 5,207,968 $ 15,210,628 Net loss (777,281 ) (2,131,800 ) Basic and diluted net loss per share of Class A common stock $ (0.08 ) $ (0.24 ) Basic and diluted net loss per share of Class I common stock $ (0.08 ) $ (0.25 ) Basic and diluted net loss per share of Class T common stock $ (0.07 ) $ (0.23 )

RENTAL UNDER OPERATING LEASES (

RENTAL UNDER OPERATING LEASES (Tables)	9 Months Ended
	Sep. 30, 2018
Leases [Abstract]
Schedule of Rental and Other Property Income	The Company's rental and other property income from its real estate investments for the three and nine months ended September 30, 2018 and 2017 is comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Rental revenue $ 3,979,066 $ 3,714,023 $ 11,866,716 $ 10,836,073 Straight-line revenue 257,840 67,638 (52,691 ) 450,710 Above- and below-market lease amortization, net 91,650 63,878 233,200 191,634 Lease incentive amortization (26,123 ) (26,122 ) (77,516 ) (77,516 ) Rental and other property income $ 4,302,433 $ 3,819,417 $ 11,969,709 $ 11,400,901
Tenants Representing Greater Than 10% of Gross Rental Revenues	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 and nine months ended September 30, 2018 and 2017 are shown below. Percent of actual gross rental revenues Property Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Flats at Carrs Hill, Athens, GA 16.2 % 16.7 % Loudoun Gateway, Sterling, VA 14.8 16.2 Allied Drive, Dedham, MA 14.6 15.9 Anaheim Hills Office Plaza, Anaheim, CA 11.7 12.5 Terra Nova Plaza, Chula Vista, CA 11.1 11.9 Commerce Corner, Logan Township, NJ 10.5 10.4 Total 78.9 % 83.6 % Percent of actual gross rental revenues Tenant Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Orbital ATK Inc. - Loudoun Gateway 14.8 % 16.2 % New England Baptist Hospital - Allied Drive 12.6 13.5 Total 27.4 % 29.7 % Percent of actual gross rental revenues Property Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Flats at Carrs Hill, Athens, GA 17.7 % 17.4 % Loudoun Gateway, Sterling, VA 16.7 17.3 Allied Drive, Dedham, MA 15.7 16.2 Terra Nova Plaza, Chula Vista, CA 13.0 12.5 Anaheim Hills Office Plaza, Anaheim, CA 12.9 12.6 Commerce Corner, Logan Township, NJ 10.6 10.4 Total 86.6 % 86.4 % Percent of actual gross rental revenues Tenant Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Orbital ATK Inc. - Loudoun Gateway 16.7 % 17.3 % New England Baptist Hospital - Allied Drive 13.4 13.7 Total 30.1 % 31.0 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of September 30, 2018 and 2017 were as follows: Percent of in-place annualized base rental revenues as of Property September 30, 2018 September 30, 2017 Orbital ATK Inc. - Loudoun Gateway 17.5 % 18.7 % New England Baptist Hospital - Allied Drive 9.9 10.7 Total 27.4 % 29.4 %

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	The following is a summary of the Company's marketable securities held as of September 30, 2018 and December 31, 2017 , which consisted entirely of publicly-traded shares of common stock in REITs as of each date. All marketable securities held as of December 31, 2017 were available-for-sale securities and none were considered impaired on an other-than-temporary basis. Pursuant to ASU 2016-01 adopted by the Company (see Note 2), beginning on January 1, 2018, changes in fair value of the Company's investments in marketable securities are recorded in earnings. September 30, 2018 December 31, 2017 Marketable securities—cost $ 14,681,940 $ 9,310,538 Unrealized gains 1,091,409 832,651 Unrealized losses (75,748 ) (97,012 ) Net unrealized gain 1,015,661 735,639 Marketable securities—fair value $ 15,697,601 $ 10,046,177

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Line of Credit and Mortgage Loans Payable	The following is a reconciliation of the carrying amount of the of the line of credit and mortgage loans payable as of September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Line of credit $ 67,500,000 $ 63,100,000 Deduct: Deferred financing costs, less accumulated amortization (570,191 ) (77,939 ) Line of credit, net $ 66,929,809 $ 63,022,061 Mortgage loans payable $ 27,500,000 $ 27,500,000 Deduct: Deferred financing costs, less accumulated amortization (219,075 ) (245,569 ) Mortgage loans payable, net $ 27,280,925 $ 27,254,431
Schedule of Aggregate Future Principal Payments	Aggregate future principal payments of mortgage loans payable as of September 30, 2018 are as follows: Year Amount Remainder of 2018 $ — 2019 253,331 2020 262,106 2021 271,185 2022 280,578 Thereafter 26,432,800 Total $ 27,500,000

RELATED PARTY ARRANGEMENTS (Tab

RELATED PARTY ARRANGEMENTS (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	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, September 30, 2018 and December 31, 2017 $ 4,618,318 $ 3,775,369 $ 7,031,029 $ 15,424,716 (1) Includes $913,132 and $1,355,890 of estimated accrued Trailing Fees payable in the future as of September 30, 2018 and December 31, 2017, respectively. The amount of Deferred O&O payable to RREEF America is shown below. September 30, 2018 December 31, 2017 Total Deferred O&O $ 4,618,318 $ 4,618,318 Cumulative reimbursements made to RREEF America (4,380,573 ) (3,690,102 ) Remaining Deferred O&O reimbursable to RREEF America $ 237,745 $ 928,216 The fixed component earned by RREEF America, and the performance component recognized by the Company, for the three and nine months ended September 30, 2018 and 2017 , are shown below. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Fixed component $ 332,353 $ 270,369 $ 911,568 $ 774,770 Performance component 210,000 353,301 300,000 353,301 $ 542,353 $ 623,670 $ 1,211,568 $ 1,128,071 In accordance with all the above, as of September 30, 2018 and December 31, 2017 , the Company owed its affiliates the following amounts: September 30, 2018 December 31, 2017 Deferred O&O $ 237,745 $ 928,216 Reimbursable under the Advisory Agreement 76,525 58,874 Reimbursable under the Dealer Manager Agreement 295,343 315,622 Advisory fees 412,555 766,624 Accrued Trailing Fees 2,949,826 2,305,855 Due to affiliates $ 3,971,994 $ 4,375,191 Note to Affiliate $ 8,950,000 $ 8,950,000 Unamortized discount (1,401,165 ) (1,509,753 ) Note to Affiliate, net of unamortized discount $ 7,548,835 $ 7,440,247

CAPITALIZATION (Tables)

CAPITALIZATION (Tables)	9 Months Ended
	Sep. 30, 2018
Capitalization [Abstract]
Schedule of authorized common shares	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
Schedule of repurchase agreements including shares authorized	During the three and nine months ended September 30, 2018 and 2017 , redemptions were as shown below. The Company funded these redemptions with cash flow from operations, proceeds from its public offerings or borrowings on the line of credit. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Three Months Ended September 30, 2018 Shares Weighted Average Share Price Amount Class A 95,496 $ 13.98 $ 1,334,534 Class I 44,865 14.08 631,873 Class T — — — Nine Months Ended September 30, 2018 Shares Weighted Average Share Price Amount Class A 234,674 $ 13.87 $ 3,254,765 Class I 162,464 13.96 2,262,111 Class T — — — Three Months Ended September 30, 2017 Shares Weighted Average Share Price Amount Class A 89,747 $ 13.48 $ 1,209,895 Class I 179,284 13.59 2,435,188 Class T — — — Nine Months Ended September 30, 2017 Shares Weighted Average Share Price Amount Class A 180,196 $ 13.40 $ 2,414,334 Class I 241,808 13.54 3,275,020 Class T 4,043 * 15.29 61,818 * Repurchased in private transactions.

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share Basic and Diluted	The following table sets forth the computation of basic and diluted net income (loss) per share for each of the Company’s Class A, Class I and Class T common stock. Three Months Ended September 30, 2018 Class A Class I Class T Basic and diluted net loss per share: Allocation of net loss before performance fee $ (216,006 ) $ (297,490 ) $ (24,369 ) Allocation of performance fees (81,961 ) (124,068 ) (3,971 ) Total numerator $ (297,967 ) $ (421,558 ) $ (28,340 ) Denominator - weighted average number of common shares outstanding 3,777,836 5,202,959 426,209 Basic and diluted net loss per share: $ (0.08 ) $ (0.08 ) $ (0.07 ) Nine Months Ended September 30, 2018 Class A Class I Class T Basic and diluted net loss per share: Allocation of net loss before performance fee $ (623,732 ) $ (808,987 ) $ (36,901 ) Allocation of performance fees (117,087 ) (177,240 ) (5,673 ) Total numerator $ (740,819 ) $ (986,227 ) $ (42,574 ) Denominator - weighted average number of common shares outstanding 3,719,098 4,823,708 220,030 Basic and diluted net loss per share: $ (0.20 ) $ (0.20 ) $ (0.19 ) Three Months Ended September 30, 2017 Class A Class I Class T Basic and diluted net loss per share: Allocation of net loss before performance fee $ (294,674 ) $ (339,812 ) $ (559 ) Allocation of performance fees (132,219 ) (220,958 ) (124 ) Total numerator $ (426,893 ) $ (560,770 ) $ (683 ) Denominator - weighted average number of common shares outstanding 3,677,266 4,240,550 6,982 Basic and diluted net loss per share: $ (0.12 ) $ (0.13 ) $ (0.10 ) Nine Months Ended September 30, 2017 Class A Class I Class T Basic and diluted net loss per share: Allocation of net loss before performance fee $ (750,645 ) $ (822,413 ) $ (1,426 ) Allocation of performance fees (132,219 ) (220,958 ) (124 ) Total numerator $ (882,864 ) $ (1,043,371 ) $ (1,550 ) Denominator - weighted average number of common shares outstanding 3,675,618 4,027,040 6,982 Basic and diluted net loss per share: $ (0.24 ) $ (0.26 ) $ (0.22 )

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	9 Months Ended
	Sep. 30, 2018
Distributions [Abstract]
Schedule of distributions	Shown below are details of the Company's distributions for the first three quarters of 2018 and 2017 and for the nine months ended September 30, 2018 and 2017 . Three Months Ended Nine Months Ended September 30, 2018 March 31, 2018 June 30, 2018 September 30, 2018 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00189004 $ 0.00190140 $ 0.00192261 Distributions paid or payable in cash $ 780,511 $ 831,391 $ 928,395 $ 2,540,297 Distributions reinvested 619,468 661,799 733,528 2,014,795 Distributions declared $ 1,399,979 $ 1,493,190 $ 1,661,923 $ 4,555,092 Class A Shares issued upon reinvestment 22,714 22,901 23,500 69,115 Class I Shares issued upon reinvestment 21,479 23,520 27,180 72,179 Class T Shares issued upon reinvestment 678 976 1,548 3,202 Three Months Ended Nine Months Ended September 30, 2017 March 31, 2017 June 30, 2017 September 30, 2017 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00183555 $ 0.00183207 $ 0.00185445 Distributions paid or payable in cash $ 716,755 $ 742,522 $ 772,986 $ 2,232,263 Distributions reinvested 518,614 541,538 578,604 1,638,756 Distributions declared $ 1,235,369 $ 1,284,060 $ 1,351,590 $ 3,871,019 Class A Shares issued upon reinvestment 23,567 23,806 23,649 71,022 Class I Shares issued upon reinvestment 15,152 16,611 18,986 50,749 Class T Shares issued upon reinvestment — — 17 17
Distributions declared	Shown below are details by share class of the Company's distributions for each of the first three quarters of 2018 and 2017 and for the nine months ended September 30, 2018 and 2017 . Three Months Ended Nine Months Ended September 30, 2018 March 31, 2018 June 30, 2018 September 30, 2018 Class A $ 593,300 $ 603,263 $ 631,342 $ 1,827,905 Class I 794,033 865,555 960,012 2,619,600 Class T 12,646 24,372 70,569 107,587 Distributions declared $ 1,399,979 $ 1,493,190 $ 1,661,923 $ 4,555,092 Three Months Ended Nine Months Ended September 30, 2017 March 31, 2017 June 30, 2017 September 30, 2017 Class A $ 572,184 $ 584,416 $ 594,252 $ 1,750,852 Class I 662,918 699,644 756,964 2,119,526 Class T 267 — 374 641 Distributions declared $ 1,235,369 $ 1,284,060 $ 1,351,590 $ 3,871,019

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 and December 31, 2017 and net income (loss) for the three and nine months ended September 30, 2018 and 2017 . Real Estate Properties Real Estate Equity Securities Total Carrying value as of September 30, 2018 $ 166,169,253 $ 15,697,601 $ 181,866,854 Reconciliation to total assets of September 30 , 2018 Carrying value per reportable segments $ 181,866,854 Corporate level assets 9,702,537 Total assets $ 191,569,391 Carrying value as of December 31, 2017 $ 150,923,848 $ 10,046,177 $ 160,970,025 Reconciliation to total assets of December 31, 2017 Carrying value per reportable segments $ 160,970,025 Corporate level assets 8,346,307 Total assets $ 169,316,332 Three Months Ended September 30, 2018 Real Estate Properties Real Estate Equity Securities Total Rental and other property income $ 4,302,433 $ — $ 4,302,433 Tenant reimbursement income 688,482 — 688,482 Investment income on marketable securities 136,832 136,832 Total revenues 4,990,915 136,832 5,127,747 Segment operating expenses 1,597,996 14,319 1,612,315 Net realized gain upon sale of marketable securities — 201,769 201,769 Net unrealized loss on investment in marketable securities (1) — (201,223 ) (201,223 ) Operating income - segments $ 3,392,919 $ 123,059 $ 3,515,978 (1) Net unrealized gain or loss on investment in marketable securities included pursuant to adoption of ASU 2016-01. See Note 2. Three Months Ended September 30, 2017 Rental and other property income $ 3,819,417 $ — $ 3,819,417 Tenant reimbursement income 540,528 — 540,528 Investment income on marketable securities — 84,836 84,836 Total revenues 4,359,945 84,836 4,444,781 Segment operating expenses 1,446,432 12,341 1,458,773 Net realized loss upon sale of marketable securities — (25,389 ) (25,389 ) Operating income - segments $ 2,913,513 $ 47,106 $ 2,960,619 Three Months Ended September 30, Reconciliation to net loss 2018 2017 Operating income - segments $ 3,515,978 $ 2,960,619 General and administrative expenses (420,183 ) (395,446 ) Advisory expenses (542,353 ) (623,670 ) Depreciation (1,162,905 ) (1,085,483 ) Amortization (1,125,428 ) (933,854 ) Operating income (loss) 265,109 (77,834 ) Interest expense (1,012,974 ) (910,512 ) Net loss $ (747,865 ) $ (988,346 ) Nine Months Ended September 30, 2018 Real Estate Properties Real Estate Equity Securities Total Rental and other property income $ 11,969,709 $ — $ 11,969,709 Tenant reimbursement income 1,907,590 — 1,907,590 Investment income on marketable securities — 345,609 345,609 Total revenues 13,877,299 345,609 14,222,908 Segment operating expenses 4,348,090 37,198 4,385,288 Net realized loss upon sale of marketable securities (206,763 ) (206,763 ) Net unrealized gain on investment in marketable securities 280,022 280,022 Operating income - segments $ 9,529,209 $ 381,670 $ 9,910,879 Nine Months Ended September 30, 2017 Rental and other property income $ 11,400,901 $ — $ 11,400,901 Tenant reimbursement income 1,608,351 — 1,608,351 Investment income on marketable securities — 205,692 205,692 Total revenues 13,009,252 205,692 13,214,944 Segment operating expenses 4,093,912 27,673 4,121,585 Net realized gain upon sale of marketable securities 22,407 22,407 Operating income - segments $ 8,915,340 $ 200,426 $ 9,115,766 Nine Months Ended September 30, Reconciliation to net loss 2018 2017 Operating income - segments $ 9,910,879 $ 9,115,766 General and administrative expenses (1,404,092 ) (1,244,860 ) Advisory expenses (1,211,569 ) (1,128,071 ) Depreciation (3,325,560 ) (3,253,971 ) Amortization (2,938,390 ) (2,794,203 ) Operating income 1,031,268 694,661 Interest expense (2,800,888 ) (2,622,446 ) Net loss $ (1,769,620 ) $ (1,927,785 )

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($)	May 30, 2013	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Feb. 16, 2017	Jul. 12, 2016	Jan. 20, 2016	Jan. 15, 2016
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Issuance of common stock, value		$ 30,376,055	$ 10,353,815
Common stock, par value (in usd per share)					$ 0.01
Class I Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Issuance of common stock, value	$ 10,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01		$ 0.01
Class D Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in usd per share)		0.01		0.01				$ 0.01
Class A Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in usd per share)		0.01		0.01		$ 0.01
Class T Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in usd per share)		0.01		0.01		0.01
Class N Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in usd per share)		$ 0.01		$ 0.01		$ 0.01
Private Offering | Class D Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of stock authorized for sale							$ 350,000,000
Primary Follow On Offering | Common Class A, Class I, and Class T
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of stock authorized for sale						$ 2,100,000,000
Distribution Reinvestment Follow On Offering | Common Class A, Class I, Class N, and Class T
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of stock authorized for sale						$ 200,000,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment					$ 0
Net realized gain (loss) upon sale of marketable securities	$ 201,769	$ (25,389)	$ (206,763)	$ 22,407
Accrued trailing fee-estimated payable for future	$ 2,869,271		$ 2,869,271		2,238,576
RREEF America
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%		15.00%
Underwriting compensation for public offering as percent of gross offering proceeds	10.00%		10.00%
Class A Common Stock
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%
Class T Common Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Underwriting compensation for public offering as percent of gross offering proceeds	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%
Class I Common Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of dealer manager fee	0.55%		0.55%
Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment					735,639
Accumulated Other Comprehensive Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment					(735,639)
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net realized gain (loss) upon sale of marketable securities		$ (25,389)		$ 22,407
Accounting Standards Update 2016-01 | Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment					735,639
Accounting Standards Update 2016-01 | Accumulated Other Comprehensive Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment					$ (735,639)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
RREEF America
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note to affiliate	$ 2,600,000	$ 2,400,000
Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans payable	$ 25,985,182	$ 26,610,378

REAL ESTATE INVESTMENTS Purchas

REAL ESTATE INVESTMENTS Purchase Price Allocation (Details) - Miami Industrial Properties	Jul. 17, 2018USD ($)
Schedule of Asset Acquisitions, By Acquisition [Line Items]
Land	$ 9,420,343
Building and improvements	8,125,485
Acquired in-place leases	3,751,504
Acquired below-market leases	(455,013)
Total purchase price	$ 20,842,319

REAL ESTATE INVESTMENTS Narrati

REAL ESTATE INVESTMENTS Narrative (Details)	Jul. 17, 2018USD ($)ft²Propertytenant	Sep. 30, 2018Propertytenant	Sep. 30, 2017Propertytenant	Sep. 30, 2018USD ($)Propertytenant	Sep. 30, 2017USD ($)Propertytenant
Real Estate [Line Items]
Investment in real estate and related assets				$ 20,618,450	$ 0
Proceeds from line of credit				$ 19,900,000	$ 3,250,000
Number of tenants | tenant		21	19	21	19
Miami Industrial Properties
Real Estate [Line Items]
Number of properties | Property	3	3	0	3	0
Investment in real estate and related assets	$ 20,700,000
Proceeds from line of credit	$ 19,900,000
Area of property (in sq ft) | ft²	289,919
Number of tenants | tenant	3
Acquisition related costs	$ 142,319
Miami Industrial Properties | Warehouse
Real Estate [Line Items]
Number of properties | Property	3

REAL ESTATE INVESTMENTS Pro For

REAL ESTATE INVESTMENTS Pro Forma (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of Asset Acquisitions, By Acquisition [Line Items]
Revenues	$ 5,127,747	$ 4,444,781	$ 14,222,908	$ 13,214,944
Net loss	(747,865)	(988,346)	(1,769,620)	(1,927,785)
Asset Acquisition, Pro Forma Information [Abstract]
Revenues	5,207,968		15,210,628
Net loss	(777,281)		(2,131,800)
Class A Common Stock
Schedule of Asset Acquisitions, By Acquisition [Line Items]
Net loss	$ (297,967)	(426,893)	$ (740,819)	(882,864)
Asset Acquisition, Pro Forma Information [Abstract]
Basic and diluted net income (loss) per share of common stock (in usd per share)	$ (0.08)		$ (0.24)
Class I Common Stock
Schedule of Asset Acquisitions, By Acquisition [Line Items]
Net loss	$ (421,558)	(560,770)	$ (986,227)	(1,043,371)
Asset Acquisition, Pro Forma Information [Abstract]
Basic and diluted net income (loss) per share of common stock (in usd per share)	$ (0.08)		$ (0.25)
Class T Common Stock
Schedule of Asset Acquisitions, By Acquisition [Line Items]
Net loss	$ (28,340)	$ (683)	$ (42,574)	$ (1,550)
Asset Acquisition, Pro Forma Information [Abstract]
Basic and diluted net income (loss) per share of common stock (in usd per share)	$ (0.07)		$ (0.23)
Miami Industrial Properties
Schedule of Asset Acquisitions, By Acquisition [Line Items]
Revenues	$ 416,727		$ 416,727
Net loss	$ (117,213)		$ (117,213)

RENTAL UNDER OPERATING LEASES N

RENTAL UNDER OPERATING LEASES Narrative (Details)	Sep. 30, 2018Propertytenant	Sep. 30, 2017Propertytenant
Operating Leased Assets [Line Items]
Number of tenants | tenant	21	19
Office Building
Operating Leased Assets [Line Items]
Number of real estate properties owned	4	4
Medical Office Property [Member]
Operating Leased Assets [Line Items]
Number of real estate properties owned	1	1
Retail Property
Operating Leased Assets [Line Items]
Number of real estate properties owned	2	2
Industrial Property
Operating Leased Assets [Line Items]
Number of real estate properties owned	4	1
Multifamily
Operating Leased Assets [Line Items]
Number of real estate properties owned	1	1
Number of tenants | tenant	316	316

RENTAL UNDER OPERATING LEASES R

RENTAL UNDER OPERATING LEASES Rental and Other Property Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Leases [Abstract]
Rental revenue	$ 3,979,066	$ 3,714,023	$ 11,866,716	$ 10,836,073
Straight line revenue	257,840	67,638	(52,691)	450,710
Above- and below-market lease amortization, net	91,650	63,878	233,200	191,634
Lease incentive amortization	(26,123)	(26,122)	(77,516)	(77,516)
Rental and other property income	$ 4,302,433	$ 3,819,417	$ 11,969,709	$ 11,400,901

RENTAL UNDER OPERATING LEASES C

RENTAL UNDER OPERATING LEASES Concentration Risk (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Sales Revenue, Gross | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	78.90%	86.60%	83.60%	86.40%
Sales Revenue, Gross | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage	27.40%	30.10%	29.70%	31.00%
Annualized Base Rental Revenues [Member] | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage			27.40%	29.40%
Orbital ATK Inc. - Loudoun Gateway | Sales Revenue, Gross | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage	14.80%	16.70%	16.20%	17.30%
Orbital ATK Inc. - Loudoun Gateway | Annualized Base Rental Revenues [Member] | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage			17.50%	18.70%
New England Baptist Hospital - Allied Drive | Sales Revenue, Gross | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage	12.60%	13.40%	13.50%	13.70%
New England Baptist Hospital - Allied Drive | Annualized Base Rental Revenues [Member] | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage			9.90%	10.70%
Flats at Carrs Hill, Athens, GA | Sales Revenue, Gross | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	16.20%	17.70%	16.70%	17.40%
Loudoun Gateway, Sterling, VA | Sales Revenue, Gross | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	14.80%	16.70%	16.20%	17.30%
Allied Drive, Dedham, MA | Sales Revenue, Gross | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	14.60%	15.70%	15.90%	16.20%
Anaheim Hills Office Plaza, Anaheim, CA | Sales Revenue, Gross | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	11.70%	12.90%	12.50%	12.60%
Terra Nova Plaza, Chula Vista, CA | Sales Revenue, Gross | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	11.10%	13.00%	11.90%	12.50%
Commerce Corner, Logan Township, NJ | Sales Revenue, Gross | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	10.50%	10.60%	10.40%	10.40%

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Marketable securities—cost	$ 14,681,940		$ 14,681,940		$ 9,310,538
Unrealized gains	1,091,409		1,091,409		832,651
Unrealized losses	(75,748)		(75,748)		(97,012)
Net unrealized gain	1,015,661		1,015,661		735,639
Marketable securities—fair value	15,697,601		15,697,601		$ 10,046,177
Proceeds from sale of marketable securities	5,468,743	$ 3,030,317	16,524,051	$ 10,943,630
Gross realized gains from sale of marketable securities	297,496	110,632	508,338	480,574
Gross realized losses from sale of marketable securities	$ 95,727	$ 136,021	$ 715,101	$ 458,167

NOTES PAYABLE (Details)

NOTES PAYABLE (Details)	Feb. 27, 2018USD ($)Propertyextension_option	Dec. 01, 2016USD ($)	Mar. 01, 2016USD ($)	Mar. 06, 2015extension_option	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Line of Credit Facility [Line Items]
Mortgage loans payable, net					$ 27,280,925		$ 27,280,925		$ 27,254,431
Interest expense					1,012,974	$ 910,512	2,800,888	$ 2,622,446
Mortgages
Line of Credit Facility [Line Items]
Mortgage loans payable, net					27,280,925		27,280,925		27,254,431
Nationwide Bank | Mortgages
Line of Credit Facility [Line Items]
Line of credit, term			10 years
Mortgage loans payable, net			$ 14,500,000
Interest rate			3.63%
Interest expense			$ 43,862
Hartford Life Insurance Company | Mortgages
Line of Credit Facility [Line Items]
Line of credit, term		7 years
Mortgage loans payable, net		$ 13,000,000
Interest rate		3.41%
Fixed rate period		24 months
Amortization period		30 years
Wells Fargo Line of Credit | Wells Fargo Bank
Line of Credit Facility [Line Items]
Line of credit, term				3 years
Number of extensions | extension_option				2
Extension period				1 year
Line of credit									$ 63,100,000
Line of credit, interest rate at period end									3.16%
Line of credit, current borrowing capacity									$ 69,900,795
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Line of Credit Facility [Line Items]
Line of credit, term	3 years
Number of extensions | extension_option	2
Extension period	1 year
Line of credit					$ 67,500,000		$ 67,500,000
Line of credit, interest rate at period end					3.76%		3.76%
Line of credit, current borrowing capacity					$ 95,510,154		$ 95,510,154
Maximum borrowing capacity	$ 100,000,000
Maximum borrowing capacity, expansion	200,000,000
Expansion feature, minimum increase limit for each request	$ 25,000,000
Percentage of property value	65.00%
Percentage of minimum debt yield	10.00%
Number of real estate properties owned | Property	5
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.60%
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.80%

NOTES PAYABLE Carrying Amount o

NOTES PAYABLE Carrying Amount of Debt (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Line of credit, net	$ 66,929,809	$ 63,022,061
Mortgage loans payable	27,500,000
Mortgage loans payable, net	27,280,925	27,254,431
Mortgages
Debt Instrument [Line Items]
Mortgage loans payable	27,500,000	27,500,000
Deduct: Deferred financing costs, less accumulated amortization	(219,075)	(245,569)
Mortgage loans payable, net	27,280,925	27,254,431
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Debt Instrument [Line Items]
Line of credit	67,500,000
Deduct: Deferred financing costs, less accumulated amortization	(570,191)
Line of credit, net	$ 66,929,809
Wells Fargo Line of Credit | Wells Fargo Bank
Debt Instrument [Line Items]
Line of credit		63,100,000
Deduct: Deferred financing costs, less accumulated amortization		(77,939)
Line of credit, net		$ 63,022,061

NOTES PAYABLE Future Principal

NOTES PAYABLE Future Principal Payments (Details)	Sep. 30, 2018USD ($)
Maturities of Long-term Debt [Abstract]
Remainder of 2018	$ 0
2,019	253,331
2,020	262,106
2,021	271,185
2,022	280,578
Thereafter	26,432,800
Total	$ 27,500,000

RELATED PARTY ARRANGEMENTS Narr

RELATED PARTY ARRANGEMENTS Narrative (Details)	Jun. 30, 2016USD ($)	Apr. 25, 2016USD ($)	Sep. 30, 2018USD ($)component$ / shares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)component$ / shares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)component$ / shares	Jan. 03, 2014USD ($)	Sep. 30, 2018USD ($)component$ / shares	Dec. 31, 2017USD ($)	Jan. 20, 2016USD ($)	Jan. 01, 2016USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Term of agreements					1 year
Number of components, advisory fees | component			2		2		2		2
Due to affiliate			$ 3,971,994		$ 3,971,994		$ 3,971,994		$ 3,971,994	$ 4,375,191
Sales commission and upfront dealer manager fees			277,077	$ 41,466	441,406	$ 76,700
Proceeds from common stock issuance	$ 102,831,442
Payment of offering costs					$ 2,976,153	2,305,716
Reimbursement period					60 months
Expense payments											$ 9,200,000
Due to related party, expenses, quarterly repayment commitment												$ 250,000
Related party note payable discount												$ 1,861,880
Minimum offering proceeds needed before expense repayment		$ 500,000,000
Amortization of discount on note to affiliate			$ 36,371	35,675	$ 108,588	106,508
Four fiscal quarter total operating expense							$ 3,604,820
RREEF America
Related Party Transaction [Line Items]
Daily advisory fee accrued as percentage of fixed component of investment			0.00274%		0.00274%		0.00274%		0.00274%
Percentage of RREEF America advisory fee to NAV			1.00%		1.00%		1.00%		1.00%
Performance fee to advisor, percentage return per share threshold			6.00%		6.00%		6.00%		6.00%
Performance fee to advisor, limit as percent of excess total return			10.00%		10.00%		10.00%		10.00%
Performance fee to advisor as percent of excess total return			25.00%		25.00%		25.00%		25.00%
Performance fee to advisor, net asset value per share, threshold to which no fee earned on increase | $ / shares			$ 12		$ 12		$ 12		$ 12
Advisory fees			$ 542,353	623,670	$ 1,211,568	1,128,071
Reimbursements to related parties during the period			$ 69,742	63,329	$ 233,940	204,819
Maximum offering costs as percentage of gross proceeds from initial public offering			15.00%		15.00%		15.00%		15.00%
Underwriting compensation for public offering as percent of gross offering proceeds			10.00%		10.00%		10.00%		10.00%
Offering costs incurred								$ 4,618,318
Offering costs, unpaid balance, days to due dates					30 days
Expense payments													$ 9,200,000
Note to Affiliate			$ 8,950,000		$ 8,950,000		$ 8,950,000		$ 8,950,000	8,950,000
Month reimbursement payment, next 12 months		$ 416,667
Month reimbursement payment, first 12 months		12 months
Month reimbursement payment, year two		$ 329,166
Duration of related party transaction, month reimbursement payment, second 12 months		12 months
Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses							2.00%
Expenses to advisor not reimbursable, percentage of net income excluding certain reductions threshold exceeded by operating expenses							25.00%
DWS Distributors
Related Party Transaction [Line Items]
Reimbursable under dealer agreement			67,000	80,000	287,823	228,203
Accounts payable, reimbursable under dealer agreement										315,622
Reimbursable under the Advisory Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliate			76,525		76,525		$ 76,525		76,525	58,874
Operating Expense | RREEF America
Related Party Transaction [Line Items]
Expense payments													5,229,181
Organization and offering costs
Related Party Transaction [Line Items]
Reimbursements to related parties during the period			232,686	232,686	690,471	690,473
Private Offering | RREEF America
Related Party Transaction [Line Items]
Expense payments													195,450
Trailing Fee
Related Party Transaction [Line Items]
Due to affiliate			80,554		80,554		80,554		80,554	67,279
Due from affiliate, noncurrent			2,869,271		2,869,271		2,869,271		2,869,271	2,238,576
Trailing Fee | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate			2,949,826		2,949,826		2,949,826		2,949,826	2,305,855
Reimbursable under Dealer Manager Agreement | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate			295,343		295,343		295,343		295,343	315,622
Accounts payable, reimbursable under dealer agreement			295,343		295,343		295,343		295,343
Fixed Component | RREEF America
Related Party Transaction [Line Items]
Advisory fees			332,353	270,369	911,568	774,770
Performance Component | RREEF America
Related Party Transaction [Line Items]
Advisory fees			210,000	$ 353,301	300,000	$ 353,301
Follow-On Public Offering
Related Party Transaction [Line Items]
Capital raised									57,800,338
Payment of offering costs									6,090,879
Follow-On Public Offering | Trailing Fee
Related Party Transaction [Line Items]
Due to affiliate, noncurrent			1,956,139		1,956,139		1,956,139		1,956,139
IPO
Related Party Transaction [Line Items]
Expense payments			$ 3,775,369		$ 3,775,369		$ 3,775,369		$ 3,775,369	$ 3,775,369
IPO | RREEF America
Related Party Transaction [Line Items]
Expense payments													$ 3,775,369
Measurement Input, Discount Rate
Related Party Transaction [Line Items]
Fair value inputs discount rate		0.0193

RELATED PARTY ARRANGEMENTS Orga

RELATED PARTY ARRANGEMENTS Organization and Offering Costs (Details) - RREEF America - Organization and Offering Costs [Member] - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Total Deferred O&O	$ 4,618,318	$ 4,618,318
Cumulative reimbursements made to RREEF America	(4,380,573)	(3,690,102)
Remaining Deferred O&O reimbursable to RREEF America	$ 237,745	$ 928,216

RELATED PARTY ARRANGEMENTS RELA

RELATED PARTY ARRANGEMENTS RELATED PARTY ARRANGEMENTS Public Offering (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017	Jan. 20, 2016
Related Party Transaction [Line Items]
Expense Payments - O&O Portion			$ 9,200,000
IPO
Related Party Transaction [Line Items]
Deferred O&O - RREEF America	$ 4,618,318	$ 4,618,318
Expense Payments - O&O Portion	3,775,369	3,775,369
Other organization and offering costs	7,031,029	7,031,029
Total organization and offering costs	15,424,716	15,424,716
Accrued trailing fee	$ 913,132	$ 1,355,890

RELATED PARTY ARRANGEMENTS Due

RELATED PARTY ARRANGEMENTS Due to Affiliates (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to affiliate	$ 3,971,994	$ 4,375,191
Unamortized discount	(1,401,165)	(1,509,753)
Note to Affiliate, net of unamortized discount	7,548,835	7,440,247
RREEF America
Related Party Transaction [Line Items]
Note to Affiliate	8,950,000	8,950,000
Unamortized discount	(1,401,165)	(1,509,753)
Note to Affiliate, net of unamortized discount	7,548,835	7,440,247
Organization and offering costs | RREEF America
Related Party Transaction [Line Items]
Deferred O&O	237,745	928,216
Reimbursable under the Advisory Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliate	76,525	58,874
Reimbursable under Dealer Manager Agreement | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate	295,343	315,622
Adviory Fees | RREEF America
Related Party Transaction [Line Items]
Due to affiliate	412,555	766,624
Trailing Fee
Related Party Transaction [Line Items]
Due to affiliate	80,554	67,279
Trailing Fee | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate	$ 2,949,826	$ 2,305,855

CAPITALIZATION (Details)

CAPITALIZATION (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Feb. 16, 2017	Jul. 12, 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
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%
Percentage of net asset value	4.00%
Short term trading penalty period	365 days
Short-term trading discount as percentage of gross proceeds	2.00%
Minimum balance of common stock, threshold to redeem shares	$ 500
RREEF America
Schedule of Capitalization [Line Items]
Underwriting compensation for public offering as percent of gross offering proceeds	10.00%
Class A Common Stock
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
Maximum selling commissions as percentage of purchase price	3.00%
Percentage of dealer manager fee	0.55%
Percentage of distribution fee	0.50%
Class I Common Stock
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
Percentage of dealer manager fee	0.55%
Class T Common Stock
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		0.01
Maximum selling commissions as percentage of purchase price	3.00%
Percentage of dealer manager fee	2.50%
Percentage of distribution fee	1.00%
Duration of distribution fee	3 years
Underwriting compensation for public offering as percent of gross offering proceeds	8.50%
Class D Common Stock
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%
Class N Common Stock
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	300,000,000	300,000,000	300,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01		$ 0.01

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basic and diluted net loss per share:
Net income (loss)	$ (747,865)	$ (988,346)	$ (1,769,620)	$ (1,927,785)
Class A Common Stock
Basic and diluted net loss per share:
Allocation of net loss before performance fee	(216,006)	(294,674)	(623,732)	(750,645)
Allocation of performance fees	(81,961)	(132,219)	(117,087)	(132,219)
Net income (loss)	$ (297,967)	$ (426,893)	$ (740,819)	$ (882,864)
Denominator - weighted average number of common shares outstanding (in shares)	3,777,836	3,677,266	3,719,098	3,675,618
Basic and diluted net loss per share (in usd per share)	$ (0.08)	$ (0.12)	$ (0.20)	$ (0.24)
Class I Common Stock
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$ (297,490)	$ (339,812)	$ (808,987)	$ (822,413)
Allocation of performance fees	(124,068)	(220,958)	(177,240)	(220,958)
Net income (loss)	$ (421,558)	$ (560,770)	$ (986,227)	$ (1,043,371)
Denominator - weighted average number of common shares outstanding (in shares)	5,202,959	4,240,550	4,823,708	4,027,040
Basic and diluted net loss per share (in usd per share)	$ (0.08)	$ (0.13)	$ (0.20)	$ (0.26)
Class T Common Stock
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$ (24,369)	$ (559)	$ (36,901)	$ (1,426)
Allocation of performance fees	(3,971)	(124)	(5,673)	(124)
Net income (loss)	$ (28,340)	$ (683)	$ (42,574)	$ (1,550)
Denominator - weighted average number of common shares outstanding (in shares)	426,209	6,982	220,030	6,982
Basic and diluted net loss per share (in usd per share)	$ (0.07)	$ (0.10)	$ (0.19)	$ (0.22)

CAPITALIZATION Weighted Average

CAPITALIZATION Weighted Average Redemption Prices (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of Capitalization, Equity [Line Items]
Shares redeemed, amount			$ 5,516,876
Class A
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	95,496	89,747	234,674	180,196
Weighted Average Share Price (in usd per share)	$ 13.98	$ 13.48	$ 13.87	$ 13.40
Shares redeemed, amount	$ 1,334,534	$ 1,209,895	$ 3,254,765	$ 2,414,334
Class I
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	44,865.21	179,284	162,464	241,808
Weighted Average Share Price (in usd per share)	$ 14.08	$ 13.59	$ 13.96	$ 13.54
Shares redeemed, amount	$ 631,873	$ 2,435,188	$ 2,262,111	$ 3,275,020
Class T
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	0	0	0	4,043
Weighted Average Share Price (in usd per share)	$ 0	$ 0	$ 0	$ 15.29
Shares redeemed, amount	$ 0	$ 0	$ 0	$ 61,818

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Class of Stock [Line Items]
Declared daily distribution rate, before adjustment for class-specific expenses (usd per share)	$ 0.00192261	$ 0.00190140	$ 0.00189004	$ 0.00185445	$ 0.00183207	$ 0.00183555
Distributions paid or payable in cash	$ 928,395	$ 831,391	$ 780,511	$ 772,986	$ 742,522	$ 716,755	$ 2,540,297	$ 2,232,263
Distributions reinvested	733,528	661,799	619,468	578,604	541,538	518,614	2,014,795	1,638,756
Distributions declared	1,661,923	1,493,190	1,399,979	1,351,590	1,284,060	1,235,369	4,555,092	3,871,019
Class A Common Stock
Class of Stock [Line Items]
Distributions declared	631,342	603,263	593,300	594,252	584,416	572,184	1,827,905	1,750,852
Class I Common Stock
Class of Stock [Line Items]
Distributions declared	960,012	865,555	794,033	756,964	699,644	662,918	2,619,600	2,119,526
Class T Common Stock
Class of Stock [Line Items]
Distributions declared	$ 70,569	$ 24,372	$ 12,646	$ 374	$ 0	$ 267	107,587	$ 641
Common Stock | Class A Common Stock
Class of Stock [Line Items]
Distributions reinvested							$ 691
Stock issued during period, dividend reinvestment plan (in shares)	23,500	22,901	22,714	23,649	23,806	23,567	69,115	71,022
Common Stock | Class I Common Stock
Class of Stock [Line Items]
Distributions reinvested							$ 722
Stock issued during period, dividend reinvestment plan (in shares)	27,180	23,520	21,479	18,986	16,611	15,152	72,179	50,749
Common Stock | Class T Common Stock
Class of Stock [Line Items]
Distributions reinvested							$ 32
Stock issued during period, dividend reinvestment plan (in shares)	1,548	976	678	16.6	0	0	3,202	17

DISTRIBUTIONS DISTRIBUTIONS Dis

DISTRIBUTIONS DISTRIBUTIONS Distributions Declared (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Class of Stock [Line Items]
Distributions declared	$ 1,661,923	$ 1,493,190	$ 1,399,979	$ 1,351,590	$ 1,284,060	$ 1,235,369	$ 4,555,092	$ 3,871,019
Class A
Class of Stock [Line Items]
Distributions declared	631,342	603,263	593,300	594,252	584,416	572,184	1,827,905	1,750,852
Class I
Class of Stock [Line Items]
Distributions declared	960,012	865,555	794,033	756,964	699,644	662,918	2,619,600	2,119,526
Class T
Class of Stock [Line Items]
Distributions declared	$ 70,569	$ 24,372	$ 12,646	$ 374	$ 0	$ 267	$ 107,587	$ 641

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Taxes paid to states where Company owns real estate properties	$ 88	$ 14,209	$ 23,338	$ 36,415

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)segment	Sep. 30, 2017USD ($)segment	Dec. 31, 2017USD ($)
Additional Disclosure [Abstract]
Number of reportable segments | segment			2	2
Real estate properties	$ 166,169,253		$ 166,169,253		$ 150,923,848
Investment in marketable securities	15,697,601		15,697,601		10,046,177
Total investment in real estate assets and marketable securities, net	181,866,854		181,866,854		160,970,025
Reconciliation to total assets of September 30 , 2018
Total assets	191,569,391		191,569,391		169,316,332
Revenues
Rental and other property income	4,302,433	$ 3,819,417	11,969,709	$ 11,400,901
Tenant reimbursement income	688,482	540,528	1,907,590	1,608,351
Investment income on marketable securities	136,832	84,836	345,609	205,692
Total revenues	5,127,747	4,444,781	14,222,908	13,214,944
Segment operating expenses	1,612,315	1,458,773	4,385,288	4,121,585
Net realized gain (loss) upon sale of marketable securities	201,769	(25,389)	(206,763)	22,407
Net unrealized gain on investment in marketable securities	(201,223)	0	280,022	0
Reconciliation to net loss
Operating income - segments	265,109	(77,834)	1,031,268	694,661
General and administrative expenses	(434,501)	(407,787)	(1,441,290)	(1,272,533)
Advisory expenses	(542,353)	(623,670)	(1,211,569)	(1,128,071)
Depreciation	(1,162,905)	(1,085,483)	(3,325,560)	(3,253,971)
Amortization	(1,125,428)	(933,854)	(2,938,390)	(2,794,203)
Operating income (loss)	265,109	(77,834)	1,031,268	694,661
Interest expense	(1,012,974)	(910,512)	(2,800,888)	(2,622,446)
Net loss	(747,865)	(988,346)	(1,769,620)	(1,927,785)
Real Estate Properties
Revenues
Rental and other property income	4,302,433	3,819,417	11,969,709	11,400,901
Tenant reimbursement income	688,482	540,528	1,907,590	1,608,351
Investment income on marketable securities		0	0	0
Total revenues	4,990,915	4,359,945	13,877,299	13,009,252
Segment operating expenses	1,597,996	1,446,432	4,348,090	4,093,912
Net realized gain (loss) upon sale of marketable securities	0	0
Net unrealized gain on investment in marketable securities	0
Real Estate Equity Securities
Revenues
Rental and other property income	0	0	0	0
Tenant reimbursement income	0	0	0	0
Investment income on marketable securities	136,832	84,836	345,609	205,692
Total revenues	136,832	84,836	345,609	205,692
Segment operating expenses	14,319	12,341	37,198	27,673
Net realized gain (loss) upon sale of marketable securities	201,769	(25,389)	(206,763)	22,407
Net unrealized gain on investment in marketable securities	(201,223)		280,022
Operating Segments
Additional Disclosure [Abstract]
Total investment in real estate assets and marketable securities, net	181,866,854		181,866,854		160,970,025
Reconciliation to net loss
Operating income - segments	3,515,978	2,960,619	9,910,879	9,115,766
Operating income (loss)	3,515,978	2,960,619	9,910,879	9,115,766
Operating Segments | Real Estate Properties
Additional Disclosure [Abstract]
Real estate properties	166,169,253		166,169,253		150,923,848
Reconciliation to net loss
Operating income - segments	3,392,919	2,913,513	9,529,209	8,915,340
Operating income (loss)	3,392,919	2,913,513	9,529,209	8,915,340
Operating Segments | Real Estate Equity Securities
Additional Disclosure [Abstract]
Investment in marketable securities	15,697,601		15,697,601		10,046,177
Reconciliation to net loss
Operating income - segments	123,059	47,106	381,670	200,426
Operating income (loss)	123,059	47,106	381,670	200,426
Corporate level assets
Reconciliation to total assets of September 30 , 2018
Total assets	9,702,537		9,702,537		$ 8,346,307
Segment Reconciling Items
Reconciliation to net loss
General and administrative expenses	$ (420,183)	$ (395,446)	$ (1,404,092)	$ (1,244,860)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	Nov. 08, 2018	Oct. 01, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017
Subsequent Event [Line Items]
Distributions declared per common shares (usd per share)			$ 0.00192261	$ 0.00190140	$ 0.00189004	$ 0.00185445	$ 0.00183207	$ 0.00183555
Class D Common Stock
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)			0						0
Class N Common Stock
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)			0						0
Subsequent Event
Subsequent Event [Line Items]
Distributions declared per common shares (usd per share)		$ 0.00192836
Advisory agreement, renewal term	1 year
Subsequent Event | Class D Common Stock
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)		0
Subsequent Event | Class N Common Stock
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)		0