Resource Real Estate Opportunity REIT II (RREO) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 08, 2021
Cover [Abstract]
Entity Registrant Name	Resource REIT, Inc.
Entity Central Index Key	0001559484
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		165,636,606
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	000-55430
Entity Tax Identification Number	88-0854717
Entity Address, Address Line One	1845 Walnut Street
Entity Address, Address Line Two	17th Floor
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	215
Local Phone Number	231-7050
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments:
Rental properties, net	$ 2,039,963	$ 897,975
Identified intangible assets, net	0	5
Assets held for sale - rental properties	75,215
Total investments	2,115,178	897,980
Cash	107,224	70,015
Restricted cash	19,976	14,769
Subtotal- cash and restricted cash	127,200	84,784
Due from related parties		2,763
Tenant receivables, net of allowance of $2,259 and $774, respectively	974	516
Prepaid expenses and other assets	10,192	6,000
Goodwill	154,667	154,935
Operating lease right-of-use assets	2,726	3,180
Total assets	2,410,937	1,150,158
Liabilities:
Mortgage notes payable, net	1,550,464	825,986
Accounts payable and accrued expenses	21,078	12,677
Accrued real estate taxes	20,759	7,370
Due to related parties		20,245
Tenant prepayments	2,227	1,210
Security deposits	5,201	2,860
Operating lease liabilities	2,761	3,190
Total liabilities	1,602,490	873,538
Equity:
Preferred stock, par value $.01; 10,000,000 shares authorized, none issued	0	0
Common stock, par value $.01; 1,000,000,000 shares authorized; 165,636,606 and 86,075,442 shares issued and outstanding (including 1,055,589 and 790,272 of unvested restricted shares, respectively)	1,656	861
Convertible stock; par value $.01; 50,000 shares authorized; 50,000 and 49,935 shares issued and outstanding, respectively	1	1
Additional paid-in capital	1,326,572	618,074
Accumulated other comprehensive income (loss)	(111)	(391)
Accumulated deficit	(519,671)	(469,736)
Total stockholders' equity	808,447	148,809
Noncontrolling interest		127,811
Total equity	808,447	276,620
Total liabilities and equity	$ 2,410,937	$ 1,150,158

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Tenant receivables, allowance	$ 2,259	$ 774
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	165,636,606	86,075,442
Common stock, outstanding (in shares)	165,636,606	86,075,442
Convertible stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible stock, authorized (in shares)	50,000	50,000
Convertible stock, issued (in shares)	50,000	49,935
Convertible stock, outstanding (in shares)	50,000	49,935
Unvested Restricted Shares
Common stock, issued (in shares)	1,055,589	790,272
Common stock, outstanding (in shares)	1,055,589	790,272

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Rental income	$ 62,961	$ 33,258	$ 178,466	$ 99,625
Property management fee income - related parties		289	342	289
Asset management fee income - related parties		702	833	702
Other revenue			37
Total revenues	62,961	34,249	179,678	100,616
Expenses:
Property operating expenses	17,013	10,652	48,824	28,911
Real estate taxes	7,292	4,033	22,477	12,864
Acquisition costs				113
Property management fees - third party	1,696	392	5,017	392
Property management fees- related party		1,124		4,071
Asset Management fees - related party		2,335		8,518
Transaction costs		1,849		1,849
Casualty loss	454	18	1,372	221
General and administrative- Property related	1,335	954	3,982	2,640
General and administrative- Corporate	5,207	1,972	18,454	5,332
Loss on disposal of assets	188	142	606	363
Depreciation and amortization expense	24,128	12,760	75,178	38,927
Total expenses	57,313	36,231	175,910	104,201
Income (loss) before other income (expense)	5,648	(1,982)	3,768	(3,585)
Other income (expense):
Interest expense	(10,774)	(5,632)	(36,204)	(19,772)
Interest income		42	21	141
Gain on sale of rental property			18,734
Gain on sale of land easement		20		310
Insurance proceeds in excess of cost basis	80	3	241	39
Total other income (expense)	(10,694)	(5,567)	(17,208)	(19,282)
Loss before income taxes	(5,046)	(7,549)	(13,440)	(22,867)
Provision for income taxes			(206)
Net loss	(5,046)	(7,549)	(13,646)	(22,867)
Redemption of preferred OP units	(342)		(342)
Preferred return to preferred OP unit holders	(921)	(286)	(3,161)	(286)
Net loss after preferred return	(6,309)	(7,835)	(17,149)	(23,153)
Less: Allocation of income to preferred unit holders attributable to noncontrolling interest	47	6	158	6
Less: Net loss attributable to noncontrolling interest	188	171	696	171
Net loss attributable to common stockholders	$ (6,074)	$ (7,658)	$ (16,295)	$ (22,976)
Weighted average common shares outstanding- basic	158,320	85,598	150,202	85,533
Weighted average common shares outstanding- diluted	158,320	85,598	150,202	85,533
Net loss per common share- BASIC	$ (0.04)	$ (0.09)	$ (0.11)	$ (0.27)
Net loss per common share- DILUTED	$ (0.04)	$ (0.09)	$ (0.11)	$ (0.27)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net loss	$ (5,046)	$ (7,549)	$ (13,646)	$ (22,867)
Other comprehensive income (loss):
Reclassification adjustment for realized loss on designated derivatives	61	29	120	109
Designated derivatives, fair value adjustments	(168)	(288)	169	(258)
Total comprehensive loss	(5,153)	(7,808)	(13,357)	(23,016)
Redemption of preferred OP units	(342)		(342)
Preferred return to preferred OP unit holders	(921)	(286)	(3,161)	(286)
Total comprehensive loss after preferred return to preferred OP unit holders	(6,416)	(8,094)	(16,860)	(23,302)
Net loss attributable to noncontrolling interest	188	171	696	171
Allocation of income to preferred unit holders attributable to noncontrolling interest	47	6	158	6
Total other comprehensive loss (income) attributable to noncontrolling interest	12	6	(9)	6
Comprehensive (income) loss attributable to noncontrolling interest	247	183	845	183
Comprehensive loss attributable to common stockholders	$ (6,169)	$ (7,911)	$ (16,015)	$ (23,119)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Convertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interest
Beginning balance at Dec. 31, 2019	$ 182,815	$ 850	$ 1	$ 616,310	$ (218)	$ (434,128)	$ 182,815
Beginning balance (in shares) at Dec. 31, 2019		85,045,000	50,000
Common stock issued through the distribution reinvestment plan	6,085	$ 7		6,078			6,085
Common stock issued through distribution reinvestment plan (in shares)		717,000
Distributions declared	(10,449)					(10,449)	(10,449)
Common stock redemptions	(301)	$ (1)		(300)			(301)
Common stock redemptions (in shares)		(34,000)
Other comprehensive income (loss)	98				98		98
Net income (loss)	(8,821)					(8,821)	(8,821)
Ending balance at Mar. 31, 2020	169,427	$ 856	$ 1	622,088	(120)	(453,398)	169,427
Ending balance (in shares) at Mar. 31, 2020		85,728,000	50,000
Beginning balance at Dec. 31, 2019	182,815	$ 850	$ 1	616,310	(218)	(434,128)	182,815
Beginning balance (in shares) at Dec. 31, 2019		85,045,000	50,000
Common stock issued through the distribution reinvestment plan	6,085
Preferred return to preferred OP unit holders or Allocation of income to preferred unit holders	(286)
Net income (loss)	(22,867)
Ending balance at Sep. 30, 2020	281,868	$ 863	$ 1	620,901	(361)	(467,553)	153,851	$ 128,017
Ending balance (in shares) at Sep. 30, 2020		86,389,000	50,000
Beginning balance at Mar. 31, 2020	169,427	$ 856	$ 1	622,088	(120)	(453,398)	169,427
Beginning balance (in shares) at Mar. 31, 2020		85,728,000	50,000
Common stock redemptions	(1,182)	$ (1)		(1,181)			(1,182)
Common stock redemptions (in shares)		(130,000)
Other comprehensive income (loss)	12				12		12
Net income (loss)	(6,497)					(6,497)	(6,497)
Ending balance at Jun. 30, 2020	161,760	$ 855	$ 1	620,907	(108)	(459,895)	161,760
Ending balance (in shares) at Jun. 30, 2020		85,598,000	50,000
Issuance of operating partnership units in Self-Management Transaction	128,200							128,200
Issuance of restricted stock		$ 8		(8)
Issuance of restricted stock (in shares)		791,000
Stock-based compensation	2			2			2
Preferred return to preferred OP unit holders or Allocation of income to preferred unit holders	(286)					(280)	(280)	(6)
Other comprehensive income (loss)	(259)				(253)		(253)	(6)
Net income (loss)	(7,549)					(7,378)	(7,378)	(171)
Ending balance at Sep. 30, 2020	281,868	$ 863	$ 1	620,901	(361)	(467,553)	153,851	128,017
Ending balance (in shares) at Sep. 30, 2020		86,389,000	50,000
Beginning balance at Dec. 31, 2020	$ 276,620	$ 861	$ 1	618,074	(391)	(469,736)	148,809	127,811
Beginning balance (in shares) at Dec. 31, 2020	86,075,442	86,076,000	50,000
Merger	$ 645,275	$ 712		644,563			645,275
Merger, Shares		71,222,000
Common stock issued through the distribution reinvestment plan	2,490	$ 3		2,487			2,490
Common stock issued through distribution reinvestment plan (in shares)		289,000
Issuance of restricted stock		$ 5		(5)
Issuance of restricted stock (in shares)		568,000
Stock-based compensation	3,022			3,022			3,022
Distributions declared	(11,584)					(11,029)	(11,029)	(555)
Common stock redemptions	(2,777)	$ (3)		(2,774)			(2,777)
Common stock redemptions (in shares)		(306,000)
Preferred return to preferred OP unit holders or Allocation of income to preferred unit holders	(1,120)					(1,061)	(1,061)	(59)
Other comprehensive income (loss)	417				395		395	22
Net income (loss)	(16,377)					(15,512)	(15,512)	(865)
Ending balance at Mar. 31, 2021	895,966	$ 1,578	$ 1	1,265,367	4	(497,338)	769,612	126,354
Ending balance (in shares) at Mar. 31, 2021		157,849,000	50,000
Beginning balance at Dec. 31, 2020	$ 276,620	$ 861	$ 1	618,074	(391)	(469,736)	148,809	127,811
Beginning balance (in shares) at Dec. 31, 2020	86,075,442	86,076,000	50,000
Common stock issued through the distribution reinvestment plan	$ 7,868
Common stock redemptions (in shares)	(695,553)
Preferred return to preferred OP unit holders or Allocation of income to preferred unit holders	$ (3,161)
Net income (loss)	(13,646)
Ending balance at Sep. 30, 2021	$ 808,447	$ 1,656	$ 1	1,326,572	(111)	(519,671)	808,447
Ending balance (in shares) at Sep. 30, 2021	165,636,606	165,637,000	50,000
Beginning balance at Mar. 31, 2021	$ 895,966	$ 1,578	$ 1	1,265,367	4	(497,338)	769,612	126,354
Beginning balance (in shares) at Mar. 31, 2021		157,849,000	50,000
Common stock issued through the distribution reinvestment plan	2,674	$ 3		2,671			2,674
Common stock issued through distribution reinvestment plan (in shares)		311,000
Issuance of restricted stock (in shares)		(1,000)
Stock-based compensation	379			379			379
Distributions declared	(11,594)					(11,039)	(11,039)	(555)
Common stock redemptions	(1,349)	$ (1)		(1,348)			(1,349)
Common stock redemptions (in shares)		(149,000)
Preferred return to preferred OP unit holders or Allocation of income to preferred unit holders	(1,120)					(1,068)	(1,068)	(52)
Other comprehensive income (loss)	(21)				(20)		(20)	(1)
Net income (loss)	7,777					7,420	7,420	357
Ending balance at Jun. 30, 2021	892,712	$ 1,580	$ 1	1,267,069	(16)	(502,025)	766,609	126,103
Ending balance (in shares) at Jun. 30, 2021		158,010,000	50,000
Common stock issued through the distribution reinvestment plan	2,704	$ 3		2,701			2,704
Common stock issued through distribution reinvestment plan (in shares)		314,000
Issuance of restricted stock (in shares)		14,000
Stock-based compensation	400			400			400
Distributions declared	(11,572)					(11,572)	(11,572)
Common stock redemptions	(2,181)	$ (2)		(2,179)			(2,181)
Common stock redemptions (in shares)		(241,000)
Conversion of common OP Units to common stock		$ 75		58,581			58,656	(58,656)
Conversion of common OP Units to common stock (in shares)		7,540,000
Redemption of preferred OP units	(67,542)					(329)	(329)	(67,213)
Preferred return to preferred OP unit holders or Allocation of income to preferred unit holders	(921)					(887)	(887)	(34)
Other comprehensive income (loss)	(107)				(95)		(95)	(12)
Net income (loss)	(5,046)					(4,858)	(4,858)	$ (188)
Ending balance at Sep. 30, 2021	$ 808,447	$ 1,656	$ 1	$ 1,326,572	$ (111)	$ (519,671)	$ 808,447
Ending balance (in shares) at Sep. 30, 2021	165,636,606	165,637,000	50,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (13,646)	$ (22,867)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on disposal of assets	606	363
Casualty (gains)/ losses, net of insurance proceeds received	881	(533)
Net gain on disposition of property	(18,734)
Net gain on sale of land easement		(310)
Loss on extinguishment of debt	1,462
Depreciation and amortization	75,178	38,927
Amortization of deferred financing costs	1,887	1,117
Amortization of debt premium (discount)	216	(246)
Realized loss on change in fair value of interest rate cap	120	109
Stock-based compensation	3,801	2
Accretion of discount and direct loan fees and costs		(31)
Changes in operating assets and liabilities, net of acquisitions:
Tenant receivables, net	(149)	(226)
Prepaid expenses and other assets	3,677	(3,134)
Due to/from related parties, net	23	1,527
Accounts payable and accrued expenses	4,586	(776)
Tenant prepayments	(713)	24
Security deposits	357	276
Net cash provided by operating activities	59,552	14,222
Cash flows from investing activities:
Proceeds from disposal of property, net of closing costs	24,122
Cash acquired in connection with the Merger, net of acquisition costs	76,858
Proceeds from sale of land easement		312
Working capital paid in Self-Management Transaction		(852)
Insurance proceeds received for casualty losses	6,853	674
Capital expenditures	(18,260)	(8,513)
Principal payments received on loans held for investment		20
Payment of consideration related to Self-Management Transaction	(19,125)
Net cash provided by (used in) investing activities	70,448	(8,359)
Cash flows from financing activities:
Redemptions of common and convertible stock	(6,307)	(1,483)
Redemptions of preferred OP units	(67,542)
Payment of deferred financing costs	(5,523)
Borrowings on mortgages	33,202	9,452
Principal repayments on mortgages	(10,815)	(8,459)
Purchase of interest rate caps	(556)	(295)
Distributions paid on common stock	(26,882)	(4,364)
Distributions paid to preferred OP unit holders	(3,161)
Net cash used in financing activities	(87,584)	(5,149)
Net increase in cash and restricted cash	42,416	714
Cash and restricted cash at beginning of period	84,784	61,838
Cash and restricted cash at end of period	$ 127,200	$ 62,552

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Reconciliation of cash and restricted cash
Cash	$ 107,224	$ 70,015	$ 50,427
Restricted cash	19,976	14,769	12,125
Cash and restricted cash at end of period	$ 127,200	$ 84,784	$ 62,552	$ 61,838

Nature of Business and Operatio

Nature of Business and Operations	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Operations	NOTE 1 - NATURE OF BUSINESS AND OPERATIONS Resource REIT, Inc., formerly known as Resource Real Estate Opportunity REIT II, Inc. (“REIT II”) was organized in Maryland on September 28, 2012. REIT II launched an initial public offering in February 2014, the primary portion of which terminated in February 2016. Substantially all of the business of Resource REIT, Inc. is conducted through RRE Opportunity OP II, LP (“OP II” or the “Operating Partnership”) in which Resource REIT, Inc. is the sole general partner. Resource REIT, Inc.'s objective is to make investments in apartment communities to provide investors with growing cash flow and increasing asset values. The Company has acquired and may continue to acquire underperforming apartments which it will renovate and stabilize in order to increase rents. Resource REIT, Inc. elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes under the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ending December 31, 2014. Resource REIT, Inc. also operates its business in a manner intended to permit it to maintain its exemption from registration under the Investment Company Act of 1940, as amended. Mergers with Resource Real Estate Opportunity REIT, Inc. and Resource Apartment REIT III, Inc. On September 8, 2020, REIT II entered into merger agreements (as described herein) to acquire each of Resource Real Estate Opportunity REIT, Inc. (“REIT I”) and Resource Apartment REIT III, Inc. (“REIT III”) in stock-for-stock transactions whereby each of REIT I and REIT III were to be merged into one of REIT II’s wholly owned subsidiaries. The REIT I Merger (as defined below) and the REIT III Merger (as defined below) are referred to collectively herein as the Mergers. Each of the Mergers was intended to qualify as a “reorganization” under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended. The Mergers became effective as of January 28, 2021. REIT I Merger On September 8, 2020 , REIT II, OP II, Revolution I Merger Sub, LLC, a wholly-owned subsidiary of REIT II (“Merger Sub I”), REIT I, and Resource Real Estate Opportunity OP, LP (“OP I”), the operating partnership of REIT I, entered into an Agreement and Plan of Merger (the “REIT I Merger Agreement”). Effective January 28, 2021 , REIT I merged with and into Merger Sub I, with Merger Sub I surviving as direct, wholly-owned subsidiary of REIT II (the “REIT I Company Merger”) and OP I merged with and into OP II (the “REIT I Partnership Merger” and, together with the REIT I Company Merger, the “REIT I Merger”), with OP II surviving. At such time, the separate existence of REIT I and OP I ceased. At the effective time of the REIT I Company Merger, each issued and outstanding share of REIT I’s common stock (or fraction thereof) converted into the right to receive 1.22423 shares of REIT II’s common stock, and each issued and outstanding share of REIT I’s convertible stock converted into the right to receive $ 0.02 in cash (without interest). At the effective time of the REIT I Partnership Merger, each common unit of partnership interests in OP I outstanding immediately prior to the effective time of the REIT I Partnership Merger converted into the right to receive 1.22423 common units of partnership interest in OP II ("OP Common Units") and each Series A Cumulative Participating Redeemable Preferred Unit in OP I issued and outstanding immediately prior to the effective time of the REIT I Partnership Merger converted into the right to receive one Series A Cumulative Participating Redeemable Preferred Unit in OP II ("OP Preferred Units"). REIT III Merger On September 8, 2020 , REIT II, OP II, Revolution III Merger Sub, LLC, a wholly-owned subsidiary of REIT II (“Merger Sub III”), REIT III, and Resource Apartment OP III, LP (“OP III”), the operating partnership of REIT III, entered into an Agreement and Plan of Merger (the “REIT III Merger Agreement”). Effective January 28, 2021 , REIT III merged with and into Merger Sub III, with Merger Sub III surviving as a direct, wholly-owned subsidiary of REIT II (the “REIT III Company Merger”) and OP III merged with and into OP II (the “REIT III Partnership Merger” and, together with the REIT III Company Merger, the “REIT III Merger”), with OP II surviving the REIT III Partnership Merger. At such time, the separate existence of REIT III and OP III ceased. The REIT I Merger and the REIT III Merger are hereinafter together referred to as the “Merger”. At the effective time of the REIT III Company Merger, each issued and outstanding share of REIT III’s common stock (or fraction thereof) converted into the right to receive 0.925862 shares of REIT II’s common stock. At the effective time of the REIT III Partnership Merger, each common unit of partnership interests in OP III outstanding immediately prior to the effective time of the REIT III Partnership Merger was retired and ceased to exist. In addition, for each share of REIT II common stock issued in the REIT III Company Merger, a common unit of partnership interest was issued to REIT II by OP II. Effective as of the close of the REIT I Merger, REIT II acquired Resource Real Estate Opportunity Advisor II, LLC and Resource Real Estate Opportunity Advisor, LLC (the “Former Advisor”), Resource Apartment Advisor III, LLC and became a self-managed REIT. In connection with the Mergers, REIT II was the legal acquirer and REIT I was the accounting acquirer for financial reporting purposes, as discussed in Note 6, Rental Properties. Thus, the financial information set forth herein subsequent to the Mergers reflects results of the combined entity, and the financial information set forth herein prior to the Mergers reflects REIT I’s results. For this reason, period to period comparisons may not be meaningful. On September 8, 2020, REIT I, entered into a series of transactions to become self-managed (the “Self-Management Transaction”) as further described in Note 3, Self-Management Transaction, and succeeded to the advisory, asset management and property management arrangements in place for the Company. As of September 30, 2021 , a total of 165.6 million shares o f common stock, including shares issued through the distribution reinvestment plan, remain outstanding. The consolidated financial statements and the information and tables contained in the notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). However, in the opinion of management, these interim financial statements include all the necessary adjustments to fairly present the results of the interim periods presented. The REIT I consolidated balance sheet as of December 31, 2020 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2020. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020, included in the Amended Current Report on Form 8-K/A filed by the Company on April 8, 2021. The results of operations for the nine months ended September 30, 2021 may not necessarily be indicative of the results of operations for the full year ending December 31, 2021. The Company has adopted a fiscal year ending December 31. COVID-19 Pandemic One of the most significant risks and uncertainties facing the Company and the real estate industry generally continues to be the effect of the ongoing public health crisis of the novel coronavirus disease (“COVID-19”) pandemic. The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business, including how the pandemic is impacting its tenants. The Company did not incur significant disruptions from the COVID-19 pandemic during the three and nine months ended September 30, 2021; however, a small percentage of its tenants requested a rent deferral as a result of the pandemic. The Company evaluates each tenant rent deferral request on an individual basis, considering a number of factors. Not all tenant requests have or will ultimately result in modified agreements, nor is the Company forgoing its contractual rights under its lease agreements. There are no executed short-term rent deferral plans outstanding at September 30, 2021. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants depends on future developments, which cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures. The Company is unable to predict the ultimate impact that the pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows: Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with GAAP. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Concentration of Risk As of September 30, 2021, the Company's real estate investments in Texas, Georgia, Illinois, and Colorado represented 25 %, 13 %, 11 %, and 10 % , respectively, of the net book value of its rental property assets. Any adverse economi c or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders. 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 financial statements and the accompanying notes. Actual results could differ from those estimates. Adoption of New Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848).” ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. T he Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Accounting Standards Issued But Not Yet Effective In August 2020, FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. ASU 2020-06 addresses the complexity of guidance for certain financial (convertible) instruments with characteristics of liabilities and equity. ASU No. 2020-06 will be effective for the Company beginning January 1, 2022. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2020-06 to have a material effect on its consolidated financial statements and disclosures. Assets Held for Sale The Company presents rental property assets that qualify as held for sale separately in the consolidated balance sheets. Real estate assets held for sale are measured at the lower of carrying amount or fair value less cost to sell. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. As of September 30, 2021, the Company had four rental properties included in assets held for sale. As of December 31, 2020 , the Company had no rental properties included in assets held for sale. Rental Properties The Company records acquired rental properties at fair value on the acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the asset using the straight-line method. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 2.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related lease Improvements and replacements are capitalized when they have a useful life greater than or equal to one year . Construction management fees are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets, primarily investments in rental properties, for impairment indicators. The review considers factors such as past and expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss would be the adjustment to fair value less the estimated cost to dispose of the asset. In conjunction with the Mergers, and for the Company’s annual estimated value per share calculation of the combined company following the Mergers, a third-party was engaged to provide the estimated fair value of our rental properties as of January 28, 2021. The Company compared these values to its carrying values and concluded that there was no indication that the carrying value of the Company’s investments in real estate were not recoverable as of September 30, 2021 . There were no indications of impairment or impairment losses recorded on long-lived assets during the three and nine months ended September 30, 2021 and 2020 . Allocation of the Purchase Price of Acquired and Foreclosed Assets Acquisitions that do not meet the definition of a business under FASB Accounting Standards Codification ("ASC"), Business Combinations , ("ASC 805") are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered business combinations, as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the asset is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition, including transaction costs, to the assets acquired or liabilities assumed based on their relative fair value. Upon the acquisition of real properties, the Company allocates the purchase price of properties to acquired tangible assets consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if it were vacant. Management’s estimates of value are determined by independent appraisers. Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating the fair value of both the tangible and intangible acquired assets, the Company also considers information obtained about each property as a result of its pre-acquisition due diligence. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing relationships with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the average remaining term of the underlying leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization periods for the intangible assets exceed the remaining depreciable life of the building. The determination of the fair value of assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the purchase price allocations, which could impact the amount of the Company’s reported net income. Goodwill The Company records the excess of the cost of an acquired entity over the difference between the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit during the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. There have been no such events or changes in circumstances during the three and nine months ended September 30, 2021 and 2020 . Revenue Recognition and Receivables The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, where collection has been considered probable, on a straight-line basis over the term of the related lease, which is accounted for in accordance with ASC 842, Leases (“ASC 842”). The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $ 50.5 million for the remainder of 2021 and $ 85.9 million for the twelve months ending December 31, 2022. These figures include future minimum rentals to be received from noncancelable operating leases for residential rental properties held for sale of $ 2.6 million for the remainder of 2021 and $ 4.3 million for the twelve months ending December 31, 2022. The future minimum rental payments to be received from noncancelable operating leases for both commercial rental properties and antenna rentals are $ 104,000 for the remainder of 2021 and $ 427,000 , $ 393,000 , $ 336,000 , and $ 253,000 fo r the years ending December 31, 2022 through December 31, 2025, respectively, and $ 1.3 million thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments and amenities, and revenue sharing arrangements for cable income from contracts with cable providers at the Company's properties (discussed below). A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records the utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized. The Company has revenue sharing arrangements for cable income from contracts with cable providers at the Company’s properties. Included in accounts payable and accrued expenses on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 is a contract liability related to deferred revenue from contracts with cable providers of approximat ely $ 1.6 million and $ 760,000 , respectively. The Company recognizes income on a straight-line basis over the contract period of 10 years to 12 years . During the three and nine months ended September 30, 2021, approximately $ 61,000 and $ 174,000 , respectively, of revenue from the contract liability was recognized as income. Following the Self- Management Transaction (described in Note 3 below) through the effective date of the Mergers on January 28, 2021, the Company received asset management and property management fees from REIT II and REIT III. The monthly asset management fee was equal to one-twelfth of 1.0% of the cost of each asset held by REIT II and one-twelfth of 1.0% of the appraised value of each asset held by REIT III, without deduction for depreciation, bad debts or other non-cash reserves. The monthly property management fee was calculated based on 4.5 % of the gross monthly receipts from REIT II's and REIT III’s properties. The Company recognized revenue for both asset and property management fees as earned on a monthly basis. The Company had determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for asset and property management services are satisfied as the services are rendered. The Company was compensated for its services on a monthly basis and these services represent a series of distinct daily services in accordance with ASC 606. As a result of the Mergers, these fees are no longer being paid. The Company evaluates its portfolio of operating leases for collectability at both the onset of the underlying leases and on an ongoing basis. Tenant receivables include amounts for which collectability was assessed as probable in accordance with the guidance in ASC 842-30. For tenant receivables, which include base rents, straight-line rentals, expense reimbursements and other revenue or income, the Company also estimates a general allowance for uncollectible accounts under ASC 450-20. The Company determines the collectability of its receivables related to rental revenue by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, and the condition of the general economy and the industry as a whole. If collectability is not probable, the Company adjusts rental income for the amount of the uncollectible revenue. Due to the COVID-19 pandemic, some residents have experienced difficulty making rent payments and the Company’s receivables have increased compared to historical levels. As of September 30, 2021 and December 31, 2020, the Company recorded a $ 2.3 million and $ 774,000 allowance for bad debts, respectively, to appropriately reflect management’s estimate for uncollectible accounts. The total adjustment to rental and other property income for the three and nine months ended September 30, 2021 was approximate ly $ 522,000 and $ 2.1 million, respectively, for provision for bad debt expense, net of recoveries . The provision for bad debts was recorded as a reduction to rental income in the Company’s consolidated statements of operations. The age of the receivables included in the allowance balance as of September 30, 2021 was: 10.5 % less than 30 days past due, 11.1 % 31-60 days past due, 1.1 % 61-90 days past due and 77.3 % over 90 days past due. Leases For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company, as a lessor of multifamily apartment units, has nonlease components associated with these leases (i.e. common area maintenance, utilities, etc.). The Company combines nonlease component revenue streams and accounts for them as a combined component with leasing revenue. For leases in which the Company is the lessee, primarily consisting of office leases, a parking lot lease, and office equipment leases, the Company recognizes a right-of-use (“ROU”) asset and a lease liability equal to the present value of the minimum lease payments. Operating leases are included in operating lease ROU assets and operating lease liabilities in the Company’s consolidated balance sheets. The Company uses a market rate for equipment leases, when readily determinable, in calculating the present value of lease payments. Otherwise, the incremental borrowing rate is used. The operating lease ROU asset includes any lease payments and excludes lease incentives. Operating lease terms may include options to extend the lease when it is reasonably certain the lease will be extended. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2014. To maintain its REIT qualification under the Code, the Company is generally required to distribute at least 90 % of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100 % of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends-paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Generally, taxable income differs from GAAP net income because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat any of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company's taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of both September 30, 2021 and December 31, 2020, the Company treated one of its subsidiaries as a TRS. The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company. The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months. The Company is subject to examination by the U.S. Internal Revenue Service (“IRS”) and by the taxing authorities in states in which the Company has significant business operations. The Company is not currently undergoing any examinations by taxing authorities. The Company is not subject to IRS examination for tax return years 2016 and prior. Earnings Per Share Basic earnings per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. Distributions declared per common share assume each share was issued and outstanding each day during the period or based upon the two-class method, whichever is more dilutive. No ne of the shares of convertible stock (see Note 13) or 602,506 unvested performance awards are included in the diluted earnings per share calculations, because the necessary conditions for conversion have not been satisfied as of September 30, 2021 (were such date to represent the end of the contingency period). Additionally, due to losses for the three and nine months ended September 30, 2021 , the calculation of diluted earnings per share excludes 84,290 and 43,492 unvested restricted shares as their effect would be antidilutive. Prior to their redemption and/or conversion, net losses attributable to outstanding OP Common Units and OP Preferred Units were included in net (income) loss attributable to noncontrolling interest, and therefore, were excluded from the calculation of income (loss) per common share, basic and diluted, for all periods presented. Reclassifications Certain amounts in the prior years’ financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net income (loss).

Self-Management Transaction

Self-Management Transaction	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Self-Management Transaction	NOTE 3 – SELF-MANAGEMENT TRANSACTION On September 8, 2020, OP I, entered into the Self-Management Transaction with Resource PM Holdings LLC (“PM Holdings”), Resource Real Estate LLC (formerly known as Resource NewCo, LLC)(“Advisor Holdings”), C-III Capital Partners LLC (“C-III” or “PM Contributor”), RRE Legacy Co, LLC (formerly known as Resource Real Estate, LLC) (“Advisor Contributor” or “Legacy Co”) and Resource America, Inc. (“RAI”), pursuant to which C-III and RAI contributed to OP I all of the membership interests in PM Holdings and Advisor Holdings and certain assets related to the business of PM Holdings and Advisor Holdings including 100 % of the membership interests in PM Holdings and Advisor Holdings and $ 659,000 of leasehold improvements and furniture in exchange for approximately 6.2 million common operating partnership units in OP I (“OP I Common Units”) and 319,965 Series A Preferred Units in OP I (“OP I Preferred Units”) (collectively “OP I Units”). Additional consideration included the following deferred payments in cash: (i) $ 7.5 million paid upon the effectiveness of the Merger; (ii) six monthly payments of $ 2.0 million, totaling $ 12.0 million, for the six months following the closing of the Self-Management Transaction and (iii) 12 monthly payments of $ 625,000 , totaling $ 7.5 million, for the 12 months following the closing of the Self-Management Transaction. At the time of the REIT I Partnership Merger, the OP I Common Units converted into approximately 7.5 million OP Common Units; the participation rights of the OP I Preferred Units increased to 391,711 OP Preferred Units. On September 13, 2021, the Company entered into a letter agreement with C-III and Legacy Co, and on September 14, 2021, the Company redeemed 319,965 outstanding Series A Preferred Units collectively held by C-III and Legacy Co and exchanged 7,539,737.53 common units collectively held by C-III and Legacy Co for an equivalent number of shares of common stock of the Company. As part of the Self-Management Transaction, REIT I paid outstanding obligations due to RAI of approximately $ 811,000 , presented in the table below as “Net working capital” consisting primarily of $ 4.3 million in accrued management fees transferred to the Company as well as $ 150,000 of prepaid rent, software subscriptions, and security deposits. Additionally, the Company assumed payroll liabilities of $ 2.9 million and $ 684,000 due to the third-party property manager, Greystar. The operating leases for office space in Philadelphia, Pennsylvania and Denver, Colorado were assumed by REIT I. In accordance with ASC 842, Leases, an operating lease right of use asset and liability were calculated and reflected as part of the Self-Management Transaction. As part of the Self-Management Transaction, Advisor Holdings hired the workforce currently responsible for the management and day-to-day real estate and accounting operations of the Company under the various agreements acquired. As part of the Self-Management Transaction, REIT I recorded approximately $ 2.3 million of transaction costs during the year ended December 31, 2020. Under the terms of the Self-Management Transaction, the following consideration was given in exchange (in thousands): Fair value of OP I Units issued $ 128,200 Net working capital 811 Subsequent consideration 27,000 Net consideration $ 156,011 The Self-Management Transaction was accounted for as a business combination in accordance with ASC 805, which requires, among other things, the assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date and transaction costs to be expensed. The fair value of the OP Units issued was based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval. The following table summarizes the purchase price allocation (dollars in thousands): Assets: Due from related parties $ 4,299 Prepaid expenses and other assets 150 Goodwill 154,531 Property and equipment 659 Operating lease right-of-use assets 3,244 Total assets acquired $ 162,883 Liabilities: Other liabilities $ 3,628 Operating lease liabilities 3,244 Total liabilities assumed 6,872 Net assets acquired $ 156,011 The allocation of the purchase price above required a significant amount of judgment and represented management’s best estimate of the fair value as of the acquisition date. Goodwill In connection with the Self-Management Transaction, the Company recorde d goodwill of $ 154.5 million as a result of the consideration exceeding the fair value of the net assets acquired. Goodwill represents the estimated future benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill recorded represents the Company's management structure and its ability to generate additional opportunities for revenue and raise additional funds.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 4 - SUPPLEMENTAL CASH FLOW INFORMATION The following table presents the Company's supplemental cash flow information (in thousands): Nine Months Ended September 30, 2021 2020 Non-cash financing and investing activities: Stock issued from the distribution reinvestment plan $ 7,868 $ 6,085 Repayments on borrowings through refinancing 461,968 65,941 Accruals for construction in progress 4,104 573 Deferred financing costs funded directly by mortgage notes — 607 Non-cash activity related to dispositions: Mortgage notes payable settled directly with proceeds from sale of rental property 24,801 — Non-cash activity related to Self-Management Transaction: Goodwill - Self-Management Transaction — 154,531 Due to related parties — 27,000 Operating Partnership units issued in exchange for net assets acquired — 128,200 Accrued allocation of income to preferred unit holders — 286 Operating lease right of use assets assumed — 3,244 Operating lease liabilities assumed — 3,244 Property and equipment assumed — 659 Non-cash activity related to Merger: Net assets acquired in REIT II Merger in exchange for common shares $ 543,840 $ — Net assets acquired in REIT III Merger in exchange for common shares 101,435 — Implied REIT I common stock issued in exchange for net assets acquired in Merger 645,275 — Cash paid during the period for: Interest $ 30,876 $ 19,561

Restricted Cash

Restricted Cash	9 Months Ended
	Sep. 30, 2021
Cash And Cash Equivalents [Abstract]
Restricted Cash	NOTE 5 - RESTRICTED CASH Restricted cash represents escrow deposits with lenders to be used to pay real estate taxes, insurance, debt service, and capital improvements. The following table presents a summary of the components of the Company's restricted cash (in thousands): September 30, 2021 December 31, Real estate taxes $ 11,733 $ 7,910 Insurance 1,424 1,350 Debt service reserve 3,118 2,045 Capital improvements 3,701 3,464 Total $ 19,976 $ 14,769

Rental Properties, Net

Rental Properties, Net	9 Months Ended
	Sep. 30, 2021
Real Estate Investments [Abstract]
Rental Properties, Net	NOTE 6 - RENTAL PROPERTIES, NET As of September 30, 2021 , the Company's investments in rental properties consisted of 45 apartment properties that contain 13,707 units, which excludes four properties that contain 936 units that are held for sale. The following table summarizes the Company's investments in rental properties (in thousands): September 30, 2021 December 31, 2020 Land $ 352,068 $ 196,355 Building and improvements 1,926,134 929,323 Furniture, fixtures and equipment 59,137 46,879 Construction in progress 10,992 1,374 2,348,331 1,173,931 Less: accumulated depreciation ( 308,368 ) ( 275,956 ) Rental properties, net $ 2,039,963 $ 897,975 Depreciation expense for the three and nine months ended September 30, 2021 was $ 23.1 million and $ 66.8 million, respectively, as compared t o $ 12.8 million and $ 38.9 million for the three and nine months ended September 30, 2020, respectively. During the three months ended September 30, 2021, the Company entered into agreements to sell four rental properties, The Retreat at Rocky Ridge, Tech Center Square, The Brookwood and Pines of York, with net book values totaling $ 75.2 million. The Company confirmed the intent and ability to sell these properties in their present conditions and these properties qualified for held for sale accounting treatment upon meeting all applicable criteria prior to September 30, 2021, at which time depreciation ceased. As such, the assets associated with these properties were separately classified and included as assets held for sale on the Company's consolidated balance sheet as of September 30, 2021. The Company completed the sales on October 12, 2021, October 21, 2021, October 26, 2021 and November 2, 2021, respectively. The following table summarizes the Company's investments in rental properties held for sale (in thousands): September 30, 2021 Land $ 12,510 Building and improvements 78,207 Furniture, fixtures and equipment 3,528 Construction in progress 28 94,273 Less: accumulated depreciation ( 19,058 ) Assets held for sale - rental properties $ 75,215 The following table presents the Company's revenues and net income/(loss) attributable to the properties held for sale for the three and nine months ended September 30, 2021 (in thousands): Revenues Attributable to Property Held For Sale Net Income/(Loss) Attributable to Property Held For Sale Multifamily Community Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 The Retreat at Rocky Ridge $ 634 $ 1,825 $ 254 $ 311 Tech Center Square $ 750 $ 2,207 $ 256 $ 413 The Brookwood $ 1,028 $ 3,095 $ 78 $ ( 350 ) Pines of York $ 862 $ 2,586 $ 127 $ 235 Mergers Both the REIT I Merger and the REIT III Merger (collectively the “Mergers”) were accounted for as asset acquisitions under ASC 805 as substantially all of the fair value of the gross assets acquired are Class B multifamily rental properties. The total purchase price was allocated to the individual assets acquired and liabilities assumed based upon their relative fair values. Based on an evaluation of the relevant factors and the guidance in ASC 805, all of which required significant management judgment, the entity in the Mergers considered the acquirer for accounting purposes was not the legal acquirer. In order to make this determination, various factors were analyzed, including which entity issued its equity interests, relative voting rights, existence of minority interests (if any), control of the board of directors, management composition, relative size, transaction initiation, and other factors such as operational structure, and relative composition of employees, and other factors. The strongest factors identified were the relative size of the companies and management composition. Based on financial measures, REIT I was a larger entity than REIT II and REIT III. REIT I had more common stock outstanding at a higher net asset value than REIT II and REIT III and upon the consummation of the Mergers was issued more shares of REIT II than were held by REIT II stockholders or than were issued to REIT III stockholders in the REIT III Merger. REIT I also contained the management entity. Based on these factors, REIT I was concluded to be the accounting acquirer. The assets (including identifiable intangible assets) and liabilities of REIT II and REIT III as of the effective time of the respective Mergers were recorded at their respective relative fair values and added to those of REIT I. Transaction costs incurred by REIT I in connection with the Mergers were capitalized in the period in which the costs were incurred and services were received. The total purchase price was allocated to the individual assets acquired and liabilities assumed based upon their relative fair values based on appraisals and other methods. Intangible assets were recognized at their relative fair values in accordance with ASC 805. The REIT I Merger was effected by each of REIT I’s 70.3 million issued and outstanding shares of common stock being converted into the right to receive 1.22423 shares (“REIT I Exchange Ratio”) of common stock of REIT II (“REIT II Common Stock”), for a total of 86.1 million newly issued shares of REIT II Common Stock. The 60.0 million issued and outstanding shares of REIT II Common Stock that were outstanding at the time of the REIT I Merger remain outstanding. As the REIT I Merger is considered a reverse acquisition, the total consideration transferred was computed on the basis of an estimated net asset value per share of the merged entity of $ 9.06 per share as of January 28, 2021, divided by the REIT I Exchange Ratio to compute the estimated REIT I value per share as of January 28, 2021 of approximately $ 11.09 per share. Consideration transferred is calculated as such (in thousands except share and per share data): Merged entity estimated net asset value as of merger date $ 9.06 REIT I exchange ratio 1.22423 REIT I estimated value per share as of January 28, 2021 $ 11.09 REIT II common stock outstanding as of January 28, 2021 60,026,513 REIT I exchange ratio 1.22423 Implied REIT I common stock issued as consideration 49,032,055 REIT I estimated value per share as of January 28, 2021 $ 11.09 Value of implied REIT I common stock issued as consideration $ 543,840 The allocation of the values of the real estate and other assets and liabilities as of January 28, 2021, inclusive of $ 5.0 million in estimated capitalized transaction costs and elimination of intercompany balances between REIT I and REIT II, is as follows (in thousands): Assets: Land $ 127,920 Building and improvements 940,630 Intangibles 6,765 Cash and restricted cash 67,563 Other assets 6,062 Total assets $ 1,148,940 Liabilities: Mortgage notes payable, net of $ 3.0 million discount $ 580,676 Due to related parties 988 Accounts payable and other liabilities 18,456 Total liabilities 600,120 Fair value of net assets acquired $ 548,820 Less: REIT I's Merger expenses 4,980 Fair value of net assets acquired, less REIT I's Merger expenses $ 543,840 Although REIT I is the accounting acquirer, REIT II is the legal acquirer of both REIT III and REIT I. As such, the 12.1 million issued and outstanding shares of REIT III common stock were converted into the right to receive 0.925862 newly issued shares REIT II Common Stock. Consideration transferred is calculated as such (in thousands except share and per share data): REIT III common stock outstanding as of January 28, 2021 12,092,466 REIT III exchange ratio 0.925862 REIT II shares issued as consideration 11,195,955 REIT I exchange ratio 1.22423 Implied REIT I common stock issued as consideration 9,145,303 REIT I estimated value per share as of January 28, 2021 $ 11.09 Value of implied REIT I common stock issued as consideration $ 101,435 The allocation of the values of the real estate and other assets and liabilities as of January 28, 2021, inclusive of $ 929,000 in estimated capitalized transaction costs and elimination of intercompany balances between REIT I and REIT III, is as follows (in thousands): Assets: Land $ 43,733 Building and improvements 184,400 Intangibles 1,609 Cash and restricted cash 22,969 Other assets 626 Total assets $ 253,337 Liabilities: Mortgage notes payable, net of $ 2.1 million premium $ 147,191 Due to related parties 836 Accounts payable and other liabilities 2,946 Total liabilities 150,973 Fair value of net assets acquired $ 102,364 Less: REIT I's Merger expenses 929 Fair value of net assets acquired, less REIT I's Merger expenses $ 101,435 Valuation and Purchase Price Allocation The Company obtained third party appraisals for all properties included in the Mergers which the Company utilized to allocate the purchase price based on the relative fair value. Land was valued based on similar (but not identical) transactions in the subject properties market with the appraiser making adjustments based on both qualitative and quantitative data (Level 3). The buildings were valued based on the “as-if-vacant” value which is estimated using an income, or discounted cash flow model, using market assumptions pertaining to, among other items, absorption period, lease-up costs, market rent, operating expenses and terminal capitalization and discount rates (Level 3). Capitalization rates used in the analysis ranged from 4.5 % to 5.5 % and discount rates ranged from 5 % to 7.25 %. Building improvements and furniture, fixtures and equipment were valued using the cost approach, in which the appraiser utilized Marshall Valuation Service as the source for the replacement cost and life estimates and included soft costs and entrepreneurial incentive. The total cost estimates were depreciated based on the estimated effective ages of each asset compared to their anticipated lives. In place leases were valued using market rent estimates for units based on recently signed leases as well as market rents signed at competing properties. A downtime estimate was then applied to each tenant based upon their market leasing assumption. The lease in place value is calculated as the total market rent multiplied by the downtime of each tenant, aggregated by unit type (Level 3). Assumed debt was valued based on recently closed transactions and investor surveys for spreads and rates applicable to each property. The market interest rate was calculated using the most applicable treasury rate based on the remaining term of the debt and applying a market-derived spread (Level 3). The revenue and net loss of the 23 properties ( 6,508 units) acquired in the Mergers is as follows for the three and nine months ended September 30, 2021 (in thousands): REIT II REIT III Total Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Revenue $ 23,177 $ 61,161 $ 5,648 $ 15,029 $ 28,825 $ 76,190 Net loss $ ( 1,567 ) $ ( 11,452 ) $ ( 273 ) $ ( 1,973 ) $ ( 1,840 ) $ ( 13,425 ) Pro Forma Financial Information (unaudited) The following condensed pro forma operating information is presented as if the Mergers and the Self–Management Transaction had been included in operations as of January 1, 2020 (in thousands, except per share data):  Nine Months Ended Year Ended  September 30, 2021 December 31, 2020 Revenue $ 186,173 $ 239,902 Net loss $ ( 7,898 ) $ ( 63,985 ) Net loss attributable to noncontrolling interests $ 491 $ 3,287 Net loss attributable to common stockholders $ ( 10,910 ) $ ( 65,178 ) Net loss to common stockholders per share, basic and diluted $ ( 0.07 ) $ ( 0.41 )

Disposition of Property

Disposition of Property	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Property	NOTE 7 - DISPOSITION OF PROPERTY The Company disposed of one property during the nine months ended September 30, 2021. There were no dispositions during the three months ended September 30, 2021 and three and nine months ended September 30, 2020 . The following table presents details of the Company's disposition activity during the three and nine months ended September 30, 2021 (in thousands): Net Gain on Disposition of Property Multifamily Community Location Sale Date Contract Sales Price Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Evergreen at Coursey Place Baton Rouge, LA 6/29/2021 $ 49,751 $ - $ 18,734 The following table presents the Company's revenues and net income/(loss) attributable to the property sold, excluding gain on sale, for the three and nine months ended September 30, 2021 (in thousands): Revenues Attributable to Property Sold Net Income/(Loss) Attributable to Property Sold Multifamily Community Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Evergreen at Coursey Place $ 21 $ 2,234 $ 24 $ ( 134 )

Identified Intangible Assets, N

Identified Intangible Assets, Net and Goodwill	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Identified Intangible Assets, Net and Goodwill	NOTE 8 - IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL Identified intangible assets, net, relate to in-place apartment unit rental and antennae leases. The net carrying value of the acquired in-place leases totaled $ 0 and $ 5,000 as of September 30, 2021 and December 31, 2020, respectively, net of accumulated amortization of $ 34.4 million and $ 27.1 million, respectively. Amortization of the antennae leases for the three and nine months ended September 30, 2021 was approximately $ 2,025 and $ 4,682 , respectively. Amortization of the antennae leases for the three and nine months ended September 30, 2020 was approximatel y $ 1,300 and $ 7,600 , respectively. Amortization of the in-place apartment unit rentals was $ 1.0 million and $ 8.4 million f or the three and nine months ended September 30, 2021 , respectively. There was no amortization of in-place apartment unit rentals for the three and nine months ended September 30, 2020. As of September 30, 2021 and December 31, 2020, the Company had approximatel y $ 154.7 million and $ 154.9 million, respectively, of goodwill included on the consolidated balance sheets. The table below presents the rollforward of activity in goodwill for the nine months ended September 30, 2021 : Balance, January 1, 2021 $ 154,935 Sale of Evergreen at Coursey Place ( 268 ) Balance, September 30, 2021 $ 154,667

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	NOTE 9 - DEBT The following table presents a summary of the Company's debt (in thousands): Weighted Average Maturity in Years at September 30, 2021 December 31, 2020 September 30, 2021 Mortgage notes payable, net - variable rate $ 704,144 $ 675,791 3.93 Mortgage notes payable, net - fixed rate 846,320 150,195 6.20 Total mortgage notes payable, net $ 1,550,464 $ 825,986 5.16 Revolving credit facility $ — $ — — Weighted average interest rate on mortgages - variable 2.06 % 2.12 % Weighted average interest rate on mortgages - fixed 3.04 % 4.03 % Weighted average interest rate on revolving credit facility — — Weighted average interest rate on total debt 2.60 % 2.46 % Structured Credit Facility On January 28, 2021, subsidiaries of the Company (collectively, “Borrower”) entered into a structured credit facility transaction with CBRE Multifamily Capital, Inc. for delivery of loans and/or advances to Fannie Mae (the “Facility”) for a term of 15 years (the “Facility Termination Date”). Pursuant to the terms of the loan documents for the Facility, the lender agreed to make advances at both fixed and variable rates to Borrower during the term of the Facility provided that Borrower satisfies certain customary conditions as set forth in the Facility loan documents (the “Loan Documents”), including debt service coverage tests and loan-to-value tests. The fixed rate advances in the Facility may have terms not less than five or more than 15 years from the closing of such advance and variable rate advances in the Facility may have terms not less than five or more than 10 years from the closing of such advance. All advances must have maturity dates that do not exceed the Facility Termination Date. Borrower has the option to convert variable rate advances to fixed rate advances beginning on the first day of the second year of the variable rate advance term and ending seven years prior to the Facility Termination Date, subject to the satisfaction of customary requirements set forth in the Loan Documents. The Facility is non-recourse to the Borrower except for the customary exceptions to non-recourse provisions of the Loan Documents (“carve-outs”). The Borrower’s obligations for the carve-outs are guaranteed solely by the Borrowers. The Company is the key principal under the Facility and as such must continue to indirectly own an interest in each Borrower and is subject to certain transfer restrictions with respect to its ownership interest in each Borrower as provided in the Loan Documents. In addition, the Facility contains customary representations and warranties, financial and other covenants, events of default and remedies typical for this type of facility. The initial advance of $ 495.2 million under the Facility occurred on January 28, 2021 and is secured by the following twelve multifamily properties located in Arizona, Colorado, Georgia, Oregon and Texas (including five properties formerly held by REIT II): Estates at Johns Creek, Heritage Pointe, Providence in the Park, South Lamar Village, Verona Apartments, Westside, 81 Fifty at West Hills, Adair off Addison I & II, Montclair Terrace, Palmer at Las Colinas, and Uptown Buckhead. The proceeds from the initial advance were used to refinance or pay off $ 462.0 million of the Company’s debt. Loans that were repaid in full were loans secured by Vista Apartment Homes, Cannery Lofts, Retreat at Rocky Ridge, Tech Center Square, and Aston at Cinco Ranch. The Company recorded $ 4.6 million of extinguishment costs upon the refinance for the nine months ended September 30, 2021 including $ 2.4 million in prepayment penalties. Additional information about the initial advance on the Facility, which is included in Mortgage notes payable, net on the Consolidated Balance Sheet as of September 30, 2021, is as follows (in thousands): Collateral Original Loan Amount Maturity Date Type Annual Interest Rate Fixed Advance 1 $ 235,205 2/1/2031 Fixed 2.79 % Fixed Advance 2 $ 235,205 2/1/2028 Fixed 2.62 % Floating Advance $ 24,760 2/1/2031 Floating (1) 2.11 % (1) Floating rate based on 30-day average Secured Overnight Financing Rate "SOFR" plus a fixed margin of 2.06 %. Revolving Credit Facility On May 20, 2021, the Company entered into a Credit Agreement (the “Credit Facility”) for which BofA Securities, Inc. acted as sole book runner and sole lead arranger and Bank of America, N.A. acted as administrative agent and L/C issuer (the “Credit Agreement”). The Credit Facility is a secured revolving credit facility in the initial amount of $ 100 million, including $ 15 million available in letters of credit, subject to the Company's ability to increase the lenders’ aggregate commitment during the term of the Credit Agreement to a maximum of $ 500 million, subject to certain limitations. The availability of borrowings under the Credit Facility will be based on the value of a pool of eligible income-producing multifamily properties owned, directly or indirectly and from time to time, by the Company or subsidiaries of Company. The Credit Facility is a three-year interest-only facility with all outstanding principal due at maturity, subject to a one-year extension option. The Credit Facility may be prepaid or terminated at any time without penalty. The proceeds of the Credit Facility may be used for general corporate purposes, including refinancing existing indebtedness and working capital. The Credit Facility is guaranteed by the Company and certain subsidiaries of the Company, and secured by a pledge of the equity interests of certain of the Company’s subsidiaries. Borrowings under the Credit Facility will bear interest, at the Company’s option, at either the Eurodollar Rate (defined as a rate equal to LIBOR or a comparable or successor rate) for a designated interest period plus an applicable margin, or the base rate (as defined as the highest of the Bank of America prime rate, the federal funds rate plus 0.50 % or the Eurodollar Rate plus 1.0 %) plus an applicable margin. The anticipated applicable margin for borrowings under the Credit Facility for base rate loans will range from 0.60 % to 1.20 % per annum and the applicable margin for Eurodollar Rate loans will range from 1.60 % to 2.20 % per annum, depending on the ratio of consolidated total indebtedness to total asset value (as such terms are defined in the Credit Agreement), with the lowest rate applying if such ratio is less than 45 %, and the highest rate applying if such ratio is equal to or greater than 60 %. The Company is also required to pay a fee to the lenders that is assessed on the unused portion of the facility. A default rate will apply on all obligations in the event of default under the Credit Facility at 2.0 % above the otherwise applicable rate. The Company is also subject to certain financial covenants, including (i) the ratio of the Company’s consolidated indebtedness to total asset value not to exceed 65 % as of the last day of each of the first six fiscal quarters ending after May 20, 2021 and 60 % as of the last day of each fiscal quarter thereafter; (ii) consolidated secured recourse indebtedness other than the Credit Facility not to exceed 5 % of total asset value; (iii) consolidated fixed charge coverage ratio not less than 1.35 x to 1.00x as of the last day of each of the first four fiscal quarters ending after May 20, 2021 and 1.50 x to 1.00x as of the last day of each fiscal quarter thereafter; and (iv) tangible net worth not less $ 678.8 million, plus 75 % of the net proceeds of any future equity issuances by the Company or any of its consolidated subsidiaries. The Company is in compliance with each of the applicable financial covenants as of September 30, 2021. There were no borrowings under the Credit Facility during the three and nine months ended September 30, 2021. As of September 30, 2021 , availability under the Credit Facility was $ 80.9 million and was secured by five apartment communities: Vista Apartment Homes, Cannery Lofts, Retreat at Rocky Ridge, Tech Center Square, and Aston at Cinco Ranch. The Company has $ 1.1 million of deferred finance costs for the Credit Facility which is included in Prepaid Expenses and Other Assets on the Consolidated Balance Sheet as of September 30, 2021, which will be amortized over the term of the Credit Facility. During three and nine months ended September 30, 2021 , $ 93,000 and $ 137,000 , respectively, of amortization of deferred financing costs related to the Credit Facility were included in interest expense. Accumulated amortization of deferred financing costs related to the Credit Facility as of September 30, 2021 was $ 137,000 and the net book value of deferred financing costs related to the Credit Facility as of September 30, 2021 was $ 985,000 . Other Debt Mortgage notes payable assumed as part of both the Mergers and the acquisitions of Point Bonita Apartment Homes, Paladin (Pines of York and Evergreen at Coursey, prior to its sale), and Maxwell were recorded at their fair values. The premium or discount is amortized over the remaining term of the loans and included in interest expense. The net premium or discount included in the consolidated balance sheets as of September 30, 2021 was $ 30,458 . For the three months ended September 30, 2021 and 2020, interest expense was reduced by approxim ately $ 151,000 an d $ 82,000 , respectively, for the amortization of the premium or discount. For the nine months ended September 30, 2021 and 2020, interest expense was increased by approximatel y $ 216,000 and r educed by $ 246,000 , respectively, for the amortization of the premium or discount. As of September 30, 2021 , the Company owned 44 apartment communities that served as collateral for mortgages payable. All mortgage notes are collateralized by a first mortgage lien on the assets of the respective property. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of mortgages held. The following table presents the Company's annual future principal payments on outstanding borrowings as of September 30, 2021 (in thousands): Remainder 2021 $ 36,173 2022 53,280 2023 58,672 2024 280,110 2025 191,721 2026 114,210 Thereafter 823,149 $ 1,557,315 The mortgage notes payable are recourse only with respect to the properties that secure the notes, subject to certain limited standard exceptions, as defined in each mortgage note. These exceptions are referred to as “carveouts.” The Company has guaranteed the carveouts under mortgage notes, other than the notes with respect to the Credit Facility, by executing a guarantee with respect to the properties. In general, carveouts relate to damages suffered by the lender for a borrower’s failure to pay rents, insurance or condemnation proceeds to lender, failure to pay water, sewer and other public assessments or charges, failure to pay environmental compliance costs or to deliver books and records, in each case as required in the loan documents. The exceptions also require the Company to guarantee payment of audit costs, lender’s enforcement of its rights under the loan documents and payment of the loan if the borrower voluntarily files for bankruptcy or seeks reorganization, or if a related party of the borrower does so with respect to the subsidiary. As of September 30, 2021, the Company believes that there are no material defaults or instances of noncompliance in regards to any of these mortgages payable. The Company has a $ 74.6 million mo rtgage secured by The Bryant at Yorba Linda which matures on April 15, 2027 . The mortgage loan includes net worth, liquidity, and debt service coverage ratio covenants. The Company was in compliance with all covenants related to this loan as of September 30, 2021. Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the three months ended September 30, 2021 and 2020, $ 336,000 and $ 363,000 , respectively, of amortization of deferred financing costs related to mortgages payable was included in interest expense. During the nine months ended September 30, 2021 and 2020 , $ 3.3 million and $ 1.1 million, respectively, of amortization of deferred financing costs was included in interest expense. Accumulated amortization of deferred financing costs related to mortgages payable as of September 30, 2021 and December 31, 2020 was $ 4.8 million and $ 6.4 million, respectively and the net book value of deferred financing costs as of September 30, 2021 and December 31, 2020 related to mortgage notes payable was $ 6.9 million and $ 5.7 million, respectively.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	NOTE 10 - LEASES As the lessee, the Company’s operating leases primarily consist of office leases, a parking lot lease and office equipment leases. These operating leases have remaining terms ranging from less than one year to six years . Some of the leases include options to extend the lease for up to an additional five years . Only those rental periods reasonably certain to be extended beyond the initial term expiration are included within the calculation of the operating lease liability. As of September 30, 2021, the payments due under the contractually-obligated portion of these leases totale d $ 2.9 million. The market rate is used for leases, when readily determinable, in calculating the present value of lease payments for the operating lease liability. Otherwise, the incremental borrowing rate based on the information available at commencement date is used. As of September 30, 2021 , the weighted average remaining lease term was 4.92 years and the weighted average discount rate was 2.22 % f or the Company’s operating leases. As of September 30, 2021, the Company included approximately $ 2.7 million in its consolidated balance sheet for operating lease right-of-use operating lease assets. The Company’s lease expense related to the parking lot lease for both three and nine months ended September 30, 2021 and three and nine months ended September 30, 2020 was approximat ely $ 9,000 and $ 27,000 , res pectively, which is included in rental operating expenses in the consolidated statements of operations. The Company’s lease expense related to all other leases for the three and nine months ended September 30, 2021 was approximate ly $ 154,000 and $ 477,000 , respectively, and for the three and nine months ended September 30, 2020 was approximately $ 47,000 and $ 88,000 , respectively, which is included in general and administrative expenses in the consolidated statements of operations. The following table presents the Company’s annual payments for the operating lease liabilities (including reasonably assured extension periods) for each of the next five 12–month periods ending September 30, and thereafter (in thousands): Remainder 2021 $ 152 2022 583 2023 572 2024 573 2025 586 Thereafter 448 $ 2,914

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	NOTE 11 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in each component of the Company's accumulated other comprehensive income (loss) for the nine months ended September 30, 2021 and 2020 (in thousands): Balance, January 1, 2021 $ ( 391 ) Reclassification adjustment for realized loss on designated derivatives 120 Designated derivatives, fair value adjustments 169 Balance before noncontrolling interest $ ( 102 ) Noncontrolling interest ( 9 ) Balance, September 30, 2021 $ ( 111 ) Balance, January 1, 2020 $ ( 218 ) Reclassification adjustment for realized loss on designated derivatives 109 Designated derivatives, fair value adjustments ( 258 ) Balance before noncontrolling interest $ ( 367 ) Noncontrolling interest 6 Balance, September 30, 2020 $ ( 361 )

Certain Relationships and Relat

Certain Relationships and Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Certain Relationships and Related Party Transactions	NOTE 12 - CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS In the ordinary course of its business operations, the Company has ongoing relationships with several related parties. Relationship with C-III and RAI As of September 30, 2021, C-III and its subsidiary, Legacy Co, collectively own approximately 8.3 million common shares. Following the Self-Management Transaction and prior to September 14, 2021, C-III and Legacy Co collectively owned approximately 7.5 million OP Common Units and 319,965 OP Preferred Units and had the right to designate one individual to be included on the board of directors of the Company. In accordance with a letter agreement between the parties, on September 14, 2021, the Company redeemed 319,965 outstanding Series A Preferred Units collectively held by C-III and Legacy Co for $ 67.5 million and exchanged 7,539,737.53 common units collectively held by C-III and Legacy Co for an equivalent number of shares of common stock of the Company. In addition, the board nominee resigned his position as a member of the board of directors of the Company. Prior to the Self-Management Transaction, C-III controlled our Former Advisor as well as the external advisors to REIT II and REIT III, as indirect subsidiaries of RAI, and owned the property management entities for the Company, REIT II and REIT III. On September 8, 2020, the Company entered into a Transitional Services Agreement with C-III, Advisor Contributor and RAI (the “Transitional Services Agreement”), pursuant to which, effective September 8, 2020 and for a one-year period, C-III provided to the Company and its affiliates and subsidiaries certain services in order to ensure an orderly transition and the continued conduct and operation of the advisory and property management business acquired by the Company in connection with the Self-Management Transaction. In connection with these services, the Company has paid C-III an agreed-upon monthly fee for each service provided, as well as reimbursement of out-of-pocket expenses incurred by C-III and RAI as a result of the provision of these services. C-III also reimbursed the Company for services provided by the Company’s employees to C-III during this period. In addition, C-III sublet from the Company a portion of the office space in Philadelphia until December 31, 2020. Property loss policy . The Company participated (with other properties directly or indirectly managed by RAI and C-III) in a catastrophic insurance policy, which covered claims up to $ 250.0 million, after either a $ 25,000 or a $ 100,000 deductible per incident, depending on location and/or type of loss. Therefore, unforeseen or catastrophic losses in excess of the Company's insured limits could have a material adverse effect on the Company's financial condition and operating results. This policy expired on March 1, 2021 and was replaced with similar coverage in the normal course of business independent of RAI and C-III. General liability loss policy. The Company (with other properties directly managed by RAI) had an insured and dedicated limit for the general liability of $ 1,000,000 per occurrence. Total claims were limited to $ 2.0 million per premium year. In excess of these limits, the Company participated (with other properties directly or indirectly managed by RAI and C-III) in a $ 50.0 million per occurrence excess liability program. Therefore, the total insured limit per occurrence was $ 51.0 million for the general and excess liability program, after a $ 25,000 deductible per incident. This policy expired on March 1, 2021 and was replaced with similar coverage in the normal course of business independent of RAI and C-III. Internal audit . Prior to the Self-Management Transaction, RAI performed internal audit services for the Company. Directors and officers liability insurance. Prior to the Self-Management Transaction in September 2020, the Company participated in a liability insurance program for directors and officers coverage with other C-III managed entities and subsidiaries. Thereafter, until the effectiveness of the Merger, the Company participated in a liability insurance program for directors and officers coverage with REIT II and REIT III. Other expenses. The Company utilizes the services of The Planning and Zoning Resource Company, an affiliate of C-III, for zoning reports for acquisitions. Relationship with the Former Advisor In September 2009, the Company entered into an advisory agreement, which has been amended at various times thereafter (the “Advisory Agreement”), pursuant to which the Former Advisor provided the Company with investment management, administrative and related services. The Advisory Agreement has a one-year term and may be renewed for an unlimited number of successive one-year terms. The current term of the Advisory Agreement expires on September 14, 2022. Under the Advisory Agreement, the Former Advisor received fees and was reimbursed for its expenses as set forth below. Following the Self-Management transaction, the Company is no longer externally advised and these fees are no longer being paid: Acquisition fees. The Company paid the Former Advisor an acquisition fee of 2.0 % of the cost of investments acquired on behalf of the Company, plus any capital expenditure reserves allocated, or the amount funded by the Company to acquire loans, including acquisition expenses and any debt attributable to such investments. Asset management fees. The Company paid the Former Advisor a monthly asset management fee equal to one -twelfth of 1.0 % of the higher of the cost or the independently appraised value of each asset, without deduction for depreciation, bad debts or other non-cash reserves. The asset management fee was based only on the portion of the costs or value attributable to the Company’s investment in an asset if the Company did not own all or a majority of an asset and does not manage or control the asset. Disposition fees. The Former Advisor earned a disposition fee in connection with the sale of a property equal to the lesser of one -half of the aggregate brokerage commission paid, or if none is paid, 2.75 % of the contract sales price. Debt financing fees. The Former Advisor earned a debt financing fee equal to 0.5 % of the amount available under any debt financing obtained for which it provided substantial services. Expense reimbursements. The Company also paid directly or reimbursed the Former Advisor for all of the expenses paid or incurred by the Former Advisor or its affiliates on behalf of the Company or in connection with the services provided to the Company in relation to its public offering, including its ongoing distribution reinvestment plan offering. Reimbursements also included expenses the Former Advisor incurred in connection with providing services to the Company, including the Company’s allocable share of costs for Former Advisor personnel and overhead, out of pocket expenses incurred in connection with the selection and acquisition of properties or other real estate related debt investments, whether or not the Company ultimately acquires the investment. However, the Company did not reimburse the Former Advisor or its affiliates for employee costs in connection with services for which the Former Advisor earned acquisition or disposition fees. Following the Self-Management Transaction, REIT I, as the indirect owner of the advisor to REIT II and REIT III, received asset management fees, property management fees and debt financing fees from REIT II and REIT III until the Merger in January 2021. Relationship with Resource Real Estate Opportunity Manager Prior to the Self-Management Transaction, Resource Real Estate Opportunity Manager (the “Manager”) managed the Company's real estate properties and real estate-related debt investments and coordinated the leasing of, and managed construction activities related to, some of the Company’s real estate properties pursuant to the terms of the management agreement with the Manager. On the date of the Self-Management Transaction, the Manager became an indirect subsidiary of the Company. Property management fees. Prior to the Self-Management Transaction, the Manager earned 4.5 % of the gross receipts from the Company's properties, provided that for properties that were less than 75 % occupied, the manager received a minimum fee for the first 12 months of ownership for performing certain property management and leasing activities. The Manager subcontracted certain services to an unaffiliated third-party, Greystar, and paid for those services from its property management fee. Construction management fees. The Manager earned a construction management fee of 5.0 % of actual aggregate costs to construct improvements to, or to repair, rehab or reconstruct a property. Debt servicing fees. The Manager earned a debt servicing fee of 2.75 % on payments received from loans held by the Company for investment. Information technology fees and operating expense reimbursement. During the ordinary course of business, the Manager or other affiliates of RAI paid certain shared information technology fees and operating expenses on behalf of the Company for which they were reimbursed. Relationship with ACRES Commercial Realty Corp. (“ACR”) The Company provided office space and other office-related services to ACRES Commercial Realty Corp. (f/k/a Exantas Capital Corp.) under a sublease that was assigned from RAI which terminated on March 31, 2021. In addition, three employees of the Company provided internal audit services until March 31, 2021 under an internal audit engagement letter that was assigned from RAI to Resource NewCo LLC, a subsidiary of the Company. The Company's Chief Financial Officer was a director of ACR until June 2021. The following table presents the Company's amounts payable to, and amounts receivable from, such related parties (in thousands): September 30, 2021 December 31, 2020 Due from related parties: REIT II Management fees $ — $ 327 Operating expense reimbursements — 1,588 — 1,915 REIT III Management fees — 79 Deferred organization and offering costs reimbursements — 769 — 848 $ — $ 2,763 Due to related parties: C-III/RAI Self-Management Transaction consideration $ — $ 19,125 Allocation of income to preferred unit holders — 1,120 $ — $ 20,245 The following table presents the Company's fees earned by, and expenses paid to, such related parties (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fees earned / expenses paid to related parties: Former Advisor (prior to 9/8/2020): Acquisition costs (1) $ — $ — $ — $ 113 Asset management fees (2) — 2,335 — 8,517 Debt financing fees (4) — — — 43 Overhead allocation (3) — 687 — 2,955 Internal audit (3) — 19 — 75 Manager (prior to 9/8/2020): Property management fees (2) $ — $ 1,124 $ — $ 4,071 Construction management fees (4) — 16 — 162 Debt servicing fees (2) — — — 1 REIT II (prior to 1/28/2021): Asset management fee income $ — $ 563 $ 669 $ 563 Property management fee income — 231 275 231 Operating expense reimbursements (3) — 279 371 279 Internal audit (3) — 7 8 7 REIT III (prior to 1/28/2021): Asset management fee income $ — $ 139 $ 164 $ 139 Property management fee income — 58 67 60 C-III/RAI: Transition services paid to C-III (3) $ — $ — $ 2 $ — Preferred unit distributions 921 — 3,161 — ACR Internal audit $ — $ — $ 37 $ — Sublease rent reimbursement (3) — — 30 — (1) Included in Acquisition Costs on the consolidated statements of operations. This amount represents the net acquisition fee paid to the Former Advisor during the nine months ended September 30, 2020 for additional capital funding contributed to the properties. (2) Included in Management fees - related party on the consolidated statements of operations. (3) Included in General and administrative on the consolidated statements of operations. (4) Capitalized and included in Rental Properties, net on the consolidated balance sheets.

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity	NOTE 13 - EQUITY Preferred Stock The Company’s charter authorizes the Company to issue 10.0 million shares of its $ 0.01 par value preferred stock. As of September 30, 2021 and December 31, 2020 , no shares of preferred stock were issued and outstanding. Common Stock As of September 30, 2021 , the Company had an aggregate 165.6 million shares of its $ 0.01 par value common stock outstanding including 1.1 million of unvested restricted shares. In accordance with the Company’s distribution reinvestment plan (“DRP”), participants in the DRP acquire shares of common stock under the plan at a price equal to 95% of the current estimated value per share of common stock. Commencing on March 31, 2021, participants acquired shares of the Company’s common stock under the plan at a price equal to $ 8.61 per share. The following table summarizes the activity (dollars in thousands): Shares Gross Shares issued through private offering 1,279,227 $ 12,737 Shares issued through primary public offering 129,923,354 1,289,845 Shares issued through stock distributions 2,406,986 — Shares issued through distribution reinvestment plan 28,728,077 276,812 Restricted shares issued to employees 1,370,952 — Shares issued through conversion of common OP units 7,539,738 — Shares issued in conjunction with the Merger 14,724,323 — Total 185,972,657 $ 1,579,394 Shares redeemed and retired ( 20,336,051 ) Total shares issued and outstanding as of September 30, 2021 165,636,606 Convertible Stock As of December 31, 2020, REIT I had 49,935 of $ 0.01 par value convertible stock outstanding. RAI owned 30,273 shares, affiliated and formerly affiliated persons owned 18,790 shares and outside investors owned 872 shares at December 31, 2020. The convertible stock would have converted into shares of the Company’s common stock upon the occurrence of certain events. Upon the closing of the Mergers, each share of REIT I Convertible Stock converted into the right to receive $ 0.02 in cash (without interest). As of September 30, 2021 , the Company had 50,000 shares of $ 0.01 par value convertible stock outstanding which were owned by the Company and affiliated and formerly affiliated persons. The convertible stock will convert into shares of the Company’s common stock upon the occurrence of (a) the Company having paid distributions to common stockholders that in the aggregate equal 100 % of the price at which the Company originally sold the shares plus an amount sufficient to produce a 7 % cumulative, non-compounded annual return on the shares at that price; or (b) if the Company lists its common stock on a national securities exchange and, on the 31st trading day after listing, the Company’s value based on the average trading price of its common stock since the listing, plus prior distributions, combine to meet the same 7 % return threshold. Each of these two events is a “Triggering Event.” Upon a Triggering Event, the Company's convertible stock will, unless its advisory agreement has been terminated or not renewed on account of a material breach by Resource Real Estate Opportunity Advisor II, LLC, a wholly-owned subsidiary of the Company, generally be converted into a number of shares of common stock equal to 1 / 50,000 of the quotient of: (A) the lesser of (i) 15 % of the amount, if any, by which (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 7 % cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, or (B) the value of the Company divided by the number of outstanding shares of common stock, in each case, as of the date of the event triggering the conversion. As of September 30, 2021 , no Triggering Event has occurred or was probable to occur. Redemption of Securities During the nine months ended September 30, 2021, the Company redeemed shares of its outstanding common stock as follows: Period Total Number of Shares Redeemed (1) Average Price Paid per Share January 2021 136,685 $ 9.08 February 2021 — — March 2021 169,112 $ 9.08 April 2021 — — May 2021 — — June 2021 148,989 $ 9.06 July 2021 — — August 2021 — — September 2021 240,767 $ 9.06 695,553 (1) The shares redeemed in January 2021 and 1,147 of the shares redeemed in September 2021 were repurchased from employees upon vesting of restricted stock awards in order to facilitate the payment of taxes by the employees. Amended Share Redemption Program On February 3, 2021, the Board of Directors of the Company ("the Board") adopted the Fifth Amended and Restated Share Redemption Program (the “Amended SRP”) pursuant to which, subject to significant conditions and limitations of the program, stockholders of the Company can have their shares repurchased by the Company. The Amended SRP provides that redemptions will continue to be made quarterly but in an amount not to exceed proceeds from the sale of shares in the distribution reinvestment plan in the immediately preceding calendar quarter; provided that, for any quarter in which no distribution reinvestment plan proceeds are available, the funding limitation for the quarter will be set by the Board upon ten business days’ notice to stockholders. Additional changes to the share redemption program in the Amended SRP clarify the timing of redemption procedures. The effective date of any redemption (the “Redemption Date”) will be the 15 th day (or the next business day thereafter) of the last month of the calendar quarter. Redemption requests must be received by the Company no later than the last business day of the calendar month preceding the month in which the Redemption Date falls. Payment for shares redeemed will be made no later than five business days after the Redemption Date. In addition, the Amended SRP clarifies that stockholders eligible to have their shares repurchased by the Company include those who purchased their shares from REIT I or REIT III in their respective initial public offering and distribution reinvestment plans and do not include those stockholders who acquired their shares for value from another stockholder. The Amended SRP also removes any reference to the Former Advisor and its affiliates as the Company is now self-managed. The share redemption program remains partially suspended and, until the Board determines otherwise, the Company will continue to only consider redemption requests submitted in connection with a stockholder’s death, qualifying disability, or confinement to a long-term care facility (each as described in the Amended SRP and collectively, “Special Redemptions”). All other requests will not be honored or retained, but will be cancelled with the ability to resubmit when, if ever, the share redemption program is fully resumed. Distributions Paid to Common Stockholders For the nine months ended September 30, 2021 , the Company paid common stockholders aggregate distributions of $ 33.6 million includi ng $ 7.9 milli on of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan and $ 25.8 mi llion of distributions paid in cash as follows (in thousands, except per share data): Record Date Per Common Distribution Date Net Cash Distribution Distributions Reinvested in Shares of Common Stock Total Aggregate Distribution March 30, 2021 $ 0.07 March 31, 2021 $ 8,539 $ 2,490 $ 11,029 June 29, 2021 0.07 June 30, 2021 8,365 2,674 11,039 September 29, 2021 0.07 September 30, 2021 8,868 2,704 11,572 $ 0.21 $ 25,772 $ 7,868 $ 33,640 Share-Based Compensation On September 8, 2020, the board of directors of REIT I adopted the Resource Real Estate Opportunity REIT, Inc. 2020 Long-Term Incentive Plan (the “2020 LTIP”). At the effective time of the REIT I Merger, the Company assumed the 2020 LTIP as amended to replace all references to REIT I to the Company. The purpose of the 2020 LTIP is to advance the interests of the Company and its stockholders by providing an incentive to attract, retain, and reward certain eligible persons performing services for the Company and by motivating such persons to contribute to the growth and profitability of the Company. The 2020 LTIP allows for grants to the Company’s employees, consultants, and directors of stock options (non-statutory and incentive), restricted stock awards, stock appreciation rights, restricted stock units, performance shares, performance units, cash-based awards, and other stock-based awards. The maximum aggregate number of shares of common stock of the Company that may be issued pursuant to awards granted under the 2020 LTIP is 3.5 million shares. In conjunction with the Self-Management Transaction in September 2020, officers and certain employees of REIT I were granted awards of restricted stock of REIT I pursuant to the 2020 LTIP in the aggregate amount of 645,526 shares. Upon the REIT I Merger, these grants converted to 790,272 shares of the Company. The fair value of the shares granted as converted upon the REIT I Merger were estimated to be $ 9.08 per share. Of the awards granted, 779,102 shares of restricted stock are performance-based awards and vested 40 %, or 311,641 shares, upon the completion of the REIT I Merger; and 60 % will vest upon the completion of an initial public offering or a future liquidity event. The remaining 11,170 shares of restricted stock granted are time-based awards and will vest ratably over a three-year period. The Company recorded compensation expense in the nine months ended September 30, 2021 related to these awards of approximately $ 3.8 million. Dividends on the performance-based awards of restricted stock will not be paid but will be accrued over the vesting period. The accrual as of September 30, 2021 was approximately $ 127,000 an d was included in Accounts payable and accrued expenses on the consolidated balance sheets. On February 17, 2021, the Compensation Committee (the “Committee”) of the Board of the Company approved performance-based long-term equity incentive awards pursuant to the 2020 LTIP. The awards were granted effective February 17, 2021 (the grant date), and the number of shares of the Company’s common stock (the “Common Stock”) underlying the awards (that is, the number of shares corresponding to the dollar amounts described below) were determined based on the most recently approved estimated value per share of the Common Stock of $ 9.08 as approved by the Board on March 19, 2020. After the actual amount of the performance-based award is determined (or earned), the earned shares will be fully vested and generally transferable. Dividends will be deemed to have accrued on all of the earned shares during the measuring period until the determination date. Such accrued dividends on earned shares will be paid to the awardee on the determination date. Thereafter, the awardee is entitled to receive dividends as declared and paid on the earned shares. The awardee will be entitled to vote the shares from the grant date. The awards were designed to align the executive officers’ interests with those of the Company’s stockholders and are a significant component of overall executive officer compensation. Employees were awarded 404,306 shares of three-year vesting restricted stock and the Company’s non-employee directors were awarded 42,980 shares of one-year vesting restricted stock during the nine months ended September 30, 2021. The following table presents the changes in unvested restricted stock for the nine months ended September 30, 2021: Performance Based Awards Weighted Average Grant Date Fair Value Time-Based Service Awards Weighted Average Grant Date Fair Value Total Awards Unvested restricted shares, beginning of period 779,102 11,170 790,272 Granted 135,045 $ 9.08 447,286 $ 9.08 582,331 Forfeited - ( 1,651 ) ( 1,651 ) Vested ( 311,641 ) ( 3,722 ) ( 315,363 ) Unvested restricted shares, end of period 602,506 453,083 1,055,589 Noncontrolling Interests Noncontrolling interests represent limited partnership interests in the Operating Partnership, or OP Units, in which the Company is the general partner. General partnership units and limited partnership units of the Operating Partnership were issued as part of the initial capitalization of the Operating Partnership. OP Units were issued as part of the Self-Management Transaction in September 2020. On September 13, 2021, the Company entered into a letter agreement with C-III and Legacy Co, pursuant to which the parties agreed to the following with respect to all outstanding operating partnership units of OP II, held by C-III and Legacy Co. C-III and Legacy Co provided their consent and waiver to the early redemption by OP II of the Series A Preferred Units at the Redemption Price (as defined in the limited partnership agreement for OP II (the “Partnership Agreement”)), plus all accrued distributions on September 14, 2021, prior to the second anniversary of the original issuance date as contemplated by the Partnership Agreement. In addition, the Company agreed to waive the two-year hold period for the exercise of the exchange right provided to C-III and Legacy Co in the Partnership Agreement with respect to their common units, and C-III and Legacy Co provided notice of exchange to OP II and the Company. In accordance with the letter agreement, on September 14, 2021, the Company redeemed 319,965 outstanding Series A Preferred Units collectively held by C-III and Legacy Co for $ 67.5 million and exchanged 7,539,737.53 common units collectively held by C-III and Legacy Co for an equivalent number of shares of common stock of the Company. Due to the redemption and conversion as described in Note 1, there are no noncontrolling interests as of September 30, 2021. Each OP Preferred Unit was entitled to a 7.00 % per annum preferred priority return on the stated value of each OP Preferred Unit commencing on the date of issuance and ending on the fifth anniversary of the date of issuance, as well as, with respect to such distribution period, the amount of distributions a holder of such OP Preferred Unit would be entitled to receive if such OP Preferred Units were treated as part of a single class of units with the Common Units with the right to participate in distributions pari passu with the Common Units (the “Preferred Return”). Investor Rights Agreement On September 8, 2020, the Company, the OP, C-III and RAI entered into an investor rights agreement (the “Investor Rights Agreement”). Pursuant to the Investor Rights Agreement, C-III and RAI (or any successor holder) has the right (i) with respect to Common Units of the OP, after September 8, 2022, and (ii) with respect to OP Preferred Units, after 180 days from the date the Company lists its common stock on a national securities exchange (the “Lock-Up Expiration”), to request the Company to register for resale under the Securities Act of 1933, as amended, all or part, but not less than 50%, of the shares of the Company’s common stock issued or issuable to such holder. The Company will use commercially reasonable efforts to file a registration statement on Form S-3 within 30 days of such request and within 60 days of such request in the case of a registration statement on Form S-11 or such other appropriate form. The Company will cause such registration statement to become effective as soon as reasonably practicable thereafter. The Investor Rights Agreement also grants C-III and RAI (or any successor holder) certain “piggyback” registration rights after the Lock-Up Expiration. For the nine months ended September 30, 2021 , noncontrolling interests were approximately 4.5 % of weighted average shares outstanding prior to their conversion to common stock and/or redemption. The Company evaluates individual noncontrolling interests for the ability to recognize the noncontrolling interest as permanent equity on the consolidated balance sheets at the time such interests are issued and on a continual basis. Any noncontrolling interest that fails to qualify as permanent equity is reclassified as temporary equity and adjusted to the greater of (a) the carrying amount or (b) its redemption value as of the end of the period in which the determination is made. During the three and nine months ended September 30, 2021 , the Company redeemed the OP Preferred Units and recognized a $ 342,000 expense in the Consolidated Statement of Operations to adjust the book value to redemption value.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measures and Disclosures	NOTE 14 - FAIR VALUE MEASURES AND DISCLOSURES In analyzing the fair value of its investments accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The fair value of cash, restricted cash, tenant receivables and accounts payable, approximate their carrying value due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Derivatives (interest rate caps), which are reported at fair value in the consolidated balance sheets, are valued by a third-party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors. (Level 2) The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): Level 1 Level 2 Level 3 Total September 30, 2021 Assets: Interest rate caps $ — $ 818 $ — $ 818 $ — $ 818 $ — $ 818 December 31, 2020 Assets: Interest rate caps $ — $ 62 $ — $ 62 $ — $ 62 $ — $ 62 The following table presents the carrying amount and estimated fair value of the Company’s mortgage notes payable-outstanding borrowings (in thousands): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Mortgage notes payable- outstanding borrowings $ 1,557,315 $ 1,514,972 $ 830,950 $ 822,859 The carrying amount of the mortgage notes payable presented is the outstanding borrowings excluding premium or discount and deferred finance costs, net. The fair value of the mortgage notes payable was estimated using rates available to the Company for debt with similar terms and remaining maturities. (Level 3)

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	NOTE 15 - DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. As a condition to certain of the Company’s financing facilities, from time to time the Company may be required to enter into certain derivative transactions as may be required by the lender. These transactions would generally be in line with the Company’s own risk management objectives and also serve to protect the lender. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company entered into a total of 21 interest rate caps that were designated as cash flow hedges. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and nine months ended September 30, 2021, such derivatives were used to hedge the variable cash flows, indexed to USD-LIBOR and one loan indexed to SOFR, associated with existing variable-rate loan agreements. During the three and nine months ended September 30, 2021 , the Company repaid or refinanced 14 loans for which the associated interest rate caps remain as assets but no longer qualify as effective cash flow hedges with a fair value as of September 30, 2021 of approximately $ 176,000 . During the three and nine months ended September 30, 2021 , the Company recorded expenses of approximately $ 61,000 and $ 120,000 , respectively, due to amortization of premiums paid for interest rate caps. During the three and nine months ended September 30, 2020 , the Company recorded expenses of approximately $ 29,000 and $ 109,000 , respectively, due to amortization of premiums paid for interest rate caps. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional approximate $ 112,000 will be reclassified as an increase to interest expense. The following table presents the Company's outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of September 30, 2021 and December 31, 2020 (dollars in thousands): Interest Rate Derivative Number of Notional Maturity Dates September 30, 2021 Interest Rate Caps 21 $ 724,934 November 1, 2021 to February 1, 2026 December 31, 2020 Interest Rate Caps 22 $ 677,238 May 1, 2021 to January 1, 2025 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The following table presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 (in thousands): Asset Derivatives Liability Derivatives September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 818 Prepaid expenses and other assets $ 62 — $ — — $ —

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 16 - SUBSEQUENT EVENTS On October 12, 2021, the Company sold The Retreat at Rocky Ridge in Hoover, Alabama for $ 25.4 million. The Company expects to recognize a gain on the sale during the quarter ending December 31, 2021. In conjunction with the sale of The Retreat at Rocky Ridge, the Company repaid in full the loan secured by Bay Club Apartments and replaced The Retreat at Rocky Ridge with Bay Club Apartments as collateral for the Credit Facility. On October 21, 2021, the Company sold Tech Center Square in Newport News, Virginia for $ 36.7 million. The Company expects to recognize a gain on the sale during the quarter ending December 31, 2021. In conjunction with the sale of Tech Center Square, the Company repaid in full the loan secured by Perimeter 5550 and replaced Tech Center Square with Perimeter 5550 as collateral for the Credit Facility. On October 26, 2021, the Company sold The Brookwood in Homewood, Alabama for $ 45.3 million. The Company expects to recognize a gain on the sale during the quarter ending December 31, 2021. The Company repaid in full the loan secured by Windbrooke Crossing for $ 36.1 million on October 28, 2021 and Trailpoint at the Woodlands on October 29, 2021 for $ 16.8 million. Windbrooke Crossing was added as collateral on the Credit Facility. On October 20, 2021, the Company entered into an agreement to sell Maxwell Townhomes, located in San Antonio, Texas with an expected closing in the first quarter of 2022. The Company expects to recognize a gain on sale during the three months ended March 31, 2022. On October 27, 2021, the Company entered into an agreement to sell The Bryant at Yorba Linda, located in Yorba Linda, California with an expected closing in the first quarter of 2022. The Company expects to recognize a gain on sale upon sale in the three months ended March 31, 2022. On November 2, 2021, the Company sold Pines of York in Yorktown, Virginia for $ 45.0 million. The Company expects to recognize a gain during the quarter ending December 31, 2021. The Company has evaluated subsequent events and determined that no events have occurred, other than as disclosed above or elsewhere in the financial statements, which would require an adjustment to or additional disclosure in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with GAAP.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Concentration of Risk	Concentration of Risk As of September 30, 2021, the Company's real estate investments in Texas, Georgia, Illinois, and Colorado represented 25 %, 13 %, 11 %, and 10 % , respectively, of the net book value of its rental property assets. Any adverse economi c or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders.
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 financial statements and the accompanying notes. Actual results could differ from those estimates.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848).” ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. T he Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Accounting Standards Issued But Not Yet Effective In August 2020, FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. ASU 2020-06 addresses the complexity of guidance for certain financial (convertible) instruments with characteristics of liabilities and equity. ASU No. 2020-06 will be effective for the Company beginning January 1, 2022. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2020-06 to have a material effect on its consolidated financial statements and disclosures.
Assets Held for Sale	Assets Held for Sale The Company presents rental property assets that qualify as held for sale separately in the consolidated balance sheets. Real estate assets held for sale are measured at the lower of carrying amount or fair value less cost to sell. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. As of September 30, 2021, the Company had four rental properties included in assets held for sale. As of December 31, 2020 , the Company had no rental properties included in assets held for sale.
Rental Properties	Rental Properties The Company records acquired rental properties at fair value on the acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the asset using the straight-line method. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 2.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related lease Improvements and replacements are capitalized when they have a useful life greater than or equal to one year . Construction management fees are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets, primarily investments in rental properties, for impairment indicators. The review considers factors such as past and expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss would be the adjustment to fair value less the estimated cost to dispose of the asset. In conjunction with the Mergers, and for the Company’s annual estimated value per share calculation of the combined company following the Mergers, a third-party was engaged to provide the estimated fair value of our rental properties as of January 28, 2021. The Company compared these values to its carrying values and concluded that there was no indication that the carrying value of the Company’s investments in real estate were not recoverable as of September 30, 2021 . There were no indications of impairment or impairment losses recorded on long-lived assets during the three and nine months ended September 30, 2021 and 2020 .
Allocation of Purchase Price of Acquired and Foreclosed Assets	Allocation of the Purchase Price of Acquired and Foreclosed Assets Acquisitions that do not meet the definition of a business under FASB Accounting Standards Codification ("ASC"), Business Combinations , ("ASC 805") are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered business combinations, as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the asset is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition, including transaction costs, to the assets acquired or liabilities assumed based on their relative fair value. Upon the acquisition of real properties, the Company allocates the purchase price of properties to acquired tangible assets consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if it were vacant. Management’s estimates of value are determined by independent appraisers. Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating the fair value of both the tangible and intangible acquired assets, the Company also considers information obtained about each property as a result of its pre-acquisition due diligence. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing relationships with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the average remaining term of the underlying leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization periods for the intangible assets exceed the remaining depreciable life of the building. The determination of the fair value of assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the purchase price allocations, which could impact the amount of the Company’s reported net income.
Goodwill	Goodwill The Company records the excess of the cost of an acquired entity over the difference between the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit during the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. There have been no such events or changes in circumstances during the three and nine months ended September 30, 2021 and 2020 .
Revenue Recognition and Receivables	Revenue Recognition and Receivables The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, where collection has been considered probable, on a straight-line basis over the term of the related lease, which is accounted for in accordance with ASC 842, Leases (“ASC 842”). The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $ 50.5 million for the remainder of 2021 and $ 85.9 million for the twelve months ending December 31, 2022. These figures include future minimum rentals to be received from noncancelable operating leases for residential rental properties held for sale of $ 2.6 million for the remainder of 2021 and $ 4.3 million for the twelve months ending December 31, 2022. The future minimum rental payments to be received from noncancelable operating leases for both commercial rental properties and antenna rentals are $ 104,000 for the remainder of 2021 and $ 427,000 , $ 393,000 , $ 336,000 , and $ 253,000 fo r the years ending December 31, 2022 through December 31, 2025, respectively, and $ 1.3 million thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments and amenities, and revenue sharing arrangements for cable income from contracts with cable providers at the Company's properties (discussed below). A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records the utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized. The Company has revenue sharing arrangements for cable income from contracts with cable providers at the Company’s properties. Included in accounts payable and accrued expenses on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 is a contract liability related to deferred revenue from contracts with cable providers of approximat ely $ 1.6 million and $ 760,000 , respectively. The Company recognizes income on a straight-line basis over the contract period of 10 years to 12 years . During the three and nine months ended September 30, 2021, approximately $ 61,000 and $ 174,000 , respectively, of revenue from the contract liability was recognized as income. Following the Self- Management Transaction (described in Note 3 below) through the effective date of the Mergers on January 28, 2021, the Company received asset management and property management fees from REIT II and REIT III. The monthly asset management fee was equal to one-twelfth of 1.0% of the cost of each asset held by REIT II and one-twelfth of 1.0% of the appraised value of each asset held by REIT III, without deduction for depreciation, bad debts or other non-cash reserves. The monthly property management fee was calculated based on 4.5 % of the gross monthly receipts from REIT II's and REIT III’s properties. The Company recognized revenue for both asset and property management fees as earned on a monthly basis. The Company had determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for asset and property management services are satisfied as the services are rendered. The Company was compensated for its services on a monthly basis and these services represent a series of distinct daily services in accordance with ASC 606. As a result of the Mergers, these fees are no longer being paid. The Company evaluates its portfolio of operating leases for collectability at both the onset of the underlying leases and on an ongoing basis. Tenant receivables include amounts for which collectability was assessed as probable in accordance with the guidance in ASC 842-30. For tenant receivables, which include base rents, straight-line rentals, expense reimbursements and other revenue or income, the Company also estimates a general allowance for uncollectible accounts under ASC 450-20. The Company determines the collectability of its receivables related to rental revenue by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, and the condition of the general economy and the industry as a whole. If collectability is not probable, the Company adjusts rental income for the amount of the uncollectible revenue. Due to the COVID-19 pandemic, some residents have experienced difficulty making rent payments and the Company’s receivables have increased compared to historical levels. As of September 30, 2021 and December 31, 2020, the Company recorded a $ 2.3 million and $ 774,000 allowance for bad debts, respectively, to appropriately reflect management’s estimate for uncollectible accounts. The total adjustment to rental and other property income for the three and nine months ended September 30, 2021 was approximate ly $ 522,000 and $ 2.1 million, respectively, for provision for bad debt expense, net of recoveries . The provision for bad debts was recorded as a reduction to rental income in the Company’s consolidated statements of operations. The age of the receivables included in the allowance balance as of September 30, 2021 was: 10.5 % less than 30 days past due, 11.1 % 31-60 days past due, 1.1 % 61-90 days past due and 77.3 % over 90 days past due.
Leases	Leases For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company, as a lessor of multifamily apartment units, has nonlease components associated with these leases (i.e. common area maintenance, utilities, etc.). The Company combines nonlease component revenue streams and accounts for them as a combined component with leasing revenue. For leases in which the Company is the lessee, primarily consisting of office leases, a parking lot lease, and office equipment leases, the Company recognizes a right-of-use (“ROU”) asset and a lease liability equal to the present value of the minimum lease payments. Operating leases are included in operating lease ROU assets and operating lease liabilities in the Company’s consolidated balance sheets. The Company uses a market rate for equipment leases, when readily determinable, in calculating the present value of lease payments. Otherwise, the incremental borrowing rate is used. The operating lease ROU asset includes any lease payments and excludes lease incentives. Operating lease terms may include options to extend the lease when it is reasonably certain the lease will be extended. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2014. To maintain its REIT qualification under the Code, the Company is generally required to distribute at least 90 % of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100 % of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends-paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Generally, taxable income differs from GAAP net income because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat any of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company's taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of both September 30, 2021 and December 31, 2020, the Company treated one of its subsidiaries as a TRS. The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company. The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months. The Company is subject to examination by the U.S. Internal Revenue Service (“IRS”) and by the taxing authorities in states in which the Company has significant business operations. The Company is not currently undergoing any examinations by taxing authorities. The Company is not subject to IRS examination for tax return years 2016 and prior.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. Distributions declared per common share assume each share was issued and outstanding each day during the period or based upon the two-class method, whichever is more dilutive. No ne of the shares of convertible stock (see Note 13) or 602,506 unvested performance awards are included in the diluted earnings per share calculations, because the necessary conditions for conversion have not been satisfied as of September 30, 2021 (were such date to represent the end of the contingency period). Additionally, due to losses for the three and nine months ended September 30, 2021 , the calculation of diluted earnings per share excludes 84,290 and 43,492 unvested restricted shares as their effect would be antidilutive. Prior to their redemption and/or conversion, net losses attributable to outstanding OP Common Units and OP Preferred Units were included in net (income) loss attributable to noncontrolling interest, and therefore, were excluded from the calculation of income (loss) per common share, basic and diluted, for all periods presented.
Reclassifications	Reclassifications Certain amounts in the prior years’ financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net income (loss).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives	The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 2.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related lease

Self-Management Transaction (Ta

Self-Management Transaction (Tables)	9 Months Ended
	Sep. 30, 2021
Business Acquisition [Line Items]
Schedule of Consideration Given under Self-Management Transaction	Under the terms of the Self-Management Transaction, the following consideration was given in exchange (in thousands): Fair value of OP I Units issued $ 128,200 Net working capital 811 Subsequent consideration 27,000 Net consideration $ 156,011
PM Holdings and Advisor Holdings
Business Acquisition [Line Items]
Summary of Purchase Price Allocation	The following table summarizes the purchase price allocation (dollars in thousands): Assets: Due from related parties $ 4,299 Prepaid expenses and other assets 150 Goodwill 154,531 Property and equipment 659 Operating lease right-of-use assets 3,244 Total assets acquired $ 162,883 Liabilities: Other liabilities $ 3,628 Operating lease liabilities 3,244 Total liabilities assumed 6,872 Net assets acquired $ 156,011

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information (in thousands): Nine Months Ended September 30, 2021 2020 Non-cash financing and investing activities: Stock issued from the distribution reinvestment plan $ 7,868 $ 6,085 Repayments on borrowings through refinancing 461,968 65,941 Accruals for construction in progress 4,104 573 Deferred financing costs funded directly by mortgage notes — 607 Non-cash activity related to dispositions: Mortgage notes payable settled directly with proceeds from sale of rental property 24,801 — Non-cash activity related to Self-Management Transaction: Goodwill - Self-Management Transaction — 154,531 Due to related parties — 27,000 Operating Partnership units issued in exchange for net assets acquired — 128,200 Accrued allocation of income to preferred unit holders — 286 Operating lease right of use assets assumed — 3,244 Operating lease liabilities assumed — 3,244 Property and equipment assumed — 659 Non-cash activity related to Merger: Net assets acquired in REIT II Merger in exchange for common shares $ 543,840 $ — Net assets acquired in REIT III Merger in exchange for common shares 101,435 — Implied REIT I common stock issued in exchange for net assets acquired in Merger 645,275 — Cash paid during the period for: Interest $ 30,876 $ 19,561

Restricted Cash (Tables)

Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2021
Cash And Cash Equivalents [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table presents a summary of the components of the Company's restricted cash (in thousands): September 30, 2021 December 31, Real estate taxes $ 11,733 $ 7,910 Insurance 1,424 1,350 Debt service reserve 3,118 2,045 Capital improvements 3,701 3,464 Total $ 19,976 $ 14,769

Rental Properties, Net (Tables)

Rental Properties, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Line Items]
Schedule of Investments in Rental Properties	As of September 30, 2021 , the Company's investments in rental properties consisted of 45 apartment properties that contain 13,707 units, which excludes four properties that contain 936 units that are held for sale. The following table summarizes the Company's investments in rental properties (in thousands): September 30, 2021 December 31, 2020 Land $ 352,068 $ 196,355 Building and improvements 1,926,134 929,323 Furniture, fixtures and equipment 59,137 46,879 Construction in progress 10,992 1,374 2,348,331 1,173,931 Less: accumulated depreciation ( 308,368 ) ( 275,956 ) Rental properties, net $ 2,039,963 $ 897,975 The following table summarizes the Company's investments in rental properties held for sale (in thousands): September 30, 2021 Land $ 12,510 Building and improvements 78,207 Furniture, fixtures and equipment 3,528 Construction in progress 28 94,273 Less: accumulated depreciation ( 19,058 ) Assets held for sale - rental properties $ 75,215
Schedule of Revenues and Net Income/ (Loss) Attributable to Properties Held For Sale	The following table presents the Company's revenues and net income/(loss) attributable to the properties held for sale for the three and nine months ended September 30, 2021 (in thousands): Revenues Attributable to Property Held For Sale Net Income/(Loss) Attributable to Property Held For Sale Multifamily Community Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 The Retreat at Rocky Ridge $ 634 $ 1,825 $ 254 $ 311 Tech Center Square $ 750 $ 2,207 $ 256 $ 413 The Brookwood $ 1,028 $ 3,095 $ 78 $ ( 350 ) Pines of York $ 862 $ 2,586 $ 127 $ 235
Summary of Consideration Transferred	Consideration transferred is calculated as such (in thousands except share and per share data): Merged entity estimated net asset value as of merger date $ 9.06 REIT I exchange ratio 1.22423 REIT I estimated value per share as of January 28, 2021 $ 11.09 REIT II common stock outstanding as of January 28, 2021 60,026,513 REIT I exchange ratio 1.22423 Implied REIT I common stock issued as consideration 49,032,055 REIT I estimated value per share as of January 28, 2021 $ 11.09 Value of implied REIT I common stock issued as consideration $ 543,840 Consideration transferred is calculated as such (in thousands except share and per share data): REIT III common stock outstanding as of January 28, 2021 12,092,466 REIT III exchange ratio 0.925862 REIT II shares issued as consideration 11,195,955 REIT I exchange ratio 1.22423 Implied REIT I common stock issued as consideration 9,145,303 REIT I estimated value per share as of January 28, 2021 $ 11.09 Value of implied REIT I common stock issued as consideration $ 101,435
Summary of Revenue and Net Loss of Properties Acquired in Mergers	The revenue and net loss of the 23 properties ( 6,508 units) acquired in the Mergers is as follows for the three and nine months ended September 30, 2021 (in thousands): REIT II REIT III Total Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Revenue $ 23,177 $ 61,161 $ 5,648 $ 15,029 $ 28,825 $ 76,190 Net loss $ ( 1,567 ) $ ( 11,452 ) $ ( 273 ) $ ( 1,973 ) $ ( 1,840 ) $ ( 13,425 )
Summary of Condensed Pro forma Operating Information	The following condensed pro forma operating information is presented as if the Mergers and the Self–Management Transaction had been included in operations as of January 1, 2020 (in thousands, except per share data):  Nine Months Ended Year Ended  September 30, 2021 December 31, 2020 Revenue $ 186,173 $ 239,902 Net loss $ ( 7,898 ) $ ( 63,985 ) Net loss attributable to noncontrolling interests $ 491 $ 3,287 Net loss attributable to common stockholders $ ( 10,910 ) $ ( 65,178 ) Net loss to common stockholders per share, basic and diluted $ ( 0.07 ) $ ( 0.41 )
REIT I and REIT II Merger Agreement
Real Estate [Line Items]
Summary of Purchase Price Allocation	The allocation of the values of the real estate and other assets and liabilities as of January 28, 2021, inclusive of $ 5.0 million in estimated capitalized transaction costs and elimination of intercompany balances between REIT I and REIT II, is as follows (in thousands): Assets: Land $ 127,920 Building and improvements 940,630 Intangibles 6,765 Cash and restricted cash 67,563 Other assets 6,062 Total assets $ 1,148,940 Liabilities: Mortgage notes payable, net of $ 3.0 million discount $ 580,676 Due to related parties 988 Accounts payable and other liabilities 18,456 Total liabilities 600,120 Fair value of net assets acquired $ 548,820 Less: REIT I's Merger expenses 4,980 Fair value of net assets acquired, less REIT I's Merger expenses $ 543,840
REIT I and REIT III Merger Agreement
Real Estate [Line Items]
Summary of Purchase Price Allocation	The allocation of the values of the real estate and other assets and liabilities as of January 28, 2021, inclusive of $ 929,000 in estimated capitalized transaction costs and elimination of intercompany balances between REIT I and REIT III, is as follows (in thousands): Assets: Land $ 43,733 Building and improvements 184,400 Intangibles 1,609 Cash and restricted cash 22,969 Other assets 626 Total assets $ 253,337 Liabilities: Mortgage notes payable, net of $ 2.1 million premium $ 147,191 Due to related parties 836 Accounts payable and other liabilities 2,946 Total liabilities 150,973 Fair value of net assets acquired $ 102,364 Less: REIT I's Merger expenses 929 Fair value of net assets acquired, less REIT I's Merger expenses $ 101,435

Disposition of Property (Tables

Disposition of Property (Tables)	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Summary of Details of Disposition Activity	The following table presents details of the Company's disposition activity during the three and nine months ended September 30, 2021 (in thousands): Net Gain on Disposition of Property Multifamily Community Location Sale Date Contract Sales Price Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Evergreen at Coursey Place Baton Rouge, LA 6/29/2021 $ 49,751 $ - $ 18,734 The following table presents the Company's revenues and net income/(loss) attributable to the property sold, excluding gain on sale, for the three and nine months ended September 30, 2021 (in thousands): Revenues Attributable to Property Sold Net Income/(Loss) Attributable to Property Sold Multifamily Community Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Evergreen at Coursey Place $ 21 $ 2,234 $ 24 $ ( 134 )

Identified Intangible Assets,_2

Identified Intangible Assets, Net and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The table below presents the rollforward of activity in goodwill for the nine months ended September 30, 2021 : Balance, January 1, 2021 $ 154,935 Sale of Evergreen at Coursey Place ( 268 ) Balance, September 30, 2021 $ 154,667

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Summary of Debt	The following table presents a summary of the Company's debt (in thousands): Weighted Average Maturity in Years at September 30, 2021 December 31, 2020 September 30, 2021 Mortgage notes payable, net - variable rate $ 704,144 $ 675,791 3.93 Mortgage notes payable, net - fixed rate 846,320 150,195 6.20 Total mortgage notes payable, net $ 1,550,464 $ 825,986 5.16 Revolving credit facility $ — $ — — Weighted average interest rate on mortgages - variable 2.06 % 2.12 % Weighted average interest rate on mortgages - fixed 3.04 % 4.03 % Weighted average interest rate on revolving credit facility — — Weighted average interest rate on total debt 2.60 % 2.46 %
Summary of Additional Information about Initial Advance on Facility	Additional information about the initial advance on the Facility, which is included in Mortgage notes payable, net on the Consolidated Balance Sheet as of September 30, 2021, is as follows (in thousands): Collateral Original Loan Amount Maturity Date Type Annual Interest Rate Fixed Advance 1 $ 235,205 2/1/2031 Fixed 2.79 % Fixed Advance 2 $ 235,205 2/1/2028 Fixed 2.62 % Floating Advance $ 24,760 2/1/2031 Floating (1) 2.11 % (1) Floating rate based on 30-day average Secured Overnight Financing Rate "SOFR" plus a fixed margin of 2.06 %.
Annual Future Principal Payments on Outstanding Borrowings	The following table presents the Company's annual future principal payments on outstanding borrowings as of September 30, 2021 (in thousands): Remainder 2021 $ 36,173 2022 53,280 2023 58,672 2024 280,110 2025 191,721 2026 114,210 Thereafter 823,149 $ 1,557,315

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Annual Payments for Operating Lease Liabilities	The following table presents the Company’s annual payments for the operating lease liabilities (including reasonably assured extension periods) for each of the next five 12–month periods ending September 30, and thereafter (in thousands): Remainder 2021 $ 152 2022 583 2023 572 2024 573 2025 586 Thereafter 448 $ 2,914

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in each component of the Company's accumulated other comprehensive income (loss) for the nine months ended September 30, 2021 and 2020 (in thousands): Balance, January 1, 2021 $ ( 391 ) Reclassification adjustment for realized loss on designated derivatives 120 Designated derivatives, fair value adjustments 169 Balance before noncontrolling interest $ ( 102 ) Noncontrolling interest ( 9 ) Balance, September 30, 2021 $ ( 111 ) Balance, January 1, 2020 $ ( 218 ) Reclassification adjustment for realized loss on designated derivatives 109 Designated derivatives, fair value adjustments ( 258 ) Balance before noncontrolling interest $ ( 367 ) Noncontrolling interest 6 Balance, September 30, 2020 $ ( 361 )

Certain Relationships and Rel_2

Certain Relationships and Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Fees Earned/Expenses Paid and Amounts Payable and Amounts Receivable to Related Parties	The following table presents the Company's amounts payable to, and amounts receivable from, such related parties (in thousands): September 30, 2021 December 31, 2020 Due from related parties: REIT II Management fees $ — $ 327 Operating expense reimbursements — 1,588 — 1,915 REIT III Management fees — 79 Deferred organization and offering costs reimbursements — 769 — 848 $ — $ 2,763 Due to related parties: C-III/RAI Self-Management Transaction consideration $ — $ 19,125 Allocation of income to preferred unit holders — 1,120 $ — $ 20,245 The following table presents the Company's fees earned by, and expenses paid to, such related parties (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fees earned / expenses paid to related parties: Former Advisor (prior to 9/8/2020): Acquisition costs (1) $ — $ — $ — $ 113 Asset management fees (2) — 2,335 — 8,517 Debt financing fees (4) — — — 43 Overhead allocation (3) — 687 — 2,955 Internal audit (3) — 19 — 75 Manager (prior to 9/8/2020): Property management fees (2) $ — $ 1,124 $ — $ 4,071 Construction management fees (4) — 16 — 162 Debt servicing fees (2) — — — 1 REIT II (prior to 1/28/2021): Asset management fee income $ — $ 563 $ 669 $ 563 Property management fee income — 231 275 231 Operating expense reimbursements (3) — 279 371 279 Internal audit (3) — 7 8 7 REIT III (prior to 1/28/2021): Asset management fee income $ — $ 139 $ 164 $ 139 Property management fee income — 58 67 60 C-III/RAI: Transition services paid to C-III (3) $ — $ — $ 2 $ — Preferred unit distributions 921 — 3,161 — ACR Internal audit $ — $ — $ 37 $ — Sublease rent reimbursement (3) — — 30 — (1) Included in Acquisition Costs on the consolidated statements of operations. This amount represents the net acquisition fee paid to the Former Advisor during the nine months ended September 30, 2020 for additional capital funding contributed to the properties. (2) Included in Management fees - related party on the consolidated statements of operations. (3) Included in General and administrative on the consolidated statements of operations. (4) Capitalized and included in Rental Properties, net on the consolidated balance sheets.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Common Stock	The following table summarizes the activity (dollars in thousands): Shares Gross Shares issued through private offering 1,279,227 $ 12,737 Shares issued through primary public offering 129,923,354 1,289,845 Shares issued through stock distributions 2,406,986 — Shares issued through distribution reinvestment plan 28,728,077 276,812 Restricted shares issued to employees 1,370,952 — Shares issued through conversion of common OP units 7,539,738 — Shares issued in conjunction with the Merger 14,724,323 — Total 185,972,657 $ 1,579,394 Shares redeemed and retired ( 20,336,051 ) Total shares issued and outstanding as of September 30, 2021 165,636,606 During the nine months ended September 30, 2021, the Company redeemed shares of its outstanding common stock as follows: Period Total Number of Shares Redeemed (1) Average Price Paid per Share January 2021 136,685 $ 9.08 February 2021 — — March 2021 169,112 $ 9.08 April 2021 — — May 2021 — — June 2021 148,989 $ 9.06 July 2021 — — August 2021 — — September 2021 240,767 $ 9.06 695,553 (1) The shares redeemed in January 2021 and 1,147 of the shares redeemed in September 2021 were repurchased from employees upon vesting of restricted stock awards in order to facilitate the payment of taxes by the employees.
Schedule of Distributions	For the nine months ended September 30, 2021 , the Company paid common stockholders aggregate distributions of $ 33.6 million includi ng $ 7.9 milli on of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan and $ 25.8 mi llion of distributions paid in cash as follows (in thousands, except per share data): Record Date Per Common Distribution Date Net Cash Distribution Distributions Reinvested in Shares of Common Stock Total Aggregate Distribution March 30, 2021 $ 0.07 March 31, 2021 $ 8,539 $ 2,490 $ 11,029 June 29, 2021 0.07 June 30, 2021 8,365 2,674 11,039 September 29, 2021 0.07 September 30, 2021 8,868 2,704 11,572 $ 0.21 $ 25,772 $ 7,868 $ 33,640
Summary of Changes in Unvested Restricted Stock	Employees were awarded 404,306 shares of three-year vesting restricted stock and the Company’s non-employee directors were awarded 42,980 shares of one-year vesting restricted stock during the nine months ended September 30, 2021. The following table presents the changes in unvested restricted stock for the nine months ended September 30, 2021: Performance Based Awards Weighted Average Grant Date Fair Value Time-Based Service Awards Weighted Average Grant Date Fair Value Total Awards Unvested restricted shares, beginning of period 779,102 11,170 790,272 Granted 135,045 $ 9.08 447,286 $ 9.08 582,331 Forfeited - ( 1,651 ) ( 1,651 ) Vested ( 311,641 ) ( 3,722 ) ( 315,363 ) Unvested restricted shares, end of period 602,506 453,083 1,055,589

Fair Value Measures and Discl_2

Fair Value Measures and Disclosures (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): Level 1 Level 2 Level 3 Total September 30, 2021 Assets: Interest rate caps $ — $ 818 $ — $ 818 $ — $ 818 $ — $ 818 December 31, 2020 Assets: Interest rate caps $ — $ 62 $ — $ 62 $ — $ 62 $ — $ 62
Carrying Amount and Estimated Fair Values of Loan Held for Investment, Net, and Mortgage Notes Payable - outstanding borrowings	The following table presents the carrying amount and estimated fair value of the Company’s mortgage notes payable-outstanding borrowings (in thousands): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Mortgage notes payable- outstanding borrowings $ 1,557,315 $ 1,514,972 $ 830,950 $ 822,859

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	The following table presents the Company's outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of September 30, 2021 and December 31, 2020 (dollars in thousands): Interest Rate Derivative Number of Notional Maturity Dates September 30, 2021 Interest Rate Caps 21 $ 724,934 November 1, 2021 to February 1, 2026 December 31, 2020 Interest Rate Caps 22 $ 677,238 May 1, 2021 to January 1, 2025
Fair Value and Balance Sheet Location of Derivatives	The following table presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 (in thousands): Asset Derivatives Liability Derivatives September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 818 Prepaid expenses and other assets $ 62 — $ — — $ —

Nature of Business and Operat_2

Nature of Business and Operations (Details) - $ / shares	Jan. 28, 2021	Sep. 30, 2021
Shares issued through distribution reinvestment plan
Class Of Stock [Line Items]
Common stock, shares issued (in shares)		165,600,000
REIT I Merger Agreement
Class Of Stock [Line Items]
Date of merger agreement		Sep. 8, 2020
Effective date of merger agreement	Jan. 28, 2021
REIT III Merger Agreement
Class Of Stock [Line Items]
Date of merger agreement		Sep. 8, 2020
Effective date of merger agreement	Jan. 28, 2021
Convertible common stock, right to receive number of shares at the effective time of merger	0.925862
REIT I Company Merger
Class Of Stock [Line Items]
Convertible common stock, right to receive number of shares at the effective time of merger	1.22423
Convertible common stock, right to receive cash per share without interest at the effective time of merger	$ 0.02
REIT I Partnership Merger
Class Of Stock [Line Items]
Convertible common stock, right to receive number of shares at the effective time of merger	1.22423
Series A cumulative participating redeemable preferred unit, description		each Series A Cumulative Participating Redeemable Preferred Unit in OP I issued and outstanding immediately prior to the effective time of the REIT I Partnership Merger converted into the right to receive one Series A Cumulative Participating Redeemable Preferred Unit in OP II ("OP Preferred Units").

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Propertyshares	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)Property
Assets Held for Sale [Abstract]
Number of rental properties held for sale (in property) | Property			4		0
Asset Impairment Charges [Abstract]
Impairment of real estate			$ 0
Impairment losses	$ 0	$ 0	0	$ 0
Revenue Recognition [Abstract]
Contract liability	1,600,000		$ 1,600,000		$ 760,000
Revenue contract period			10 years to 12 years
Revenue from contract liability recognized into income	61,000		$ 174,000
Description of asset management fee, percentage			The monthly asset management fee was equal to one-twelfth of 1.0% of the cost of each asset held by REIT II and one-twelfth of 1.0% of the appraised value of each asset held by REIT III, without deduction for depreciation, bad debts or other non-cash reserves.
Description of property management fee, percentage			The monthly property management fee was calculated based on 4.5% of the gross monthly receipts from REIT II's and REIT III’s properties.
Property management fee percentage calculated based on gross monthly receipts			4.50%
Allowance for bad debts			$ 2,300,000		$ 774,000
Adjustment to rental and other property income, net of recoveries	$ 522,000		$ 2,100,000
Income Taxes [Abstract]
Minimum distribution percentage of taxable net income excluding net capital gains			90.00%
Distribution percentage of taxable net income not subject to federal corporate income tax			100.00%
Number of years entity may be precluded from REIT qualifications			4 years
Convertible Stock
Earnings Per Share [Abstract]
Antidilutive securities not included in the diluted earnings per share calculations | shares			0
Unvested Performance Awards
Earnings Per Share [Abstract]
Antidilutive securities not included in the diluted earnings per share calculations | shares			602,506
Unvested Restricted Shares
Earnings Per Share [Abstract]
Antidilutive securities not included in the diluted earnings per share calculations | shares	84,290		43,492
Less Than 30 Days Past Due
Revenue Recognition [Abstract]
Receivables percentage included in the allowance balance	10.50%		10.50%
31-60 Days Past Due
Revenue Recognition [Abstract]
Receivables percentage included in the allowance balance	11.10%		11.10%
61-90 Days Past Due
Revenue Recognition [Abstract]
Receivables percentage included in the allowance balance	1.10%		1.10%
Over 90 Days Past Due
Revenue Recognition [Abstract]
Receivables percentage included in the allowance balance	77.30%		77.30%
Improvements and replacements
Assets Held for Sale [Abstract]
Improvements and replacements, useful life greater than or equal to one year, capitalization threshold (in years)			1 year
Operating leases for residential rental properties
Revenue Recognition [Abstract]
Future minimum rental payments, reminder of fiscal year	$ 50,500,000		$ 50,500,000
Future minimum rental payments, in one years	85,900,000		85,900,000
Future minimum rental held for sale, remainder of fiscal year	2,600,000		2,600,000
Future minimum rental held for sale, in one years	4,300,000		4,300,000
Commercial rental properties and antenna rentals
Revenue Recognition [Abstract]
Future minimum rental payments, reminder of fiscal year	104,000		104,000
Future minimum rental payments, in one years	427,000		427,000
Future minimum rental payments, in two years	393,000		393,000
Future minimum rental payments, in three years	336,000		336,000
Future minimum rental payments, in four years	253,000		253,000
Future minimum rental payments, thereafter	$ 1,300,000		$ 1,300,000
Texas | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	25.00%		25.00%
Georgia | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	13.00%		13.00%
Illinois | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	11.00%		11.00%
Colorado | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	10.00%		10.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	9 Months Ended
	Sep. 30, 2021
Buildings
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Furniture, fixtures, and equipment | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	2 years
Furniture, fixtures, and equipment | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years

Self-Management Transaction - N

Self-Management Transaction - Narrative (Details) - USD ($)	Sep. 14, 2021	Sep. 08, 2020	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Units redeemed			20,336,051
Goodwill			$ 154,667,000	$ 154,935,000
OP I Preferred Units | C-III and Legacy Co
Business Acquisition [Line Items]
Units redeemed	319,965
OP II Series A Preferred Units | C-III and Legacy Co
Business Acquisition [Line Items]
Units redeemed	319,965
Common Stock | C-III and Legacy Co
Business Acquisition [Line Items]
Common units exchanged for common stock	7,539,737.53
Self-Management Transaction
Business Acquisition [Line Items]
Leasehold improvements and furniture		$ 659,000
Deferred payments in cash		7,500,000
Business combination outstanding obligation due		811,000
Business combination assets acquired accrued management fees		4,300,000
Business combination assets acquired prepaid rent		150,000
Business combination liabilities assumed payroll liabilities		2,900,000
Business combination liabilities assumed due to third party		684,000
Transaction costs				$ 2,300,000
Goodwill		154,500,000
Self-Management Transaction | Six Monthly
Business Acquisition [Line Items]
Deferred payments		2,000,000
Deferred payments		12,000,000
Self-Management Transaction | Twelve Monthly
Business Acquisition [Line Items]
Deferred payments		625,000
Deferred payments		$ 7,500,000
Self-Management Transaction | O P I Common Units
Business Acquisition [Line Items]
Conversion of OP common units		7,500,000
Self-Management Transaction | OP I Preferred Units
Business Acquisition [Line Items]
Business combination, consideration transferred		319,965
Self-Management Transaction | Participation Rights of the OP I Preferred Units Increased OP Preferred Units
Business Acquisition [Line Items]
Conversion of OP common units		391,711
Self-Management Transaction | PM Holdings and Advisor Holdings | REIT I OP
Business Acquisition [Line Items]
Percentage of membership interest		100.00%
Self-Management Transaction | PM Holdings and Advisor Holdings | REIT I OP | O P I Common Units
Business Acquisition [Line Items]
Business combination, consideration transferred		6,200,000

Self-Management Transaction - S

Self-Management Transaction - Schedule of Consideration Given under Self-Management Transaction (Details) $ in Thousands	Sep. 08, 2020USD ($)
Business Combinations [Abstract]
Fair value of OP I Units issued	$ 128,200
Net working capital	811
Subsequent consideration	27,000
Net consideration	$ 156,011

Self-Management Transaction -_2

Self-Management Transaction - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 08, 2020
Assets:
Goodwill	$ 154,667	$ 154,935
PM Holdings and Advisor Holdings
Assets:
Due from related parties			$ 4,299
Prepaid expenses and other assets			150
Goodwill			154,531
Property and equipment			659
Operating lease right-of-use assets			3,244
Total assets acquired			162,883
Liabilities:
Other liabilities			3,628
Operating lease liabilities			3,244
Total liabilities assumed			6,872
Net assets acquired			$ 156,011

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Non-cash financing and investing activities:
Stock issued from the distribution reinvestment plan	$ 2,704	$ 2,674	$ 2,490	$ 6,085	$ 7,868	$ 6,085
Repayments on borrowings through refinancing					461,968	65,941
Accruals for construction in progress					4,104	573
Deferred financing costs funded directly by mortgage notes						607
Non-cash activity related to dispositions and acquisitions:
Mortgage notes payable settled directly with proceeds from sale of rental property					24,801
Cash paid during the period for:
Interest					30,876	19,561
Self-Management Transaction
Non-cash activity related to Self-Management Transaction:
Goodwill - Self-Management Transaction						154,531
Due to related parties						27,000
Operating Partnership units issued in exchange for net assets acquired						128,200
Accrued allocation of income to preferred unit holders						286
Operating lease right of use assets assumed						3,244
Operating lease liabilities assumed						3,244
Property and equipment assumed						$ 659
REIT II
Non-cash activity related to Merger:
Net assets acquired in REIT Merger in exchange for common shares					543,840
REIT III Merger Agreement
Non-cash activity related to Merger:
Net assets acquired in REIT Merger in exchange for common shares					101,435
REIT I
Non-cash activity related to Merger:
Net assets acquired in REIT Merger in exchange for common shares					$ 645,275

Restricted Cash - Schedule of R

Restricted Cash - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 19,976	$ 14,769	$ 12,125
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	11,733	7,910
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,424	1,350
Debt service reserve
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,118	2,045
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 3,701	$ 3,464

Rental Properties, Net - Additi

Rental Properties, Net - Additional Information (Details)	Jan. 28, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)PropertyUnitshares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)PropertyUnitshares	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)shares
Real Estate [Line Items]
Number of rental properties | Property		45		45
Number of units | Unit		13,707		13,707
Depreciation expense | $		$ 23,100,000	$ 12,800,000	$ 66,800,000	$ 38,900,000
Net book value of rental properties | $		$ 2,039,963,000		$ 2,039,963,000		$ 897,975,000
Common stock, issued (in shares)		165,636,606		165,636,606		86,075,442
Common stock, outstanding (in shares)		165,636,606		165,636,606		86,075,442
Rental Properties Held For Sale
Real Estate [Line Items]
Number of rental properties | Property		4		4
Number of units | Unit		936		936
Net book value of rental properties | $		$ 75,215,000		$ 75,215,000
Minimum | Capitalization Rates
Real Estate [Line Items]
Valuation and purchase price allocation, measurement input		4.5		4.5
Minimum | Discount Rates
Real Estate [Line Items]
Valuation and purchase price allocation, measurement input		5		5
Maximum | Capitalization Rates
Real Estate [Line Items]
Valuation and purchase price allocation, measurement input		5.5		5.5
Maximum | Discount Rates
Real Estate [Line Items]
Valuation and purchase price allocation, measurement input		7.25		7.25
REIT I Company Merger
Real Estate [Line Items]
Convertible common stock, right to receive number of shares at the effective time of merger	1.22423
Estimated net asset value per share of the merged entity | $ / shares	$ 9.06
Estimated value per share of merged entity | $ / shares	$ 11.09
REIT I Company Merger | Convertible Common Stock
Real Estate [Line Items]
Common stock, issued (in shares)	70,300,000
Common stock, outstanding (in shares)	70,300,000
REIT I Company Merger | REIT II Common Stock
Real Estate [Line Items]
Common stock, outstanding (in shares)	60,026,513
Convertible common stock, right to receive number of shares at the effective time of merger	1.22423
Convertible common stock total number of shares newly issued upon merger	86,100,000
REIT I and REIT II Merger Agreement
Real Estate [Line Items]
Estimated capitalized transaction costs | $	$ 4,980,000
REIT III Merger Agreement
Real Estate [Line Items]
Common stock, issued (in shares)	12,100,000
Common stock, outstanding (in shares)	12,092,466
Convertible common stock, right to receive number of shares at the effective time of merger	0.925862
Estimated value per share of merged entity | $ / shares	$ 11.09
REIT I and REIT III Merger Agreement
Real Estate [Line Items]
Number of rental properties | Property		23		23
Number of units | Unit		6,508		6,508
Estimated capitalized transaction costs | $	$ 929,000

Rental Properties, Net - Schedu

Rental Properties, Net - Schedule of Investments in Rental Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Rental Properties, Net:
Land	$ 352,068	$ 196,355
Building and improvements	1,926,134	929,323
Furniture, fixtures and equipment	59,137	46,879
Construction in progress	10,992	1,374
Rental properties, gross	2,348,331	1,173,931
Less: accumulated depreciation	(308,368)	(275,956)
Rental properties, net	2,039,963	$ 897,975
Rental Properties Held For Sale
Rental Properties, Net:
Land	12,510
Building and improvements	78,207
Furniture, fixtures and equipment	3,528
Construction in progress	28
Rental properties, gross	94,273
Less: accumulated depreciation	(19,058)
Rental properties, net	$ 75,215

Rental Properties, Net - Sche_2

Rental Properties, Net - Schedule of Revenues and Net Income/ (Loss) Attributable to Properties Held For Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Real Estate [Line Items]
Revenues Attributable to Property Held For Sale	$ 62,961	$ 34,249	$ 179,678	$ 100,616
Rental Properties Held For Sale | Multifamily Community | The Retreat at Rocky Ridge
Real Estate [Line Items]
Revenues Attributable to Property Held For Sale	634		1,825
Net Income/(Loss) Attributable to Property Held For Sale	254		311
Rental Properties Held For Sale | Multifamily Community | Tech Center Square
Real Estate [Line Items]
Revenues Attributable to Property Held For Sale	750		2,207
Net Income/(Loss) Attributable to Property Held For Sale	256		413
Rental Properties Held For Sale | Multifamily Community | The Brookwood
Real Estate [Line Items]
Revenues Attributable to Property Held For Sale	1,028		3,095
Net Income/(Loss) Attributable to Property Held For Sale	78		(350)
Rental Properties Held For Sale | Multifamily Community | Pines of York
Real Estate [Line Items]
Revenues Attributable to Property Held For Sale	862		2,586
Net Income/(Loss) Attributable to Property Held For Sale	$ 127		$ 235

Rental Properties, Net - Summar

Rental Properties, Net - Summary of Calculation of Consideration Transferred (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 28, 2021	Sep. 30, 2021	Dec. 31, 2020
Summary Of Calculation Of Consideration Transferred [Line Items]
Common stock outstanding as of January 28, 2021		165,636,606	86,075,442
REIT I Company Merger
Summary Of Calculation Of Consideration Transferred [Line Items]
Merged entity estimated net asset value as of merger date	$ 9.06
Exchange ratio	1.22423
REIT I estimated value per share as of January 28, 2021	$ 11.09
REIT I Company Merger | REIT II Common Stock
Summary Of Calculation Of Consideration Transferred [Line Items]
Exchange ratio	1.22423
Common stock outstanding as of January 28, 2021	60,026,513
REIT I Company Merger | REIT I Common Stock
Summary Of Calculation Of Consideration Transferred [Line Items]
Implied REIT I common stock issued as consideration	49,032,055
Value of implied REIT I common stock issued as consideration	$ 543,840
REIT III Merger Agreement
Summary Of Calculation Of Consideration Transferred [Line Items]
Exchange ratio	0.925862
REIT I estimated value per share as of January 28, 2021	$ 11.09
Common stock outstanding as of January 28, 2021	12,092,466
REIT II shares issued as consideration	11,195,955
REIT III Merger Agreement | REIT I Common Stock
Summary Of Calculation Of Consideration Transferred [Line Items]
Implied REIT I common stock issued as consideration	9,145,303
Value of implied REIT I common stock issued as consideration	$ 101,435

Rental Properties, Net - Summ_2

Rental Properties, Net - Summary of Allocation of Values of Real Estate and Other Assets and Liabilities (Details)	Jan. 28, 2021USD ($)
REIT I and REIT II Merger Agreement
Assets:
Land	$ 127,920,000
Building and improvements	940,630,000
Intangibles	6,765,000
Cash and restricted cash	67,563,000
Other assets	6,062,000
Total assets acquired	1,148,940,000
Liabilities:
Mortgage notes payable, net	580,676,000
Due to related parties	988,000
Accounts payable and other liabilities	18,456,000
Total liabilities assumed	600,120,000
Net assets acquired	548,820,000
Less: REIT I's Merger expenses	4,980,000
Fair value of net assets acquired, less REIT I's Merger expenses	543,840,000
REIT I and REIT III Merger Agreement
Assets:
Land	43,733,000
Building and improvements	184,400,000
Intangibles	1,609,000
Cash and restricted cash	22,969,000
Other assets	626,000
Total assets acquired	253,337,000
Liabilities:
Mortgage notes payable, net	147,191,000
Due to related parties	836,000
Accounts payable and other liabilities	2,946,000
Total liabilities assumed	150,973,000
Net assets acquired	102,364,000
Less: REIT I's Merger expenses	929,000
Fair value of net assets acquired, less REIT I's Merger expenses	$ 101,435,000

Rental Properties, Net - Summ_3

Rental Properties, Net - Summary of Allocation of Values of Real Estate and Other Assets and Liabilities (Parenthetical) (Details) $ in Millions	Jan. 28, 2021USD ($)
REIT I and REIT II Merger Agreement
Business Acquisition [Line Items]
Mortgage notes payable, (discount) premium amount	$ (3)
REIT I and REIT III Merger Agreement
Business Acquisition [Line Items]
Mortgage notes payable, (discount) premium amount	$ 2.1

Rental Properties, Net - Summ_4

Rental Properties, Net - Summary of Revenue and Net Loss of Properties Acquired in Mergers (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Revenue	$ 28,825	$ 76,190
Net loss	(1,840)	(13,425)
REIT II
Business Acquisition [Line Items]
Revenue	23,177	61,161
Net loss	(1,567)	(11,452)
REIT III
Business Acquisition [Line Items]
Revenue	5,648	15,029
Net loss	$ (273)	$ (1,973)

Rental Properties, Net - Summ_5

Rental Properties, Net - Summary of Condensed Pro forma Operating Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Business Combinations [Abstract]
Revenue	$ 186,173	$ 239,902
Net loss	(7,898)	(63,985)
Net loss attributable to noncontrolling interests	491	3,287
Net loss attributable to common stockholders	$ (10,910)	$ (65,178)
Net loss to common stockholders per share, basic and diluted	$ (0.07)	$ (0.41)

Disposition of Property - Addit

Disposition of Property - Additional Information (Details) - Property	Sep. 30, 2021	Sep. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	45
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	1	0

Disposition of Property - Summa

Disposition of Property - Summary of Details of Disposition Activity (Details) - Evergreen at Coursey Place - Baton Rouge, LA $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Contract Sales Price	$ 49,751
Net Gain on Disposition of Property	$ 18,734

Disposition of Property - Sum_2

Disposition of Property - Summary of Revenues and Net Income/(Loss) Attributable to Property Sold Excluding Gain on Sale (Details) - Evergreen At Coursey Place [Member] - Baton Rouge, LA - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revenue Attributable to Property Sold	$ 21	$ 2,234
Net Income/(Loss) Attributable to Property Sold	$ 24	$ (134)

Identified Intangible Assets,_3

Identified Intangible Assets, Net and Goodwill - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, net	$ 0			$ 0		$ 5,000
Goodwill	154,667,000			154,667,000		154,935,000
Acquired in-place leases
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, net						5,000,000
Accumulated amortization	34,400,000			34,400,000		$ 27,100,000
Amortization expense	$ 1,000,000		$ 0	8,400,000	$ 0
Antennae Leases
Finite Lived Intangible Assets [Line Items]
Amortization expense		$ 2,025	$ 1,300	$ 4,682	$ 7,600

Identified Intangible Assets,_4

Identified Intangible Assets, Net and Goodwill - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 154,935
Goodwill, Ending Balance	154,667
Evergreen at Coursey Place
Goodwill [Line Items]
Goodwill related to sale	$ (268)

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total	$ 1,557,315
Weighted average interest rate on total debt	2.60%	2.46%
Mortgages
Debt Instrument [Line Items]
Mortgages notes payable, net - variable rate	$ 704,144	$ 675,791
Mortgages notes payable, net- fixed rate	846,320	150,195
Total	$ 1,550,464	$ 825,986
Weighted Average Maturity in Years	5 years 1 month 28 days
Mortgages | Variable Rate
Debt Instrument [Line Items]
Weighted average interest rate on total debt	2.06%	2.12%
Weighted Average Maturity in Years	3 years 11 months 4 days
Mortgages | Fixed Rate
Debt Instrument [Line Items]
Weighted average interest rate on total debt	3.04%	4.03%
Weighted Average Maturity in Years	6 years 2 months 12 days
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	$ 0	$ 0
Weighted average interest rate on total debt	0.00%	0.00%

Debt - Narrative (Details)

Debt - Narrative (Details)	May 20, 2021USD ($)	Jan. 28, 2021USD ($)Property	Sep. 30, 2021USD ($)Apartment	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Apartment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Amortization of deferred financing costs					$ 1,887,000	$ 1,117,000
Tangible net worth			$ 678,800,000		$ 678,800,000
Percentage of net proceeds of future equity issuances					75.00%
Borrowings under credit facility					$ 33,202,000	9,452,000
Number of apartments owned as collateral | Apartment			44		44
As of Last Day of Each Fiscal Quarter Thereafter
Debt Instrument [Line Items]
Financial covenants, percentage of consolidated indebtedness to asset value ratio					60.00%
Consolidated fixed charge coverage ratio					1.50
Mortgages
Debt Instrument [Line Items]
Accumulated amortization of deferred financing costs			$ 4,800,000		$ 4,800,000		$ 6,400,000
Deferred financing costs, net			6,900,000		6,900,000		$ 5,700,000
Secured debt			74,600,000		$ 74,600,000
Maturity Date					Apr. 15, 2027
Mortgages | Interest Expense
Debt Instrument [Line Items]
Amortization of deferred financing costs			336,000	$ 363,000	$ 3,300,000	1,100,000
Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Debt Instrument [Line Items]
Facility termination period		15 years
Convertible loan advances from variable to fixed Description		Borrower has the option to convert variable rate advances to fixed rate advances beginning on the first day of the second year of the variable rate advance term and ending seven years prior to the Facility Termination Date, subject to the satisfaction of customary requirements set forth in the Loan Documents.
Initial advance amount		$ 495,200,000
Number of real estate properties secured by mortgage | Property		12
Refinance or pay off of borrower's debt		$ 462,000,000
Extinguishment costs					4,600,000
Prepayment penalties					2,400,000
Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers | REIT II
Debt Instrument [Line Items]
Number of real estate properties secured by mortgage | Property		5
Secured Revolving Credit Facility
Debt Instrument [Line Items]
Initial advance amount	$ 100,000,000
Accumulated amortization of deferred financing costs			137,000		137,000
Letters of credit	$ 15,000,000
Line of credit, interest-only facility maturity period	3 years
Line of credit, extension maturity period	1 year
Line of credit, maximum amount	$ 500,000,000		80,900,000		80,900,000
Credit facility, default rate	2.00%
Borrowings under credit facility			0		0
Deferred financing costs, net			$ 985,000		$ 985,000
Number of apartments owned as collateral | Apartment			5		5
Secured Revolving Credit Facility | Prepaid Expenses and Other Assets
Debt Instrument [Line Items]
Deferred finance costs			$ 1,100,000		$ 1,100,000
Secured Revolving Credit Facility | Interest Expense
Debt Instrument [Line Items]
Amortization of deferred financing costs			93,000		$ 137,000
Secured Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	0.50%
Secured Revolving Credit Facility | Eurodollar Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.00%
Minimum | As of Last Day of Each of First Four Fiscal Quarters Ending After May 20, 2021
Debt Instrument [Line Items]
Consolidated fixed charge coverage ratio					1.35
Minimum | Secured Revolving Credit Facility
Debt Instrument [Line Items]
Threshold percentage of total indebtedness to total asset value ratio	60.00%
Minimum | Secured Revolving Credit Facility | Eurodollar Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.60%
Minimum | Secured Revolving Credit Facility | Base Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	0.60%
Maximum
Debt Instrument [Line Items]
Percentage of consolidated secured recourse indebtedness to total asset value					5.00%
Maximum | As of Last Day of Each of First Six Fiscal Quarters Ending After May 20, 2021
Debt Instrument [Line Items]
Financial covenants, percentage of consolidated indebtedness to asset value ratio					65.00%
Maximum | Secured Revolving Credit Facility
Debt Instrument [Line Items]
Threshold percentage of total indebtedness to total asset value ratio	45.00%
Maximum | Secured Revolving Credit Facility | Eurodollar Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.20%
Maximum | Secured Revolving Credit Facility | Base Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.20%
Fixed Advances | Minimum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Debt Instrument [Line Items]
Facility termination period		5 years
Fixed Advances | Maximum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Debt Instrument [Line Items]
Facility termination period		15 years
Variable Advances | Minimum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Debt Instrument [Line Items]
Facility termination period		5 years
Variable Advances | Maximum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Debt Instrument [Line Items]
Facility termination period		10 years
Acquisitions of Rental Property
Debt Instrument [Line Items]
Increase (decrease) in interest expense due to fair value adjustments			(151,000)	$ (82,000)	$ 216,000	$ (246,000)
Net premium or discount included in consolidated balance sheets			$ 30,458		$ 30,458

Debt - Summary of Additional In

Debt - Summary of Additional Information about Initial Advance on Facility (Details) - Structured Credit Facility Transaction - Borrowers	Jan. 28, 2021USD ($)
Fixed Advance 1
Debt Instrument [Line Items]
Original Loan Amount	$ 235,205
Maturity Date	Feb. 1, 2031
Annual Interest Rate	2.79%
Fixed Advance 2
Debt Instrument [Line Items]
Original Loan Amount	$ 235,205
Maturity Date	Feb. 1, 2028
Annual Interest Rate	2.62%
Floating Advance
Debt Instrument [Line Items]
Original Loan Amount	$ 24,760
Maturity Date	Feb. 1, 2031
Annual Interest Rate	2.11%	[1]
[1]	Floating rate based on 30-day average Secured Overnight Financing Rate "SOFR" plus a fixed margin of 2.06 %.

Debt - Summary of Additional _2

Debt - Summary of Additional Information about Initial Advance on Facility (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2021
SOFR | Structured Credit Facility Transaction | Borrowers
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.06%

Debt - Annual Future Principal

Debt - Annual Future Principal Payments on Outstanding Borrowings (Details) $ in Thousands	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
Remainder 2021	$ 36,173
2022	53,280
2023	58,672
2024	280,110
2025	191,721
2026	114,210
Thereafter	823,149
Total	$ 1,557,315

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Operating Leased Assets [Line Items]
Option to extend lease term			Some of the leases include options to extend the lease for up to an additional five years
Lessee, operating lease, existence of option to extend			true
Payments due for lease obligations	$ 2,900,000		$ 2,900,000
Weighted average remaining lease term	4 years 11 months 1 day		4 years 11 months 1 day
Weighted average discount rate	2.22%		2.22%
Operating lease right-of-use assets	$ 2,726,000		$ 2,726,000		$ 3,180,000
Parking Lot Lease | Rental Operating Expenses
Operating Leased Assets [Line Items]
Operating lease, expense	9,000	$ 9,000	27,000	$ 27,000
All Other Leases | General and Administrative Expenses
Operating Leased Assets [Line Items]
Operating lease, expense	$ 154,000	$ 47,000	$ 477,000	$ 88,000
Minimum
Operating Leased Assets [Line Items]
Operating leases, remaining terms			1 year
Maximum
Operating Leased Assets [Line Items]
Operating leases, remaining terms			6 years

Leases - Schedule of Annual Pay

Leases - Schedule of Annual Payments for Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
Remainder 2021	$ 152
2022	583
2023	572
2024	573
2025	586
Thereafter	448
Total	$ 2,914

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	$ 892,712	$ 895,966	$ 276,620	$ 161,760	$ 169,427	$ 182,815	$ 276,620	$ 182,815
Designated derivatives, fair value adjustments	168			288			(169)	258
Balance before noncontrolling interest	107	21	(417)	259	(12)	(98)
Noncontrolling interest	(12)			(6)			9	(6)
Ending balance	808,447	$ 892,712	895,966	281,868	$ 161,760	169,427	808,447	281,868
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance			$ (391)			$ (218)	(391)	(218)
Reclassification adjustment for realized loss on designated derivatives							120	109
Designated derivatives, fair value adjustments							169	(258)
Balance before noncontrolling interest							(102)	(367)
Noncontrolling interest							(9)	6
Ending balance	$ (111)			$ (361)			$ (111)	$ (361)

Certain Relationships and Rel_3

Certain Relationships and Related Party Transactions - Narrative (Details) - USD ($)	Sep. 14, 2021	Sep. 30, 2021	Sep. 13, 2021
Related Party Transaction [Line Items]
Units redeemed		20,336,051
Catastrophic insurance, losses in excess of insurance pool, limit		$ 250,000,000
Catastrophic insurance policy expiration date		Mar. 1, 2021
General liability insured and dedicated limit per occurrence		$ 1,000,000
General liability pool claim amount limit		2,000,000
General liability loss per occurrence excess liability program		50,000,000
General liability pool, deductible amount per incident		25,000
General liability insurance, loss covered in excess of insurance pool, limit		$ 51,000,000
General liability loss policy expiration date		Mar. 1, 2021
Minimum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident		$ 25,000
Maximum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident		$ 100,000
C-III and RAI
Related Party Transaction [Line Items]
Terms of transitional services agreement		1 year
C-III and RAI | OPI Common Units
Related Party Transaction [Line Items]
Units owned by noncontrolling interests		8,300,000	7,500,000
C-III and RAI | OPI Preferred Units
Related Party Transaction [Line Items]
Units owned by noncontrolling interests			319,965
C-III and Legacy Co | OPI Preferred Units
Related Party Transaction [Line Items]
Units redeemed	319,965
Redemption value	$ 67,500,000
C-III and Legacy Co | Common Stock
Related Party Transaction [Line Items]
Common units exchanged for common stock	7,539,737.53
Former Advisor
Related Party Transaction [Line Items]
Term of Advisory Agreement		1 year
Advisory Agreement, renewal period		1 year
Acquisition fee (as percent)		2.00%
Monthly asset management fee (as percent)		0.083%
Percentage annual asset management fee (as percent)		1.00%
Disposition fee as a percentage of the aggregate brokerage commission paid		50.00%
Disposition fee (as percent)		2.75%
Debt financing fee (as percent)		0.50%
Manager
Related Party Transaction [Line Items]
Property management fee (as percent)		4.50%
Occupancy (as percent)		75.00%
Term for which Manager received minimum property management fee if properties are less than 75% occupied		12 months
Construction management fee (as percent)		5.00%
Debt servicing fee (as percent)		2.75%

Certain Relationships and Rel_4

Certain Relationships and Related Party Transactions - Fees Earned/Expenses Paid and Amounts Payable and Amounts Receivable to Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Due from related parties					$ 2,763
Due to related parties					20,245
REIT II
Related Party Transaction [Line Items]
Due from related parties					1,915
REIT II | Internal Audit
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		$ 7	$ 8	$ 7
REIT II | Management fees
Related Party Transaction [Line Items]
Due from related parties					327
REIT II | Expense Reimbursements
Related Party Transaction [Line Items]
Due from related parties					1,588
Fees earned / expenses paid to related parties		279	371	279
REIT II | Asset management fee income
Related Party Transaction [Line Items]
Fees earned from related parties		563	669	563
REIT II | Property management fee income
Related Party Transaction [Line Items]
Fees earned from related parties		231	275	231
REIT III
Related Party Transaction [Line Items]
Due from related parties					848
REIT III | Management fees
Related Party Transaction [Line Items]
Due from related parties					79
REIT III | Deferred organization and offering costs reimbursements
Related Party Transaction [Line Items]
Due from related parties					769
REIT III | Asset management fee income
Related Party Transaction [Line Items]
Fees earned from related parties		139	164	139
REIT III | Property management fee income
Related Party Transaction [Line Items]
Fees earned from related parties		58	67	60
C-III/RAI | Self-Management Transaction Consideration
Related Party Transaction [Line Items]
Due to related parties					19,125
C-III/RAI | Allocation of income to preferred unit holders
Related Party Transaction [Line Items]
Due to related parties					$ 1,120
C-III/RAI | Transition Services
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties			2
C-III/RAI | Preferred Unit Distributions
Related Party Transaction [Line Items]
Fees earned from related parties	$ 921		3,161
ACR | Internal Audit
Related Party Transaction [Line Items]
Fees earned from related parties			37
ACR | Sublease Rent Reimbursement
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties			$ 30
Former Advisor | Internal Audit
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		19		75
Former Advisor | Acquisition costs
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties				113
Former Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		2,335		8,517
Former Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties				43
Former Advisor | Overhead allocation
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		687		2,955
Manager | Property management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		1,124		4,071
Manager | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		$ 16		162
Manager | Debt servicing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties				$ 1

Equity - Preferred Stock - (Det

Equity - Preferred Stock - (Details) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Equity - Common Stock - (Detail

Equity - Common Stock - (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Common stock, outstanding (in shares)	165,636,606	86,075,442
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	165,636,606	86,075,442
Gross Proceeds	$ 1,579,394
Total (in shares)	185,972,657
Shares redeemed and retired (in shares)	(20,336,051)
Merger
Class Of Stock [Line Items]
Common stock, issued (in shares)	14,724,323
Shares issued through private offering
Class Of Stock [Line Items]
Common stock, issued (in shares)	1,279,227
Gross Proceeds	$ 12,737
Shares issued through primary public offering
Class Of Stock [Line Items]
Common stock, issued (in shares)	129,923,354
Gross Proceeds	$ 1,289,845
Shares issued through stock distributions
Class Of Stock [Line Items]
Common stock, issued (in shares)	2,406,986
Shares issued through distribution reinvestment plan
Class Of Stock [Line Items]
Common stock, issued (in shares)	28,728,077
Gross Proceeds	$ 276,812
Restricted shares issued to employees
Class Of Stock [Line Items]
Common stock, issued (in shares)	1,370,952
Shares issued through conversion of common OP units
Class Of Stock [Line Items]
Common stock, issued (in shares)	7,539,738
Unvested Restricted Stock
Class Of Stock [Line Items]
Common stock, outstanding (in shares)	1,055,589	790,272
Common stock, issued (in shares)	1,055,589	790,272
Shares issued through distribution reinvestment plan
Class Of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 8.61

Equity - Convertible Stock - (D

Equity - Convertible Stock - (Details)	9 Months Ended
	Sep. 30, 2021Event$ / sharesshares	Dec. 31, 2020$ / sharesshares
Class Of Stock [Line Items]
Convertible stock, outstanding (in shares)	50,000	49,935
Convertible stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Convertible stock held by subsidiary		30,273
Convertible stock held by affiliated persons (in shares)		18,790
Convertible stock held by outside investors (in shares)		872
Percentage on original share price (as percent)	100.00%
Percentage non-compounded annual return, option one (as percent)	7.00%
Aggregate percentage return (as percent)	7.00%
Number of possible triggering events | Event	2
Conversion ratio	0.00002
Common stock, convertible, triggering event, if lesser of, option one (as percent)	15.00%
Number of triggering events | Event	0
Merger Agreement | Convertible Common Stock
Class Of Stock [Line Items]
Convertible stock right to receive per share | $ / shares		$ 0.02

Equity - Redemption of Securiti

Equity - Redemption of Securities (Details) - $ / shares	1 Months Ended									9 Months Ended
	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021	Sep. 30, 2021
Equity [Abstract]
Total Number of Shares Redeemed (in shares)	240,767	0	0	148,989	0	0	169,112	0	136,685	695,553
Average Price Paid per Share (in dollars per share)	$ 9.06	$ 0	$ 0	$ 9.06	$ 0	$ 0	$ 9.08	$ 0	$ 9.08	$ 9.06

Equity - Redemption of Securi_2

Equity - Redemption of Securities (Parenthetical) (Details)	1 Months Ended
	Sep. 30, 2021shares
Equity [Abstract]
Total number of shares repurchased (in shares)	1,147

Equity - Amended Share Redempti

Equity - Amended Share Redemption Program (Details)	Feb. 03, 2021
Maximum
Subsidiary Sale Of Stock [Line Items]
Number of business days of payment for share redeemed after redemption date	5 days

Equity - Distributions Paid to

Equity - Distributions Paid to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Securities Financing Transaction [Line Items]
Total Aggregate Distribution					$ 33,640
Net Cash Distribution					25,772
Common stock issued through the distribution reinvestment plan	$ 2,704	$ 2,674	$ 2,490	$ 6,085	$ 7,868	$ 6,085
Per Common Share (in dollars per share)					$ 0.21
Record date of March 30, 2021
Securities Financing Transaction [Line Items]
Total Aggregate Distribution					$ 11,029
Net Cash Distribution					8,539
Common stock issued through the distribution reinvestment plan					$ 2,490
Per Common Share (in dollars per share)					$ 0.07
Record date of June 29, 2021
Securities Financing Transaction [Line Items]
Total Aggregate Distribution					$ 11,039
Net Cash Distribution					8,365
Common stock issued through the distribution reinvestment plan					$ 2,674
Per Common Share (in dollars per share)					$ 0.07
Record date of September 29, 2021
Securities Financing Transaction [Line Items]
Total Aggregate Distribution					$ 11,572
Net Cash Distribution					8,868
Common stock issued through the distribution reinvestment plan					$ 2,704
Per Common Share (in dollars per share)					$ 0.07

Equity - Share-Based Compensati

Equity - Share-Based Compensation (Details) - USD ($)	Sep. 08, 2020	Sep. 30, 2021	Mar. 19, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		582,331
Number of shares vested		315,363
Unvested restricted shares, beginning of period		790,272
Vested		(315,363)
Forfeited		1,651
Unvested restricted shares, end of period		1,055,589
Performance-based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		135,045
Number of shares vested		311,641
Unvested restricted shares, beginning of period		779,102
Vested		(311,641)
Unvested restricted shares, end of period		602,506
Granted		$ 9.08
Time-based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		447,286
Number of shares vested		3,722
Unvested restricted shares, beginning of period		11,170
Vested		(3,722)
Forfeited		1,651
Unvested restricted shares, end of period		453,083
Granted		$ 9.08
Employees | Unvested Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		404,306
Share-based payment award, vesting period		3 years
Non-employee Directors | Unvested Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		42,980
Share-based payment award, vesting period		1 year
2020 LTIP | Performance-based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrual dividend		$ 127,000
Share Based Compensation Arrangement by Share Based Payment Award Granted Effective Date		Feb. 17, 2021
2020 LTIP | Officers and Certain Employees | Unvested Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	645,526
Number of shares grants converted	790,272
Fair value of shares granted per share	$ 9.08
Share-based payment award, compensation expense		$ 3,800,000
2020 LTIP | Officers and Certain Employees | Performance-based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	779,102
2020 LTIP | Officers and Certain Employees | Performance-based Restricted Stock | Upon Completion of Merger
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting percentage	40.00%
Number of shares vested	311,641
Vested	(311,641)
2020 LTIP | Officers and Certain Employees | Performance-based Restricted Stock | Upon Completion of an Initial Public Offering or Liquidity Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting percentage	60.00%
2020 LTIP | Officers and Certain Employees | Time-based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	11,170
Share-based payment award, vesting period	3 years
2020 LTIP | Common Stock | Performance-based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of shares granted per share			$ 9.08
2020 LTIP | Common Stock | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized	3,500,000

Equity - Noncontrolling Interes

Equity - Noncontrolling Interests (Details) - USD ($) $ in Millions	Sep. 14, 2021	Sep. 08, 2020	Sep. 30, 2021
Minority Interest [Line Items]
Units redeemed			20,336,051
OP I Preferred Units
Minority Interest [Line Items]
Percentage of preferred unit return		7.00%
OP I Preferred Units | C-III and Legacy Co
Minority Interest [Line Items]
Units redeemed	319,965
Redemption value	$ 67.5
OP II Series A Preferred Units | C-III and Legacy Co
Minority Interest [Line Items]
Units redeemed	319,965
Redemption value	$ 67.5
Common Stock | C-III and Legacy Co
Minority Interest [Line Items]
Common units exchanged for common stock	7,539,737.53

Equity - Investor Rights Agreem

Equity - Investor Rights Agreement (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Investor Rights Agreement [Line Items]
Preferred stock redemption expense	$ 342,000	$ 342,000
REIT I OP
Investor Rights Agreement [Line Items]
Percentage of weighted average shares outstanding by noncontrolling interests	4.50%	4.50%

Fair Value Measures and Discl_3

Fair Value Measures and Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	$ 818	$ 62
Assets, fair value	818	62
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	818	62
Assets, fair value	$ 818	$ 62

Fair Value Measures and Discl_4

Fair Value Measures and Disclosures - Schedule of Carrying Amount and Estimated Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable- outstanding borrowings	$ 1,557,315	$ 830,950
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable- outstanding borrowings	$ 1,514,972	$ 822,859

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)LoanDerivative	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)DerivativeLoan	Sep. 30, 2020USD ($)	Dec. 31, 2020Derivative
Derivatives, Fair Value [Line Items]
Number of repaid or refinanced loans | Loan	14		14
Effective cash flow hedges fair value	$ 176,000		$ 176,000
Cash flow hedges
Derivatives, Fair Value [Line Items]
Expenses or loss due to amortization of premiums for interest rate caps	61,000	$ 29,000	120,000	$ 109,000
Interest rate hedge to be reclassified during next 12 months	$ 112,000		$ 112,000
Cash flow hedges | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Instruments (in derivatives) | Derivative	21		21		22

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Outstanding Interest Rate Derivatives (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)Derivative	Dec. 31, 2020USD ($)Derivative
Cash flow hedges | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Instruments (in derivatives) | Derivative	21	22
Notional Amount | $	$ 724,934	$ 677,238
Minimum
Derivatives, Fair Value [Line Items]
Maturity Dates	Nov. 1, 2021	May 1, 2021
Maximum
Derivatives, Fair Value [Line Items]
Maturity Dates	Feb. 1, 2026	Jan. 1, 2025

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Fair Value and Balance Sheet Location of Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Asset derivatives, fair value	$ 818	$ 62

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ in Millions	Nov. 02, 2021	Oct. 29, 2021	Oct. 28, 2021	Oct. 26, 2021	Oct. 21, 2021	Oct. 12, 2021
Retreat at Rocky Ridge | Hoover, Alabama | Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of building						$ 25.4
The Brookwood | Homewood, Alabama | Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of building				$ 45.3
Tech Center Square | Newport News, Virginia | Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of building					$ 36.7
Windbrooke | Subsequent Event
Subsequent Event [Line Items]
Loans repaid			$ 36.1
Trailpoint at the Woodlands
Subsequent Event [Line Items]
Loans repaid		$ 16.8
Pines of York | Yorktown, Virginia | Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of building	$ 45