Resource Real Estate Opportunity REIT II (RREO) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 09, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Resource Real Estate Opportunity REIT II, Inc.
Entity Central Index Key	1,559,484
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		36,312,406

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Investments:
Rental property, net	$ 223,455,868	$ 54,703,305
Identified intangible assets, net	2,657,199	1,176,061
Investments	226,113,067	55,879,366
Cash	142,101,110	15,780,579
Restricted cash	3,150,701	725,305
Tenant receivables	31,739	5,746
Due from related parties	480,453	34,025
Subscriptions receivable	3,537,756	3,819,991
Prepaid expenses and other assets	715,018	774,338
Deferred offering costs	4,581,135	3,618,954
Deferred financing costs, net	1,732,003	581,783
Total assets	382,442,982	81,220,087
Liabilities:
Mortgage notes payable	112,877,872	38,540,000
Accounts payable and accrued expenses	3,475,233	857,897
Due to related parties	1,844,134	3,851,263
Tenant prepayments	172,959	30,704
Security deposits	307,415	68,696
Distributions payable	4,555,957	259,379
Derivative liability	380,874	0
Total liabilities	123,614,444	43,607,939
Stockholders’ equity:
Preferred stock (par value $.01, 10,000,000 shares authorized, none issued and outstanding)	0	0
Common stock	326,430	47,596
Additional paid-in capital	291,123,856	42,148,473
Accumulated other comprehensive loss	(134,330)	(34,468)
Accumulated deficit	(32,487,918)	(4,549,953)
Total stockholders’ equity	258,828,538	37,612,148
Total liabilities and stockholders’ equity	382,442,982	81,220,087
Convertible Stock
Stockholders’ equity:
Common stock	$ 500	$ 500

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	32,689,955	4,759,567
Common stock, shares outstanding (in shares)	32,689,955	4,759,567
Convertible Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000	50,000
Common stock, shares issued (in shares)	50,000	50,000
Common stock, shares outstanding (in shares)	50,000	50,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental income	$ 3,871,888	$ 342,437	$ 8,303,029	$ 455,076
Interest income	41,888	1,505	86,973	1,787
Total revenues	3,913,776	343,942	8,390,002	456,863
Expenses:
Rental operating	2,245,165	230,517	4,432,909	270,542
Acquisition costs	3,018,033	60,053	5,177,264	329,444
Management fees - related parties	650,989	8,683	1,356,192	59,228
General and administrative	668,544	430,186	2,216,195	1,117,506
Loss on disposal of assets	658,606	0	1,669,835	198,840
Depreciation and amortization expense	2,405,596	193,910	5,187,261	277,249
Total expenses	9,646,933	923,349	20,039,656	2,252,809
Loss before other expense	(5,733,157)	(579,407)	(11,649,654)	(1,795,946)
Other expense:
Interest expense	(1,098,071)	(53,523)	(1,551,004)	(69,880)
Net loss	(6,831,228)	(632,930)	(13,200,658)	(1,865,826)
Other comprehensive loss:
Designated derivative, fair value adjustment	(58,063)	(2,300)	(99,862)	(9,904)
Comprehensive loss	$ (6,889,291)	$ (635,230)	$ (13,300,520)	$ (1,875,730)
Weighted average common shares outstanding (in shares)	28,626,472	988,610	18,591,955	827,730
Basic and diluted loss per common share (in dollars per share)	$ (0.24)	$ (0.64)	$ (0.71)	$ (2.25)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity Statement - 9 months ended Sep. 30, 2015 - USD ($)	Total	Convertible Stock	Common Stock	Common StockConvertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance, beginning of period at Dec. 31, 2014	$ 37,612,148		$ 47,596	$ 500	$ 42,148,473	$ (34,468)	$ (4,549,953)
Balance, beginning of period (in shares) at Dec. 31, 2014	4,759,567	50,000	4,759,567	50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock	$ 270,994,677		$ 271,432		270,723,245
Issuance of stock (in shares)			27,190,220
Distributions of common stock	0		$ 2,268		2,265,029		(2,267,297)
Distributions of common stock (in shares)			226,811
Syndication costs	(28,882,548)				(28,882,548)
Common stock issued through distribution reinvestment plan	4,924,791		$ 5,184		4,919,607		(4,924,791)
Common stock issued through dividend reinvestment plan (in shares)			518,399
Distributions declared	(7,545,219)						(7,545,219)
Share redemptions	$ (50,000)		$ (50)		(49,950)
Share redemptions (in shares)	(5,042)		(5,042)
Designated derivative, fair value adjustment	$ (99,862)					(99,862)
Net loss	(13,200,658)						(13,200,658)
Balance, end of period at Sep. 30, 2015	$ 258,828,538		$ 326,430	$ 500	$ 291,123,856	$ (134,330)	$ (32,487,918)
Balance, beginning of period (in shares) at Sep. 30, 2015	32,689,955	50,000	32,689,955	50,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (13,200,658)	$ (1,865,826)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Loss on disposal of assets	1,669,835	198,840
Depreciation and amortization	5,187,261	277,249
Amortization of deferred financing costs	182,341	5,360
Amortization of fair value adjustment of debt	(20,449)	0
Change in fair value of interest rate swap	380,874	0
Changes in operating assets and liabilities:
Restricted cash	(1,019,682)	(321,555)
Tenant receivables, net	(25,993)	(1,689)
Due from related party	(248,997)	(37,057)
Prepaid expenses and other assets	444,018	(70,921)
Due to related parties	(985,797)	961,300
Accounts payable and accrued expenses	2,469,230	258,683
Tenant prepayments	125,250	17,431
Security deposits	(3,808)	218
Net cash (used in) provided by operating activities	(5,046,575)	(577,967)
Cash flows from investing activities
Property acquisitions	(151,398,454)	(9,446,990)
Capital expenditures	(4,821,776)	(58,395)
Net cash (used in) provided by investing activities	(156,220,230)	(9,505,385)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of redemptions	270,944,677	16,720,046
Payment of deferred financing costs	(1,332,561)	(163,674)
Deferred offering costs	(2,269,763)	(602,141)
Subscriptions receivable	282,235	0
Increase in borrowings	52,200,000	8,787,000
Repayments on borrowings	0	(1,322,000)
Purchase of interest rate caps	(86,830)	(9,904)
Distributions paid on common stock	(3,248,641)	(14,404)
Syndication costs	(28,901,781)	(1,945,755)
Net cash (used in) provided by financing activities	287,587,336	21,449,168
Net increase in cash	126,320,531	11,365,816
Cash at beginning of period	15,780,579	200,644
Cash at end of period	$ 142,101,110	$ 11,566,460

Nature of Business and Operatio

Nature of Business and Operations (Loss)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Operations (Loss)	NOTE 1 - NATURE OF BUSINESS AND OPERATIONS (LOSS) Resource Real Estate Opportunity REIT II, Inc. (the “Company”) was organized in Maryland on September 28, 2012 . The Company is offering up to 100,000,000 shares of common stock in its primary initial public offering for $10 per share, with volume discounts available to investors who purchase $1.0 million or more of shares through the same participating broker-dealer. Discounts are also available for other categories of investors. The Company is also offering up to 10,000,000 shares pursuant to the Company’s distribution reinvestment plan at a purchase price initially equal to $9.50 per share. The Company has adopted a fiscal year ending December 31. On February 6, 2014 , the Securities and Exchange Commission (the “SEC”) declared effective the Company's Registration Statement on Form S-11, as amended (Commission File No. 333-184476) (the “Registration Statement”), relating to the offering of up to 110,000,000 shares of the Company’s common stock, including shares offered pursuant to the Company's distribution reinvestment plan. Resource Real Estate Opportunity Advisor II, LLC (the "Advisor”) is a wholly owned subsidiary of Resource Real Estate, Inc. (the "Sponsor") and an indirect wholly owned subsidiary of Resource America, Inc. (“RAI”), a publicly traded company (NASDAQ: REXI) operating in the real estate, financial fund management and commercial finance sectors. The Advisor acts as the Company's external advisor and manages the Company's day-to-day operations and its portfolio of real estate investments and provides asset-management, marketing, investor relations and other administrative services on the Company's behalf, all subject to the supervision of the Company's Board of Directors. On October 9, 2012 , the Advisor contributed $200,000 to the Company in exchange for 20,000 shares of common stock. On December 20, 2013 , the Advisor received 50,000 shares of convertible stock in exchange for 5,000 shares of the Company’s common stock. The Advisor purchased an additional 117,778 shares of common stock in 2014 for $1.1 million . As of September 30, 2015 , a total of 32,433,632 shares, including additional shares purchased by the Advisor and shares issued through the distribution reinvestment plan, have been issued in connection with the Company's public offering resulting in gross offering proceeds of $322.9 million . As of September 30, 2015 , the Company had issued 541,013 shares for $5.1 million pursuant to its distribution reinvestment plan. The Company’s objective is to take advantage of the Sponsor's dedicated multifamily investing and lending platforms to invest in multifamily assets across the entire spectrum of investments in order to provide stockholders with growing cash flow and increasing asset values. The Company’s targeted portfolio will consist, at the time of acquisition, of commercial real estate assets, principally (i) underperforming multifamily rental properties which the Company will renovate and stabilize in order to increase rents, (ii) distressed real estate owned by financial institutions, usually as a result of foreclosure, and non-performing or distressed loans, including first- and second-priority mortgage loans and other loans which the Company will resolve, and (iii) performing loans, including first- and second-priority mortgage loans and other loans the Company originates or purchases either directly or with a co-investor or joint venture partner. The Company 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, commencing with its taxable year ended December 31, 2014. As such, to maintain its REIT qualification for U.S. federal income tax purposes, the Company is generally required to distribute at least 90% of its net income (excluding net capital gains) to its stockholders as well as comply with certain other requirements. Accordingly, the Company generally will not be subject to U.S. federal income taxes to the extent that it annually distributes at least 100% of its REIT taxable income to its stockholders. The Company also intends to operate its business in a manner that will permit it to maintain its exemption from registration under the Investment Company Act of 1940, as amended. The consolidated financial statements and the information and tables contained in the notes thereto, as of September 30, 2015 , 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 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 unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the three and nine months ended September 30, 2015 may not necessarily be indicative of the results of operations for the full year ending December 31, 2015 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Bear Creek Holdings, LLC, or Bear Creek Adair off Addison 152 Dallas, TX RRE Oak Hill Holdings, LLC, or Oak Hill Overton Trails Apartment Homes 360 Fort Worth, TX RRE Buckhead Holdings, LLC, or Buckhead Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC, or Farrington Farrington Lake 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau Mayfair Chateau 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Fairways of Bent Tree 200 Dallas, TX RRE Spalding Crossing Holdings, LLC, or Spalding Crossing Spalding Crossing 252 Atlanta, GA RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair Holdings 188 Portland, OR N/A - Not Applicable All intercompany accounts and transactions have been eliminated in consolidation. 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 accompanying notes. Actual results could differ from those estimates. Real Estate Investments The Company records acquired real estate at fair value. The Company considers the period of future benefit of an asset to determine its appropriate useful life. The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 3.0 to 27.5 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease As three of our multifamily properties are located in the Dallas-Fort Worth area and two of our properties are located in Atlanta, our portfolio is currently particularly susceptible to adverse economic developments in these real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could negatively affect our liquidity and adversely affect our ability to fund our ongoing operations. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for 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. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, 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 is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. The Company did not recognize any impairment charges as of September 30, 2015 . Allocation of Purchase Price of Acquired Assets 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. Fair value estimates are based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities. In addition, the Company may obtain independent appraisal reports. The information in the appraisal reports, along with the aforementioned information available to the Company's management, is used in allocating the purchase price. The independent appraisers have no involvement in management's allocation decisions other than providing market information. 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 vacant. Management’s estimates of value are expected to be made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered by management in its 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 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 considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business 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 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 does amortization periods for the intangible assets exceed the remaining depreciable life of the building. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and relationship intangibles related to that customer would be charged to expense in that period. The determination of the fair value of the assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. These estimates are subject to change until all information is finalized, which is generally within one year of the acquisition date. Revenue Recognition The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and includes amounts expected to be received in later years in deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs in the period the related expenses are incurred. The specific timing of a sale is measured against various criteria related to the terms of the transaction and any continuing involvement associated with the property. If the criteria for profit recognition under the full-accrual method are not met, the Company defers the gain recognition and accounts for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery methods, as appropriate, until the appropriate criteria are met. The future minimum rental payments to be received from noncancelable operating leases are $12.4 million and $177,343 for the 12-month periods ending September 30 , 2016 and 2017 , and none thereafter. Tenant Receivables The Company makes estimates of the collectability of its tenant receivables related to base rents, including straight-line rentals, expense reimbursements and other revenue or income. The Company specifically analyzes accounts receivable and historic bad debts, tenant creditworthiness, current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year . Income Taxes The Company elected to be taxed as a REIT, commencing with its taxable year ended December 31, 2014. Accordingly, the Company will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be 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 lost 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. Taxable income, generally, will differ from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, the Company’s TRSs 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. Earnings Per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. Due to reported losses for the current periods presented, the convertible shares (discussed in Note 12) are not included in the diluted earnings per share calculation, as they would be anti-dilutive. All common shares and per common share information in the financial statements have been adjusted retroactively for the effect of one 0.625% stock distribution issued on July 14, 2014 , one 1.00% stock distribution issued October 15, 2014 , one 0.83333% stock distribution issued on January 15, 2015 , one 0.5% stock distribution issued on April 15, 2015 , and one 0.5% stock distribution issued on July 15, 2015 . Organization and Offering Costs The Company incurs organizational, accounting, and offering costs in pursuit of its financing. Organization and offering costs (other than selling commissions and dealer-manager fees) of the Company are paid by the Advisor on behalf of the Company. Organization costs are expensed as incurred and include all expenses incurred by the Company in connection with the formation of the Company, including, but not limited to, legal fees and other costs to incorporate the Company. Pursuant to the Amended and Restated Advisory Agreement between the Company and the Advisor dated January 9, 2014, as amended (the “Advisory Agreement”), the Company is obligated to reimburse the Advisor for organizational and offering costs it incurs on the Company's behalf, but only to the extent that such reimbursements will not cause organizational and offering expenses (other than selling commissions and the dealer manager fees) to exceed 2.5% of the gross offering proceeds raised in the offering, when recorded by the Company. As of September 30, 2015 , a total of $1.1 million in reimbursable organizational and offering costs incurred on behalf of the Company by the Advisor has yet to be reimbursed by the Company. These costs are included in due to related parties on the consolidated balance sheet as of September 30, 2015 . Deferred Offering Costs Through September 30, 2015 , the Company has incurred $7.9 million for the payment of offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal and similar costs. As of September 30, 2015 , the Advisor has advanced $4.4 million of these costs on behalf of the Company. A portion of these costs is charged to equity upon the sale of each share of common stock sold under the public offering. Similarly, a portion of the proceeds received from the sales of shares in the Company's public offering was paid to the Advisor to reimburse it for the amount incurred on behalf of the Company. Deferred offering costs represent the portion of the total costs incurred that have not been charged to equity to date. As of September 30, 2015 , the Company has reimbursed $3.3 million of deferred offering costs to the Advisor. Upon completion of the public offering, any deferred offering costs in excess of the limit on organization and offering costs discussed above, will be charged back to the Advisor. New Accounting Standards Accounting Standards Issued But Not Yet Effective In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, “Revenue from Contracts with Customers” ("ASU No. 2014-09"), which will replace most existing revenue recognition guidance in GAAP. The core principle of ASU No. 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU No. 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU No. 2014-09 will be effective for the Company beginning January 1, 2018, including interim periods in 2018, and allows for both retrospective and prospective methods of adoption. The Company is in the process of determining the method of adoption and assessing the impact of ASU No. 2014-09 on the Company's consolidated financial position, results of operations and cash flows. In August 2014, FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." Under the new guidance, an entity should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of the new requirements is not expected to have a material impact on the Company's consolidated financial statements. In January 2015, FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items" (“ASU No. 2015-01”). The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendment will eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU No. 2015-01 to have a significant impact on its financial statements. In February 2015, FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis" (“ASU 2015-02”), which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-02 to have a significant impact on its consolidated financial statements. In April 2015, FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, the Company will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-03 to have a significant impact on its consolidated financial statements. In September 2015, FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments" ("ASU 2015-16"), which eliminates the requirement to retroactively revise comparative financial information for prior periods presented in financial statements due to changes in provisional amounts recorded for acquisitions in subsequent periods. Upon adoption, disclosure of the amounts recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized at the acquisition date are required. ASU 2015-16 is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-16 to have a significant impact on its consolidated financial statements.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 3 - SUPPLEMENTAL CASH FLOW INFORMATION The following table presents supplemental cash flow information: Nine Months Ended September 30, 2015 2014 Non-cash operating, financing and investing activities: Cash distributions on common stock declared but not yet paid $ 4,555,957 $ 259,379 Stock issued through distribution reinvestment plan 4,924,791 34,648 Stock distributions issued 2,267,297 23,501 Deferred offering costs 1,307,582 (2,177,551 ) Due to related parties 1,218,763 2,177,551 Mortgage notes payable assumed 21,439,301 — Fair value adjustment of debt assumed 719,020 — Cash paid during the period for: Interest $ 611,930 $ 48,800

Restricted Cash

Restricted Cash	9 Months Ended
	Sep. 30, 2015
Cash and Cash Equivalents [Abstract]
Restricted Cash	NOTE 4 - RESTRICTED CASH Restricted cash represents escrow deposits with lenders to be used to pay real estate taxes, insurance, and capital improvements. A summary of the components of restricted cash follows: September 30, December 31, Real estate taxes $ 985,445 $ 128,871 Insurance 212,824 157,600 Capital improvements 1,919,459 438,834 Other 32,973 — $ 3,150,701 $ 725,305

Rental Property, Net

Rental Property, Net	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Rental Property, Net	NOTE 5 - RENTAL PROPERTY, NET The Company’s investment in rental properties consisted of the following: September 30, December 31, Land $ 31,442,331 $ 6,723,368 Building and improvements 189,159,363 47,546,786 Furniture, fixtures and equipment 4,156,135 612,846 Construction in progress 1,645,773 — 226,403,602 54,883,000 Less: accumulated depreciation (2,947,734 ) (179,695 ) $ 223,455,868 $ 54,703,305 Depreciation expense for the three and nine months ended September 30, 2015 was $1.4 million , and $2.8 million , respectively. Depreciation expense for the three and nine months ended September 30, 2014 was $76,790 and $101,567 , respectively.

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisition	NOTE 6 - ACQUISITION As of September 30, 2015 , the Company owned seven properties. In order to finalize the fair values of the acquired assets and liabilities, the Company obtained third-party appraisals. The Company has up to 12 months from the date of acquisition to finalize the valuation for each property. All valuations have been finalized as of September 30, 2015 . The table below summarizes these acquisitions and the respective fair values assigned: Multifamily City and State Date of Purchase Land Building and Furniture, Fixture and Equipment Intangible Assets Other Fair Valued Adair off Addison Dallas, Texas 6/4/2014 $ 9,500,000 $ 1,888,982 $ 7,060,815 $ 198,840 $ 351,363 $ (84,732 ) $ 9,415,268 Overton Trails Apartment Homes Fort Worth, Texas 12/19/2014 47,000,000 4,834,386 40,485,971 503,582 1,176,061 (59,977 ) 46,940,023 Uptown Buckhead Atlanta, Georgia 3/30/2015 32,500,000 6,464,391 24,992,651 399,036 643,922 (117,170 ) 32,382,830 Farrington Lake Chapel Hill, North Carolina 5/19/2015 46,750,000 7,097,585 37,946,732 608,364 1,097,319 (231,249 ) 46,518,751 Mayfair Chateau Homewood, Alabama 8/21/2015 30,050,000 3,595,001 25,996,995 410,857 766,167 (148,001 ) 30,621,019 Fairways of Bent Tree Dallas, Texas 8/27/2015 21,250,000 2,531,703 17,831,291 303,804 583,201 (229,402 ) 21,020,597 Spalding Crossing Atlanta, Georgia 9/24/2015 41,000,000 5,030,283 34,764,848 399,229 805,640 (51,476 ) 40,948,524 (1) Purchase price excludes closing costs and acquisition expenses. The table below summarizes the total revenues, net loss, and acquisition costs of the Company's 2015 acquisitions: Three Months Ended Nine Months Ended September 30, September 30, Multifamily Community 2015 2015 Uptown Buckhead Total Revenues $ 682,087 $ 1,422,035 Net Loss (522,032 ) (918,747 ) Acquisition Costs 6,666 169,078 Acquisition Fee 5,773 737,058 Farrington Lake Total Revenues $ 973,928 $ 1,441,546 Net Loss (1,071,719 ) (2,034,669 ) Acquisition Costs 5,845 (154,483 ) Acquisition Fee 6,097 1,103,089 Mayfair Chateau Total Revenues $ 344,488 $ 344,488 Net Loss (751,163 ) (751,163 ) Acquisition Costs 514,398 514,398 Acquisition Fee 778,734 778,734 Fairways of Bent Tree Total Revenues $ 239,179 $ 239,179 Net Loss (507,416 ) (507,416 ) Acquisition Costs 122,489 122,489 Acquisition Fee 520,869 520,869 Spalding Crossing Total Revenues $ 67,922 $ 67,922 Net Loss (334,284 ) (334,284 ) Acquisition Costs 129,749 129,749 Acquisition Fee 924,329 924,329

Identified Intangible Assets, N

Identified Intangible Assets, Net	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Identified Intangible Assets, Net	NOTE 7 - IDENTIFIED INTANGIBLE ASSETS, NET Identified intangible assets, net, consist of in-place rental leases. The gross value of acquired in-place leases totaled $5.4 million and $1.5 million as of September 30, 2015 and December 31, 2014 , respectively, net of accumulated amortization of $2.8 million and $351,363 , respectively. The weighted average remaining life of the rental leases is six months as of September 30, 2015 . Amortization for the three months ended September 30, 2015 and September 30, 2014 was $1,096,910 and $117,121 , respectively. Amortization for the nine months ended September 30, 2015 and September 30, 2014 was $2.4 million an d $175,682 , respectively. As of September 30, 2015 , expected amortization for the rental leases for the next 12 months is $1.5 million .

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Mortgage Notes Payable	NOTES 8 - MORTGAGE NOTES PAYABLE The following is a summary of the Company's mortgage notes payable as of September 30, 2015 : Balance Outstanding at Maturity Interest Rate Average Interest Expense Collateral September 30, 2015 September 30, 2015 Three Months Ended Nine Months Ended Adair off Addison $ 7,465,000 7/1/2024 2.56 % $ 15,944 (1) (3) $ 48,887 $ 144,446 Overton Trails Apartment Homes 31,075,000 1/1/2025 2.10 % 54,471 (1) (3) 166,660 491,539 Uptown Buckhead 20,200,000 7/1/2025 2.39 % 40,740 (1) (3) 124,544 125,894 Farrington Lakes 32,000,000 7/10/2020 1.89 % 47,970 (1) (4) 129,105 129,105 Mayfair Chateau - Key Bank 18,690,882 11/1/2021 4.73 % 103,568 (1) 89,034 89,034 Mayfair Chateau - Capital One 2,748,419 11/1/2021 5.40 % 15,723 (2) 12,794 12,794 Mayfair unamortized fair value adjustment 698,571 $ 112,877,872 (1) Variable rate based on one-month LIBOR of 0.1930% (as of September 30, 2015 ) plus a fixed margin (2) Fixed rate (3) Variable rate hedged with interest rate cap cash flow hedge (4) Fixed rate interest rate swap associated with the variable rate debt On June 4, 2014, in connection with the acquisition of Adair off Addison, the Company entered into a $7.5 million , secured mortgage loan with Berkadia Commercial Mortgage, LLC (the "Adair Mortgage Loan"), secured by Adair off Addison. The Adair Mortgage Loan, which matures on July 1, 2024, bears interest at a floating rate of one-month LIBOR plus 2.37% . Monthly payments are initially interest only. Beginning with the August 2018 payment, monthly payments will include interest and principal, which based upon current interest rates, amount to approximately $28,000 per month. On December 19, 2014, in connection with the acquisition of Overton Trails Apartment Homes, the Company entered into a $31.1 million , secured mortgage loan with M&T Realty Capital Corporation (the "Overton Mortgage Loan"), secured by Overton Trails Apartment Homes. The Overton Mortgage Loan, which matures on January 1, 2025, bears interest at a floating rate of one-month LIBOR plus 1.90% . Monthly payments are initially interest only. Beginning with the February 2017 payment, monthly payments will include interest and principal, which based upon current interest rates, amount to approximately $109,000 per month. On June 30, 2015, the Company entered into a $20.2 million secured mortgage loan with Prudential Multifamily Mortgage, LLC (the "Uptown Buckhead Mortgage Loan"), secured by Uptown Buckhead. The Uptown Buckhead Mortgage Loan, which matures on July 1, 2025, bears interest at a floating rate of one-month LIBOR plus 2.22% . Monthly payments are initially interest only. Beginning with the August 2017 payment, monthly payments will include interest and principal, which based upon current interest rates, amount to approximately $74,000 per month. On July 28, 2015, the Company entered into a $32.0 million secured mortgage loan with Bank of America, N.A. (the "Farrington Lakes Mortgage Loan"), secured by Farrington Lakes. The Farrington Lakes Mortgage Loan, which matures on July 10, 2020, bears interest at a floating rate of one-month LIBOR plus 1.70% . Monthly payments are initially interest only. Beginning with the August 2017 payment, monthly payments will include interest and principal, which based upon current interest rates, amount to approximately $85,000 per month. On August 21, 2015, in connection with the acquisition of Mayfair Chateau, the Company assumed a $18.7 million secured mortgage loan with Key Bank (the "Mayfair Key Bank Mortgage Loan"), secured by Mayfair Chateau. The Mayfair Chateau Key Bank Mortgage Loan, which matures November 1, 2021, bears interest at a fixed rate of 4.73% . Monthly payments include interest and principal, in the amount of approximately $104,000 per month. On August 21, 2015, in connection with the acquisition of Mayfair Chateau, the Company assumed a $2.7 million secured mortgage loan with Capital One (the "Mayfair Capital One Mortgage Loan"), secured by Mayfair Chateau. The Mayfair Chateau Capital One Mortgage Loan, which matures November 1, 2021, bears interest at a fixed rate of 5.40% . Monthly payments include interest and principal, in the amount of approximately $16,000 per month. On August 21, 2015, the Company recorded a fair value adjustment, which represented the fair value of the debt assumed over its principal amount in connection with Mayfair Chateau acquisition. The fair value will be amortized to interest expense over the term of the related mortgages loans using the effective interest method. As of September 30, 2015 , the net unamortized fair value of debt assumed adjustment was $698,571 and was included as a component of mortgage loans payable in the accompanying consolidated balance sheets. Annual principal payments on the mortgage notes payable for each of the next five 12-month periods ending September 30 and thereafter, are as follows: 2016 $ 455,085 2017 1,299,301 2018 1,905,854 2019 2,047,968 2020 32,741,616 Thereafter 73,729,477 Total mortgage payments $ 112,179,301 Plus: Unamortized fair value adjustment 698,571 112,877,872 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. The Company has guaranteed the mortgage notes by executing a guarantee with respect to the properties. These exceptions are referred to as “carveouts.” 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. The Company has also guaranteed the completion and payment of costs of completion of no less than $1.8 million for renovations at Uptown Buckhead by June 30, 2017 . For the Farrington Lakes Mortgage Loan, beginning with the calendar quarter ended December 31, 2017, the property must maintain a certain level of debt service coverage.

Deferred Financing Costs

Deferred Financing Costs	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Financing Costs	NOTE 9 - DEFERRED FINANCING COSTS Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. As of September 30, 2015 and December 31, 2014 , accumulated amortization of deferred financing costs was $97,793 and $9,581 , respectively. Amortization of deferred financing costs for the next five 12-month periods ending September 30 and thereafter, is as follows: 2016 $ 269,821 2017 267,163 2018 183,101 2019 260,078 2020 255,774 Thereafter 496,066 $ 1,732,003

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Loss	NOTE 10 - ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated other comprehensive loss for the nine months ended September 30, 2015 : Unrealized loss January 1, 2015 $ (34,468 ) Change in unrealized loss on designated hedge (99,862 ) September 30, 2015 $ (134,330 )

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 11 - RELATED PARTY TRANSACTIONS Pursuant to the terms of the Advisory Agreement, the Advisor provides the Company with the services of its management team, including its officers, along with appropriate support personnel. The Advisor will be reimbursed for the Company’s allocable share of costs for Advisor personnel, including allocable personnel salaries and benefits. Each of the Company’s officers is an employee of the Sponsor or one of its affiliates. The Company does not have any employees. The Advisor is not obligated to dedicate any specific portion of its time or the time of its personnel to the Company’s business. The Advisor is at all times subject to the supervision and oversight of the Company’s Board of Directors and has only such functions and authority as the Company delegates to it. During the course of the offering, the Advisor will provide offering-related services to the Company and will advance funds to the Company for both operating costs and organization and offering costs. These amounts will be reimbursed to the Advisor from the proceeds from the offering, although there can be no assurance that the Company’s plans to raise capital will be successful. As of September 30, 2015 , the Advisor has incurred costs on a cumulative basis on behalf of the Company of approximately $4.4 million . Relationship with the Advisor The Advisory Agreement has a one -year term and renews for an unlimited number of successive one -year terms upon the approval of the conflicts committee of the Company's Board of Directors. Under the Advisory Agreement, the Advisor receives fees and is reimbursed for its expenses as set forth below: Acquisition fees. The Advisor earns 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 Advisor earns a monthly asset management fee equal to one-twelfth of 1.0% of the cost of each asset, without deduction for depreciation, bad debts or other non-cash reserves. The asset management fee is based only on the portion of the costs or value attributable to the Company’s investment in an asset if the Company does not own all of an asset and does not manage or control the asset. Disposition fees. The Advisor earns 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, 2.0% of the contract sales price. Debt financing fees. The Advisor earns 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 pays directly or reimburses the Advisor for all of the expenses paid or incurred by the 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 distribution reinvestment plan offering. This includes all organization and offering costs of up to 2.5% of gross offering proceeds. Reimbursements also include expenses the Advisor incurs in connection with providing services to the Company, including the Company’s allocable share of costs for 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 will not reimburse the Advisor or its affiliates for employee costs in connection with services for which the Advisor earns acquisition or disposition fees. On June 4, 2014 , the Advisor provided a $1.3 million bridge loan (the “Bridge Loan”) to the Company. The Company used the proceeds of the Bridge Loan to partially finance the acquisition of Adair off Addison. The Bridge Loan, which was scheduled to mature on December 4, 2014 , incurred interest at an annual rate of LIBOR plus 3.0% . The Company repaid the Bridge Loan in full on June 30, 2014 and paid $2,242 in interest during 2014. Relationship with RAI Self-insurance funds held in escrow . The receivable from related party includes escrow funds held by RAI for self-insurance. The Company's properties participate in an insurance pool with other properties directly and indirectly managed by RAI. RAI holds the escrow funds related to the insurance pool on its books. The insurance pool covers losses up to $2.5 million . Catastrophic insurance would cover losses in excess of the insurance pool up to $140.0 million . 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. Relationship with Resource Real Estate Opportunity Manager II Resource Real Estate Opportunity Manager II, LLC (the “Manager”), an affiliate of the Advisor, manages real estate properties and real estate-related debt investments and coordinates the leasing of, and manages construction activities related to the Company’s real estate properties pursuant to the terms of the management agreement with the Manager. Property management fees. The Manager earns a property management fee equal to 4.5% of actual gross cash receipts from the operations of real property investments. Construction management fees. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. Debt servicing fees. The Manager earns a debt servicing fee of 2.75% on payments received from loans held by the Company for investment. Expense reimbursement. During the ordinary course of business, the Manager or other affiliates of RAI may pay certain shared operating expenses on behalf of the Company. Relationship with Resource Securities Resource Securities, Inc. (“Resource Securities”), an affiliate of the Advisor, serves as the Company’s dealer-manager and is responsible for marketing the Company’s shares during the primary portion of its public offering. Pursuant to the terms of the dealer-manager agreement with Resource Securities, the Company pays Resource Securities a selling commission of up to 7% of gross primary offering proceeds and a dealer-manager fee of up to 3% of gross primary offering proceeds. Resource Securities reallows all selling commissions earned and a portion of the dealer-manager fee as a marketing fee to participating broker-dealers. No selling commissions or dealer-manager fees are earned by Resource Securities in connection with sales under the distribution reinvestment plan. Additionally, the Company may reimburse Resource Securities for bona fide due diligence expenses. Relationship with Other Related Party The Company utilizes the services of a printing company, Graphic Images, LLC (“Graphic Images”), the principal owner of which is the father of RAI’s Chief Financial Officer. The fees earned/expenses incurred and the amounts payable to such related parties are summarized in the following table: September 30, December 31, Due from related parties: Advisor $ 230,695 $ — Resource Securities — 3,944 RAI - self-insurance funds held in escrow 249,758 30,081 $ 480,453 $ 34,025 Due to related parties: Advisor Asset management fees $ — $ 28,456 Organization and offering costs 1,072,795 2,272,325 Operating expense reimbursements — 1,145,784 Manager Property management fees 98,983 6,391 Expense reimbursements 332,874 39,592 Resource Securities Selling commissions and dealer-manager fees 339,482 358,715 $ 1,844,134 $ 3,851,263 Graphic Images (1) $ 7,598 $ 81,424 (1) Included in Accrued expenses on the consolidated balance sheets. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Fees earned / expenses incurred: Advisor Acquisition fees $ 2,238,807 $ 60,053 $ 4,067,085 $ 264,238 Asset management fees $ 484,578 $ 29,635 996,864 37,130 Debt financing fees $ 267,348 $ — 561,048 37,325 Organization and offering costs $ 449,760 $ 418,339 1,403,444 2,489,150 Overhead allocation $ 272,505 $ 152,533 817,798 880,329 Interest expense $ — $ 2,242 — 2,242 Manager Property management fees $ 166,411 $ 16,274 359,328 22,098 Construction management fees $ 134,397 $ — 211,224 — Operating expense reimbursements $ 150,271 $ 3,744 218,092 20,288 Resource Securities Selling commissions and dealer-manager fees $ 7,933,760 $ 1,332,915 26,281,478 1,520,817 Other Graphic Images $ 95,667 $ 76,686 368,452 239,078

Equity

Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity	NOTE 12 - EQUITY Preferred Stock The Company’s charter authorizes the Company to issue 10,000,000 shares of its $0.01 par value preferred stock. As of September 30, 2015 , no shares of preferred stock were issued or outstanding. Convertible Stock As of September 30, 2015 , the Company had 50,000 shares of $0.01 par value convertible stock outstanding, which are owned by the Advisor and 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 or after the 31st trading day following the 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 its Advisor, 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) 25% 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 10% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, or (ii) 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 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, divided by (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. Common Stock As of September 30, 2015 , the Company had an aggregate of 32,689,955 shares of $0.01 par value common stock outstanding, including the Advisor's additional purchase of 117,778 shares of common stock for $1.1 million , as follows: Shares Issued Gross Proceeds Initial public offering 31,892,619 $ 317,742,273 Shares issued through stock distributions 246,365 — Shares issued through distribution reinvestment plan 541,013 5,139,624 Advisor's initial investment, net of 5,000 share conversion 15,000 150,000 Redemptions (5,042 ) (50,000 ) 32,689,955 $ 322,981,897 Redemptions During the nine months ended September 30, 2015 , the Company redeemed shares as follows: Period Total Number Average Price Paid per Share Cumulative Number Approximate Dollar January 2015 — $— — (2) February 2015 — $— — (2) March 2015 5,042 $9.92 5,042 (2) April 2015 — $— — (2) May 2015 — $— — (2) June 2015 — $— — (2) July 2015 — $— — (2) August 2015 — $— — (2) September 30, 2015 — $— — (2) (1) All purchases of equity securities by the Company in the nine months ended September 30, 2015 were made pursuant to the Company's share redemption program. (2) The Company currently limits the dollar value and number of shares that may be repurchased under the program, as discussed below. All redemption requests tendered were honored during the nine months ended September 30, 2015 . The Company will not redeem in excess of 5% of the weighted-average number of shares outstanding during the 12 -month period immediately prior to the effective date of redemption. Generally, the cash available for redemption will be limited to proceeds from the distribution reinvestment plan plus, if the Company had positive operating cash flow from the previous fiscal year, 1% of all operating cash flow from the previous fiscal year. These limitations apply to all redemptions, including redemptions sought upon a stockholder’s death, qualifying disability or confinement to a long-term care facility. Distributions For the nine months ended September 30, 2015 , the Company paid aggregate distributions of $8.2 million , including $3.2 million of distributions paid in cash and $4.9 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows: Authorization Date Per Record Dates Distribution Date Distributions Net Cash Distributions Total Aggregate November 13, 2014 $ 0.00164384 December 31, 2014 through January 29, 2015 January 30, 2015 $ 169,967 $ 89,412 $ 259,379 January 26, 2015 0.00164384 January 30, 2015 through February 26, 2015 February 27, 2015 208,353 115,274 323,627 January 26, 2015 0.00164384 February 27, 2015 through March 30, 2015 March 31, 2015 352,604 208,396 561,000 March 24, 2015 0.00164384 March 31, 2015 through April 29, 2015 April 30, 2015 465,774 290,181 755,955 March 24, 2015 0.00164384 April 30, 2015 through May 28, 2015 May 29, 2015 538,684 352,751 891,435 March 24, 2015 0.00164384 May 29, 2015 through June 29, 2015 June 30, 2015 681,964 468,622 1,150,586 June 25, 2015 0.00164384 June 30, 2015 through July 30, 2015 July 31, 2015 758,820 521,511 1,280,331 June 25, 2015 0.00164384 July 31, 2015 through August 30, 2015 August 31, 2015 849,012 583,455 1,432,467 June 25, 2015 0.00164384 August 31, 2015 through September 29, 2015 September 30, 2015 899,613 619,039 1,518,652 $ 4,924,791 $ 3,248,641 $ 8,173,432 On September 18, 2015 , the Company's Board of Directors authorized cash distributions to the stockholders of record at the close of business each day in the period commencing September 30, 2015 through December 30, 2015 equal to a daily amount of $0.00164384 per share of common stock, payable on October 30, 2015 , November 30, 2015 and December 31, 2015 . We have accrued these distributions, which are included in Distributions payable on the consolidated balance sheets.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measures and Disclosures	NOTE 13 - 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, 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. The fair value of rental properties is usually estimated based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities. The Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases and the value of tenant relationships, based in each case on their fair values. 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 as follows: Level 1 Level 2 Level 3 Total September 30, 2015 Assets: Interest rate caps $ — $ 30,723 $ — $ 30,723 $ — $ 30,723 $ — $ 30,723 Liabilities: Cancelable swap $ — $ (380,474 ) $ — $ (380,474 ) $ — $ (380,474 ) $ — $ (380,474 ) Level 1 Level 2 Level 3 Total December 31, 2014 Assets: Interest rate caps $ — $ 53,002 $ — $ 53,002 $ — $ 53,002 $ — $ 53,002 Interest rate caps are included in Prepaid expenses and other assets on the consolidated balance sheets. Cancelable swaps are included in Derivative liabilities on the consolidated balance sheet. The carrying amount and fair value of the Company’s mortgage notes payable are as follows: September 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Mortgage notes payable $ 112,877,872 $ 114,044,908 $ 38,540,000 $ 38,540,000 The fair value of the mortgage notes payable with fixed interest rates was estimated using rates available to the Company for debt with similar terms and remaining maturities. (Level 3). The fair values of four of the mortgage notes payable with variable interest rates equals the carrying amounts because the interest rate of each of the mortgage notes payable is variable. (Level 3).

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	NOTE 14 - 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 of the Company’s mortgage loans, 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 two interest rate caps that were designated as a cash flow hedges during 2014. 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 nine months ended September 30, 2015 , such derivatives were used to hedge the variable cash flows, indexed to London InterBank Offered Rate ("LIBOR"), associated with an existing variable-rate loan agreement. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the nine months ended September 30, 2015 , the Company did not record any hedge ineffectiveness in earnings. 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. As of September 30, 2015 , the Company had the following outstanding interest rate derivatives: Interest Rate Derivatives Number of Instruments Notional Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 3 $ 58,740,000 January 1, 2018 to July 1, 2019 Derivatives not designated as hedging instruments: Cancelable swap 1 $ 32,000,000 July 28, 2020 Tabular Disclosure of Fair Value of Derivative Instrument on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments, which are included in prepaid expenses and other assets and derivative liability on the consolidated balance sheets: Asset Derivatives Liabilities Derivatives September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Interest rate caps $ 30,723 Interest rate caps $ 53,002 NA $ — NA $ — NA $ — NA — Cancelable swap (380,874 ) NA — 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. The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2015 and 2014: Amount of Gain (Loss) Recognized in Income for the Three Months Ended Amount of Gain (Loss) Recognized in Income for the Nine Months Ended Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Interest rate caps Interest expense $ (180 ) — $ (365 ) — Amount of Gain (Loss) Recognized in Income for the Three Months Ended Amount of Gain (Loss) Recognized in Income for the Nine Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Cancelable swap Interest expense $ (477,668 ) — $ (477,668 ) —

Operating Expense Limitation

Operating Expense Limitation	9 Months Ended
	Sep. 30, 2015
Other Income and Expenses [Abstract]
Operating Expense Limitation	NOTE 15 - OPERATING EXPENSE LIMITATION As required under the Company's charter, the Advisor must reimburse the Company the amount by which the aggregate total operating expenses for the four fiscal quarters then ended exceed the greater of 2% of the average invested assets or 25% of net income, unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. “Average invested assets” means the average monthly book value of assets invested, directly or indirectly, in equity interests in and loans secured by real estate during the 12-month period before deducting depreciation, bad debts or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to operations, including advisory fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and stock exchange listing of stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of assets; and (f) acquisition fees, acquisition expenses (including expenses relating to potential investments that do not close), disposition fees on the resale of property and other expenses connected with the acquisition, disposition and ownership of real estate interests, loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). Operating expenses for the four quarters ended September 30, 2015 exceeded the charter imposed limitation; however, the conflicts committee of the board of directors determined that the excess was justified for these periods given the costs of operating a public company and the early stage of the Company's operations.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE 16 - SUBSEQUENT EVENTS On October 29, 2015, the Company purchased a 188 -unit multifamily community located in Portland, Oregon from an unaffiliated seller for $32.8 million . The Company has evaluated subsequent events and determined that no additional events have occurred which would require an adjustment to the consolidated financial statements.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Bear Creek Holdings, LLC, or Bear Creek Adair off Addison 152 Dallas, TX RRE Oak Hill Holdings, LLC, or Oak Hill Overton Trails Apartment Homes 360 Fort Worth, TX RRE Buckhead Holdings, LLC, or Buckhead Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC, or Farrington Farrington Lake 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau Mayfair Chateau 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Fairways of Bent Tree 200 Dallas, TX RRE Spalding Crossing Holdings, LLC, or Spalding Crossing Spalding Crossing 252 Atlanta, GA RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair Holdings 188 Portland, OR N/A - Not Applicable All intercompany accounts and transactions have been eliminated in consolidation.
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 accompanying notes. Actual results could differ from those estimates.
Real Estate Investments	Real Estate Investments The Company records acquired real estate at fair value. The Company considers the period of future benefit of an asset to determine its appropriate useful life. The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 3.0 to 27.5 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease
Impairment of Long Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for 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. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, 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 is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income.
Allocation of Purchase Price of Acquired Assets	Allocation of Purchase Price of Acquired Assets 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. Fair value estimates are based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities. In addition, the Company may obtain independent appraisal reports. The information in the appraisal reports, along with the aforementioned information available to the Company's management, is used in allocating the purchase price. The independent appraisers have no involvement in management's allocation decisions other than providing market information. 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 vacant. Management’s estimates of value are expected to be made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered by management in its 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 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 considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business 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 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 does amortization periods for the intangible assets exceed the remaining depreciable life of the building. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and relationship intangibles related to that customer would be charged to expense in that period. The determination of the fair value of the assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. These estimates are subject to change until all information is finalized, which is generally within one year of the acquisition date.
Revenue Recognition	Revenue Recognition The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and includes amounts expected to be received in later years in deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs in the period the related expenses are incurred. The specific timing of a sale is measured against various criteria related to the terms of the transaction and any continuing involvement associated with the property. If the criteria for profit recognition under the full-accrual method are not met, the Company defers the gain recognition and accounts for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery methods, as appropriate, until the appropriate criteria are met.
Tenant Receivables	Tenant Receivables The Company makes estimates of the collectability of its tenant receivables related to base rents, including straight-line rentals, expense reimbursements and other revenue or income. The Company specifically analyzes accounts receivable and historic bad debts, tenant creditworthiness, current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year .
Income Taxes	Income Taxes The Company elected to be taxed as a REIT, commencing with its taxable year ended December 31, 2014. Accordingly, the Company will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be 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 lost 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. Taxable income, generally, will differ from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, the Company’s TRSs 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.
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. Due to reported losses for the current periods presented, the convertible shares (discussed in Note 12) are not included in the diluted earnings per share calculation, as they would be anti-dilutive. All common shares and per common share information in the financial statements have been adjusted retroactively for the effect of one 0.625% stock distribution issued on July 14, 2014 , one 1.00% stock distribution issued October 15, 2014 , one 0.83333% stock distribution issued on January 15, 2015 , one 0.5% stock distribution issued on April 15, 2015 , and one 0.5% stock distribution issued on July 15, 2015 .
Organization and Offering Costs	Organization and Offering Costs The Company incurs organizational, accounting, and offering costs in pursuit of its financing. Organization and offering costs (other than selling commissions and dealer-manager fees) of the Company are paid by the Advisor on behalf of the Company. Organization costs are expensed as incurred and include all expenses incurred by the Company in connection with the formation of the Company, including, but not limited to, legal fees and other costs to incorporate the Company. Pursuant to the Amended and Restated Advisory Agreement between the Company and the Advisor dated January 9, 2014, as amended (the “Advisory Agreement”), the Company is obligated to reimburse the Advisor for organizational and offering costs it incurs on the Company's behalf, but only to the extent that such reimbursements will not cause organizational and offering expenses (other than selling commissions and the dealer manager fees) to exceed 2.5% of the gross offering proceeds raised in the offering, when recorded by the Company.
Deferred Offering Costs	Deferred Offering Costs Through September 30, 2015 , the Company has incurred $7.9 million for the payment of offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal and similar costs. As of September 30, 2015 , the Advisor has advanced $4.4 million of these costs on behalf of the Company. A portion of these costs is charged to equity upon the sale of each share of common stock sold under the public offering. Similarly, a portion of the proceeds received from the sales of shares in the Company's public offering was paid to the Advisor to reimburse it for the amount incurred on behalf of the Company. Deferred offering costs represent the portion of the total costs incurred that have not been charged to equity to date. As of September 30, 2015 , the Company has reimbursed $3.3 million of deferred offering costs to the Advisor. Upon completion of the public offering, any deferred offering costs in excess of the limit on organization and offering costs discussed above, will be charged back to the Advisor.
New Accounting Standards	New Accounting Standards Accounting Standards Issued But Not Yet Effective In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, “Revenue from Contracts with Customers” ("ASU No. 2014-09"), which will replace most existing revenue recognition guidance in GAAP. The core principle of ASU No. 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU No. 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU No. 2014-09 will be effective for the Company beginning January 1, 2018, including interim periods in 2018, and allows for both retrospective and prospective methods of adoption. The Company is in the process of determining the method of adoption and assessing the impact of ASU No. 2014-09 on the Company's consolidated financial position, results of operations and cash flows. In August 2014, FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." Under the new guidance, an entity should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of the new requirements is not expected to have a material impact on the Company's consolidated financial statements. In January 2015, FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items" (“ASU No. 2015-01”). The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendment will eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU No. 2015-01 to have a significant impact on its financial statements. In February 2015, FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis" (“ASU 2015-02”), which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-02 to have a significant impact on its consolidated financial statements. In April 2015, FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, the Company will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-03 to have a significant impact on its consolidated financial statements. In September 2015, FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments" ("ASU 2015-16"), which eliminates the requirement to retroactively revise comparative financial information for prior periods presented in financial statements due to changes in provisional amounts recorded for acquisitions in subsequent periods. Upon adoption, disclosure of the amounts recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized at the acquisition date are required. ASU 2015-16 is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-16 to have a significant impact on its consolidated financial statements.
Fair Value Measures	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, 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. The fair value of rental properties is usually estimated based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities. The Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases and the value of tenant relationships, based in each case on their fair values.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of Wholly-Owned Subsidiaries	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Bear Creek Holdings, LLC, or Bear Creek Adair off Addison 152 Dallas, TX RRE Oak Hill Holdings, LLC, or Oak Hill Overton Trails Apartment Homes 360 Fort Worth, TX RRE Buckhead Holdings, LLC, or Buckhead Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC, or Farrington Farrington Lake 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau Mayfair Chateau 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Fairways of Bent Tree 200 Dallas, TX RRE Spalding Crossing Holdings, LLC, or Spalding Crossing Spalding Crossing 252 Atlanta, GA RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair Holdings 188 Portland, OR N/A - Not Applicable
Real Estate Investments	The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 3.0 to 27.5 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease

Supplemental Cash Flow Inform25

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table presents supplemental cash flow information: Nine Months Ended September 30, 2015 2014 Non-cash operating, financing and investing activities: Cash distributions on common stock declared but not yet paid $ 4,555,957 $ 259,379 Stock issued through distribution reinvestment plan 4,924,791 34,648 Stock distributions issued 2,267,297 23,501 Deferred offering costs 1,307,582 (2,177,551 ) Due to related parties 1,218,763 2,177,551 Mortgage notes payable assumed 21,439,301 — Fair value adjustment of debt assumed 719,020 — Cash paid during the period for: Interest $ 611,930 $ 48,800

Restricted Cash (Tables)

Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2015
Cash and Cash Equivalents [Abstract]
Summary of Components of Restricted Cash	A summary of the components of restricted cash follows: September 30, December 31, Real estate taxes $ 985,445 $ 128,871 Insurance 212,824 157,600 Capital improvements 1,919,459 438,834 Other 32,973 — $ 3,150,701 $ 725,305

Rental Property, Net (Tables)

Rental Property, Net (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of Investments in Rental Properties	The Company’s investment in rental properties consisted of the following: September 30, December 31, Land $ 31,442,331 $ 6,723,368 Building and improvements 189,159,363 47,546,786 Furniture, fixtures and equipment 4,156,135 612,846 Construction in progress 1,645,773 — 226,403,602 54,883,000 Less: accumulated depreciation (2,947,734 ) (179,695 ) $ 223,455,868 $ 54,703,305

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Summary of Acquisitions	The table below summarizes these acquisitions and the respective fair values assigned: Multifamily City and State Date of Purchase Land Building and Furniture, Fixture and Equipment Intangible Assets Other Fair Valued Adair off Addison Dallas, Texas 6/4/2014 $ 9,500,000 $ 1,888,982 $ 7,060,815 $ 198,840 $ 351,363 $ (84,732 ) $ 9,415,268 Overton Trails Apartment Homes Fort Worth, Texas 12/19/2014 47,000,000 4,834,386 40,485,971 503,582 1,176,061 (59,977 ) 46,940,023 Uptown Buckhead Atlanta, Georgia 3/30/2015 32,500,000 6,464,391 24,992,651 399,036 643,922 (117,170 ) 32,382,830 Farrington Lake Chapel Hill, North Carolina 5/19/2015 46,750,000 7,097,585 37,946,732 608,364 1,097,319 (231,249 ) 46,518,751 Mayfair Chateau Homewood, Alabama 8/21/2015 30,050,000 3,595,001 25,996,995 410,857 766,167 (148,001 ) 30,621,019 Fairways of Bent Tree Dallas, Texas 8/27/2015 21,250,000 2,531,703 17,831,291 303,804 583,201 (229,402 ) 21,020,597 Spalding Crossing Atlanta, Georgia 9/24/2015 41,000,000 5,030,283 34,764,848 399,229 805,640 (51,476 ) 40,948,524 (1) Purchase price excludes closing costs and acquisition expenses.
Summary of Revenues, Losses and Costs	The table below summarizes the total revenues, net loss, and acquisition costs of the Company's 2015 acquisitions: Three Months Ended Nine Months Ended September 30, September 30, Multifamily Community 2015 2015 Uptown Buckhead Total Revenues $ 682,087 $ 1,422,035 Net Loss (522,032 ) (918,747 ) Acquisition Costs 6,666 169,078 Acquisition Fee 5,773 737,058 Farrington Lake Total Revenues $ 973,928 $ 1,441,546 Net Loss (1,071,719 ) (2,034,669 ) Acquisition Costs 5,845 (154,483 ) Acquisition Fee 6,097 1,103,089 Mayfair Chateau Total Revenues $ 344,488 $ 344,488 Net Loss (751,163 ) (751,163 ) Acquisition Costs 514,398 514,398 Acquisition Fee 778,734 778,734 Fairways of Bent Tree Total Revenues $ 239,179 $ 239,179 Net Loss (507,416 ) (507,416 ) Acquisition Costs 122,489 122,489 Acquisition Fee 520,869 520,869 Spalding Crossing Total Revenues $ 67,922 $ 67,922 Net Loss (334,284 ) (334,284 ) Acquisition Costs 129,749 129,749 Acquisition Fee 924,329 924,329

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following is a summary of the Company's mortgage notes payable as of September 30, 2015 : Balance Outstanding at Maturity Interest Rate Average Interest Expense Collateral September 30, 2015 September 30, 2015 Three Months Ended Nine Months Ended Adair off Addison $ 7,465,000 7/1/2024 2.56 % $ 15,944 (1) (3) $ 48,887 $ 144,446 Overton Trails Apartment Homes 31,075,000 1/1/2025 2.10 % 54,471 (1) (3) 166,660 491,539 Uptown Buckhead 20,200,000 7/1/2025 2.39 % 40,740 (1) (3) 124,544 125,894 Farrington Lakes 32,000,000 7/10/2020 1.89 % 47,970 (1) (4) 129,105 129,105 Mayfair Chateau - Key Bank 18,690,882 11/1/2021 4.73 % 103,568 (1) 89,034 89,034 Mayfair Chateau - Capital One 2,748,419 11/1/2021 5.40 % 15,723 (2) 12,794 12,794 Mayfair unamortized fair value adjustment 698,571 $ 112,877,872 (1) Variable rate based on one-month LIBOR of 0.1930% (as of September 30, 2015 ) plus a fixed margin (2) Fixed rate (3) Variable rate hedged with interest rate cap cash flow hedge (4) Fixed rate interest rate swap associated with the variable rate debt
Schedule of Annual Principal Payments	Annual principal payments on the mortgage notes payable for each of the next five 12-month periods ending September 30 and thereafter, are as follows: 2016 $ 455,085 2017 1,299,301 2018 1,905,854 2019 2,047,968 2020 32,741,616 Thereafter 73,729,477 Total mortgage payments $ 112,179,301 Plus: Unamortized fair value adjustment 698,571 112,877,872

Deferred Financing Costs (Table

Deferred Financing Costs (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Financing Costs	Amortization of deferred financing costs for the next five 12-month periods ending September 30 and thereafter, is as follows: 2016 $ 269,821 2017 267,163 2018 183,101 2019 260,078 2020 255,774 Thereafter 496,066 $ 1,732,003

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss for the nine months ended September 30, 2015 : Unrealized loss January 1, 2015 $ (34,468 ) Change in unrealized loss on designated hedge (99,862 ) September 30, 2015 $ (134,330 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Fees Earned/Expenses Incurred and Amounts Payable to Related Parties	The fees earned/expenses incurred and the amounts payable to such related parties are summarized in the following table: September 30, December 31, Due from related parties: Advisor $ 230,695 $ — Resource Securities — 3,944 RAI - self-insurance funds held in escrow 249,758 30,081 $ 480,453 $ 34,025 Due to related parties: Advisor Asset management fees $ — $ 28,456 Organization and offering costs 1,072,795 2,272,325 Operating expense reimbursements — 1,145,784 Manager Property management fees 98,983 6,391 Expense reimbursements 332,874 39,592 Resource Securities Selling commissions and dealer-manager fees 339,482 358,715 $ 1,844,134 $ 3,851,263 Graphic Images (1) $ 7,598 $ 81,424 (1) Included in Accrued expenses on the consolidated balance sheets. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Fees earned / expenses incurred: Advisor Acquisition fees $ 2,238,807 $ 60,053 $ 4,067,085 $ 264,238 Asset management fees $ 484,578 $ 29,635 996,864 37,130 Debt financing fees $ 267,348 $ — 561,048 37,325 Organization and offering costs $ 449,760 $ 418,339 1,403,444 2,489,150 Overhead allocation $ 272,505 $ 152,533 817,798 880,329 Interest expense $ — $ 2,242 — 2,242 Manager Property management fees $ 166,411 $ 16,274 359,328 22,098 Construction management fees $ 134,397 $ — 211,224 — Operating expense reimbursements $ 150,271 $ 3,744 218,092 20,288 Resource Securities Selling commissions and dealer-manager fees $ 7,933,760 $ 1,332,915 26,281,478 1,520,817 Other Graphic Images $ 95,667 $ 76,686 368,452 239,078

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of Common Stock	As of September 30, 2015 , the Company had an aggregate of 32,689,955 shares of $0.01 par value common stock outstanding, including the Advisor's additional purchase of 117,778 shares of common stock for $1.1 million , as follows: Shares Issued Gross Proceeds Initial public offering 31,892,619 $ 317,742,273 Shares issued through stock distributions 246,365 — Shares issued through distribution reinvestment plan 541,013 5,139,624 Advisor's initial investment, net of 5,000 share conversion 15,000 150,000 Redemptions (5,042 ) (50,000 ) 32,689,955 $ 322,981,897 During the nine months ended September 30, 2015 , the Company redeemed shares as follows: Period Total Number Average Price Paid per Share Cumulative Number Approximate Dollar January 2015 — $— — (2) February 2015 — $— — (2) March 2015 5,042 $9.92 5,042 (2) April 2015 — $— — (2) May 2015 — $— — (2) June 2015 — $— — (2) July 2015 — $— — (2) August 2015 — $— — (2) September 30, 2015 — $— — (2) (1) All purchases of equity securities by the Company in the nine months ended September 30, 2015 were made pursuant to the Company's share redemption program. (2) The Company currently limits the dollar value and number of shares that may be repurchased under the program, as discussed below.
Schedule of Distributions	For the nine months ended September 30, 2015 , the Company paid aggregate distributions of $8.2 million , including $3.2 million of distributions paid in cash and $4.9 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows: Authorization Date Per Record Dates Distribution Date Distributions Net Cash Distributions Total Aggregate November 13, 2014 $ 0.00164384 December 31, 2014 through January 29, 2015 January 30, 2015 $ 169,967 $ 89,412 $ 259,379 January 26, 2015 0.00164384 January 30, 2015 through February 26, 2015 February 27, 2015 208,353 115,274 323,627 January 26, 2015 0.00164384 February 27, 2015 through March 30, 2015 March 31, 2015 352,604 208,396 561,000 March 24, 2015 0.00164384 March 31, 2015 through April 29, 2015 April 30, 2015 465,774 290,181 755,955 March 24, 2015 0.00164384 April 30, 2015 through May 28, 2015 May 29, 2015 538,684 352,751 891,435 March 24, 2015 0.00164384 May 29, 2015 through June 29, 2015 June 30, 2015 681,964 468,622 1,150,586 June 25, 2015 0.00164384 June 30, 2015 through July 30, 2015 July 31, 2015 758,820 521,511 1,280,331 June 25, 2015 0.00164384 July 31, 2015 through August 30, 2015 August 31, 2015 849,012 583,455 1,432,467 June 25, 2015 0.00164384 August 31, 2015 through September 29, 2015 September 30, 2015 899,613 619,039 1,518,652 $ 4,924,791 $ 3,248,641 $ 8,173,432

Fair Value Measures and Discl34

Fair Value Measures and Disclosures (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on 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 as follows: Level 1 Level 2 Level 3 Total September 30, 2015 Assets: Interest rate caps $ — $ 30,723 $ — $ 30,723 $ — $ 30,723 $ — $ 30,723 Liabilities: Cancelable swap $ — $ (380,474 ) $ — $ (380,474 ) $ — $ (380,474 ) $ — $ (380,474 ) Level 1 Level 2 Level 3 Total December 31, 2014 Assets: Interest rate caps $ — $ 53,002 $ — $ 53,002 $ — $ 53,002 $ — $ 53,002
Carrying Amounts and Fair Values of Mortgage Notes Payable	The carrying amount and fair value of the Company’s mortgage notes payable are as follows: September 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Mortgage notes payable $ 112,877,872 $ 114,044,908 $ 38,540,000 $ 38,540,000

Derivatives and Hedging Activ35

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	As of September 30, 2015 , the Company had the following outstanding interest rate derivatives: Interest Rate Derivatives Number of Instruments Notional Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 3 $ 58,740,000 January 1, 2018 to July 1, 2019 Derivatives not designated as hedging instruments: Cancelable swap 1 $ 32,000,000 July 28, 2020
Fair Value of Derivative Financial Instruments and Balance Sheet Classification	The table below presents the fair value of the Company’s derivative financial instruments, which are included in prepaid expenses and other assets and derivative liability on the consolidated balance sheets: Asset Derivatives Liabilities Derivatives September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Interest rate caps $ 30,723 Interest rate caps $ 53,002 NA $ — NA $ — NA $ — NA — Cancelable swap (380,874 ) NA —
Summary of Effects on Statements of Operations and Comprehensive Loss	The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2015 and 2014: Amount of Gain (Loss) Recognized in Income for the Three Months Ended Amount of Gain (Loss) Recognized in Income for the Nine Months Ended Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Interest rate caps Interest expense $ (180 ) — $ (365 ) — Amount of Gain (Loss) Recognized in Income for the Three Months Ended Amount of Gain (Loss) Recognized in Income for the Nine Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Cancelable swap Interest expense $ (477,668 ) — $ (477,668 ) —

Nature of Business and Operat36

Nature of Business and Operations (Loss) (Details) - USD ($)	Dec. 20, 2013	Oct. 09, 2012	Sep. 30, 2015	Dec. 31, 2014	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Feb. 06, 2014
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			1,000,000,000	1,000,000,000
Common stock, initial public offering price (in dollars per share)			$ 0		$ 0	$ 0	$ 0	$ 0	$ 0	$ 9.92	$ 0	$ 0
Issuance of stock			$ 270,994,677
Common stock, shares issued (in shares)			32,689,955	4,759,567
Advisor
Class of Stock [Line Items]
Issuance of stock		$ 200,000		$ 1,100,000
Issuance of stock (in shares)		20,000		117,778
Common stock exchanged (in shares)	5,000
Convertible Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			50,000	50,000
Common stock, shares issued (in shares)			50,000	50,000
Convertible Stock | Advisor
Class of Stock [Line Items]
Issuance of stock (in shares)	50,000
Offering pursuant to Registration Statement
Class of Stock [Line Items]
Common stock, shares authorized (in shares)													110,000,000
Initial public offering
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			100,000,000
Common stock, initial public offering price (in dollars per share)			$ 10
Minimum purchase to receive volume discount			$ 1,000,000
Shares issued through the distribution reinvestment plan (in shares)			32,433,632
Gross offering proceeds			$ 322,900,000
Common stock, shares issued (in shares)			31,892,619
Shares issued through distribution reinvestment plan
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			10,000,000
Common stock, initial public offering price (in dollars per share)			$ 9.50
Issuance of stock			$ 5,139,624
Common stock, shares issued (in shares)			541,013

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2015USD ($)unit	Jul. 15, 2015	Apr. 15, 2015	Jan. 15, 2015	Dec. 31, 2014USD ($)	Oct. 15, 2014	Jul. 14, 2014
Property, Plant and Equipment [Line Items]
Acquisitions, period to finalize valuation	1 year
Future minimum rental payments to be received from noncancelable operating leases, current | $	$ 12,400,000
Future minimum rental payments to be received from noncancelable operating leases, in two years | $	177,343
Future minimum rental payments to be received from noncancelable operating leases, thereafter | $	$ 0
Resolution of claims	1 year
Common stock distribution, percent issued		0.50%	0.50%	0.83333%		1.00%	0.625%
Due to related parties | $	$ 1,844,134				$ 3,851,263
Deferred offering costs to date | $	$ 7,900,000
Advisor
Property, Plant and Equipment [Line Items]
Maximum reimbursement of organizational and offering costs, percent of offering proceeds	2.50%
Cumulative advances from related party | $	$ 4,400,000
Advisor | Organization and offering costs
Property, Plant and Equipment [Line Items]
Due to related parties | $	1,072,795				$ 2,272,325
Advisor | Payment of public offering costs
Property, Plant and Equipment [Line Items]
Deferred offering costs reimbursed to date | $	$ 3,300,000
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	3 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Adair off Addison
Property, Plant and Equipment [Line Items]
Number of Units	152
Overton Trails Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	360
Uptown Buckhead
Property, Plant and Equipment [Line Items]
Number of Units	216
Farrington Lake
Property, Plant and Equipment [Line Items]
Number of Units	411
Mayfair Chateau
Property, Plant and Equipment [Line Items]
Number of Units	274
Fairways of Bent Tree
Property, Plant and Equipment [Line Items]
Number of Units	200
Spalding Crossing
Property, Plant and Equipment [Line Items]
Number of Units	252
Montclair Holdings
Property, Plant and Equipment [Line Items]
Number of Units	188

Supplemental Cash Flow Inform38

Supplemental Cash Flow Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Non-cash operating, financing and investing activities:
Cash distributions on common stock declared but not yet paid	$ 4,555,957	$ 259,379	$ 259,379
Stock issued through distribution reinvestment plan	4,924,791	34,648
Stock distributions issued	2,267,297	23,501
Deferred offering costs	1,307,582	(2,177,551)
Due to related parties	1,218,763	2,177,551
Mortgage notes payable assumed	21,439,301	0
Fair value adjustment of debt assumed	719,020	0
Cash paid during the period for:
Interest	$ 611,930	$ 48,800

Restricted Cash (Details)

Restricted Cash (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 3,150,701	$ 725,305
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	985,445	128,871
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	212,824	157,600
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,919,459	438,834
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 32,973	$ 0

Rental Property, Net (Details)

Rental Property, Net (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Rental Properties, Net:
Land	$ 31,442,331		$ 31,442,331		$ 6,723,368
Building and improvements	189,159,363		189,159,363		47,546,786
Furniture, fixtures and equipment	4,156,135		4,156,135		612,846
Construction in progress	1,645,773		1,645,773		0
Rental properties, gross	226,403,602		226,403,602		54,883,000
Less: accumulated depreciation	(2,947,734)		(2,947,734)		(179,695)
Rental properties, net	223,455,868		223,455,868		$ 54,703,305
Depreciation expense	$ 1,400,000	$ 76,790	$ 2,800,000	$ 101,567

Acquisition - Summary of Acquis

Acquisition - Summary of Acquisitions (Details)	Sep. 24, 2015USD ($)	Aug. 27, 2015USD ($)	Aug. 21, 2015USD ($)	May. 19, 2015USD ($)	Mar. 30, 2015USD ($)	Dec. 19, 2014USD ($)	Jun. 04, 2014USD ($)	Sep. 30, 2015property
Business Acquisition [Line Items]
Number of properties owned | property								7
Adair off Addison
Business Acquisition [Line Items]
Purchase Price							$ 9,500,000
Land							1,888,982
Building and Improvements							7,060,815
Furniture, Fixture and Equipment							198,840
Intangible Assets							351,363
Other Liabilities							(84,732)
Fair Valued Assigned							$ 9,415,268
Overton Trails Apartment Homes
Business Acquisition [Line Items]
Purchase Price						$ 47,000,000
Land						4,834,386
Building and Improvements						40,485,971
Furniture, Fixture and Equipment						503,582
Intangible Assets						1,176,061
Other Liabilities						(59,977)
Fair Valued Assigned						$ 46,940,023
Uptown Buckhead
Business Acquisition [Line Items]
Purchase Price					$ 32,500,000
Land					6,464,391
Building and Improvements					24,992,651
Furniture, Fixture and Equipment					399,036
Intangible Assets					643,922
Other Liabilities					(117,170)
Fair Valued Assigned					$ 32,382,830
Farrington Lake
Business Acquisition [Line Items]
Purchase Price				$ 46,750,000
Land				7,097,585
Building and Improvements				37,946,732
Furniture, Fixture and Equipment				608,364
Intangible Assets				1,097,319
Other Liabilities				(231,249)
Fair Valued Assigned				$ 46,518,751
Mayfair Chateau
Business Acquisition [Line Items]
Purchase Price			$ 30,050,000
Land			3,595,001
Building and Improvements			25,996,995
Furniture, Fixture and Equipment			410,857
Intangible Assets			766,167
Other Liabilities			(148,001)
Fair Valued Assigned			$ 30,621,019
Fairways of Bent Tree
Business Acquisition [Line Items]
Purchase Price		$ 21,250,000
Land		2,531,703
Building and Improvements		17,831,291
Furniture, Fixture and Equipment		303,804
Intangible Assets		583,201
Other Liabilities		(229,402)
Fair Valued Assigned		$ 21,020,597
Spalding Crossing
Business Acquisition [Line Items]
Purchase Price	$ 41,000,000
Land	5,030,283
Building and Improvements	34,764,848
Furniture, Fixture and Equipment	399,229
Intangible Assets	805,640
Other Liabilities	(51,476)
Fair Valued Assigned	$ 40,948,524

Acquisition - Revenues, Losses

Acquisition - Revenues, Losses and Acquisition Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Total Revenues	$ 3,913,776	$ 343,942	$ 8,390,002	$ 456,863
Net Loss	(6,831,228)	(632,930)	(13,200,658)	(1,865,826)
Acquisition costs	3,018,033	$ 60,053	5,177,264	$ 329,444
Uptown Buckhead
Business Acquisition [Line Items]
Total Revenues	682,087		1,422,035
Net Loss	(522,032)		(918,747)
Acquisition costs	6,666		169,078
Acquisition Fee	5,773		737,058
Farrington Lake
Business Acquisition [Line Items]
Total Revenues	973,928		1,441,546
Net Loss	(1,071,719)		(2,034,669)
Acquisition costs	5,845		(154,483)
Acquisition Fee	6,097		1,103,089
Mayfair Chateau
Business Acquisition [Line Items]
Total Revenues	344,488		344,488
Net Loss	(751,163)		(751,163)
Acquisition costs	514,398		514,398
Acquisition Fee	778,734		778,734
Fairways of Bent Tree
Business Acquisition [Line Items]
Total Revenues	239,179		239,179
Net Loss	(507,416)		(507,416)
Acquisition costs	122,489		122,489
Acquisition Fee	520,869		520,869
Spalding Crossing
Business Acquisition [Line Items]
Total Revenues	67,922		67,922
Net Loss	(334,284)		(334,284)
Acquisition costs	129,749		129,749
Acquisition Fee	$ 924,329		$ 924,329

Identified Intangible Assets,43

Identified Intangible Assets, Net (Details) - Acquired in-place leases - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross value of acquired in-place leases	$ 5,400,000		$ 5,400,000		$ 1,500,000
Acquired in-place leases, accumulated amortization	2,800,000		$ 2,800,000		$ 351,363
Weighted-average remaining life of rental leases			6 months
Amortization expense	1,096,910	$ 117,121	$ 2,400,000	$ 175,682
Expected amortization for the rental leases for the next year	$ 1,500,000		$ 1,500,000

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary of Mortgage Notes Payable (Details) - USD ($)	Jul. 28, 2015	Jun. 30, 2015	Dec. 19, 2014	Jun. 04, 2014	Sep. 30, 2015	Sep. 30, 2015	Aug. 21, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Balance outstanding					$ 112,877,872	$ 112,877,872		$ 38,540,000
Mayfair unamortized fair value adjustment						698,571
Mortgages
Debt Instrument [Line Items]
Balance outstanding					112,877,872	112,877,872
Mortgages | Adair off Addison
Debt Instrument [Line Items]
Balance outstanding				$ 7,500,000	$ 7,465,000	$ 7,465,000
Interest Rate					2.56%	2.56%
Average Monthly Debt Service						$ 15,944
Interest Expense					$ 48,887	$ 144,446
Mortgages | Adair off Addison | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate				2.37%		0.193%
Mortgages | Overton Trails Apartment Homes
Debt Instrument [Line Items]
Balance outstanding			$ 31,100,000		$ 31,075,000	$ 31,075,000
Interest Rate					2.10%	2.10%
Average Monthly Debt Service						$ 54,471
Interest Expense					$ 166,660	$ 491,539
Mortgages | Overton Trails Apartment Homes | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate			1.90%			0.193%
Mortgages | Uptown Buckhead
Debt Instrument [Line Items]
Balance outstanding		$ 20,200,000			$ 20,200,000	$ 20,200,000
Interest Rate					2.39%	2.39%
Average Monthly Debt Service						$ 40,740
Interest Expense					$ 124,544	$ 125,894
Mortgages | Uptown Buckhead | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate		2.22%				0.193%
Mortgages | Farrington Lakes
Debt Instrument [Line Items]
Balance outstanding	$ 32,000,000				$ 32,000,000	$ 32,000,000
Interest Rate					1.89%	1.89%
Average Monthly Debt Service						$ 47,970
Interest Expense					$ 129,105	$ 129,105
Mortgages | Farrington Lakes | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.70%					0.193%
Mortgages | Mayfair Chateau - Key Bank
Debt Instrument [Line Items]
Balance outstanding					$ 18,690,882	$ 18,690,882	$ 18,690,882
Interest Rate					4.73%	4.73%
Average Monthly Debt Service						$ 103,568
Interest Expense					$ 89,034	$ 89,034
Mortgages | Mayfair Chateau - Key Bank | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate						0.193%
Mortgages | Mayfair Chateau - Capital One
Debt Instrument [Line Items]
Balance outstanding					$ 2,748,419	$ 2,748,419	$ 2,748,419
Interest Rate					5.40%	5.40%
Average Monthly Debt Service						$ 15,723
Interest Expense					$ 12,794	$ 12,794

Mortgage Notes Payable - Annual

Mortgage Notes Payable - Annual Principal Payments on Mortgage Notes Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,016	$ 455,085
2,017	1,299,301
2,018	1,905,854
2,019	2,047,968
2,020	32,741,616
Thereafter	73,729,477
Total mortgage payments	112,179,301
Plus: Unamortized fair value adjustment	698,571
Mortgage notes payable	$ 112,877,872	$ 38,540,000

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($)	Aug. 21, 2015	Jul. 28, 2015	Jun. 30, 2015	Dec. 19, 2014	Jun. 04, 2014	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgage notes payable						$ 112,877,872	$ 38,540,000
Mayfair unamortized fair value adjustment						698,571
Uptown Buckhead
Debt Instrument [Line Items]
Building and improvements						1,800,000
Mortgages
Debt Instrument [Line Items]
Mortgage notes payable						112,877,872
Mortgages | Adair Mortgage Loan
Debt Instrument [Line Items]
Mortgage notes payable					$ 7,500,000	$ 7,465,000
Monthly required principal and interest payment					$ 28,000
Interest Rate						2.56%
Mortgages | Adair Mortgage Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate					2.37%	0.193%
Mortgages | Overton Mortgage Loan
Debt Instrument [Line Items]
Mortgage notes payable				$ 31,100,000		$ 31,075,000
Monthly required principal and interest payment				$ 109,000
Interest Rate						2.10%
Mortgages | Overton Mortgage Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate				1.90%		0.193%
Mortgages | Uptown Buckhead Mortgage Loan
Debt Instrument [Line Items]
Mortgage notes payable			$ 20,200,000			$ 20,200,000
Monthly required principal and interest payment			$ 74,000
Interest Rate						2.39%
Mortgages | Uptown Buckhead Mortgage Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate			2.22%			0.193%
Mortgages | Farrington Lakes Mortgage Loan
Debt Instrument [Line Items]
Mortgage notes payable		$ 32,000,000				$ 32,000,000
Monthly required principal and interest payment		$ 85,000
Interest Rate						1.89%
Mortgages | Farrington Lakes Mortgage Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.70%				0.193%
Mortgages | Mayfair Key Bank Mortgage Loan
Debt Instrument [Line Items]
Mortgage notes payable	$ 18,690,882					$ 18,690,882
Monthly required principal and interest payment	104,000
Interest Rate						4.73%
Mortgages | Mayfair Key Bank Mortgage Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate						0.193%
Mortgages | Mayfair Capital One Mortgage Loan
Debt Instrument [Line Items]
Mortgage notes payable	2,748,419					$ 2,748,419
Monthly required principal and interest payment	$ 16,000
Interest Rate						5.40%

Deferred Financing Costs (Detai

Deferred Financing Costs (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization of deferred financing costs	$ 97,793	$ 9,581
2,016	269,821
2,017	267,163
2,018	183,101
2,019	260,078
2,020	255,774
Thereafter	496,066
Deferred financing costs, net	$ 1,732,003	$ 581,783

Accumulated Other Comprehensi48

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ (34,468)
Change in unrealized loss on designated hedge	$ (58,063)	$ (2,300)	(99,862)	$ (9,904)
Ending balance	$ (134,330)		$ (134,330)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	Jun. 04, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Interest paid		$ 611,930	$ 48,800
Insurance pool, loss limit		2,500,000
Catastrophic insurance, losses in excess of insurance pool, limit		140,000,000
Advisor
Related Party Transaction [Line Items]
Due to related parties		$ 4,400,000
Term of Advisory Agreement		1 year
Related Party Transaction, Terms of Agreement, Renewal Period		1 year
Acquisition fee		2.00%
Monthly asset management fee, percent		0.08%
Debt disposition fee, as a percentage of the brokerage commission paid		50.00%
Disposition fee, percent		2.00%
Debt financing fee, percent		0.50%
Maximum reimbursement of organizational and offering costs, percent of offering proceeds		2.50%
Advisor | Bridge Loan
Related Party Transaction [Line Items]
Proceeds from related party bridge loan	$ 1,300,000
Advisor | LIBOR | Bridge Loan
Related Party Transaction [Line Items]
Basis spread on variable interest rate	3.00%
Interest paid			$ 2,242
Manager
Related Party Transaction [Line Items]
Property management fee, percent		4.50%
Construction management fee, percent		5.00%
Debt servicing fee, percent		2.75%
Resource Securities
Related Party Transaction [Line Items]
Selling commission, percent		7.00%
Dealer-manager fee, percent		3.00%

Related Party Transactions - Fe

Related Party Transactions - Fees Earned/Expenses Incurred and Amounts Payable to Related Parties (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from related parties	$ 480,453		$ 480,453		$ 34,025
Due to related parties	1,844,134		1,844,134		3,851,263
Graphic Images
Related Party Transaction [Line Items]
Due to related parties	7,598		7,598		81,424
Advisor
Related Party Transaction [Line Items]
Due from related parties	230,695		230,695		0
Advisor | Acquisition fees
Related Party Transaction [Line Items]
Fees earned/expenses incurred	2,238,807	$ 60,053	4,067,085	$ 264,238
Advisor | Asset management fees
Related Party Transaction [Line Items]
Due to related parties	0		0		28,456
Fees earned/expenses incurred	484,578	29,635	996,864	37,130
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned/expenses incurred	267,348	0	561,048	37,325
Advisor | Organization and offering costs
Related Party Transaction [Line Items]
Due to related parties	1,072,795		1,072,795		2,272,325
Fees earned/expenses incurred	449,760	418,339	1,403,444	2,489,150
Advisor | Overhead allocation
Related Party Transaction [Line Items]
Fees earned/expenses incurred	272,505	152,533	817,798	880,329
Advisor | Interest expense
Related Party Transaction [Line Items]
Fees earned/expenses incurred	0	2,242	0	2,242
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	0		0		1,145,784
Resource Securities | Resource Securities
Related Party Transaction [Line Items]
Due from related parties	0		0		3,944
Resource Securities | Selling commissions and dealer-manager fees
Related Party Transaction [Line Items]
Due to related parties	339,482		339,482		358,715
Fees earned/expenses incurred	7,933,760	1,332,915	26,281,478	1,520,817
RAI | Insurance funds held in escrow
Related Party Transaction [Line Items]
Due from related parties	249,758		249,758		30,081
Manager
Related Party Transaction [Line Items]
Fees earned/expenses incurred	134,397	0	211,224	0
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	332,874		332,874		39,592
Fees earned/expenses incurred	150,271	3,744	218,092	20,288
Manager | Property management fees
Related Party Transaction [Line Items]
Due to related parties	98,983		98,983		$ 6,391
Fees earned/expenses incurred	166,411	16,274	359,328	22,098
Other | Graphic Images
Related Party Transaction [Line Items]
Fees earned/expenses incurred	$ 95,667	$ 76,686	$ 368,452	$ 239,078

Equity - Preferred Stock and Co

Equity - Preferred Stock and Convertible Stock (Details)	9 Months Ended
	Sep. 30, 2015event$ / sharesshares	Dec. 31, 2014$ / sharesshares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares outstanding (in shares)	32,689,955	4,759,567
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number of triggering events | event	2
Conversion basis	0.00002
Converted if the lesser of, option 1	25.00%
Non-compounded annual return, option 1	10.00%
Converted if the lesser of, option 2	15.00%
Non-compounded annual return, option 2	6.00%
Advisor
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	117,778
Convertible Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	50,000	50,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock, conversion terms, percent of paid distributions equal to price at which shares were originally sold	100.00%
Percent of annual return on shares at price equal to distributions paid	7.00%
Convertible Stock | Advisor
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	50,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01

Equity - Common Stock (Details)

Equity - Common Stock (Details) - USD ($)	Oct. 09, 2012	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)		32,689,955									32,689,955	4,759,567
Common stock, par value (in dollars per share)		$ 0.01									$ 0.01	$ 0.01
Common stock		$ 326,430									$ 326,430	$ 47,596
Shares Issued		32,689,955									32,689,955	4,759,567
Gross Proceeds		$ 322,981,897									$ 322,981,897
Gross Proceeds, Shares issued through distribution reinvestment plan											$ 270,994,677
Share redemptions (in shares)		0	0	0	0	0	0	(5,042)	0	0	(5,042)
Gross Proceeds, Share redemptions											$ (50,000)
Initial public offering
Class of Stock [Line Items]
Shares Issued		31,892,619									31,892,619
Gross Proceeds		$ 317,742,273									$ 317,742,273
Shares issued through stock distributions
Class of Stock [Line Items]
Shares Issued		246,365									246,365
Gross Proceeds		$ 0									$ 0
Shares issued through distribution reinvestment plan
Class of Stock [Line Items]
Shares Issued		541,013									541,013
Gross Proceeds, Shares issued through distribution reinvestment plan											$ 5,139,624
Advisor's initial investment
Class of Stock [Line Items]
Shares Issued		15,000									15,000
Gross Proceeds		$ 150,000									$ 150,000
Conversion of stock (in shares)											5,000
Advisor
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)		117,778									117,778
Common stock		$ 1,100,000									$ 1,100,000
Gross Proceeds, Shares issued through distribution reinvestment plan	$ 200,000											$ 1,100,000

Equity - Redemptions (Details)

Equity - Redemptions (Details) - $ / shares	1 Months Ended									9 Months Ended
	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Sep. 30, 2015
Equity [Abstract]
Number of Shares Redeemed	0	0	0	0	0	0	5,042	0	0	5,042
Average Price Paid per Share	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 9.92	$ 0	$ 0	$ 0
Maximum redemption of stock based on weighted-average number of shares outstanding										5.00%
Measurement period for weighting the average number of shares available for redemption										12 months
Percentage of operating cash flow from prior fiscal year available for stock redemption										1.00%

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($)	Sep. 18, 2015	Jun. 25, 2015	Mar. 24, 2015	Jan. 26, 2015	Nov. 13, 2014	Sep. 30, 2015
Class of Stock [Line Items]
Total Aggregate Distributions						$ 8,173,432
Net Cash Distributions						3,248,641
Distributions reinvested in shares of Common Stock						$ 4,924,791
December 31, 2014 through January 29, 2015
Class of Stock [Line Items]
Total Aggregate Distributions					$ 259,379
Net Cash Distributions					89,412
Distributions reinvested in shares of Common Stock					$ 169,967
Per Common Share					$ 0.00164384
January 30, 2015 through February 26, 2015
Class of Stock [Line Items]
Total Aggregate Distributions				$ 323,627
Net Cash Distributions				115,274
Distributions reinvested in shares of Common Stock				$ 208,353
Per Common Share				$ 0.00164384
February 27, 2015 through March 30, 2015
Class of Stock [Line Items]
Total Aggregate Distributions				$ 561,000
Net Cash Distributions				208,396
Distributions reinvested in shares of Common Stock				$ 352,604
Per Common Share				$ 0.00164384
March 31, 2015 through April 29, 2015
Class of Stock [Line Items]
Total Aggregate Distributions			$ 755,955
Net Cash Distributions			290,181
Distributions reinvested in shares of Common Stock			$ 465,774
Per Common Share			$ 0.00164384
April 30, 2015 through May 28, 2015
Class of Stock [Line Items]
Total Aggregate Distributions			$ 891,435
Net Cash Distributions			352,751
Distributions reinvested in shares of Common Stock			$ 538,684
Per Common Share			$ 0.00164384
May 29, 2015 through June 29, 2015
Class of Stock [Line Items]
Total Aggregate Distributions			$ 1,150,586
Net Cash Distributions			468,622
Distributions reinvested in shares of Common Stock			$ 681,964
Per Common Share			$ 0.00164384
June 30, 2015 through July 30, 2015
Class of Stock [Line Items]
Total Aggregate Distributions		$ 1,280,331
Net Cash Distributions		521,511
Distributions reinvested in shares of Common Stock		$ 758,820
Per Common Share		$ 0.00164384
July 31, 2015 through August 30, 2015
Class of Stock [Line Items]
Total Aggregate Distributions		$ 1,432,467
Net Cash Distributions		583,455
Distributions reinvested in shares of Common Stock		$ 849,012
Per Common Share		$ 0.00164384
August 31, 2015 through September 29, 2015
Class of Stock [Line Items]
Total Aggregate Distributions		$ 1,518,652
Net Cash Distributions		619,039
Distributions reinvested in shares of Common Stock		$ 899,613
Per Common Share		$ 0.00164384
September 30, 2015, through December 30, 2015
Class of Stock [Line Items]
Common stock, dividends, per share, declared	$ 0.00164384

Fair Value Measures and Discl55

Fair Value Measures and Disclosures (Details)	9 Months Ended
	Sep. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)
Fair Value Disclosures [Abstract]
Carrying Amount - Mortgage notes payable	$ 112,877,872	$ 38,540,000
Fair Value - Mortgage notes payable	$ 114,044,908	38,540,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of credit facilities | loan	4
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 30,723	53,002
Financial Liabilities Fair Value Disclosure	(380,474)
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	0
Financial Liabilities Fair Value Disclosure	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	30,723	53,002
Financial Liabilities Fair Value Disclosure	(380,474)
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	0
Financial Liabilities Fair Value Disclosure	0
Interest rate caps | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	30,723	53,002
Interest rate caps | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Interest rate caps | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	30,723	53,002
Interest rate caps | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	$ 0
Cancelable swap | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	(380,474)
Cancelable swap | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	0
Cancelable swap | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	(380,474)
Cancelable swap | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ 0

Derivatives and Hedging Activ56

Derivatives and Hedging Activities - Outstanding Interest Rate Derivatives (Details) $ in Thousands	Sep. 30, 2015USD ($)derivative_contract	Dec. 31, 2014derivative_contract
Derivatives Designated as Hedging Instruments | Interest rate caps
Number of Instruments
Interest rate caps	3
Notional Amount
Interest rate caps | $	$ 58,740
Derivatives Not Designated as Hedging Instruments | Cancelable swap
Number of Instruments
Cancelable swap	1
Notional Amount
Cancelable swap | $	$ 32,000
Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Number of interest rate derivatives held		2

Derivatives and Hedging Activ57

Derivatives and Hedging Activities - Fair Value of Derivative Instruments and Balance Sheet Classification (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Interest rate caps
Derivatives, Fair Value [Line Items]
Asset Derivatives - Interest rate cap, Fair Value	$ 30,723	$ 53,002
Liabilities Derivatives - Interest rate cap, Fair Value	0	0
Cancelable swap
Derivatives, Fair Value [Line Items]
Asset Derivatives - Interest rate cap, Fair Value	0	0
Liabilities Derivatives - Interest rate cap, Fair Value	$ (380,874)	$ 0

Derivatives and Hedging Activ58

Derivatives and Hedging Activities - Gain (Loss) Recognized in Income (Details) - Interest expense - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest rate caps | Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (180)	$ 0	$ (365)	$ 0
Cancelable swap | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (477,668)	$ 0	$ (477,668)	$ 0

Operating Expense Limitation (D

Operating Expense Limitation (Details)	9 Months Ended
	Sep. 30, 2015
Other Income and Expenses [Abstract]
Limitation on total operating expenses, percentage of average invested assets for the four most recently completed fiscal quarter	2.00%
Limitation on total operating expenses, percentage of net income for the four most recently completed fiscal quarter	25.00%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Portland, Oregon $ in Millions	Oct. 29, 2015USD ($)unit
Subsequent Event [Line Items]
Number of units	188
Purchase price | $	$ 32.8