Resource Real Estate Opportunity REIT II (RREO) 10-Q 12 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 08, 2017
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	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		59,815,423

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments:
Rental properties, net	$ 752,799	$ 754,588
Identified intangible assets, net	1,144	2,689
Investments	753,943	757,277
Cash	128,834	104,889
Restricted cash	6,746	6,620
Tenant receivables, net	44	68
Due from related parties	874	604
Prepaid expenses and other assets	3,211	1,852
Total assets	893,652	871,310
Liabilities:
Mortgage notes payable, net	492,452	455,361
Accounts payable and accrued expenses	12,896	11,997
Due to related parties	892	2,648
Tenant prepayments	555	546
Security deposits	1,130	1,097
Distributions payable	8,920	8,769
Total liabilities	516,845	480,418
Stockholders’ equity:
Preferred stock (par value $.01, 10,000,000 shares authorized, none issued and outstanding)	0	0
Common stock	596	591
Additional paid-in capital	524,728	520,746
Accumulated other comprehensive loss	(313)	(74)
Accumulated deficit	(148,205)	(130,372)
Total stockholders’ equity	376,807	390,892
Total liabilities and stockholders’ equity	893,652	871,310
Convertible Stock
Stockholders’ equity:
Common stock	$ 1	$ 1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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)	59,631,325	59,160,177
Common stock, shares outstanding (in shares)	59,631,325	59,160,177
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 ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rental income	$ 17,809	$ 9,747
Total revenues	17,809	9,747
Expenses:
Rental operating	7,262	4,891
Acquisition costs	60	3,076
Management fees	3,007	1,890
General and administrative	2,389	1,874
Loss on disposal of assets	292	1,027
Depreciation and amortization expense	9,424	6,741
Total expenses	22,434	19,499
Loss before other income (expense)	(4,625)	(9,752)
Other income (expense):
Interest income	46	57
Interest expense	(4,328)	(1,616)
Net loss	(8,907)	(11,311)
Other comprehensive loss:
Designated derivatives, fair value adjustment	(239)	(35)
Comprehensive loss	$ (9,146)	$ (11,346)
Weighted average common shares outstanding (in shares)	59,538	56,330
Basic and diluted net loss per common share (in dollars per share)	$ (0.15)	$ (0.20)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity Statement - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	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, 2016	$ 390,892		$ 591	$ 1	$ 520,746	$ (74)	$ (130,372)
Balance, beginning of period (in shares) at Dec. 31, 2016	59,160,177	50,000	59,160,000	50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	$ 5,090		$ 6		5,084		0
Common stock issued through distribution reinvestment plan (in shares)			592,000
Distributions declared	(8,926)						(8,926)
Common stock redemptions	(1,103)		$ (1)		(1,102)
Share redemptions (in shares)			(121,000)
Designated derivatives, fair value adjustment	(239)					(239)
Net loss	(8,907)						(8,907)
Balance, end of period at Mar. 31, 2017	$ 376,807		$ 596	$ 1	$ 524,728	$ (313)	$ (148,205)
Balance, beginning of period (in shares) at Mar. 31, 2017	59,631,325	50,000	59,631,000	50,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (8,907)	$ (11,311)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Loss on disposal of assets	292	1,027
Depreciation and amortization	9,424	6,741
Amortization of deferred financing costs	276	112
Amortization of mortgage premiums	(29)	(30)
Change in fair value of interest rate swap	19	277
Changes in operating assets and liabilities:
Restricted cash	69	1,035
Tenant receivables, net	24	(11)
Due from related parties	(270)	283
Prepaid expenses and other assets	(1,552)	255
Due to related parties	(1,756)	(3,043)
Accounts payable and accrued expenses	903	1,191
Tenant prepayments	8	36
Security deposits	33	(9)
Net cash (used in) provided by operating activities	(1,466)	(3,447)
Cash flows from investing activities
Property acquisitions	0	(88,525)
Capital expenditures	(6,387)	(5,144)
Restricted cash - capital reserves	(194)	0
Net cash (used in) provided by investing activities	(6,581)	(93,669)
Cash flows from financing activities:
Proceeds from issuance of common stock	0	50,079
Redemptions of common stock	(1,103)	(75)
Payment of deferred financing costs	(620)	(316)
Increase in borrowings	38,250	0
Repayments on borrowings	(784)	(149)
Purchase of interest rate caps	(66)	0
Distributions paid on common stock	(3,685)	(3,411)
Offering costs	0	(6,263)
Net cash (used in) provided by financing activities	31,992	39,865
Net increase (decrease) in cash	23,945	(57,251)
Cash at beginning of period	104,889	180,826
Cash at end of period	$ 128,834	$ 123,575

Nature of Business and Operatio

Nature of Business and Operations (Loss)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Operations (Loss)	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 offered 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 purchased $1.0 million or more of shares through the same participating broker-dealer. Discounts were 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 equal to $8.65 per share ( $8.56 per share prior to March 31, 2017 and $9.50 per share prior to March 31, 2016). The Company has adopted a fiscal year ending December 31. The primary portion of the offering closed on February 6, 2016 . 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”), 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. RAI is a wholly owned subsidiary of C-III Capital Partners, LLC ("C-III"), a leading commercial real estate services company engaged in a broad range of activities. C-III controls our Advisor and Resource Real Estate Opportunity Manager II, LLC, the Company's property manager (the "Manager"). C-III also controls all of the shares of common stock held by RAI. As of March 31, 2017 , a total of 59,679,076 shares, including the additional shares purchased by the Advisor and shares issued through the distribution reinvestment plan (but excluding shares issued through stock distributions), have been issued in connection with the Company's public offering resulting in gross offering proceeds of $590.7 million . As of March 31, 2017 , the Company had issued 3,872,779 shares for $34.3 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 has acquired and may continue to acquire 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 taxable 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 90% of its REIT taxable income to its stockholders. The Company also operates its business in a manner that is intended to 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 March 31, 2017 , are unaudited and prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with 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 of 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, 2016 . The results of operations for the three months ended March 31, 2017 may not necessarily be indicative of the results of operations for the full year ending December 31, 2017 . The consolidated balance sheet as of December 31, 2016 was derived from the audited consolidated financial statements as of December 31, 2016 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair Terrace 188 Portland, OR RRE Grand Reserve Holdings, LLC, or Grand Reserve Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC, or Canterwood Verdant Apartment Homes 216 Boulder, CO RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Apartment Homes 252 Atlanta, GA RRE Fox Ridge Holdings, LLC, or Fox Ridge Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC, or Riverlodge Riverlodge 498 Austin, TX RRE Breckenridge Holdings, LLC, or Breckenridge Breckenridge 357 Portland, OR RRE Santa Rosa Holdings, LLC, or Santa Rosa Santa Rosa 476 Irving, TX RRE Windbrooke Holdings, LLC, or Windbrooke Crossing Windbrooke Crossing 236 Buffalo Grove, IL RRE Woods Holdings, LLC, or The Woods of Burnsville The Woods of Burnsville 400 Burnsville, MN RRE Indigo Creek Holdings, LLC N/A N/A N/A N/A - Not Applicable All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. 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 on its acquisition date. 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 four of the Company's multifamily properties are located in the Dallas-Fort Worth area, two properties are located in Portland, Oregon, two properties are located in the Atlanta area and two properties are located in the Denver area, 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 March 31, 2017 . 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 $28.9 million and $268,697 for the 12-month periods ending March 31 , 2018 and 2019 , respectively, 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 . At March 31, 2017 and December 31, 2016 , there were allowances for uncollectible accounts of $1,400 and $5,009 , respectively. 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. As of March 31, 2017 and December 31, 2016 , the Company had no TRSs. Earnings Per Share Basic earnings (loss) per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings (loss) 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. None of the convertible shares (discussed in Note 11) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of March 31, 2017 (were such date to represent the end of the contingency period). Due to reported losses for the three months ended March 31, 2017 and 2016, common shares potentially issuable to settle accrued distributions are excluded from the calculation of diluted earnings per share calculations, as their inclusion would be anti-dilutive. Organization and Offering Costs The Company incurred 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 were initially paid by the Advisor on behalf of the Company. Organization costs were expensed as incurred and included 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 incurred on the Company's behalf, but only to the extent that such reimbursements did 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. The primary portion of the offering closed on February 6, 2016 , at which point total organizational and offering costs incurred did not exceed 2.5% of the gross offering proceeds raised in the offering. During the offering period which closed in 2016, the Company incurred $11.2 million for the payment of offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal and similar costs. During the offering period, the Advisor had incurred $7.2 million of these costs on behalf of the Company, all of which had been reimbursed. A portion of these costs was 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. Adoption of New Accounting Standards Accounting Standards Issued But Not Yet Effective In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, 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 this guidance on the Company’s consolidated financial position, results of operations and cash flows. In February 2016, FASB issued ASU No. 2016-02, "Leases (Topic 842)", which is intended to improve financial reporting about leasing transactions and requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU No. 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2016-02 to have a significant impact on its consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 will be effective for the Company beginning January 1, 2019. The Company is evaluating this guidance; however, it does not expect the adoption of ASU No. 2016-13 to have a significant impact on its consolidated financial statements. In August 2016, FASB issued ASU No. 2016-15 "Classification of Certain Cash Receipts and Cash Payments", which addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. The guidance is effective for the Company as of January 1, 2018. Early application is permitted. The adoption of the new requirements is not expected to have a material impact on the reporting of the Company's consolidated cash flows. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 850): Clarifying the Definition of Business", which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. ASU No. 2017-01 will be effective for the Company beginning January 1, 2018. Early application is permitted. The Company is evaluating this guidance and assessing the impact of this guidance on its consolidated financial statements. In January 2017, FASB issued ASU No. 2017-04, "Intangibles- Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment", which alters the current goodwill impairment testing procedures to eliminate Step 2. ASU No. 2017-04 will be effective for the Company beginning December 15, 2019. Early application is permitted. The Company is evaluating this guidance and assessing the impact of this guidance on its consolidated financial statements.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION The following table presents supplemental cash flow information (in thousands): Three Months Ended March 31, 2017 2016 Non-cash operating, financing and investing activities: Distributions on common stock declared but not yet paid $ 8,920 $ 8,212 Stock issued pursuant to distribution reinvestment plan 5,090 4,996 Rental property and other assets acquired through assumption of mortgage notes payable — 28,704 Cash paid during the period for: Interest $ 3,785 $ 1,278

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2017
Cash and Cash Equivalents [Abstract]
Restricted Cash	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 (in thousands): March 31, December 31, Real estate taxes $ 3,319 $ 3,252 Insurance 535 671 Capital improvements 2,892 2,697 $ 6,746 $ 6,620 In addition, the Company had unrestricted cash earmarked for capital expenditures of $61.2 million and $71.7 million as of March 31, 2017 and December 31, 2016 .

Rental Properties, Net

Rental Properties, Net	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Rental Properties, Net	RENTAL PROPERTIES, NET The Company’s investments in rental properties consisted of the following (in thousands): March 31, December 31, Land $ 108,587 $ 108,587 Building and improvements 629,200 629,060 Furniture, fixtures and equipment 42,323 36,307 Construction in progress 7,492 7,641 787,602 781,595 Less: accumulated depreciation (34,803 ) (27,007 ) $ 752,799 $ 754,588 Depreciation expense for the three months ended March 31, 2017 and 2016 was $7.9 million and $3.9 million , respectively.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS During the three months ended March 31, 2017 , the Company owned 16 properties. In order to finalize the fair values of the acquired assets and liabilities, the Company obtained third-party appraisals. The Company has up to12 months from the date of acquisition to finalize the valuation for each property. All valuations had been finalized as of December 31, 2016 . The table below summarizes these acquisitions and the respective fair values assigned (in thousands): Multifamily City and State Date of Contractual Purchase Land Building and Furniture, Fixture and Equipment Intangible Assets Debt assumed Other Fair Valued Adair off Addison Dallas, Texas 6/4/2014 $ 9,500 $ 1,889 $ 7,061 $ 199 $ 351 $ — $ (85 ) $ 9,415 Overton Trails Apartment Homes Fort Worth, Texas 12/19/2014 47,000 4,834 40,486 504 1,176 — (60 ) 46,940 Uptown Buckhead Atlanta, Georgia 3/30/2015 32,500 6,464 24,993 399 644 — (117 ) 32,383 Crosstown at Chapel Hill Chapel Hill, North Carolina 5/19/2015 46,750 7,098 37,947 608 1,097 — (231 ) 46,519 The Brookwood Homewood, Alabama 8/21/2015 30,050 3,595 25,997 411 766 (22,189 ) (148 ) 8,432 Adair off Addison Apartment Homes Dallas, Texas 8/27/2015 21,250 2,532 17,831 304 583 — (229 ) 21,021 1000 Spalding Apartment Homes Atlanta, Georgia 9/24/2015 41,000 5,030 34,765 399 806 — (51 ) 40,949 Montclair Terrace Portland, Oregon 10/29/2015 32,750 3,545 28,282 304 619 — (80 ) 32,670 Grand Reserve Naperville, Illinois 12/18/2015 66,700 12,132 52,982 1,097 1,322 — (98 ) 67,435 Verdant Apartment Homes Boulder, Colorado 12/18/2015 65,200 19,527 44,140 514 1,019 — (344 ) 64,856 Arcadia Apartment Homes Centennial, Colorado 1/22/2016 60,250 8,578 49,990 492 1,191 — (126 ) 60,125 Riverlodge Austin, Texas 3/23/2016 57,000 6,776 47,992 698 1,534 (28,765 ) (393 ) 27,842 Breckenridge Portland, Oregon 5/17/2016 81,500 9,642 69,701 812 1,345 — (181 ) 81,319 Santa Rosa Irvine, Texas 6/28/2016 70,000 8,410 59,326 718 1,546 — (616 ) 69,384 Windbrooke Crossing Buffalo Grove, Illinois 12/22/2016 48,250 4,634 42,576 608 1,059 — (660 ) 48,217 The Woods at Burnsville Burnsville, Minnesota 12/23/2016 51,000 3,900 45,053 821 1,225 (84 ) 50,915 (1) Contractual purchase price excludes closing costs and acquisition expenses and other immaterial settlement date adjustments and pro-rations.

Identified Intangible Assets, N

Identified Intangible Assets, Net	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Identified Intangible Assets, Net	IDENTIFIED INTANGIBLE ASSETS, NET Identified intangible assets, net, consist of in-place rental leases. The gross value of acquired in-place leases totaled $16.3 million as of March 31, 2017 and December 31, 2016 , net of accumulated amortization of $15.1 million and $13.6 million , respectively . The weighted average remaining life of the rental leases is four months as of March 31, 2017 . Amortization expense for the three months ended March 31, 2017 and 2016 was $1.5 million and $2.9 million , respectively. As of March 31, 2017 , expected amortization for the in-place rental leases for the next 12 months is $1.1 million and none thereafter.

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	MORTGAGE NOTES PAYABLE, NET The following is a summary of the Company's mortgage notes payable (in thousands): Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Collateral March 31, 2017 December 31, 2016 Overton Trails Apartment Homes $ 30,967 $ — $ (325 ) $ 30,642 $ 31,075 $ — $ (344 ) $ 30,731 Uptown Buckhead 20,200 — (275 ) 19,925 20,200 — (284 ) 19,916 Crosstown at Chapel Hill 32,000 — (346 ) 31,654 32,000 — (373 ) 31,627 The Brookwood - Key Bank 18,152 481 (226 ) 18,407 18,247 508 (239 ) 18,516 The Brookwood - Capital One 2,689 37 (39 ) 2,687 2,699 39 (41 ) 2,697 Adair off Addison and Adair off Addison Apartment Homes 25,422 — (435 ) 24,987 25,500 — (464 ) 25,036 1000 Spalding Apartment Homes 24,600 — (275 ) 24,325 24,600 — (289 ) 24,311 Riverlodge 28,126 — (374 ) 27,752 28,292 — (393 ) 27,899 Verdant Apartment Homes 37,300 — (331 ) 36,969 37,300 — (345 ) 36,955 Arcadia Apartment Homes 40,200 — (363 ) 39,837 40,200 — (379 ) 39,821 Grand Reserve 42,176 — (427 ) 41,749 42,395 — (446 ) 41,949 Montclair Terrace 20,974 — (331 ) 20,643 21,083 — (345 ) 20,738 Breckenridge 52,975 — (670 ) 52,305 52,975 — (697 ) 52,278 Santa Rosa 45,700 — (626 ) 45,074 45,700 — (643 ) 45,057 Windbrooke Crossing 38,320 — (469 ) 37,851 38,320 — (490 ) 37,830 Woods of Burnsville 38,250 — (605 ) 37,645 — — — — $ 498,051 $ 518 $ (6,117 ) $ 492,452 $ 460,586 $ 547 $ (5,772 ) $ 455,361 Maturity Margin over LIBOR Annual Interest Rate Average Average Overton Trails Apartment Homes 1/1/2025 1.91 % 2.89 % 118 155 (1) (3) (6) Uptown Buckhead 7/1/2025 2.22 % 3.20 % 78 70 (1) (3) (5) Crosstown at Chapel Hill 7/10/2020 1.70 % 2.68 % 97 — (1) (4) (5) The Brookwood - Key Bank 11/1/2021 N/A 4.73 % 104 27 (2) (7) The Brookwood - Capital One 11/1/2021 N/A 5.40 % 16 — (2) (7) Adair off Addison and Adair off Addison Apartment Homes 1/1/2021 1.55 % 2.53 % 88 — (1) (3) (5) 1000 Spalding Apartment Homes 1/1/2022 N/A 3.88 % 109 39 (2) (5) Riverlodge 5/1/2022 N/A 3.76 % 144 130 (2) (7) Verdant Apartment Homes 5/1/2023 N/A 3.89 % 156 26 (2) (5) Arcadia Apartment Homes 5/1/2023 N/A 3.89 % 168 19 (2) Grand Reserve 6/1/2023 2.57 % 3.55 % 184 88 (1) (3) (6) Montclair Terrace 6/1/2023 2.45 % 3.43 % 93 21 (1) (3) (7) Breckenridge 7/1/2023 2.36 % 3.34 % 216 54 (1) (3) (5) Santa Rosa 9/1/2026 2.11 % 3.09 % 147 98 (1) (3) (5) Windbrooke Crossing 1/1/2024 2.69 % 3.67 % 196 70 (1) (3) (5) Woods of Burnsville 2/1/2024 2.13 % 3.11 % 165 67 (1) (3) (5) (1) Variable rate based on one-month LIBOR of 0.9828% (as of March 31, 2017 ) plus a fixed margin (2) Fixed rate (3) Variable rate hedged with interest rate cap cash flow hedge (4) Fixed rate interest swap associated with the variable rate debt (5) Monthly interest-only payment currently required (6) Monthly fixed principal plus interest payment required (7) Fixed monthly payment of principal and interest payment required 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 The Brookwood Apartment Homes 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 March 31, 2017 , the net unamortized fair value of debt assumed adjustment was $518,000 and was included as a component of mortgage loans payable in the accompanying consolidated balance sheets. At March 31, 2017 , the weighted average interest rate of all the Company's outstanding indebtedness was 3.43% . All mortgage notes are collateralized by a first and second mortgage lien on the assets of the respective property as named in the table above. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of the mortgages held. As of March 31, 2017 and December 31, 2016 , the Company had $6.7 million and $6.6 million of restricted cash related to escrow deposits held by mortgage lenders for real estate taxes, insurance and capital reserves (see Note 5). Annual principal payments on the mortgage notes payable, excluding amortization of the mortgage premium, for each of the next five 12-month periods ending March 31 and thereafter, are as follows (in thousands): 2018 $ 4,313 2019 6,987 2020 9,819 2021 64,245 2022 51,123 Thereafter 361,564 Total principal payments $ 498,051 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 , all of which were completed as of March 31, 2017 . For the Crosstown at Chapel Hill Mortgage Loan, beginning with the calendar quarter ending December 31, 2017, the property must maintain a certain level of debt service coverage. Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. As of March 31, 2017 and December 31, 2016 , accumulated amortization of deferred financing costs was $1.2 million and $877,000 , respectively. Amortization of deferred financing costs for the next five 12-month periods ending March 31 and thereafter, is as follows (in thousands): 2018 $ 1,100 2019 1,086 2020 1,068 2021 947 2022 773 Thereafter 1,143 $ 6,117

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated other comprehensive loss (in thousands): Net unrealized loss January 1, 2016 $ (117 ) Designated derivatives, fair value adjustment 43 Balance, December 31, 2016 (74 ) Designated derivatives, fair value adjustment (239 ) Balance, March 31, 2017 $ (313 )

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Relationship with the Advisor 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 is 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 primary offering, the Advisor provided offering-related services to the Company and advanced funds to the Company for both operating costs and organization and offering costs. These amounts are reimbursed to the Advisor from the proceeds from the offering. During the offering period, which closed in 2016, the Advisor had incurred costs on a cumulative basis on behalf of the Company of approximately $7.2 million , all of which had been reimbursed. 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 included 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. Relationship with RAI and C-III On September 8, 2016, RAI was acquired by C-III. As a result, C-III now controls the Advisor and all of the shares currently held by the Advisor. Self-insurance funds held in escrow .The receivables from related parties includes insurance deposits held in escrow by RAI and C-III for self-insurance, which if unused, will be returned to the Company. The Company's properties participate in insurance pools with other properties directly and indirectly managed by RAI and C-III for both property insurance and general liability. RAI and C-III hold the deposits in escrow to fund future insurance claims. The insurance pool for property losses up to $2.5 million and the pool for the general liability covers losses up to the first $50,000 per incident. Catastrophic insurance would cover losses in excess of the insurance pool up to $250.0 million and $51.0 million , respectively. 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. During the three months ended March 31, 2017 , the Company paid $379,800 into the insurance pools. Internal audit fees. RAI performs internal audit services for the Company. Relationship with Resource Real Estate Opportunity Manager II The Manager 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. No debt servicing fees were earned during the three months ended March 31, 2017 and 2016 . 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 was 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 paid 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 reallowed 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. 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 tables (in thousands): March 31, December 31, Due from related parties: RAI - self-insurance funds held $ 874 $ 604 $ 874 $ 604 Due to related parties: Advisor Acquisition fees $ — $ 1,022 Operating expense reimbursements 93 1,078 Manager Property management fees 496 244 Operating expense reimbursements 303 304 $ 892 $ 2,648 Three Months Ended March 31, 2017 2016 Fees earned / expenses incurred: Advisor Acquisition fees (1) $ — $ 2,969 Asset management fees (2) $ 2,217 $ 1,317 Debt financing fees (3) $ 191 $ 144 Organization and offering costs (4) $ — $ 86 Operating expense reimbursements (5) $ 1,089 $ 523 Manager Property management fees (2) $ 790 $ 400 Construction management fees (7) $ 388 $ 181 Operating expense reimbursements (5) $ — $ 29 Information technology fees (5) $ — 32 Resource Securities Selling commissions and dealer-manager fees (6) $ — $ 4,192 Other Graphic Images (4) $ — $ 3 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive loss per income statement. (2) Included in Management fees on the consolidated statements of operations and comprehensive loss per income statement. (3) Included in Mortgage notes payable, net on the consolidated balance sheets. (4) Included in Deferred offering costs and Stockholders' Equity on the consolidated balance sheets. (5) Included in General and administrative on the consolidated statements of operations and comprehensive loss per income statement. (6) Included in Stockholders' equity on the consolidated balance sheets. (7) Included in Rental properties, net on the consolidated balance sheets.

Equity

Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Equity	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 March 31, 2017 , no shares of preferred stock were issued or outstanding. Convertible Stock As of March 31, 2017 , the Company had 50,000 shares of $0.01 par value convertible stock outstanding, which are owned by the Advisor. 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) 15% of the amount, if any, by which (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 7% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, 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 March 31, 2017 , the Company had an aggregate of 59,631,325 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 (dollars in thousands): Shares Issued Gross Proceeds Shares issued through initial public offering 55,791,297 $ 556,197 Shares issued through stock distributions 246,365 — Shares issued through distribution reinvestment plan 3,872,779 34,337 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total shares redeemed and retired (294,116 ) (2,557 ) 59,631,325 $ 588,127 Redemptions During the three months ended March 31, 2017 , the Company redeemed shares as follows (in thousands, except per share data): Month Total Number Average Price Paid per Share Cumulative Number (1) Approximate Dollar January 2017 — $— — (2) February 2017 — $— — (2) March 2017 121 $8.74 121 (2) (1) All purchases of equity securities by the Company in the three months ended March 31, 2017 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 three months ended March 31, 2017 . 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. The Company's board of directors, in its sole discretion, may suspend, terminate or amend the Company's share redemption program without stockholder approval upon 30 days' notice if it determines that such suspension, termination or amendment is in the Company's best interest. The Company's board may also reduce the number of shares purchased under the share redemption program if it determines the funds otherwise available to fund the Company's share redemption program are needed for other purposes. 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 three months ended March 31, 2017 , the Company paid aggregate distributions of $8.8 million , including $3.7 million of distributions paid in cash and $5.1 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands): Authorization Date Per Record Dates Distribution Date Distributions Net Cash Distributions Total Aggregate December 15, 2016 $ 0.00164384 December 30, 2016 through January 30, 2017 January 31, 2017 $ 1,748 $ 1,265 $ 3,013 December 15, 2016 0.00164384 January 31, 2017 through February 27, 2017 February 28, 2017 1,587 1,144 2,731 December 15, 2016 0.00164384 February 28, 2017 through March 30, 2017 March 31, 2017 1,755 1,276 3,031 $ 5,090 $ 3,685 $ 8,775 On March 28, 2017 , the Board of Directors approved distributions in an amount of $0.00164384 per share of common stock for stockholders of record each day in the period from March 28, 2017 through and including June 29, 2017 , payable on April 28, 2017 , May 31, 2017 and June 30, 2017 . The following is a reconciliation of total aggregate distributions paid to total distributions declared for the three months ended March 31, 2017 (in thousands): Total aggregate distributions paid $ 8,775 Less: distribution payable at December 31, 2016 (8,769 ) Add: distribution payable at March 31, 2017 8,920 Total distributions declared $ 8,926

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measures and Disclosures	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 (in thousands): Level 1 Level 2 Level 3 Total March 31, 2017 Assets: Interest rate caps $ — $ 183 $ — $ 183 Cancelable swap — 62 — 62 $ — $ 245 $ — $ 245 Liabilities: Cancelable swap — — $ — $ — $ — $ — Level 1 Level 2 Level 3 Total December 31, 2016 Assets: Interest rate caps $ — $ 365 $ — $ 365 Canceleable swap 43 43 $ — $ 408 $ — $ 408 Liabilities: Cancelable swap $ — $ — $ — $ — $ — $ — $ — $ — Interest rate caps and the cancelable swap are included in Prepaid expenses and other assets on the consolidated balance sheets. The outstanding balance and estimated fair value of the Company’s mortgage notes payable are as follows (in thousands): March 31, 2017 December 31, 2016 Outstanding Balance Estimated Fair Outstanding Balance Estimated Fair Mortgage notes payable $ 498,051 $ 476,204 $ 460,586 $ 449,977 The carrying amount of the mortgage notes payable presented is the outstanding borrowings excluding premium and deferred finance costs, net. The fair value of the mortgage notes payable was estimated using rates available to the Company for debt with similar terms and remaining maturities (Level 3).

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	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. Interest Rate Caps 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 interest rate caps that were designated as cash flow hedges. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2017 , such derivatives were used to hedge the variable cash flows, indexed to London InterBank Offered Rate ("LIBOR"), associated with existing variable-rate loan agreements. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2017 , 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. During the next 12 months, the Company estimates that an additional $73,374 will be reclassified as an increase to interest expense. Cancelable swap To manage its exposure to interest rate movements, the Company has also entered into a cancelable interest rate swap that was not designated as a hedging instrument. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements. As of March 31, 2017 , the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivatives Number of Instruments Notional Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 9 $ 318,152 January 1, 2018 through September 1, 2020 Derivatives not designated as hedging instruments Cancelable swap 1 $ 32,000 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 on the consolidated balance sheets as of March 31, 2017 and December 31, 2016 (in thousands): Asset Derivatives Liabilities Derivatives March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Derivatives designated as hedging instruments: Interest rate caps $ 183 Interest rate caps $ 365 NA $ — NA $ — Derivatives not designated as hedging instruments: Cancelable swap $ 62 Cancelable swap 43 NA — NA — Interest rate caps and the cancelable swap are included in Prepaid expenses and other assets on the consolidated balance sheets. 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 months ended March 31, 2017 and 2016 (in thousands): Amount of Gain (Loss) Recognized in Income for the Three Months Ended Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income March 31, 2017 March 31, 2016 Interest rate caps Interest expense $ (8 ) (10 ) Amount of Gain (Loss) Recognized in Income for the Three Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income March 31, 2017 March 31, 2016 Cancelable swap Interest expense $ (68 ) (394 ) Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Three Months Ended Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Three Months Ended March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 Interest rate products $ (248 ) $ 33 Interest expense $ (8 ) $ (10 ) Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain provisions where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. As of March 31, 2017 , the Company has not posted any collateral related to these agreements.

Operating Expense Limitation

Operating Expense Limitation	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Operating Expense Limitation	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 March 31, 2017 did not exceed the charter imposed limitation. Allocated payroll associated with a portion of the compensation paid by the Advisor or its affiliates to the Company’s executive officers was included in general and administrative expenses in the consolidated statements of operations and comprehensive loss and was reimbursed to the Advisor during the three months ended March 31 2017 and 2016 . Allocated payroll expense from the Manager is included in rental operating expenses in the consolidated statements of operations and comprehensive loss. Allocated payroll for the three months ended March 31 2017 and 2016 was $213,992 and $212,876 , respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On April 4, 2017 , the Company purchased a 408 -unit multifamily community located in Glendale, Arizona from an unaffiliated seller for $55.2 million . On April 28, 2017 , the Company entered into a seven -year secured mortgage loan with Berkadia Commercial Mortgage, an unaffiliated lender, for borrowings of approximately $40.8 million secured by Indigo Creek (the "Indigo Creek Mortgage Loan"). The Indigo Creek Mortgage Loan matures May 1, 2024 . The Company has evaluated subsequent events and determined that no additional events, other than those disclosed above, have occurred which would require an adjustment to or additional disclosure in the consolidated financial statements.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
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 on its acquisition date. 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 four of the Company's multifamily properties are located in the Dallas-Fort Worth area, two properties are located in Portland, Oregon, two properties are located in the Atlanta area and two properties are located in the Denver area, 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	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 March 31, 2017 .
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. The future minimum rental payments to be received from noncancelable operating leases are $28.9 million and $268,697 for the 12-month periods ending March 31 , 2018 and 2019 , respectively, and none thereafter.
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 . At March 31, 2017 and December 31, 2016 , there were allowances for uncollectible accounts of $1,400 and $5,009 , respectively.
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. As of March 31, 2017 and December 31, 2016 , the Company had no TRSs.
Earnings Per Share	Earnings Per Share Basic earnings (loss) per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings (loss) 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. None of the convertible shares (discussed in Note 11) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of March 31, 2017 (were such date to represent the end of the contingency period).
Organization and Offering Costs	Organization and Offering Costs The Company incurred 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 were initially paid by the Advisor on behalf of the Company. Organization costs were expensed as incurred and included 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 incurred on the Company's behalf, but only to the extent that such reimbursements did 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. The primary portion of the offering closed on February 6, 2016 , at which point total organizational and offering costs incurred did not exceed 2.5% of the gross offering proceeds raised in the offering. During the offering period which closed in 2016, the Company incurred $11.2 million for the payment of offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal and similar costs. During the offering period, the Advisor had incurred $7.2 million of these costs on behalf of the Company, all of which had been reimbursed. A portion of these costs was 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.
Adoption of New Accounting Standards	Adoption of New Accounting Standards Accounting Standards Issued But Not Yet Effective In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, 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 this guidance on the Company’s consolidated financial position, results of operations and cash flows. In February 2016, FASB issued ASU No. 2016-02, "Leases (Topic 842)", which is intended to improve financial reporting about leasing transactions and requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU No. 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2016-02 to have a significant impact on its consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 will be effective for the Company beginning January 1, 2019. The Company is evaluating this guidance; however, it does not expect the adoption of ASU No. 2016-13 to have a significant impact on its consolidated financial statements. In August 2016, FASB issued ASU No. 2016-15 "Classification of Certain Cash Receipts and Cash Payments", which addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. The guidance is effective for the Company as of January 1, 2018. Early application is permitted. The adoption of the new requirements is not expected to have a material impact on the reporting of the Company's consolidated cash flows. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 850): Clarifying the Definition of Business", which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. ASU No. 2017-01 will be effective for the Company beginning January 1, 2018. Early application is permitted. The Company is evaluating this guidance and assessing the impact of this guidance on its consolidated financial statements. In January 2017, FASB issued ASU No. 2017-04, "Intangibles- Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment", which alters the current goodwill impairment testing procedures to eliminate Step 2. ASU No. 2017-04 will be effective for the Company beginning December 15, 2019. Early application is permitted. The Company is evaluating this guidance and assessing the impact of this guidance on its consolidated financial statements.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
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 Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair Terrace 188 Portland, OR RRE Grand Reserve Holdings, LLC, or Grand Reserve Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC, or Canterwood Verdant Apartment Homes 216 Boulder, CO RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Apartment Homes 252 Atlanta, GA RRE Fox Ridge Holdings, LLC, or Fox Ridge Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC, or Riverlodge Riverlodge 498 Austin, TX RRE Breckenridge Holdings, LLC, or Breckenridge Breckenridge 357 Portland, OR RRE Santa Rosa Holdings, LLC, or Santa Rosa Santa Rosa 476 Irving, TX RRE Windbrooke Holdings, LLC, or Windbrooke Crossing Windbrooke Crossing 236 Buffalo Grove, IL RRE Woods Holdings, LLC, or The Woods of Burnsville The Woods of Burnsville 400 Burnsville, MN RRE Indigo Creek Holdings, LLC N/A N/A N/A N/A - Not Applicable
Schedule of Estimated Useful Lives	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 Inform24

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table presents supplemental cash flow information (in thousands): Three Months Ended March 31, 2017 2016 Non-cash operating, financing and investing activities: Distributions on common stock declared but not yet paid $ 8,920 $ 8,212 Stock issued pursuant to distribution reinvestment plan 5,090 4,996 Rental property and other assets acquired through assumption of mortgage notes payable — 28,704 Cash paid during the period for: Interest $ 3,785 $ 1,278

Restricted Cash (Tables)

Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2017
Cash and Cash Equivalents [Abstract]
Summary of Components of Restricted Cash	A summary of the components of restricted cash follows (in thousands): March 31, December 31, Real estate taxes $ 3,319 $ 3,252 Insurance 535 671 Capital improvements 2,892 2,697 $ 6,746 $ 6,620 In addition, the Company had unrestricted cash earmarked for capital expenditures of $61.2 million and $71.7 million as of March 31, 2017 and December 31, 2016 .

Rental Properties, Net (Tables)

Rental Properties, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of Investments in Rental Properties	The Company’s investments in rental properties consisted of the following (in thousands): March 31, December 31, Land $ 108,587 $ 108,587 Building and improvements 629,200 629,060 Furniture, fixtures and equipment 42,323 36,307 Construction in progress 7,492 7,641 787,602 781,595 Less: accumulated depreciation (34,803 ) (27,007 ) $ 752,799 $ 754,588

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Summary of Acquisitions	The table below summarizes these acquisitions and the respective fair values assigned (in thousands): Multifamily City and State Date of Contractual Purchase Land Building and Furniture, Fixture and Equipment Intangible Assets Debt assumed Other Fair Valued Adair off Addison Dallas, Texas 6/4/2014 $ 9,500 $ 1,889 $ 7,061 $ 199 $ 351 $ — $ (85 ) $ 9,415 Overton Trails Apartment Homes Fort Worth, Texas 12/19/2014 47,000 4,834 40,486 504 1,176 — (60 ) 46,940 Uptown Buckhead Atlanta, Georgia 3/30/2015 32,500 6,464 24,993 399 644 — (117 ) 32,383 Crosstown at Chapel Hill Chapel Hill, North Carolina 5/19/2015 46,750 7,098 37,947 608 1,097 — (231 ) 46,519 The Brookwood Homewood, Alabama 8/21/2015 30,050 3,595 25,997 411 766 (22,189 ) (148 ) 8,432 Adair off Addison Apartment Homes Dallas, Texas 8/27/2015 21,250 2,532 17,831 304 583 — (229 ) 21,021 1000 Spalding Apartment Homes Atlanta, Georgia 9/24/2015 41,000 5,030 34,765 399 806 — (51 ) 40,949 Montclair Terrace Portland, Oregon 10/29/2015 32,750 3,545 28,282 304 619 — (80 ) 32,670 Grand Reserve Naperville, Illinois 12/18/2015 66,700 12,132 52,982 1,097 1,322 — (98 ) 67,435 Verdant Apartment Homes Boulder, Colorado 12/18/2015 65,200 19,527 44,140 514 1,019 — (344 ) 64,856 Arcadia Apartment Homes Centennial, Colorado 1/22/2016 60,250 8,578 49,990 492 1,191 — (126 ) 60,125 Riverlodge Austin, Texas 3/23/2016 57,000 6,776 47,992 698 1,534 (28,765 ) (393 ) 27,842 Breckenridge Portland, Oregon 5/17/2016 81,500 9,642 69,701 812 1,345 — (181 ) 81,319 Santa Rosa Irvine, Texas 6/28/2016 70,000 8,410 59,326 718 1,546 — (616 ) 69,384 Windbrooke Crossing Buffalo Grove, Illinois 12/22/2016 48,250 4,634 42,576 608 1,059 — (660 ) 48,217 The Woods at Burnsville Burnsville, Minnesota 12/23/2016 51,000 3,900 45,053 821 1,225 (84 ) 50,915 (1) Contractual purchase price excludes closing costs and acquisition expenses and other immaterial settlement date adjustments and pro-rations.

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following is a summary of the Company's mortgage notes payable (in thousands): Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Collateral March 31, 2017 December 31, 2016 Overton Trails Apartment Homes $ 30,967 $ — $ (325 ) $ 30,642 $ 31,075 $ — $ (344 ) $ 30,731 Uptown Buckhead 20,200 — (275 ) 19,925 20,200 — (284 ) 19,916 Crosstown at Chapel Hill 32,000 — (346 ) 31,654 32,000 — (373 ) 31,627 The Brookwood - Key Bank 18,152 481 (226 ) 18,407 18,247 508 (239 ) 18,516 The Brookwood - Capital One 2,689 37 (39 ) 2,687 2,699 39 (41 ) 2,697 Adair off Addison and Adair off Addison Apartment Homes 25,422 — (435 ) 24,987 25,500 — (464 ) 25,036 1000 Spalding Apartment Homes 24,600 — (275 ) 24,325 24,600 — (289 ) 24,311 Riverlodge 28,126 — (374 ) 27,752 28,292 — (393 ) 27,899 Verdant Apartment Homes 37,300 — (331 ) 36,969 37,300 — (345 ) 36,955 Arcadia Apartment Homes 40,200 — (363 ) 39,837 40,200 — (379 ) 39,821 Grand Reserve 42,176 — (427 ) 41,749 42,395 — (446 ) 41,949 Montclair Terrace 20,974 — (331 ) 20,643 21,083 — (345 ) 20,738 Breckenridge 52,975 — (670 ) 52,305 52,975 — (697 ) 52,278 Santa Rosa 45,700 — (626 ) 45,074 45,700 — (643 ) 45,057 Windbrooke Crossing 38,320 — (469 ) 37,851 38,320 — (490 ) 37,830 Woods of Burnsville 38,250 — (605 ) 37,645 — — — — $ 498,051 $ 518 $ (6,117 ) $ 492,452 $ 460,586 $ 547 $ (5,772 ) $ 455,361 Maturity Margin over LIBOR Annual Interest Rate Average Average Overton Trails Apartment Homes 1/1/2025 1.91 % 2.89 % 118 155 (1) (3) (6) Uptown Buckhead 7/1/2025 2.22 % 3.20 % 78 70 (1) (3) (5) Crosstown at Chapel Hill 7/10/2020 1.70 % 2.68 % 97 — (1) (4) (5) The Brookwood - Key Bank 11/1/2021 N/A 4.73 % 104 27 (2) (7) The Brookwood - Capital One 11/1/2021 N/A 5.40 % 16 — (2) (7) Adair off Addison and Adair off Addison Apartment Homes 1/1/2021 1.55 % 2.53 % 88 — (1) (3) (5) 1000 Spalding Apartment Homes 1/1/2022 N/A 3.88 % 109 39 (2) (5) Riverlodge 5/1/2022 N/A 3.76 % 144 130 (2) (7) Verdant Apartment Homes 5/1/2023 N/A 3.89 % 156 26 (2) (5) Arcadia Apartment Homes 5/1/2023 N/A 3.89 % 168 19 (2) Grand Reserve 6/1/2023 2.57 % 3.55 % 184 88 (1) (3) (6) Montclair Terrace 6/1/2023 2.45 % 3.43 % 93 21 (1) (3) (7) Breckenridge 7/1/2023 2.36 % 3.34 % 216 54 (1) (3) (5) Santa Rosa 9/1/2026 2.11 % 3.09 % 147 98 (1) (3) (5) Windbrooke Crossing 1/1/2024 2.69 % 3.67 % 196 70 (1) (3) (5) Woods of Burnsville 2/1/2024 2.13 % 3.11 % 165 67 (1) (3) (5) (1) Variable rate based on one-month LIBOR of 0.9828% (as of March 31, 2017 ) plus a fixed margin (2) Fixed rate (3) Variable rate hedged with interest rate cap cash flow hedge (4) Fixed rate interest swap associated with the variable rate debt (5) Monthly interest-only payment currently required (6) Monthly fixed principal plus interest payment required (7) Fixed monthly payment of principal and interest payment required
Schedule of Annual Principal Payments	Annual principal payments on the mortgage notes payable, excluding amortization of the mortgage premium, for each of the next five 12-month periods ending March 31 and thereafter, are as follows (in thousands): 2018 $ 4,313 2019 6,987 2020 9,819 2021 64,245 2022 51,123 Thereafter 361,564 Total principal payments $ 498,051
Amortization of Deferred Financing Costs	Amortization of deferred financing costs for the next five 12-month periods ending March 31 and thereafter, is as follows (in thousands): 2018 $ 1,100 2019 1,086 2020 1,068 2021 947 2022 773 Thereafter 1,143 $ 6,117

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss (in thousands): Net unrealized loss January 1, 2016 $ (117 ) Designated derivatives, fair value adjustment 43 Balance, December 31, 2016 (74 ) Designated derivatives, fair value adjustment (239 ) Balance, March 31, 2017 $ (313 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2017
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 tables (in thousands): March 31, December 31, Due from related parties: RAI - self-insurance funds held $ 874 $ 604 $ 874 $ 604 Due to related parties: Advisor Acquisition fees $ — $ 1,022 Operating expense reimbursements 93 1,078 Manager Property management fees 496 244 Operating expense reimbursements 303 304 $ 892 $ 2,648 Three Months Ended March 31, 2017 2016 Fees earned / expenses incurred: Advisor Acquisition fees (1) $ — $ 2,969 Asset management fees (2) $ 2,217 $ 1,317 Debt financing fees (3) $ 191 $ 144 Organization and offering costs (4) $ — $ 86 Operating expense reimbursements (5) $ 1,089 $ 523 Manager Property management fees (2) $ 790 $ 400 Construction management fees (7) $ 388 $ 181 Operating expense reimbursements (5) $ — $ 29 Information technology fees (5) $ — 32 Resource Securities Selling commissions and dealer-manager fees (6) $ — $ 4,192 Other Graphic Images (4) $ — $ 3 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive loss per income statement. (2) Included in Management fees on the consolidated statements of operations and comprehensive loss per income statement. (3) Included in Mortgage notes payable, net on the consolidated balance sheets. (4) Included in Deferred offering costs and Stockholders' Equity on the consolidated balance sheets. (5) Included in General and administrative on the consolidated statements of operations and comprehensive loss per income statement. (6) Included in Stockholders' equity on the consolidated balance sheets. (7) Included in Rental properties, net on the consolidated balance sheets.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of Common Stock	As of March 31, 2017 , the Company had an aggregate of 59,631,325 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 (dollars in thousands): Shares Issued Gross Proceeds Shares issued through initial public offering 55,791,297 $ 556,197 Shares issued through stock distributions 246,365 — Shares issued through distribution reinvestment plan 3,872,779 34,337 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total shares redeemed and retired (294,116 ) (2,557 ) 59,631,325 $ 588,127 During the three months ended March 31, 2017 , the Company redeemed shares as follows (in thousands, except per share data): Month Total Number Average Price Paid per Share Cumulative Number (1) Approximate Dollar January 2017 — $— — (2) February 2017 — $— — (2) March 2017 121 $8.74 121 (2) (1) All purchases of equity securities by the Company in the three months ended March 31, 2017 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	The following is a reconciliation of total aggregate distributions paid to total distributions declared for the three months ended March 31, 2017 (in thousands): Total aggregate distributions paid $ 8,775 Less: distribution payable at December 31, 2016 (8,769 ) Add: distribution payable at March 31, 2017 8,920 Total distributions declared $ 8,926 For the three months ended March 31, 2017 , the Company paid aggregate distributions of $8.8 million , including $3.7 million of distributions paid in cash and $5.1 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands): Authorization Date Per Record Dates Distribution Date Distributions Net Cash Distributions Total Aggregate December 15, 2016 $ 0.00164384 December 30, 2016 through January 30, 2017 January 31, 2017 $ 1,748 $ 1,265 $ 3,013 December 15, 2016 0.00164384 January 31, 2017 through February 27, 2017 February 28, 2017 1,587 1,144 2,731 December 15, 2016 0.00164384 February 28, 2017 through March 30, 2017 March 31, 2017 1,755 1,276 3,031 $ 5,090 $ 3,685 $ 8,775

Fair Value Measures and Discl32

Fair Value Measures and Disclosures (Tables)	3 Months Ended
	Mar. 31, 2017
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 (in thousands): Level 1 Level 2 Level 3 Total March 31, 2017 Assets: Interest rate caps $ — $ 183 $ — $ 183 Cancelable swap — 62 — 62 $ — $ 245 $ — $ 245 Liabilities: Cancelable swap — — $ — $ — $ — $ — Level 1 Level 2 Level 3 Total December 31, 2016 Assets: Interest rate caps $ — $ 365 $ — $ 365 Canceleable swap 43 43 $ — $ 408 $ — $ 408 Liabilities: Cancelable swap $ — $ — $ — $ — $ — $ — $ — $ —
Carrying Amounts and Fair Values of Mortgage Notes Payable	The outstanding balance and estimated fair value of the Company’s mortgage notes payable are as follows (in thousands): March 31, 2017 December 31, 2016 Outstanding Balance Estimated Fair Outstanding Balance Estimated Fair Mortgage notes payable $ 498,051 $ 476,204 $ 460,586 $ 449,977

Derivatives and Hedging Activ33

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	As of March 31, 2017 , the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivatives Number of Instruments Notional Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 9 $ 318,152 January 1, 2018 through September 1, 2020 Derivatives not designated as hedging instruments Cancelable swap 1 $ 32,000 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 on the consolidated balance sheets as of March 31, 2017 and December 31, 2016 (in thousands): Asset Derivatives Liabilities Derivatives March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Derivatives designated as hedging instruments: Interest rate caps $ 183 Interest rate caps $ 365 NA $ — NA $ — Derivatives not designated as hedging instruments: Cancelable swap $ 62 Cancelable swap 43 NA — 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 months ended March 31, 2017 and 2016 (in thousands): Amount of Gain (Loss) Recognized in Income for the Three Months Ended Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income March 31, 2017 March 31, 2016 Interest rate caps Interest expense $ (8 ) (10 ) Amount of Gain (Loss) Recognized in Income for the Three Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income March 31, 2017 March 31, 2016 Cancelable swap Interest expense $ (68 ) (394 ) Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Three Months Ended Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Three Months Ended March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 Interest rate products $ (248 ) $ 33 Interest expense $ (8 ) $ (10 )

Nature of Business and Operat34

Nature of Business and Operations (Loss) (Details) - USD ($)	3 Months Ended	39 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 30, 2017	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2016	Mar. 30, 2016	Sep. 28, 2012
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000				1,000,000,000
Common stock, initial public offering price (in dollars per share)	$ 8.74	$ 8.74		$ 0	$ 0
Common stock, shares issued (in shares)	59,631,325	59,631,325				59,160,177
Shares issued through 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)	59,679,076	59,679,076
Gross offering proceeds	$ 590,700,000
Common stock, shares issued (in shares)	55,791,297	55,791,297
Shares issued through distribution reinvestment plan
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, initial public offering price (in dollars per share)	$ 8.65	$ 8.65	$ 8.56				$ 9.50
Common stock, shares issued (in shares)	3,872,779	3,872,779
Issuance of common stock		$ 34,337,000

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Details)	Feb. 10, 2016	Jan. 09, 2014	Mar. 31, 2017USD ($)propertyunit	Dec. 31, 2016USD ($)property
Property, Plant and Equipment [Line Items]
Number of properties owned (in property) | property			16
Acquisitions, period to finalize valuation			1 year
Future minimum rental payments to be received from noncancelable operating leases, current | $			$ 28,900,000
Future minimum rental payments to be received from noncancelable operating leases, in two years | $			268,697
Future minimum rental payments to be received from noncancelable operating leases, thereafter | $			$ 0
Resolution of claims			1 year
Allowance for uncollectible accounts | $			$ 1,400	$ 5,009
Deferred offering costs to date | $			$ 11,200,000
Advisor
Property, Plant and Equipment [Line Items]
Maximum reimbursement of organizational and offering costs, percent of offering proceeds	2.50%	2.50%	2.50%
Cumulative advances from related party | $				$ 7,200,000
Dallas-Fort Worth area | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Number of properties owned (in property) | property			4
Portland, Oregon | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Number of properties owned (in property) | property			2
Atlanta area | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Number of properties owned (in property) | property				2
Denver area | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Number of properties owned (in property) | property			2
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
Crosstown at Chapel Hill
Property, Plant and Equipment [Line Items]
Number of Units			411
The Brookwood
Property, Plant and Equipment [Line Items]
Number of Units			274
Adair off Addison Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units			200
Montclair Terrace
Property, Plant and Equipment [Line Items]
Number of Units			188
Grand Reserve
Property, Plant and Equipment [Line Items]
Number of Units			319
Verdant Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units			216
1000 Spalding Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units			252
Arcadia Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units			300
Riverlodge
Property, Plant and Equipment [Line Items]
Number of Units			498
Breckenridge
Property, Plant and Equipment [Line Items]
Number of Units			357
Santa Rosa
Property, Plant and Equipment [Line Items]
Number of Units			476
Windbrooke Crossing
Property, Plant and Equipment [Line Items]
Number of Units			236
The Woods of Burnsville
Property, Plant and Equipment [Line Items]
Number of Units			400

Supplemental Cash Flow Inform36

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Non-cash operating, financing and investing activities:
Distributions on common stock declared but not yet paid	$ 8,920	$ 8,212	$ 8,769
Stock issued pursuant to distribution reinvestment plan	5,090	4,996
Rental property and other assets acquired through assumption of mortgage notes payable	0	28,704
Cash paid during the period for:
Interest	$ 3,785	$ 1,278

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 6,746	$ 6,620
Unrestricted cash designated for capital expenditures	61,200	71,700
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,319	3,252
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	535	671
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,892	$ 2,697

Rental Properties, Net (Details

Rental Properties, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Rental Properties, Net:
Land	$ 108,587		$ 108,587
Building and improvements	629,200		629,060
Furniture, fixtures and equipment	42,323		36,307
Construction in progress	7,492		7,641
Rental properties, gross	787,602		781,595
Less: accumulated depreciation	(34,803)		(27,007)
Rental properties, net	752,799		$ 754,588
Depreciation expense	$ 7,900	$ 3,900

Acquisitions - Summary of Acqui

Acquisitions - Summary of Acquisitions (Details) $ in Thousands	Dec. 23, 2016USD ($)	Dec. 22, 2016USD ($)	Jun. 28, 2016USD ($)	May 17, 2016USD ($)	Mar. 23, 2016USD ($)	Jan. 22, 2016USD ($)	Dec. 18, 2015USD ($)	Oct. 29, 2015USD ($)	Sep. 24, 2015USD ($)	Aug. 27, 2015USD ($)	Aug. 21, 2015USD ($)	May 19, 2015USD ($)	Mar. 30, 2015USD ($)	Dec. 19, 2014USD ($)	Jun. 04, 2014USD ($)	Mar. 31, 2017property
Business Acquisition [Line Items]
Number of properties owned (in property) | property																16
Adair off Addison
Business Acquisition [Line Items]
Contractual Purchase Price															$ 9,500
Land															1,889
Building and Improvements															7,061
Furniture, Fixture and Equipment															199
Intangible Assets															351
Other Liabilities															(85)
Fair Valued Assigned															$ 9,415
Overton Trails Apartment Homes
Business Acquisition [Line Items]
Contractual Purchase Price														$ 47,000
Land														4,834
Building and Improvements														40,486
Furniture, Fixture and Equipment														504
Intangible Assets														1,176
Other Liabilities														(60)
Fair Valued Assigned														$ 46,940
Uptown Buckhead
Business Acquisition [Line Items]
Contractual Purchase Price													$ 32,500
Land													6,464
Building and Improvements													24,993
Furniture, Fixture and Equipment													399
Intangible Assets													644
Other Liabilities													(117)
Fair Valued Assigned													$ 32,383
Crosstown at Chapel Hill
Business Acquisition [Line Items]
Contractual Purchase Price												$ 46,750
Land												7,098
Building and Improvements												37,947
Furniture, Fixture and Equipment												608
Intangible Assets												1,097
Other Liabilities												(231)
Fair Valued Assigned												$ 46,519
The Brookwood
Business Acquisition [Line Items]
Contractual Purchase Price											$ 30,050
Land											3,595
Building and Improvements											25,997
Furniture, Fixture and Equipment											411
Intangible Assets											766
Debt assumed											(22,189)
Other Liabilities											(148)
Fair Valued Assigned											$ 8,432
Adair off Addison Apartment Homes
Business Acquisition [Line Items]
Contractual Purchase Price										$ 21,250
Land										2,532
Building and Improvements										17,831
Furniture, Fixture and Equipment										304
Intangible Assets										583
Other Liabilities										(229)
Fair Valued Assigned										$ 21,021
1000 Spalding Apartment Homes
Business Acquisition [Line Items]
Contractual Purchase Price									$ 41,000
Land									5,030
Building and Improvements									34,765
Furniture, Fixture and Equipment									399
Intangible Assets									806
Other Liabilities									(51)
Fair Valued Assigned									$ 40,949
Montclair Terrace
Business Acquisition [Line Items]
Contractual Purchase Price								$ 32,750
Land								3,545
Building and Improvements								28,282
Furniture, Fixture and Equipment								304
Intangible Assets								619
Other Liabilities								(80)
Fair Valued Assigned								$ 32,670
Grand Reserve
Business Acquisition [Line Items]
Contractual Purchase Price							$ 66,700
Land							12,132
Building and Improvements							52,982
Furniture, Fixture and Equipment							1,097
Intangible Assets							1,322
Other Liabilities							(98)
Fair Valued Assigned							67,435
Verdant Apartment Homes
Business Acquisition [Line Items]
Contractual Purchase Price							65,200
Land							19,527
Building and Improvements							44,140
Furniture, Fixture and Equipment							514
Intangible Assets							1,019
Other Liabilities							(344)
Fair Valued Assigned							$ 64,856
Arcadia Apartment Homes
Business Acquisition [Line Items]
Contractual Purchase Price						$ 60,250
Land						8,578
Building and Improvements						49,990
Furniture, Fixture and Equipment						492
Intangible Assets						1,191
Other Liabilities						(126)
Fair Valued Assigned						$ 60,125
Riverlodge
Business Acquisition [Line Items]
Contractual Purchase Price					$ 57,000
Land					6,776
Building and Improvements					47,992
Furniture, Fixture and Equipment					698
Intangible Assets					1,534
Debt assumed					(28,765)
Other Liabilities					(393)
Fair Valued Assigned					$ 27,842
Breckenridge
Business Acquisition [Line Items]
Contractual Purchase Price				$ 81,500
Land				9,642
Building and Improvements				69,701
Furniture, Fixture and Equipment				812
Intangible Assets				1,345
Debt assumed				0
Other Liabilities				(181)
Fair Valued Assigned				$ 81,319
Santa Rosa
Business Acquisition [Line Items]
Contractual Purchase Price			$ 70,000
Land			8,410
Building and Improvements			59,326
Furniture, Fixture and Equipment			718
Intangible Assets			1,546
Debt assumed			0
Other Liabilities			(616)
Fair Valued Assigned			$ 69,384
Windbrooke Crossing
Business Acquisition [Line Items]
Contractual Purchase Price		$ 48,250
Land		4,634
Building and Improvements		42,576
Furniture, Fixture and Equipment		608
Intangible Assets		1,059
Other Liabilities		(660)
Fair Valued Assigned		$ 48,217
The Woods at Burnsville
Business Acquisition [Line Items]
Contractual Purchase Price	$ 51,000
Land	3,900
Building and Improvements	45,053
Furniture, Fixture and Equipment	821
Intangible Assets	1,225
Other Liabilities	(84)
Fair Valued Assigned	$ 50,915

Identified Intangible Assets,40

Identified Intangible Assets, Net (Details) - Acquired in-place leases - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross value of leases	$ 16,300,000		$ 16,300,000
Acquired in-place leases, accumulated amortization	$ 15,100,000		$ 13,600,000
Weighted-average remaining life of rental leases	4 months
Amortization expense	$ 1,500,000	$ 2,900,000
Expected amortization for the rental leases	1,100,000
Expected amortization for the rental leases, thereafter	$ 0

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding borrowings	$ 498,051
Deferred Finance Costs, net	(6,117)
Carrying Value	492,452	$ 455,361
Mortgage notes payable
Debt Instrument [Line Items]
Outstanding borrowings	498,051	460,586
Premium, net	518	547
Deferred Finance Costs, net	(6,117)	(5,772)
Carrying Value	$ 492,452	455,361
Mortgage notes payable | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	0.9828%
Mortgage notes payable | Overton Trails Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	$ 30,967	31,075
Deferred Finance Costs, net	(325)	(344)
Carrying Value	$ 30,642	30,731
Margin over LIBOR	1.91%
Annual Interest Rate	2.89%
Average Monthly Debt Service	$ 118
Average Monthly Escrow	155
Mortgage notes payable | Uptown Buckhead
Debt Instrument [Line Items]
Outstanding borrowings	20,200	20,200
Deferred Finance Costs, net	(275)	(284)
Carrying Value	$ 19,925	19,916
Margin over LIBOR	2.22%
Annual Interest Rate	3.20%
Average Monthly Debt Service	$ 78
Average Monthly Escrow	70
Mortgage notes payable | Crosstown at Chapel Hill
Debt Instrument [Line Items]
Outstanding borrowings	32,000	32,000
Deferred Finance Costs, net	(346)	(373)
Carrying Value	$ 31,654	31,627
Margin over LIBOR	1.70%
Annual Interest Rate	2.68%
Average Monthly Debt Service	$ 97
Average Monthly Escrow	0
Mortgage notes payable | Mayfair Chateau - Key Bank
Debt Instrument [Line Items]
Outstanding borrowings	18,152	18,247
Premium, net	481	508
Deferred Finance Costs, net	(226)	(239)
Carrying Value	$ 18,407	18,516
Annual Interest Rate	4.73%
Average Monthly Debt Service	$ 104
Average Monthly Escrow	27
Mortgage notes payable | Mayfair Chateau - Capital One
Debt Instrument [Line Items]
Outstanding borrowings	2,689	2,699
Premium, net	37	39
Deferred Finance Costs, net	(39)	(41)
Carrying Value	$ 2,687	2,697
Annual Interest Rate	5.40%
Average Monthly Debt Service	$ 16
Average Monthly Escrow	0
Mortgage notes payable | Adair off Addison and Adair off Addison Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	25,422	25,500
Deferred Finance Costs, net	(435)	(464)
Carrying Value	$ 24,987	25,036
Margin over LIBOR	1.55%
Annual Interest Rate	2.53%
Average Monthly Debt Service	$ 88
Average Monthly Escrow	0
Mortgage notes payable | 1000 Spalding Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	24,600	24,600
Deferred Finance Costs, net	(275)	(289)
Carrying Value	$ 24,325	24,311
Annual Interest Rate	3.88%
Average Monthly Debt Service	$ 109
Average Monthly Escrow	39
Mortgage notes payable | Riverlodge
Debt Instrument [Line Items]
Outstanding borrowings	28,126	28,292
Deferred Finance Costs, net	(374)	(393)
Carrying Value	$ 27,752	27,899
Annual Interest Rate	3.76%
Average Monthly Debt Service	$ 144
Average Monthly Escrow	130
Mortgage notes payable | Verdant Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	37,300	37,300
Deferred Finance Costs, net	(331)	(345)
Carrying Value	$ 36,969	36,955
Annual Interest Rate	3.89%
Average Monthly Debt Service	$ 156
Average Monthly Escrow	26
Mortgage notes payable | Arcadia Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	40,200	40,200
Deferred Finance Costs, net	(363)	(379)
Carrying Value	$ 39,837	39,821
Annual Interest Rate	3.89%
Average Monthly Debt Service	$ 168
Average Monthly Escrow	19
Mortgage notes payable | Grand Reserve
Debt Instrument [Line Items]
Outstanding borrowings	42,176	42,395
Deferred Finance Costs, net	(427)	(446)
Carrying Value	$ 41,749	41,949
Margin over LIBOR	2.57%
Annual Interest Rate	3.55%
Average Monthly Debt Service	$ 184
Average Monthly Escrow	88
Mortgage notes payable | Montclair Terrace
Debt Instrument [Line Items]
Outstanding borrowings	20,974	21,083
Deferred Finance Costs, net	(331)	(345)
Carrying Value	$ 20,643	20,738
Margin over LIBOR	2.45%
Annual Interest Rate	3.43%
Average Monthly Debt Service	$ 93
Average Monthly Escrow	21
Mortgage notes payable | Breckenridge
Debt Instrument [Line Items]
Outstanding borrowings	52,975	52,975
Deferred Finance Costs, net	(670)	(697)
Carrying Value	$ 52,305	52,278
Margin over LIBOR	2.36%
Annual Interest Rate	3.34%
Average Monthly Debt Service	$ 216
Average Monthly Escrow	54
Mortgage notes payable | Santa Rosa
Debt Instrument [Line Items]
Outstanding borrowings	45,700	45,700
Deferred Finance Costs, net	(626)	(643)
Carrying Value	$ 45,074	45,057
Margin over LIBOR	2.11%
Annual Interest Rate	3.09%
Average Monthly Debt Service	$ 147
Average Monthly Escrow	98
Mortgage notes payable | Windbrooke Crossing
Debt Instrument [Line Items]
Outstanding borrowings	38,320	38,320
Deferred Finance Costs, net	(469)	(490)
Carrying Value	$ 37,851	37,830
Margin over LIBOR	2.69%
Annual Interest Rate	3.67%
Average Monthly Debt Service	$ 196
Average Monthly Escrow	70
Mortgage notes payable | Woods of Burnsville
Debt Instrument [Line Items]
Outstanding borrowings	38,250	0
Deferred Finance Costs, net	(605)	0
Carrying Value	$ 37,645	$ 0
Margin over LIBOR	2.13%
Annual Interest Rate	3.11%
Average Monthly Debt Service	$ 165
Average Monthly Escrow	$ 67

Mortgage Notes Payable, Net - A

Mortgage Notes Payable, Net - Annual Principal Payments on Mortgage Notes Payable (Details) $ in Thousands	Mar. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 4,313
2,019	6,987
2,020	9,819
2,021	64,245
2,022	51,123
Thereafter	361,564
Total principal payments	$ 498,051

Mortgage Notes Payable, Net - D

Mortgage Notes Payable, Net - Deferred Finance Costs (Details) $ in Thousands	Mar. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 1,100
2,019	1,086
2,020	1,068
2,021	947
2,022	773
Thereafter	1,143
Total deferred finance costs	$ 6,117

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Weighted average interest rate	3.43%
Restricted cash	$ 6,746	$ 6,620
Accumulated amortization of deferred financing costs	1,200	$ 877
The Brookwood
Debt Instrument [Line Items]
Net unamortized fair value of debt assumed adjustment	(518)
Uptown Buckhead
Debt Instrument [Line Items]
Building and improvements in process	$ 1,800

Accumulated Other Comprehensi45

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	$ 390,892
Balance, end of period	376,807	$ 390,892
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(74)	(117)
Designated derivatives, fair value adjustment	(239)	43
Balance, end of period	$ (313)	$ (74)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	Feb. 10, 2016	Jan. 09, 2014	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Insurance pool, loss limit			$ 2,500,000
Insurance pool, amount of general liability losses covered			50,000
Catastrophic insurance, losses in excess of insurance pool, limit			250,000,000
Catastrophic insurance, general liability losses in excess of insurance pool, limit			51,000,000
Payment into insurance pools			$ 379,800
Advisor
Related Party Transaction [Line Items]
Due to related parties				$ 7,200,000
Term of Advisory Agreement			1 year
Advisory Agreement, renewal period			1 year
Acquisition fee			2.00%
Monthly asset management fee			0.083%
Disposition fee, as a percentage of the brokerage commission paid			50.00%
Disposition fee			2.00%
Debt financing fee			0.50%
Maximum reimbursement of organizational and offering costs, percent of offering proceeds	2.50%	2.50%	2.50%
Manager
Related Party Transaction [Line Items]
Property management fee			4.50%
Construction management fee			5.00%
Debt servicing fee			2.75%
Resource Securities
Related Party Transaction [Line Items]
Selling commission			7.00%
Dealer-manager fee			3.00%

Related Party Transactions - Fe

Related Party Transactions - Fees Earned/Expenses Incurred and Amounts Payable to Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from related parties	$ 874		$ 604
Due to related parties	892		2,648
Resource Securities | Selling commissions and dealer-manager fees
Related Party Transaction [Line Items]
Fees earned/expenses incurred	0	$ 4,192
RAI | RAI - self-insurance funds held
Related Party Transaction [Line Items]
Due from related parties	874		604
Advisor | Acquisition fees
Related Party Transaction [Line Items]
Due to related parties	0		1,022
Fees earned/expenses incurred	0	2,969
Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned/expenses incurred	2,217	1,317
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned/expenses incurred	191	144
Advisor | Organization and offering costs
Related Party Transaction [Line Items]
Fees earned/expenses incurred	0	86
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	93		1,078
Fees earned/expenses incurred	1,089	523
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	303		304
Fees earned/expenses incurred	0	29
Manager | Information technology fees
Related Party Transaction [Line Items]
Fees earned/expenses incurred	0	32
Manager | Property management fees
Related Party Transaction [Line Items]
Due to related parties	496		$ 244
Fees earned/expenses incurred	790	400
Manager | Construction management fees
Related Party Transaction [Line Items]
Fees earned/expenses incurred	388	181
Other | Graphic Images
Related Party Transaction [Line Items]
Fees earned/expenses incurred	$ 0	$ 3

Equity - Preferred Stock and Co

Equity - Preferred Stock and Convertible Stock (Details)	3 Months Ended
	Mar. 31, 2017event$ / sharesshares	Dec. 31, 2016$ / 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)	59,631,325	59,160,177
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 2	15.00%
Non-compounded annual return, option 2	7.00%
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 ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended	39 Months Ended
	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	59,631,325			59,631,325	59,631,325	59,160,177
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01	$ 0.01	$ 0.01
Common stock	$ 596			$ 596	$ 596	$ 591
Shares Issued (in shares)	59,631,325			59,631,325	59,631,325	59,160,177
Gross Proceeds	$ 588,127			$ 588,127	$ 588,127
Share redemptions (in shares)	(121,000)	0	0		(294,116)
Gross Proceeds, Share redemptions				$ (1,103)	$ (2,557)
Shares issued through initial public offering
Class of Stock [Line Items]
Shares Issued (in shares)	55,791,297			55,791,297	55,791,297
Gross Proceeds	$ 556,197			$ 556,197	$ 556,197
Shares issued through stock distributions
Class of Stock [Line Items]
Shares Issued (in shares)	246,365			246,365	246,365
Gross Proceeds	$ 0			$ 0	$ 0
Shares issued through distribution reinvestment plan
Class of Stock [Line Items]
Shares Issued (in shares)	3,872,779			3,872,779	3,872,779
Gross Proceeds, Shares issued through distribution reinvestment plan					$ 34,337
Advisor's initial investment
Class of Stock [Line Items]
Shares Issued (in shares)	15,000			15,000	15,000
Gross Proceeds	$ 150			$ 150	$ 150
Conversion of stock (in shares)					5,000
Advisor
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	117,778			117,778	117,778
Common stock	$ 1,100			$ 1,100	$ 1,100

Equity - Redemptions (Details)

Equity - Redemptions (Details) - $ / shares	1 Months Ended			3 Months Ended	39 Months Ended
	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Mar. 31, 2017	Mar. 31, 2017
Equity [Abstract]
Number of Shares (in shares)	121,000	0	0		294,116
Average Price Paid per Share (in dollars per share)	$ 8.74	$ 0	$ 0	$ 8.74	$ 8.74
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%
Changes that do not require stockholder approval				30 days

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 28, 2017	Mar. 31, 2016	Feb. 29, 2016	Jan. 29, 2016	Mar. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Total Aggregate Distributions					$ 8,775
Net Cash Distributions					3,685
Distributions reinvested in shares of Common Stock					5,090
Dividends declared, daily accrual amount (in dollars per share)	$ 0.00164384
Dividends Payable		$ (8,212)			(8,920)	$ (8,769)
Dividend Distributions Declared					$ 8,926
December 30, 2016 through January 30, 2017
Class of Stock [Line Items]
Total Aggregate Distributions				$ 3,013
Net Cash Distributions				1,265
Distributions reinvested in shares of Common Stock				$ 1,748
Per Common Share (in dollars per share)				$ 0.00164384
January 31, 2017 through February 27, 2017
Class of Stock [Line Items]
Total Aggregate Distributions			$ 2,731
Net Cash Distributions			1,144
Distributions reinvested in shares of Common Stock			$ 1,587
Per Common Share (in dollars per share)			$ 0.00164384
February 28, 2017 through March 30, 2017
Class of Stock [Line Items]
Total Aggregate Distributions		3,031
Net Cash Distributions		1,276
Distributions reinvested in shares of Common Stock		$ 1,755
Per Common Share (in dollars per share)		$ 0.00164384

Fair Value Measures and Discl52

Fair Value Measures and Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Outstanding Balance | Mortgage notes payable
Liabilities:
Mortgage notes payable	$ 498,051	$ 460,586
Estimated Fair Value | Mortgage notes payable
Liabilities:
Mortgage notes payable	476,204	449,977
Fair Value, Measurements, Recurring
Assets:
Assets at fair value	245	408
Liabilities:
Liabilities at fair value	0	0
Fair Value, Measurements, Recurring | Level 1
Assets:
Assets at fair value	0	0
Liabilities:
Liabilities at fair value	0	0
Fair Value, Measurements, Recurring | Level 2
Assets:
Assets at fair value	245	408
Liabilities:
Liabilities at fair value	0	0
Fair Value, Measurements, Recurring | Level 3
Assets:
Assets at fair value	0	0
Liabilities:
Liabilities at fair value	0	0
Interest rate caps | Fair Value, Measurements, Recurring
Assets:
Derivative asset	183	365
Interest rate caps | Fair Value, Measurements, Recurring | Level 1
Assets:
Derivative asset	0	0
Interest rate caps | Fair Value, Measurements, Recurring | Level 2
Assets:
Derivative asset	183	365
Interest rate caps | Fair Value, Measurements, Recurring | Level 3
Assets:
Derivative asset	0	0
Cancelable swap | Fair Value, Measurements, Recurring
Assets:
Derivative asset	62	43
Liabilities:
Derivative liability	0	0
Cancelable swap | Fair Value, Measurements, Recurring | Level 2
Assets:
Derivative asset	62	43
Liabilities:
Derivative liability	$ 0	$ 0

Derivatives and Hedging Activ53

Derivatives and Hedging Activities - Narrative (Details)	Mar. 31, 2017USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated loss that will be reclassified to interest expense	$ 73,374

Derivatives and Hedging Activ54

Derivatives and Hedging Activities - Outstanding Interest Rate Derivatives (Details) $ in Thousands	Mar. 31, 2017USD ($)derivative_contract
Derivatives Designated as Hedging Instruments
Number of Instruments
Interest rate derivatives (in derivative contracts) | derivative_contract	9
Notional Amount
Interest rate derivatives | $	$ 318,152
Derivatives Not Designated as Hedging Instruments
Number of Instruments
Derivatives not designated as hedging instruments (in derivative contracts) | derivative_contract	1
Notional Amount
Cancelable swap | $	$ 32,000

Derivatives and Hedging Activ55

Derivatives and Hedging Activities - Fair Value of Derivative Instruments and Balance Sheet Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Interest Rate Derivative Liabilities, at Fair Value	$ 0	$ 0
Derivatives Not Designated as Hedging Instruments
Derivative [Line Items]
Interest Rate Derivative Liabilities, at Fair Value	0	0
Interest rate caps | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	183	365
Cancelable swap | Derivatives Not Designated as Hedging Instruments
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	$ 62	$ 43

Derivatives and Hedging Activ56

Derivatives and Hedging Activities - Gain (Loss) Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest expense | Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Three Months Ended	$ (8)	$ (10)
Interest rate caps | Interest expense | Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income for the Three Months Ended	(8)	(10)
Cancelable swap | Interest expense | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income for the Three Months Ended	(68)	(394)
Interest rate products | Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Three Months Ended	$ (248)	$ 33

Operating Expense Limitation (D

Operating Expense Limitation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Related Party Transaction [Line Items]
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%
Advisor | Affiliated Entity
Related Party Transaction [Line Items]
Compensation	$ 213,992	$ 212,876

Subsequent Events Narrative (De

Subsequent Events Narrative (Details) $ in Thousands	Apr. 28, 2017USD ($)	Apr. 04, 2017USD ($)unit	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Subsequent Event [Line Items]
Debt borrowings			$ 38,250	$ 0
Glendale, Arizona | Subsequent Event
Subsequent Event [Line Items]
Number of units | unit		408
Consideration transferred		$ 55,200
Indigo Creek | Mortgages | Subsequent Event
Subsequent Event [Line Items]
Debt term (in years)	7 years
Debt borrowings	$ 40,800