Resource Real Estate Opportunity REIT II (RREO) 10-K 29 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 23, 2018	Jun. 30, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		61,185,365
Entity Public Float			$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments:
Rental properties, net	$ 836,971	$ 754,588
Identified intangible assets, net	813	2,689
Total investments	837,784	757,277
Cash	69,227	104,889
Restricted cash	7,668	6,620
Tenant receivables	87	68
Due from related parties	57	604
Prepaid expenses and other assets	1,647	1,852
Total assets	916,470	871,310
Liabilities:
Mortgage notes payable, net	560,164	455,361
Accounts payable and accrued expenses	14,109	11,997
Due to related parties	538	2,648
Tenant prepayments	575	546
Security deposits	1,312	1,097
Distribution payable	9,112	8,769
Total liabilities	585,810	480,418
Stockholders’ equity:
Preferred stock (par value $.01, 10,000,000 shares authorized, none issued and outstanding)	0	0
Common stock	606	591
Additional paid-in capital	534,683	520,746
Accumulated other comprehensive loss	(444)	(74)
Accumulated deficit	(204,186)	(130,372)
Total stockholders’ equity	330,660	390,892
Total liabilities and stockholders’ equity	916,470	871,310
Convertible stock
Stockholders’ equity:
Common stock	1	1
Total stockholders’ equity	$ 1	$ 1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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)	60,782,019	59,160,177
Common stock, shares outstanding (in shares)	60,782,019	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	50,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Rental income	$ 77,240	$ 52,928
Total revenues	77,240	52,928
Expenses:
Rental operating - expenses	13,580	11,911
Rental operating - payroll	7,645	6,220
Rental operating - real estate taxes	10,412	7,336
Subtotal - Rental operating expenses	31,637	25,467
Acquisition costs	2,199	9,079
Management fees	12,801	9,235
General and administrative	8,700	9,272
Loss on disposal of assets	963	2,516
Depreciation and amortization expense	39,135	30,964
Total expenses	95,435	86,533
Loss before other income (expense)	(18,195)	(33,605)
Other income (expense):
Interest income	120	209
Insurance proceeds in excess of cost basis	148	185
Interest expense	(19,764)	(10,950)
Net loss	(37,691)	(44,161)
Other comprehensive loss:
Designated derivatives, fair value adjustment	(370)	43
Comprehensive loss	$ (38,061)	$ (44,118)
Weighted average common shares outstanding (in shares)	60,018	57,834
Basic and diluted net loss per common share (in dollars per share)	$ (0.63)	$ (0.76)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Convertible stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance, beginning of period at Dec. 31, 2015	$ 420,272	$ 1	$ 526	$ 465,449	$ (117)	$ (45,587)
Balance, beginning of period (in shares) at Dec. 31, 2015		50,000	52,697,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock	42,466		$ 43	42,423
Issuance of stock (in shares)			4,259,000
Offering costs	(6,263)			(6,263)
Common stock issued through distribution reinvestment plan	20,608		$ 24	20,584
Common stock issued through dividend reinvestment plan (in shares)			2,371,000
Distributions declared	(40,624)					(40,624)
Common stock redemptions	(1,449)		$ (2)	(1,447)
Common stock redemptions (in shares)			(167,000)
Designated derivatives, fair value adjustment	43				43
Net loss	(44,161)					(44,161)
Balance, end of period at Dec. 31, 2016	$ 390,892	$ 1	$ 591	520,746	(74)	(130,372)
Balance, beginning of period (in shares) at Dec. 31, 2016	59,160,177	50,000	59,160,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	$ 20,685		$ 23	20,662
Common stock issued through dividend reinvestment plan (in shares)			2,395,000
Distributions declared	(36,123)					(36,123)
Common stock redemptions	(6,733)		$ (8)	(6,725)
Common stock redemptions (in shares)			(773,000)
Designated derivatives, fair value adjustment	(370)				(370)
Net loss	(37,691)					(37,691)
Balance, end of period at Dec. 31, 2017	$ 330,660	$ 1	$ 606	$ 534,683	$ (444)	$ (204,186)
Balance, beginning of period (in shares) at Dec. 31, 2017	60,782,019	50,000	60,782,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (37,691)	$ (44,161)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Loss on disposal of assets	963	2,516
Depreciation and amortization	39,135	30,964
Amortization of deferred financing costs	1,163	737
Amortization of mortgage premiums	(118)	(121)
Change in fair value of interest rate swap	(123)	(170)
Changes in operating assets and liabilities:
Restricted cash	(2,052)	(1,301)
Tenant receivables	(19)	(51)
Due from related parties	547	(241)
Prepaid expenses and other assets	155	2,479
Due to related parties	(2,110)	(1,450)
Accounts payable and accrued expenses	1,914	4,657
Tenant prepayments	17	173
Security deposits	73	(57)
Net cash provided by (used in) operating activities	1,854	(6,026)
Cash flows from investing activities
Property acquisitions	(63,824)	(339,080)
Capital expenditures	(26,956)	(31,334)
Change in restricted cash - capital reserves	1,005	(676)
Net cash used in investing activities	(89,775)	(371,090)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of redemptions	(6,733)	48,632
Payment of deferred financing costs	(1,146)	(3,908)
Increase in borrowings	79,039	278,627
Repayments on borrowings	(3,690)	(1,657)
Purchase of interest rate caps	(116)	(227)
Distributions paid on common stock	(15,095)	(14,025)
Offering costs	0	(6,263)
Net cash provided by financing activities	52,259	301,179
Net decrease in cash	(35,662)	(75,937)
Cash at beginning of period	104,889	180,826
Cash at end of period	$ 69,227	$ 104,889

Nature of Business and Operatio

Nature of Business and Operations	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Operations	NATURE OF BUSINESS AND OPERATIONS Resource Real Estate Opportunity REIT II, Inc. (the “Company”) was organized in Maryland on September 28, 2012 . During the primary portion of the offering, the Company offered up to 100,000,000 shares of common stock for $10 per share, with volume discounts available to certain categories of investors. The primary portion of the offering closed on February 6, 2016 . The Company is currently offering up to 10,000,000 shares pursuant to the Company’s distribution reinvestment plan at a purchase price equal to $8.63 per share ( $8.65 per share prior to March 30, 2018). The Company has adopted a fiscal year ending December 31. Resource Real Estate Opportunity Advisor II, LLC (the "Advisor”) is a wholly owned subsidiary of Resource Real Estate, LLC (the "Sponsor") and an indirect wholly owned subsidiary of Resource America, Inc. (“RAI”). 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 investment management and 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 the Company's common stock held by the Advisor. As of December 31, 2017 , a total of 60,782,019 shares, including shares purchased by the Advisor and shares issued through the distribution reinvestment plan, have been issued resulting in gross offering proceeds of $598.0 million . As of December 31, 2017 , the Company had issued 5,675,748 shares valued at $49.9 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 underperforming multifamily rental properties which the Company will renovate and stabilize in order to increase rents, and may acquire, to a lessor extent, real estate related debt. The Company is organized and conducts its operations in a manner intended to allow it to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended. The Company also operates its business in a manner intended to maintain its exemption from registration under the Investment Company Act of 1940, as amended.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows: Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("GAAP"). Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units 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 188 Portland, OR RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Crossing 252 Atlanta, GA 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 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 The Palmer at Las Colinas 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, or Indigo Creek Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC, or Martin's Point Martin's Point 256 Lombard, IL 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 consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic temporary deposits of cash. At December 31, 2017 , the Company had $78.8 million of deposits at various banks, $69.8 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits. Rental Properties The Company records acquired real estate at fair value on their acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life, and depreciates the asset using the straight line method. The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture and fixtures 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. 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. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. As four of the Company's multifamily properties are located in the Dallas-Fort Worth area, three properties are located in the Chicago 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, the Company's 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 the Company's liquidity and adversely affect its ability to fund its 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 during the year ended December 31, 2017 and 2016 . Allocation of Purchase Price of Acquired Assets The Company records the acquisition of real properties as business combinations. 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 respective 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 do 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 customer relationship intangibles 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. The future minimum rental payments to be received from noncancelable operating leases are approximately $43.1 million and $889,000 for the years ending December 31, 2017 and 2018, and none thereafter. Revenue is primarily derived from the rental of residential housing units, however, included within rental income is other income such as pet fees, parking fees, and late fees, as well as property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs. The Company records the ancillary charges in the period they are earned or received and records the reimbursements in the period in which the related expenses incurred. Total other income included within rental income was $7.3 million and $2.6 million for the years ended December 31, 2017 and 2016 , respectively. 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 historical 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 December 31, 2017 and 2016 , there were allowances for uncollectible receivables of $4,674 and $5,009 , respectively. Income Taxes The Company elected to be taxed as a REIT, commencing with its taxable year ended December 31, 2014. To maintain its REIT qualification 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 other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. 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 December 31, 2017 and 2016 , the Company had no TRSs. The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company. The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months. Legislation commonly known as the Tax Cuts and Jobs Act ("TCJA") was signed into law on December 22, 2017. The TCJA makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations (including REIT's), generally effective for taxable years beginning after December 31, 2017 . The Company is continuing to evaluate this legislation but it does not expect it to have a significant impact. The Company is subject to examination by the U.S. Internal Revenue Service and by the taxing authorities in other states in which the Company has significant business operations. The Company is not currently undergoing any examinations by taxing authorities. The Company is not subject to IRS examination for the tax return years 2013 and prior. Earnings Per Share Basic earnings (loss) per share is calculated on the basis of weighted-average common shares outstanding during the year. Basic earnings (loss) per 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 (see Note 11) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of December 31, 2017 were such date to represent the end of the contingency period). For the years ended December 31, 2017 and 2016, common shares potentially issuable to settle distributions payable are excluded from the calculation of diluted earnings per share calculations, as their inclusion would be anti-dilutive. All common shares and per common share information in the consolidated financial statements have been adjusted retroactively for the effect of one 0.625% stock distribution issued on July 14, 2014 , one 1.00% stock distribution issued on October 15, 2014 , one 0.83333% stock distribution issued on January 15, 2015 , one 0.5% stock distribution issued on April 15, 2015 , and one 0.5% stock distribution issued on July 15, 2015 . Organization and Offering Costs The Company 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 (the “Advisory Agreement”), the Company was 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 would 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, the Company incurred $11.2 million of offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal and similar costs. During the offering period, the Advisor paid $7.2 million of these costs on behalf of the Company, all of which have been reimbursed. A portion of these costs were 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, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” ("ASU No. 2014-09"), which will replace most existing revenue recognition guidance in GAAP. Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. 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. The Company will adopt ASU 2014-09 as of January 1, 2018 using the modified retrospective approach. The majority of the Company’s revenue is derived from residential rental income and other lease income, which are scoped out from this standard and included in the current lease accounting framework, and will be accounted for under ASU No. 2016-02, Leases, as discussed below. Revenue streams that are in the scope of the new standards include (but are not limited to) administrative and late fees and revenue sharing arrangements of cable income from contracts with cable providers at our properties. Due to the nature and timing of the Company’s identified revenue streams as of December 31, 2017, the Company does not anticipate the adoption of the new standards will have a material impact on its financial position or results of operations. In February 2016, FASB issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02"), 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. In September 2017, FASB issued ASU 2017-13, "Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842)", which provides additional implementation guidance on the previously issued ASU No. 2016-02. 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, the Company expects that its operating leases where it is the lessor will be accounted for on its balance sheet similar to its current accounting with the underlying leased asset recognized as real estate. The Company expects that executory costs and certain other non-lease components will need to be accounted for separately from the lease component of the lease with the lease component continuing to be recognized on a straight-line basis over the lease term and the executory costs and certain other non-lease components being accounted for under the new revenue recognition guidance in ASU 2014-09. For leases in which the Company is the lessee, primarily consisting of office equipment leases, the Company expects to recognize a right-of-use asset and a lease liability equal to the present value of the minimum lease payments with rental payments being applied to the lease liability and to interest expense and the right-of-use asset being amortized to expense on a straight-line basis over the term of the lease. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses” (ASU No. 2016-13"), 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. ASU No. 2016-15 will be effective for the Company beginning January 1, 2018. Early application is permitted. The Company is evaluating this guidance; however, it does not expect the adoption of ASU No. 2016-15 to have a significant impact on its reporting of consolidated cash flows. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 850): Clarifying the Definition of Business" (ASU No. 2017-01"), 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" (ASU No. 2017-04"), which alters the current goodwill impairment testing procedures. 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. In August 2017, FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The update to the standard is effective for the Company on January 1, 2019, with early adoption permitted in any interim period. The Company is continuing to evaluate this guidance and assessing the impact of this guidance on its consolidated financial statements.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 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): Years Ended December 31, 2017 2016 Non-cash financing and investing activities: Distributions on common stock declared but not yet paid $ 9,112 8,769 Stock issued from distribution reinvestment plan 20,685 20,608 Rental property and other assets acquired through assumption of mortgage notes payable — 28,704 Mortgage note payable used to acquire real property 29,990 — Cash paid during the period for: Interest $ 20,324 $ 9,082

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 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): December 31, December 31, Real estate taxes $ 4,594 $ 3,252 Insurance 973 671 Capital improvements 1,693 2,697 Other 408 — Total $ 7,668 $ 6,620 Unrestricted cash designated for capital expenditures $ 42,640 $ 71,738

Rental Properties, Net

Rental Properties, Net	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Rental Properties, Net	RENTAL PROPERTIES, NET The Company’s investments in rental properties consisted of the following (in thousands): December 31, December 31, 2016 Land $ 123,863 $ 108,587 Building and improvements 748,062 629,060 Furniture, fixtures and equipment 21,743 36,307 Construction in progress 5,061 7,641 898,729 781,595 Less: accumulated depreciation (61,758 ) (27,007 ) $ 836,971 $ 754,588 Depreciation expense for the years ended December 31, 2017 and 2016 was $35.1 million and $21.9 million , respectively.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS As of December 31, 2017 , the Company owned 18 properties. In order to finalize the fair values of the acquired assets and liabilities, the Company obtained third-party appraisals. The Company has up to 12 months from the date of acquisition to finalize the valuation for each property. All valuations have been finalized as of December 31, 2017 . The table below summarizes the Company's wholly-owned acquisitions during the year ended December 31, 2017 and the respective fair values assigned (in thousands): Fair Value Assigned Multifamily City and State Date of Contractual Purchase (1) Land Building and Furniture, Fixture and Equipment Intangible Assets Debt Assumed Other Indigo Creek Glendale, Arizona 4/4/2017 $ 55,200 $ 7,202 $ 46,348 $ 508 $ 1,143 $ — $ (97 ) Martin's Point Lombard, Illinois 10/31/2017 $ 38,250 $ 8,074 $ 28,485 $ 646 $ 1,045 $ — $ (786 ) (1) Contractual purchase price excludes closing costs and acquisition expenses and other immaterial settlement date adjustments and pro-rations. The table below summarizes the total revenues, net loss, and acquisition costs of the Company's 2017 acquisitions (in thousands): Year Ended Multifamily Community December 31, 2017 Indigo Creek Total Revenues $ 3,631 Net Loss $ (1,877 ) Acquisition Costs $ 51 Acquisition Fee $ 1,141 Martin's Point Total Revenues $ 709 Net Loss $ (441 ) Acquisition Costs $ 140 Acquisition Fee $ 780

Identified Intangible Assets, N

Identified Intangible Assets, Net	12 Months Ended
	Dec. 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 $18.5 million and $16.3 million as of December 31, 2017 and 2016 , respectively, net of accumulated amortization of $17.7 million and $13.6 million , respectively . The weighted average remaining life of the rental leases is seven months and five months as of December 31, 2017 and 2016 , respectively. For the years ended December 31, 2017 and 2016 , amo rtization expense was $4.1 million and $9.1 million , respectively. Expected amortization for the rental leases for the next 12 months is $813,000 and none thereafter.

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	MORTGAGE NOTES PAYABLE, NET The following table presents a summary of the Company's mortgage notes payable, net (in thousands): December 31, 2017 December 31, 2016 Collateral Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Overton Trails Apartment Homes $ 30,485 $ — $ (291 ) $ 30,194 $ 31,075 $ — $ (344 ) $ 30,731 Uptown Buckhead 20,039 — (248 ) 19,791 20,200 — (284 ) 19,916 Crosstown at Chapel Hill 31,826 — (265 ) 31,561 32,000 — (373 ) 31,627 The Brookwood - Key Bank 17,871 399 (188 ) 18,082 18,247 508 (239 ) 18,516 The Brookwood - Capital One 2,657 30 (32 ) 2,655 2,699 39 (41 ) 2,697 Adair off Addison and Adair off Addison Apartment Homes 25,091 — (347 ) 24,744 25,500 — (464 ) 25,036 1000 Spalding Crossing 24,600 — (230 ) 24,370 24,600 — (289 ) 24,311 Riverlodge 27,634 — (315 ) 27,319 28,292 — (393 ) 27,899 Verdant Apartment Homes 37,300 — (289 ) 37,011 37,300 — (345 ) 36,955 Arcadia Apartment Homes 40,200 — (318 ) 39,882 40,200 — (379 ) 39,821 Grand Reserve 41,520 — (372 ) 41,148 42,395 — (446 ) 41,949 Montclair Terrace 20,674 — (290 ) 20,384 21,083 — (345 ) 20,738 Breckenridge 52,975 — (588 ) 52,387 52,975 — (697 ) 52,278 The Palmer at Las Colinas 45,700 — (574 ) 45,126 45,700 — (643 ) 45,057 Windbrooke Crossing 38,320 — (411 ) 37,909 38,320 — (490 ) 37,830 Woods of Burnsville 38,250 — (534 ) 37,716 — — — — Indigo Creek 40,789 — (471 ) 40,318 — — — — Martin's Point 29,990 — (423 ) 29,567 — — — — $ 565,921 $ 429 $ (6,186 ) $ 560,164 $ 460,586 $ 547 $ (5,772 ) $ 455,361 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages): Maturity Margin over LIBOR Annual Interest Rate Average Average Overton Trails Apartment Homes 1/1/2025 1.91 % 3.47 % $ 137 $ 117 (1) (3) (5) Uptown Buckhead 7/1/2025 2.22 % 3.78 % $ 92 $ 58 (1) (3) (5) Crosstown at Chapel Hill 7/10/2020 1.70 % 3.26 % $ 121 $ — (1) (4) (5) The Brookwood - Key Bank 11/1/2021 — 4.73 % $ 104 $ 48 (2) (7) The Brookwood - Capital One 11/1/2021 — 5.40 % $ 16 $ — (2) (7) Adair off Addison and Adair off Addison Apartment Homes 1/1/2021 1.55 % 3.11 % $ 104 $ — (1) (3) (5) 1000 Spalding Crossing 1/1/2022 — 3.88 % $ 115 $ 47 (2) (5) Riverlodge 5/1/2022 — 3.76 % $ 144 $ 141 (2) (7) Verdant Apartment Homes 5/1/2023 — 3.89 % $ 161 $ 26 (2) (5) Arcadia Apartment Homes 5/1/2023 — 3.89 % $ 174 $ 19 (2) (5) Grand Reserve 6/1/2023 2.57 % 4.13 % $ 210 $ 133 (1) (3) (6) Montclair Terrace 6/1/2023 2.45 % 4.01 % $ 93 $ 26 (1) (3) (7) Breckenridge 7/1/2023 2.36 % 3.92 % $ 230 $ 56 (1) (3) (5) The Palmer at Las Colinas 9/1/2026 2.11 % 3.67 % $ 179 $ 146 (1) (3) (5) Windbrooke Crossing 1/1/2024 2.69 % 4.25 % $ 230 $ 71 (1) (3) (5) Woods of Burnsville 2/1/2024 2.13 % 3.69 % $ 198 $ 63 (1) (3) (5) Indigo Creek 5/1/2024 1.93 % 3.49 % $ 242 $ 51 (1) (3) (5) Martin's Point 11/1/2024 1.86 % 3.42 % $ 137 $ 76 (1) (3) (5) (1) Variable rate based on one-month LIBOR of 1.56425% (as of December 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 Home acquisition. The fair value adjustment (premium) is amortized to interest expense over the term of the related mortgages loans using the effective interest method. As of December 31, 2017 , the net unamortized mortgage premium of $429,000 was included as a component of mortgage loans payable in the accompanying consolidated balance sheets. At December 31, 2017 , the weighted average interest rate of all our outstanding indebtedness was 3.79% Mortgage notes are collateralized by liens on the assets of the respective properties 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 mortgages held. As of December 31, 2017 and 2016 , the Company had $7.7 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 4). Annual principal payments on the mortgage notes payable for each of the next five years ending December 31, and thereafter, is as follows (in thousands): 2018 $ 6,068 2019 9,915 2020 43,206 2021 54,425 2022 58,662 Thereafter 393,646 $ 565,922 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. For the Crosstown at Chapel Hill Mortgage Loan, beginning with the calendar quarter ended December 31, 2017, the property must maintain a certain level of debt service coverage. The Company was in compliance with all covenants related to this loan as of December 31, 2017 . Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. As of December 31, 2017 and December 31, 2016 , accumulated amortization of deferred financing costs was $2,044,007 and $ 876,721 , respectively. Amortization of deferred financing costs for the next five years ending December 31, and thereafter, are as follows (in thousands): 2018 $ 1,236 2019 1,218 2020 1,142 2021 952 2022 772 Thereafter 866 $ 6,186

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated other comprehensive loss for the year ended December 31, 2017 (in thousands): Net unrealized (loss) gain on derivatives Balance, January 1, 2016 $ (117 ) Designated derivatives, fair value adjustment 43 Balance, December 31, 2016 (74 ) Designated derivatives, fair value adjustment (370 ) Balance, December 31, 2017 $ (444 )

Certain Relationships And Relat

Certain Relationships And Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Certain Relationships And Related Party Transactions	NOTE 10 – RELATED PARTY TRANSACTIONS In the ordinary course of its business operations, the Company has ongoing relationships with several related parties. 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 will be reimbursed for the Company’s allocable share of costs for Advisor personnel, including allocable personnel salaries and benefits. Each of the Company’s officers is an employee of the Sponsor or one of its affiliates. The Company does not have any employees. The Advisor is not obligated to dedicate any specific portion of its time or the time of its personnel to the Company’s business. The Advisor is at all times subject to the supervision and oversight of the Company’s Board of Directors and has only such functions and authority as the Company delegates to it. During the course of the offering, the Advisor provided offering-related services to the Company and advanced funds to the Company for both operating costs and organization and offering costs. These amounts were 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 as of December 31, 2016 . 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 or a majority of an asset and does not manage or control the asset. Disposition fees. The Advisor earns a disposition fee in connection with of 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. No properties were sold during the year s ended December 31, 2017 and 2016 and, therefore, no disposition fees were earned. 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 Property loss pool : The Company's properties participate in a property loss self-insurance pool with other properties directly and indirectly managed by RAI and C-III, which is backed by a catastrophic insurance policy. Substantially all of the receivables from related parties represent insurance deposits held in escrow by RAI and C-III related to the self-insurance pool which, if unused, will be returned to the Company. The pool covers losses up to $2.5 million , in aggregate, after a $25,000 deductible per incident. Claims beyond the insurance pool limits will be covered by the catastrophic insurance policy, which covers claims up to $250.0 million , after a $100,000 deductible per incident. 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 year ended December 31, 2017 , the Company paid $403,180 into the insurance pools. General liability loss pool : The Company's properties also participated in a general liability pool with other properties directly or indirectly managed by RAI and C-III until April 22, 2017. The pool covered claims up to $50,000 per incident through April 22, 2017. Effective April 23, 2017, the loss pool was eliminated and the Company now participates (with other properties directly or indirectly managed by RAI and C-III) in a general liability policy. The insured limit for the general liability policy was $76.0 million in total claims, after a $25,000 deductible per incident. Directors and officers insurance: The Company participates in a liability insurance program for directors and officers coverage with other C-III managed entities and subsidiaries for coverage up to $100.0 million . The Company paid $204,000 during the year ended December 31, 2017 . Internal audit fees. RAI performs internal audit services for the Company. Other expenses . The Company utilizes the services of The Planning and Zoning Resource Company, a subsidiary of C-III, for zoning reports and acquisitions. Relationship with the Manager 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 property 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 years ended December 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, LLC. Resource Securities, LLC. (“Resource Securities”), an affiliate of the Advisor, served 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 Parties 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): December 31, December 31, Due from related parties: RAI - self-insurance funds held 57 604 $ 57 $ 604 Due to related parties: Advisor Acquisition fees $ — $ 1,022 Operating expense reimbursements 1 1,078 Manager Property management fees 315 244 Operating expense reimbursements 204 304 RAI Internal audit fees 18 — $ 538 $ 2,648 Graphic Images (8) $ 9 $ 3 Years Ended December 31, 2017 2016 Fees earned / expenses incurred: Advisor Acquisition fees (1) $ 1,921 $ 8,497 Asset management fees (2) $ 9,363 $ 6,892 Debt financing fees (3) $ 545 $ 1,537 Organization and offering costs (4) $ — $ 86 Operating expense reimbursements (5) $ 3,885 $ 4,130 Manager Property management fees (2) $ 3,438 $ 2,278 Construction management fees (7) $ 981 $ 1,371 Construction payroll reimbursements (7) $ 233 $ 471 Operating expense reimbursements (5) $ 659 $ 1,188 Information technology fees (5) $ — $ 166 Resource Securities: Selling commissions and dealer-manager fees (6) $ — $ 4,193 Other Graphic Images (5) $ 9 $ 8 The Planning & Zoning Resource Company (5) $ 2 $ 2 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive loss. (2) Included in Management fees on the consolidated statements of operations and comprehensive loss. (3) Included in Mortgage notes payable, net on the consolidated balance sheets. (4) Included in Stockholders' equity on the consolidated balance sheets. As of December 31, 2017 , all previously deferred offering costs have been reclassified to Stockholders' equity. (5) Included in General and administrative on the consolidated statements of operations and comprehensive loss. (6) Included in Stockholders' equity on the consolidated balance sheets. (7) Included in Rental properties, net on the consolidated balance sheets. (8) Included in Accounts payable and accrued expenses on the consolidated balance sheets.

Equity

Equity	12 Months Ended
	Dec. 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 December 31, 2017 and 2016 , no shares of preferred stock were issued or outstanding. Convertible Stock As of December 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. No triggering events had occurred as of December 31, 2017 . Common Stock As of December 31, 2017 , the Company had an aggregate of 60,782,019 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 5,675,748 49,932 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total 61,728,410 606,279 Shares redeemed and retired (946,391 ) (8,235 ) Total shares outstanding 60,782,019 $ 598,044 Redemptions During the year ended December 31, 2017 , the Company redeemed shares of common stock as follows (in thousands, except per share data): Period Total Number (1) Average Price Paid per Share Cumulative Number (2) Approximate Dollar January 2017 — $— — (2) February 2017 — $— — (2) March 2017 121 $8.74 121 (2) April 2017 — $— — (2) May 2017 — $— — (2) June 2017 188 $8.60 309 (2) July 2017 — $— — (2) August 2017 — $— — (2) September 2017 336 $8.59 645 (2) October 2017 — $— — (2) November 2017 — $— — (2) December 2017 128 $8.68 773 (2) (1) All purchases of equity securities by the Company in the year ended December 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 year ended December 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 year ended December 31, 2017 , the Company paid aggregate distributions of $35.8 million , including $15.1 million of distributions paid in cash and $20.7 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 reinvested in shares of Common Stock Net Cash Distributions Total Aggregate Distributions 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 March 28, 2017 0.00164384 March 31, 2017 through April 27, 2017 April 28, 2017 1,593 1,156 2,749 March 28, 2017 0.00164384 April 28, 2017 through May 30, 2017 May 31, 2017 1,877 1,366 3,243 March 28, 2017 0.00164384 May 31, 2017 through June 29, 2017 June 30, 2017 1,713 1,243 2,956 June 16, 2017 0.00164384 June 30, 2017 through July 30, 2017 July 31, 2017 1,774 1,286 3,060 June 16, 2017 0.00164384 July 31, 2017 through August 30, 2017 August 31, 2017 1,777 1,292 3,069 June 16, 2017 0.00164384 August 31, 2017 through September 28, 2017 September 29, 2017 1,658 1,208 2,866 September 30, 2017 0.00164384 September 29, 2017 through October 30, 2017 October 31, 2017 1,835 1,337 3,172 September 30, 2017 0.00164384 October 31, 2017 through November 29, 2017 November 30, 2017 1,719 1,265 2,984 September 30, 2017 0.00164384 November 30, 2017 through December 28, 2017 December 29, 2017 1,649 1,257 2,906 $ 20,685 $ 15,095 $ 35,780 On December 15, 2017 , the Company's 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 December 29, 2017 through and including March 29, 2018 , payable on January 31, 2018 , February 28, 2018 and April 2, 2018 . The following is a reconciliation of total aggregate distributions paid to total distributions declared for the year ended December 31, 2017 (in thousands): Total aggregate distributions paid $ 35,780 Less: distribution payable at December 31, 2016 (8,769 ) Add: distribution payable at December 31, 2017 9,112 Total distributions declared $ 36,123 Distributions are payable in cash or reinvested in shares of common stock at the discretion of the shareholder.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	12 Months Ended
	Dec. 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 values of cash, tenant receivables and accounts payable, approximate their carrying values due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Derivatives (interest rate caps and swap) 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 December 31, 2017 Assets: Interest rate caps $ — $ 58 $ — $ 58 Cancelable swap — 166 — 166 $ — $ 224 $ — $ 224 December 31, 2016 Assets: Interest rate caps $ — $ 365 $ — $ 365 Cancelable swap $ — $ 43 $ — $ 43 $ — $ 408 $ — $ 408 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): December 31, 2017 December 31, 2016 Outstanding Balance Estimated Fair Outstanding Balance Estimated Fair Mortgage notes payable $ 565,921 $ 571,275 $ 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	12 Months Ended
	Dec. 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 year ended December 31, 2017 , such derivatives were used to hedge the variable cash flows, indexed to USD-London InterBank Offered Rate ("LIBOR"), associated with an existing variable-rate loan agreement. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the years ended December 31, 2017 and 2016 , the Company recorded no 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 $112,646 will be reclassified as an increase to interest expense. Cancelable swaps 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 December 31, 2017 , the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 12 $ 388,931 January 1, 2018 through January 1, 2021 Derivatives not designated as hedging instruments: Cancelable swap 1 $ 31,826 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 December 31, 2017 and 2016 (in thousands): Asset Derivatives Liabilities Derivatives December 31, 2017 December 31, 2016 December 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 $ 58 Interest rate caps $ 365 NA $ — NA $ — Derivatives not designated as hedging instruments: Cancelable swap $ 166 NA $ 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 years ended December 31, 2017 and 2016 (in thousands): Amount of Gain (Loss) Recognized in Income for the Years Ended Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income December 31, 2017 December 31, 2016 Interest rate caps Interest expense $ 70 $ 10 Amount of Gain (Loss) Recognized in Income for the Years Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income December 31, 2017 December 31, 2016 Cancelable swap Interest expense $ 135 $ 283 Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Years 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 Years Ended December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Interest rate products $ (440 ) $ 33 Interest expense $ (70 ) $ (10 ) Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision 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 December 31, 2017 , the Company has not posted any collateral related to these agreements.

Operating Expenses

Operating Expenses	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
Operating Expenses	OPERATING EXPENSES 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 December 31, 2017 did not exceed the charter imposed limitation.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On March 28, 2018 , the Board of Directors approved the following distributions: daily amount of $0.00164384 per share of common stock for the period from March 30, 2018 through and including June 28, 2018 , payable on April 30, 2018 , May 31, 2018 and June 29, 2018 . The Company has evaluated subsequent events and determined that no events have occurred, other than those disclosed above, which would require an adjustment to the consolidated financial statements.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III Real Estate and Accumulated Depreciation Disclosure [Text Block]	Column A Column B Column C Column D Column E Column F Column G Column H Description Encumbrances Initial cost to Company Cost capitalized subsequent to acquisition Gross Amount at which carried at close of period Accumulated Depreciation Date of Construction Date Acquired Real estate owned: Residential — 9,148 3,103 12,251 (2,243 ) 1980 6/4/2014 Dallas, Texas Residential 30,484 45,824 5,738 51,562 (6,606 ) 1999 12/19/2014 Fort Worth, Texas Residential 20,039 31,856 4,615 36,471 (3,762 ) 1989 3/30/2015 Atlanta, Georgia Residential 31,826 45,653 5,488 51,141 (5,289 ) 1990 5/19/2015 Chapel Hill, North Carolina Residential 20,529 30,003 5,877 35,880 (3,256 ) 1968 8/21/2015 Homewood, Alabama Residential 25,091 20,667 2,634 23,301 (2,337 ) 1979 8/27/2015 Dallas, Texas Residential 24,600 40,194 4,054 44,248 (3,782 ) 1995 9/24/2015 Atlanta Georgia Residential 20,674 32,130 1,963 34,094 (2,673 ) 2004 10/29/2015 Portland, Oregon Residential 41,520 66,213 4,677 70,890 (5,189 ) 1991 12/18/2015 Naperville, Illinois Residential 37,300 64,181 3,399 67,580 (3,865 ) 1997 12/18/2015 Boulder, Colorado Residential 40,200 59,059 4,989 64,048 (4,363 ) 1984 1/22/2016 Centennial, Colorado Residential 27,634 55,466 5,351 60,817 (4,187 ) 2001 3/23/2016 Austin, Texas Column A Column B Column C Column D Column E Column F Column G Column H Description Encumbrances Initial cost to Company Cost capitalized subsequent to acquisition Gross Amount at which carried at close of period Accumulated Depreciation Date of Construction Date Acquired Residential 52,975 80,155 2,889 83,044 (4,611 ) 1985 5/17/2016 Portland, Oregon Residential 45,700 68,454 5,066 73,520 (4,149 ) 1991 6/28/2016 Irving, Texas Residential 38,320 47,817 279 48,096 (1,787 ) 1986 12/22/2016 Buffalo Grove, Illinois Residential 38,250 49,775 408 50,183 (2,005 ) 1984 12/23/2016 Burnsville, Minnesota Residential 40,789 54,057 335 54,392 (1,444 ) 1998 4/4/2017 Glendale, Arizona Residential 29,990 37,205 6 37,211 (210 ) 1989 10/31/2017 Lombard, Illinois $ 565,921 $ 837,857 $ 60,871 $ 898,729 $ (61,758 ) Years Ended 2017 2016 (in thousands) Investments in real estate: Balance at beginning of the year $ 781,595 $ 392,620 Additions during the year: — — Acquisitions 91,262 361,558 Improvements, etc. 26,956 31,334 Dispositions during the year: (1,084 ) (3,917 ) Balance at end of year $ 898,729 $ 781,595 Accumulated Depreciation: Balance at beginning of year $ (27,007 ) $ (5,295 ) Depreciation (35,071 ) (21,870 ) Disposals 320 158 Balance at the end of year $ (61,758 ) $ (27,007 )

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("GAAP").
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units 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 188 Portland, OR RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Crossing 252 Atlanta, GA 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 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 The Palmer at Las Colinas 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, or Indigo Creek Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC, or Martin's Point Martin's Point 256 Lombard, IL N/A - Not Applicable 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 consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic temporary deposits of cash. At December 31, 2017 , the Company had $78.8 million of deposits at various banks, $69.8 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits.
Real Estate Investments	Rental Properties The Company records acquired real estate at fair value on their acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life, and depreciates the asset using the straight line method. The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture and fixtures 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. 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. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. As four of the Company's multifamily properties are located in the Dallas-Fort Worth area, three properties are located in the Chicago 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, the Company's 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 the Company's liquidity and adversely affect its ability to fund its 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 during the year ended December 31, 2017 and 2016 .
Allocation of Purchase Price of Acquired Assets	Allocation of Purchase Price of Acquired Assets The Company records the acquisition of real properties as business combinations. 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 respective 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 do 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 customer relationship intangibles 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. The future minimum rental payments to be received from noncancelable operating leases are approximately $43.1 million and $889,000 for the years ending December 31, 2017 and 2018, and none thereafter. Revenue is primarily derived from the rental of residential housing units, however, included within rental income is other income such as pet fees, parking fees, and late fees, as well as property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs. The Company records the ancillary charges in the period they are earned or received and records the reimbursements in the period in which the related expenses incurred. Total other income included within rental income was $7.3 million and $2.6 million for the years ended December 31, 2017 and 2016 , respectively.
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 historical 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 December 31, 2017 and 2016 , there were allowances for uncollectible receivables of $4,674 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. 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 other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. 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 December 31, 2017 and 2016 , the Company had no TRSs. The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company. The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months. Legislation commonly known as the Tax Cuts and Jobs Act ("TCJA") was signed into law on December 22, 2017. The TCJA makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations (including REIT's), generally effective for taxable years beginning after December 31, 2017 . The Company is continuing to evaluate this legislation but it does not expect it to have a significant impact. The Company is subject to examination by the U.S. Internal Revenue Service and by the taxing authorities in other states in which the Company has significant business operations. The Company is not currently undergoing any examinations by taxing authorities. The Company is not subject to IRS examination for the tax return years 2013 and prior.
Earnings Per Share	Earnings Per Share Basic earnings (loss) per share is calculated on the basis of weighted-average common shares outstanding during the year. Basic earnings (loss) per 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 (see Note 11) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of December 31, 2017 were such date to represent the end of the contingency period). For the years ended December 31, 2017 and 2016, common shares potentially issuable to settle distributions payable are excluded from the calculation of diluted earnings per share calculations, as their inclusion would be anti-dilutive. All common shares and per common share information in the consolidated financial statements have been adjusted retroactively for the effect of one 0.625% stock distribution issued on July 14, 2014 , one 1.00% stock distribution issued on October 15, 2014 , one 0.83333% stock distribution issued on January 15, 2015 , one 0.5% stock distribution issued on April 15, 2015 , and one 0.5% stock distribution issued on July 15, 2015 .
Organization and Offering Costs	Organization and Offering Costs The Company 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 (the “Advisory Agreement”), the Company was 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 would 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, the Company incurred $11.2 million of offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal and similar costs. During the offering period, the Advisor paid $7.2 million of these costs on behalf of the Company, all of which have been reimbursed. A portion of these costs were 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, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” ("ASU No. 2014-09"), which will replace most existing revenue recognition guidance in GAAP. Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. 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. The Company will adopt ASU 2014-09 as of January 1, 2018 using the modified retrospective approach. The majority of the Company’s revenue is derived from residential rental income and other lease income, which are scoped out from this standard and included in the current lease accounting framework, and will be accounted for under ASU No. 2016-02, Leases, as discussed below. Revenue streams that are in the scope of the new standards include (but are not limited to) administrative and late fees and revenue sharing arrangements of cable income from contracts with cable providers at our properties. Due to the nature and timing of the Company’s identified revenue streams as of December 31, 2017, the Company does not anticipate the adoption of the new standards will have a material impact on its financial position or results of operations. In February 2016, FASB issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02"), 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. In September 2017, FASB issued ASU 2017-13, "Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842)", which provides additional implementation guidance on the previously issued ASU No. 2016-02. 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, the Company expects that its operating leases where it is the lessor will be accounted for on its balance sheet similar to its current accounting with the underlying leased asset recognized as real estate. The Company expects that executory costs and certain other non-lease components will need to be accounted for separately from the lease component of the lease with the lease component continuing to be recognized on a straight-line basis over the lease term and the executory costs and certain other non-lease components being accounted for under the new revenue recognition guidance in ASU 2014-09. For leases in which the Company is the lessee, primarily consisting of office equipment leases, the Company expects to recognize a right-of-use asset and a lease liability equal to the present value of the minimum lease payments with rental payments being applied to the lease liability and to interest expense and the right-of-use asset being amortized to expense on a straight-line basis over the term of the lease. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses” (ASU No. 2016-13"), 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. ASU No. 2016-15 will be effective for the Company beginning January 1, 2018. Early application is permitted. The Company is evaluating this guidance; however, it does not expect the adoption of ASU No. 2016-15 to have a significant impact on its reporting of consolidated cash flows. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 850): Clarifying the Definition of Business" (ASU No. 2017-01"), 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" (ASU No. 2017-04"), which alters the current goodwill impairment testing procedures. 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. In August 2017, FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The update to the standard is effective for the Company on January 1, 2019, with early adoption permitted in any interim period. The Company is continuing to evaluate this guidance and assessing the impact of this guidance on its consolidated financial statements.
Fair value measurement	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 values of cash, tenant receivables and accounts payable, approximate their carrying values due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Derivatives (interest rate caps and swap) 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)

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 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 of Units 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 188 Portland, OR RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Crossing 252 Atlanta, GA 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 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 The Palmer at Las Colinas 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, or Indigo Creek Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC, or Martin's Point Martin's Point 256 Lombard, IL N/A - Not Applicable
Real Estate Investments	The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture and fixtures 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease

Supplemental Cash Flow Inform25

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table presents supplemental cash flow information (in thousands): Years Ended December 31, 2017 2016 Non-cash financing and investing activities: Distributions on common stock declared but not yet paid $ 9,112 8,769 Stock issued from distribution reinvestment plan 20,685 20,608 Rental property and other assets acquired through assumption of mortgage notes payable — 28,704 Mortgage note payable used to acquire real property 29,990 — Cash paid during the period for: Interest $ 20,324 $ 9,082

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Summary of Components of Restricted Cash	A summary of the components of restricted cash follows (in thousands): December 31, December 31, Real estate taxes $ 4,594 $ 3,252 Insurance 973 671 Capital improvements 1,693 2,697 Other 408 — Total $ 7,668 $ 6,620 Unrestricted cash designated for capital expenditures $ 42,640 $ 71,738

Rental Properties, Net (Tables)

Rental Properties, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of Investments in Rental Properties	The Company’s investments in rental properties consisted of the following (in thousands): December 31, December 31, 2016 Land $ 123,863 $ 108,587 Building and improvements 748,062 629,060 Furniture, fixtures and equipment 21,743 36,307 Construction in progress 5,061 7,641 898,729 781,595 Less: accumulated depreciation (61,758 ) (27,007 ) $ 836,971 $ 754,588

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Summary of Acquisitions and Assigned Fair Values	The table below summarizes the Company's wholly-owned acquisitions during the year ended December 31, 2017 and the respective fair values assigned (in thousands): Fair Value Assigned Multifamily City and State Date of Contractual Purchase (1) Land Building and Furniture, Fixture and Equipment Intangible Assets Debt Assumed Other Indigo Creek Glendale, Arizona 4/4/2017 $ 55,200 $ 7,202 $ 46,348 $ 508 $ 1,143 $ — $ (97 ) Martin's Point Lombard, Illinois 10/31/2017 $ 38,250 $ 8,074 $ 28,485 $ 646 $ 1,045 $ — $ (786 ) (1) Contractual purchase price excludes closing costs and acquisition expenses and other immaterial settlement date adjustments and pro-rations.
Fair Value of Net Assets Acquired	The table below summarizes the total revenues, net loss, and acquisition costs of the Company's 2017 acquisitions (in thousands): Year Ended Multifamily Community December 31, 2017 Indigo Creek Total Revenues $ 3,631 Net Loss $ (1,877 ) Acquisition Costs $ 51 Acquisition Fee $ 1,141 Martin's Point Total Revenues $ 709 Net Loss $ (441 ) Acquisition Costs $ 140 Acquisition Fee $ 780

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following table presents a summary of the Company's mortgage notes payable, net (in thousands): December 31, 2017 December 31, 2016 Collateral Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Overton Trails Apartment Homes $ 30,485 $ — $ (291 ) $ 30,194 $ 31,075 $ — $ (344 ) $ 30,731 Uptown Buckhead 20,039 — (248 ) 19,791 20,200 — (284 ) 19,916 Crosstown at Chapel Hill 31,826 — (265 ) 31,561 32,000 — (373 ) 31,627 The Brookwood - Key Bank 17,871 399 (188 ) 18,082 18,247 508 (239 ) 18,516 The Brookwood - Capital One 2,657 30 (32 ) 2,655 2,699 39 (41 ) 2,697 Adair off Addison and Adair off Addison Apartment Homes 25,091 — (347 ) 24,744 25,500 — (464 ) 25,036 1000 Spalding Crossing 24,600 — (230 ) 24,370 24,600 — (289 ) 24,311 Riverlodge 27,634 — (315 ) 27,319 28,292 — (393 ) 27,899 Verdant Apartment Homes 37,300 — (289 ) 37,011 37,300 — (345 ) 36,955 Arcadia Apartment Homes 40,200 — (318 ) 39,882 40,200 — (379 ) 39,821 Grand Reserve 41,520 — (372 ) 41,148 42,395 — (446 ) 41,949 Montclair Terrace 20,674 — (290 ) 20,384 21,083 — (345 ) 20,738 Breckenridge 52,975 — (588 ) 52,387 52,975 — (697 ) 52,278 The Palmer at Las Colinas 45,700 — (574 ) 45,126 45,700 — (643 ) 45,057 Windbrooke Crossing 38,320 — (411 ) 37,909 38,320 — (490 ) 37,830 Woods of Burnsville 38,250 — (534 ) 37,716 — — — — Indigo Creek 40,789 — (471 ) 40,318 — — — — Martin's Point 29,990 — (423 ) 29,567 — — — — $ 565,921 $ 429 $ (6,186 ) $ 560,164 $ 460,586 $ 547 $ (5,772 ) $ 455,361 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages): Maturity Margin over LIBOR Annual Interest Rate Average Average Overton Trails Apartment Homes 1/1/2025 1.91 % 3.47 % $ 137 $ 117 (1) (3) (5) Uptown Buckhead 7/1/2025 2.22 % 3.78 % $ 92 $ 58 (1) (3) (5) Crosstown at Chapel Hill 7/10/2020 1.70 % 3.26 % $ 121 $ — (1) (4) (5) The Brookwood - Key Bank 11/1/2021 — 4.73 % $ 104 $ 48 (2) (7) The Brookwood - Capital One 11/1/2021 — 5.40 % $ 16 $ — (2) (7) Adair off Addison and Adair off Addison Apartment Homes 1/1/2021 1.55 % 3.11 % $ 104 $ — (1) (3) (5) 1000 Spalding Crossing 1/1/2022 — 3.88 % $ 115 $ 47 (2) (5) Riverlodge 5/1/2022 — 3.76 % $ 144 $ 141 (2) (7) Verdant Apartment Homes 5/1/2023 — 3.89 % $ 161 $ 26 (2) (5) Arcadia Apartment Homes 5/1/2023 — 3.89 % $ 174 $ 19 (2) (5) Grand Reserve 6/1/2023 2.57 % 4.13 % $ 210 $ 133 (1) (3) (6) Montclair Terrace 6/1/2023 2.45 % 4.01 % $ 93 $ 26 (1) (3) (7) Breckenridge 7/1/2023 2.36 % 3.92 % $ 230 $ 56 (1) (3) (5) The Palmer at Las Colinas 9/1/2026 2.11 % 3.67 % $ 179 $ 146 (1) (3) (5) Windbrooke Crossing 1/1/2024 2.69 % 4.25 % $ 230 $ 71 (1) (3) (5) Woods of Burnsville 2/1/2024 2.13 % 3.69 % $ 198 $ 63 (1) (3) (5) Indigo Creek 5/1/2024 1.93 % 3.49 % $ 242 $ 51 (1) (3) (5) Martin's Point 11/1/2024 1.86 % 3.42 % $ 137 $ 76 (1) (3) (5) (1) Variable rate based on one-month LIBOR of 1.56425% (as of December 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
Annual Principal Payments on Mortgage Notes Payable for Next Five Years	Annual principal payments on the mortgage notes payable for each of the next five years ending December 31, and thereafter, is as follows (in thousands): 2018 $ 6,068 2019 9,915 2020 43,206 2021 54,425 2022 58,662 Thereafter 393,646 $ 565,922
Schedule of Deferred Financing Costs	Amortization of deferred financing costs for the next five years ending December 31, and thereafter, are as follows (in thousands): 2018 $ 1,236 2019 1,218 2020 1,142 2021 952 2022 772 Thereafter 866 $ 6,186

Accumulated Other Comprehensi30

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss for the year ended December 31, 2017 (in thousands): Net unrealized (loss) gain on derivatives Balance, January 1, 2016 $ (117 ) Designated derivatives, fair value adjustment 43 Balance, December 31, 2016 (74 ) Designated derivatives, fair value adjustment (370 ) Balance, December 31, 2017 $ (444 )

Certain Relationships And Rel31

Certain Relationships And Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule of 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): December 31, December 31, Due from related parties: RAI - self-insurance funds held 57 604 $ 57 $ 604 Due to related parties: Advisor Acquisition fees $ — $ 1,022 Operating expense reimbursements 1 1,078 Manager Property management fees 315 244 Operating expense reimbursements 204 304 RAI Internal audit fees 18 — $ 538 $ 2,648 Graphic Images (8) $ 9 $ 3 Years Ended December 31, 2017 2016 Fees earned / expenses incurred: Advisor Acquisition fees (1) $ 1,921 $ 8,497 Asset management fees (2) $ 9,363 $ 6,892 Debt financing fees (3) $ 545 $ 1,537 Organization and offering costs (4) $ — $ 86 Operating expense reimbursements (5) $ 3,885 $ 4,130 Manager Property management fees (2) $ 3,438 $ 2,278 Construction management fees (7) $ 981 $ 1,371 Construction payroll reimbursements (7) $ 233 $ 471 Operating expense reimbursements (5) $ 659 $ 1,188 Information technology fees (5) $ — $ 166 Resource Securities: Selling commissions and dealer-manager fees (6) $ — $ 4,193 Other Graphic Images (5) $ 9 $ 8 The Planning & Zoning Resource Company (5) $ 2 $ 2 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive loss. (2) Included in Management fees on the consolidated statements of operations and comprehensive loss. (3) Included in Mortgage notes payable, net on the consolidated balance sheets. (4) Included in Stockholders' equity on the consolidated balance sheets. As of December 31, 2017 , all previously deferred offering costs have been reclassified to Stockholders' equity. (5) Included in General and administrative on the consolidated statements of operations and comprehensive loss. (6) Included in Stockholders' equity on the consolidated balance sheets. (7) Included in Rental properties, net on the consolidated balance sheets. (8) Included in Accounts payable and accrued expenses on the consolidated balance sheets.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of Common Stock	During the year ended December 31, 2017 , the Company redeemed shares of common stock as follows (in thousands, except per share data): Period Total Number (1) Average Price Paid per Share Cumulative Number (2) Approximate Dollar January 2017 — $— — (2) February 2017 — $— — (2) March 2017 121 $8.74 121 (2) April 2017 — $— — (2) May 2017 — $— — (2) June 2017 188 $8.60 309 (2) July 2017 — $— — (2) August 2017 — $— — (2) September 2017 336 $8.59 645 (2) October 2017 — $— — (2) November 2017 — $— — (2) December 2017 128 $8.68 773 (2) (1) All purchases of equity securities by the Company in the year ended December 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. As of December 31, 2017 , the Company had an aggregate of 60,782,019 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 5,675,748 49,932 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total 61,728,410 606,279 Shares redeemed and retired (946,391 ) (8,235 ) Total shares outstanding 60,782,019 $ 598,044
Schedule of Dividends	The following is a reconciliation of total aggregate distributions paid to total distributions declared for the year ended December 31, 2017 (in thousands): Total aggregate distributions paid $ 35,780 Less: distribution payable at December 31, 2016 (8,769 ) Add: distribution payable at December 31, 2017 9,112 Total distributions declared $ 36,123 Distributions are payable in cash or reinvested in shares of common stock at the discretion of the shareholder. For the year ended December 31, 2017 , the Company paid aggregate distributions of $35.8 million , including $15.1 million of distributions paid in cash and $20.7 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 reinvested in shares of Common Stock Net Cash Distributions Total Aggregate Distributions 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 March 28, 2017 0.00164384 March 31, 2017 through April 27, 2017 April 28, 2017 1,593 1,156 2,749 March 28, 2017 0.00164384 April 28, 2017 through May 30, 2017 May 31, 2017 1,877 1,366 3,243 March 28, 2017 0.00164384 May 31, 2017 through June 29, 2017 June 30, 2017 1,713 1,243 2,956 June 16, 2017 0.00164384 June 30, 2017 through July 30, 2017 July 31, 2017 1,774 1,286 3,060 June 16, 2017 0.00164384 July 31, 2017 through August 30, 2017 August 31, 2017 1,777 1,292 3,069 June 16, 2017 0.00164384 August 31, 2017 through September 28, 2017 September 29, 2017 1,658 1,208 2,866 September 30, 2017 0.00164384 September 29, 2017 through October 30, 2017 October 31, 2017 1,835 1,337 3,172 September 30, 2017 0.00164384 October 31, 2017 through November 29, 2017 November 30, 2017 1,719 1,265 2,984 September 30, 2017 0.00164384 November 30, 2017 through December 28, 2017 December 29, 2017 1,649 1,257 2,906 $ 20,685 $ 15,095 $ 35,780

Fair Value Measures and Discl33

Fair Value Measures and Disclosures (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total December 31, 2017 Assets: Interest rate caps $ — $ 58 $ — $ 58 Cancelable swap — 166 — 166 $ — $ 224 $ — $ 224 December 31, 2016 Assets: Interest rate caps $ — $ 365 $ — $ 365 Cancelable swap $ — $ 43 $ — $ 43 $ — $ 408 $ — $ 408
Schedule of Carrying and Fair Values of Assets and Liabilities	The outstanding balance and estimated fair value of the Company’s mortgage notes payable are as follows (in thousands): December 31, 2017 December 31, 2016 Outstanding Balance Estimated Fair Outstanding Balance Estimated Fair Mortgage notes payable $ 565,921 $ 571,275 $ 460,586 $ 449,977

Derivatives and Hedging Activ34

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	As of December 31, 2017 , the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 12 $ 388,931 January 1, 2018 through January 1, 2021 Derivatives not designated as hedging instruments: Cancelable swap 1 $ 31,826 July 28, 2020
Schedule of Fair Value of Derivative Financial Instruments	The table below presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of December 31, 2017 and 2016 (in thousands): Asset Derivatives Liabilities Derivatives December 31, 2017 December 31, 2016 December 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 $ 58 Interest rate caps $ 365 NA $ — NA $ — Derivatives not designated as hedging instruments: Cancelable swap $ 166 NA $ 43 NA $ — NA $ —
Summary of Effects of Derivatives on Consolidated 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 years ended December 31, 2017 and 2016 (in thousands): Amount of Gain (Loss) Recognized in Income for the Years Ended Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income December 31, 2017 December 31, 2016 Interest rate caps Interest expense $ 70 $ 10 Amount of Gain (Loss) Recognized in Income for the Years Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income December 31, 2017 December 31, 2016 Cancelable swap Interest expense $ 135 $ 283 Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Years 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 Years Ended December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Interest rate products $ (440 ) $ 33 Interest expense $ (70 ) $ (10 )

Nature of Business and Operat35

Nature of Business and Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2017	Nov. 30, 2017	Oct. 31, 2017	Sep. 30, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	May 31, 2017	Apr. 30, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2016	Feb. 06, 2016
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000												1,000,000,000
Common stock, initial public offering price (in dollars per share)	$ 8.68	$ 0	$ 0	$ 8.59	$ 0	$ 0	$ 8.60	$ 0	$ 0	$ 8.74	$ 0	$ 0
Common stock, shares outstanding (in shares)	60,782,019												59,160,177
Common stock, shares issued (in shares)	60,782,019												59,160,177
Proceeds from common stock outstanding	$ 598,044
Common stock, value, issued	$ 606,279
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
Common stock, shares issued (in shares)	55,791,297
Common stock, value, issued	$ 556,197
Distribution reinvestment plan
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	10,000,000
Common stock, initial public offering price (in dollars per share)	$ 8.626
Common stock, shares issued (in shares)	5,675,748.004
Common stock, value, issued	$ 49,932
Distribution reinvestment plan | Scenario, Previously Reported
Class of Stock [Line Items]
Common stock, initial public offering price (in dollars per share)	$ 8.65

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Schedule of Wholly-Owned Subsidiaries (Details)	Dec. 31, 2017unit
Adair off Addison
Real Estate Properties [Line Items]
Number of units in real estate property	152
Overton Trails Apartment Homes
Real Estate Properties [Line Items]
Number of units in real estate property	360
Uptown Buckhead
Real Estate Properties [Line Items]
Number of units in real estate property	216
Crosstown at Chapel Hill
Real Estate Properties [Line Items]
Number of units in real estate property	411
Mayfair Chateau
Real Estate Properties [Line Items]
Number of units in real estate property	274
Adair off Addison Apartment Homes
Real Estate Properties [Line Items]
Number of units in real estate property	200
Montclair Holdings
Real Estate Properties [Line Items]
Number of units in real estate property	188
Spalding Crossing
Real Estate Properties [Line Items]
Number of units in real estate property	252
Grand Reserve
Real Estate Properties [Line Items]
Number of units in real estate property	319
Verdant Apartment Homes
Real Estate Properties [Line Items]
Number of units in real estate property	216
Arcadia Apartment Homes
Real Estate Properties [Line Items]
Number of units in real estate property	300
Riverlodge
Real Estate Properties [Line Items]
Number of units in real estate property	498
Breckenridge
Real Estate Properties [Line Items]
Number of units in real estate property	357
Santa Rosa
Real Estate Properties [Line Items]
Number of units in real estate property	476
Windbrooke Crossing
Real Estate Properties [Line Items]
Number of units in real estate property	236
The Woods of Burnsville
Real Estate Properties [Line Items]
Number of units in real estate property	400
Indigo Creek
Real Estate Properties [Line Items]
Number of units in real estate property	408
Martin's Point
Real Estate Properties [Line Items]
Number of units in real estate property	256

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Narrative (Details)	Feb. 06, 2016USD ($)	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Jul. 15, 2015	Apr. 15, 2015	Jan. 15, 2015	Oct. 15, 2014	Jul. 14, 2014
Related Party Transaction [Line Items]
Deposits at various banks		$ 78,800,000
Cash, uninsured amount		69,800,000
Improvements and replacements in excess of threshold, capitalized amount		$ 1,000
Improvements and replacements, useful life greater than or equal to one year, capitalization threshold		1 year
Property management fee, percent fee		5.00%
Number of properties owned | property		18
Impairment of real estate		$ 0	$ 0
Acquisitions, period to finalize valuation		1 year
Future minimum rental payments to be received from noncancelable operating leases, year ending June 30, 2015		$ 43,100,000
Future minimum rental payments to be received from noncancelable operating leases, year ending June 30, 2016		889,000
Future minimum rental payments to be received thereafter		0
Rental income		$ 77,240,000	52,928,000
Resolution period of bankruptcy claims		1 year
Allowance for uncollectible receivables		$ 4,674	5,009
Stock distribution				0.50%	0.50%	0.83333%	1.00%	0.625%
Deferred offering costs to date	$ 11,200,000
Advisor
Related Party Transaction [Line Items]
Maximum reimbursement of organizational and offering costs, percent of offering proceeds	2.50%	2.50%
Advisor | Payment of public offering costs
Related Party Transaction [Line Items]
Deferred offering costs, reimbursed	$ 7,200,000
Other Income
Related Party Transaction [Line Items]
Rental income		$ 7,300,000	$ 2,600,000
Geographic Concentration Risk | Dallas-Fort Worth, Texas
Related Party Transaction [Line Items]
Number of properties owned | property		4
Geographic Concentration Risk | Chicago, Illinois
Related Party Transaction [Line Items]
Number of properties owned | property		3
Geographic Concentration Risk | Portland, Oregon
Related Party Transaction [Line Items]
Number of properties owned | property		2
Geographic Concentration Risk | Atlanta, Georgia
Related Party Transaction [Line Items]
Number of properties owned | property		2

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Real Estate Investments (Details)	12 Months Ended
	Dec. 31, 2017
Building
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Building Improvements | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years
Building Improvements | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years

Supplemental Cash Flow Inform39

Supplemental Cash Flow Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Non-cash financing and investing activities:
Distributions on common stock declared but not yet paid	$ 9,112,000	$ 8,769,000
Stock issued from distribution reinvestment plan	20,685,000	20,608,000
Rental property and other assets acquired through assumption of mortgage notes payable	0	28,704,000
Mortgage note payable used to acquire real property	29,990,000	0
Cash paid during the period for:
Interest	$ 20,324,000	$ 9,082,000

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 7,668	$ 6,620
Unrestricted cash designated for capital expenditures	42,640	71,738
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,594	3,252
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	973	671
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,693	2,697
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 408	$ 0

Rental Properties, Net (Details

Rental Properties, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Rental Properties, Net
Land	$ 123,863	$ 108,587
Building and improvements	748,062	629,060
Furniture, fixtures and equipment	21,743	36,307
Construction in progress	5,061	7,641
Rental properties, gross	898,729	781,595
Less: accumulated depreciation	(61,758)	(27,007)
Rental properties, net	836,971	754,588
Depreciation expense	$ 35,100	$ 21,900

Acquisitions - Summary of Acqui

Acquisitions - Summary of Acquisitions (Details) $ in Thousands	Oct. 31, 2017USD ($)	Apr. 04, 2017USD ($)	Dec. 31, 2017property
Business Acquisition [Line Items]
Number of properties owned | property			18
Indigo Creek
Business Acquisition [Line Items]
Contractual Purchase Price		$ 55,200
Land		7,202
Building and Improvements		46,348
Furniture, Fixture and Equipment		508
Intangible Assets		1,143
Debt Assumed		0
Other Liabilities		$ (97)
Martin's Point
Business Acquisition [Line Items]
Contractual Purchase Price	$ 38,250
Land	8,074
Building and Improvements	28,485
Furniture, Fixture and Equipment	646
Intangible Assets	1,045
Debt Assumed	0
Other Liabilities	$ (786)

Acquisitions - Summary of Reven

Acquisitions - Summary of Revenues, Net Losses and Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total Revenues	$ 77,240	$ 52,928
Net Loss	(37,691)	(44,161)
Acquisition costs	2,199	$ 9,079
Indigo Creek
Business Acquisition [Line Items]
Total Revenues	3,631
Net Loss	(1,877)
Acquisition costs	51
Acquisition Fee	1,141
Martin's Point
Business Acquisition [Line Items]
Total Revenues	709
Net Loss	(441)
Acquisition costs	140
Acquisition Fee	$ 780

Identified Intangible Assets,44

Identified Intangible Assets, Net (Details) - Acquired in-place leases - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Acquired in-place leases, net	$ 18,500,000	$ 16,300,000
Acquired in-place leases, accumulated amortization	$ 17,700,000	$ 13,600,000
Weighted-average remaining life of rental leases	7 months	5 months
Amortization	$ 4,100,000	$ 9,100,000
Expected amortization for the rental leases for the next year	813,000
Expected amortization for the rental lease after year one	$ 0

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding borrowings	$ 565,922
Deferred Financing Costs, net	(6,186)
Carrying Value	560,164	$ 455,361
Mortgages
Debt Instrument [Line Items]
Outstanding borrowings	565,921	460,586
Premium, net	429	547
Deferred Financing Costs, net	(6,186)	(5,772)
Carrying Value	$ 560,164	455,361
Mortgages | LIBOR
Debt Instrument [Line Items]
One-month LIBOR	1.56425%
Mortgages | Overton Trails Apartment Homes Mortgage Loan
Debt Instrument [Line Items]
Outstanding borrowings	$ 30,485	31,075
Deferred Financing Costs, net	(291)	(344)
Carrying Value	$ 30,194	30,731
Margin over LIBOR	1.909%
Annual Interest Rate	3.469%
Average Monthly Debt Service	$ 137
Average Monthly Escrow	117
Mortgages | Uptown Buckhead Mortgage Loan
Debt Instrument [Line Items]
Outstanding borrowings	20,039	20,200
Deferred Financing Costs, net	(248)	(284)
Carrying Value	$ 19,791	19,916
Margin over LIBOR	2.22%
Annual Interest Rate	3.784%
Average Monthly Debt Service	$ 92
Average Monthly Escrow	58
Mortgages | Crosstown at Chapel Hill Mortgage Loan
Debt Instrument [Line Items]
Outstanding borrowings	31,826	32,000
Deferred Financing Costs, net	(265)	(373)
Carrying Value	$ 31,561	31,627
Margin over LIBOR	1.70%
Annual Interest Rate	3.264%
Average Monthly Debt Service	$ 121
Average Monthly Escrow	0
Mortgages | The Brookwood Mortgage Loan - Key Bank
Debt Instrument [Line Items]
Outstanding borrowings	17,871	18,247
Premium, net	399	508
Deferred Financing Costs, net	(188)	(239)
Carrying Value	$ 18,082	18,516
Margin over LIBOR	0.00%
Annual Interest Rate	4.73%
Average Monthly Debt Service	$ 104
Average Monthly Escrow	48
Mortgages | The Brookwood Mortgage Loan - Capital One
Debt Instrument [Line Items]
Outstanding borrowings	2,657	2,699
Premium, net	30	39
Deferred Financing Costs, net	(32)	(41)
Carrying Value	$ 2,655	2,697
Margin over LIBOR	0.00%
Annual Interest Rate	5.40%
Average Monthly Debt Service	$ 16
Average Monthly Escrow	0
Mortgages | Adair off Addison and Adair off Addison Apartment Homes Mortgage Loan
Debt Instrument [Line Items]
Outstanding borrowings	25,091	25,500
Deferred Financing Costs, net	(347)	(464)
Carrying Value	$ 24,744	25,036
Margin over LIBOR	1.55%
Annual Interest Rate	3.114%
Average Monthly Debt Service	$ 104
Average Monthly Escrow	0
Mortgages | Spalding Crossing Mortgage Loan
Debt Instrument [Line Items]
Outstanding borrowings	24,600	24,600
Deferred Financing Costs, net	(230)	(289)
Carrying Value	$ 24,370	24,311
Margin over LIBOR	0.00%
Annual Interest Rate	3.88%
Average Monthly Debt Service	$ 115
Average Monthly Escrow	47
Mortgages | Riverlodge Mortgage Loan
Debt Instrument [Line Items]
Outstanding borrowings	27,634	28,292
Deferred Financing Costs, net	(315)	(393)
Carrying Value	$ 27,319	27,899
Margin over LIBOR	0.00%
Annual Interest Rate	3.76%
Average Monthly Debt Service	$ 144
Average Monthly Escrow	141
Mortgages | Verdant Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	37,300	37,300
Deferred Financing Costs, net	(289)	(345)
Carrying Value	$ 37,011	36,955
Margin over LIBOR	0.00%
Annual Interest Rate	3.89%
Average Monthly Debt Service	$ 161
Average Monthly Escrow	26
Mortgages | Arcadia Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	40,200	40,200
Deferred Financing Costs, net	(318)	(379)
Carrying Value	$ 39,882	39,821
Margin over LIBOR	0.00%
Annual Interest Rate	3.89%
Average Monthly Debt Service	$ 174
Average Monthly Escrow	19
Mortgages | Grand Reserve
Debt Instrument [Line Items]
Outstanding borrowings	41,520	42,395
Deferred Financing Costs, net	(372)	(446)
Carrying Value	$ 41,148	41,949
Margin over LIBOR	2.57%
Annual Interest Rate	4.134%
Average Monthly Debt Service	$ 210
Average Monthly Escrow	133
Mortgages | Montclair Terrace
Debt Instrument [Line Items]
Outstanding borrowings	20,674	21,083
Deferred Financing Costs, net	(290)	(345)
Carrying Value	$ 20,384	20,738
Margin over LIBOR	2.45%
Annual Interest Rate	4.014%
Average Monthly Debt Service	$ 93
Average Monthly Escrow	26
Mortgages | Breckenridge
Debt Instrument [Line Items]
Outstanding borrowings	52,975	52,975
Deferred Financing Costs, net	(588)	(697)
Carrying Value	$ 52,387	52,278
Margin over LIBOR	2.36%
Annual Interest Rate	3.924%
Average Monthly Debt Service	$ 230
Average Monthly Escrow	56
Mortgages | The Palmer at Las Colinas
Debt Instrument [Line Items]
Outstanding borrowings	45,700	45,700
Deferred Financing Costs, net	(574)	(643)
Carrying Value	$ 45,126	45,057
Margin over LIBOR	2.11%
Annual Interest Rate	3.674%
Average Monthly Debt Service	$ 179
Average Monthly Escrow	146
Mortgages | Windbrooke
Debt Instrument [Line Items]
Outstanding borrowings	38,320	38,320
Deferred Financing Costs, net	(411)	(490)
Carrying Value	$ 37,909	37,830
Margin over LIBOR	2.69%
Annual Interest Rate	4.254%
Average Monthly Debt Service	$ 230
Average Monthly Escrow	71
Mortgages | The Woods of Burnsville
Debt Instrument [Line Items]
Outstanding borrowings	38,250	0
Deferred Financing Costs, net	(534)	0
Carrying Value	$ 37,716	0
Margin over LIBOR	2.13%
Annual Interest Rate	3.694%
Average Monthly Debt Service	$ 198
Average Monthly Escrow	63
Mortgages | Indigo Creek
Debt Instrument [Line Items]
Outstanding borrowings	40,789	0
Deferred Financing Costs, net	(471)	0
Carrying Value	$ 40,318	0
Margin over LIBOR	1.93%
Annual Interest Rate	3.494%
Average Monthly Debt Service	$ 242
Average Monthly Escrow	51
Mortgages | Martin's Point
Debt Instrument [Line Items]
Outstanding borrowings	29,990	0
Deferred Financing Costs, net	(423)	0
Carrying Value	$ 29,567	$ 0
Margin over LIBOR	1.86%
Annual Interest Rate	3.424%
Average Monthly Debt Service	$ 137
Average Monthly Escrow	$ 76

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Weighted average interest rate of debt outstanding	3.79%
Restricted cash	$ 7,668	$ 6,620
The Brookwood
Debt Instrument [Line Items]
Premium, net	$ 429

Mortgage Notes Payable, Net - A

Mortgage Notes Payable, Net - Annual Principal Payments on Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 6,068
2,019	9,915
2,020	43,206
2,021	54,425
2,022	58,662
Thereafter	393,646
Mortgage notes payable	$ 565,922

Mortgage Notes Payable, Net - D

Mortgage Notes Payable, Net - Deferred Financing Costs (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization of deferred financing costs	$ 2,044,007	$ 876,721
2,018	1,236,000
2,019	1,218,000
2,020	1,142,000
2,021	952,000
2,022	772,000
Thereafter	866,000
Deferred financing costs, net	$ 6,186,000

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	$ (390,892)	$ (420,272)
Designated derivatives, fair value adjustment	370	43
Balance, end of period	(330,660)	(390,892)
Net unrealized (loss) gain on derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(74)	(117)
Balance, end of period	$ 444	$ (74)

Certain Relationships And Rel50

Certain Relationships And Related Party Transactions - Narrative (Details) - USD ($)	Feb. 06, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2016	Apr. 23, 2017	Apr. 22, 2017
Advisor
Related Party Transaction [Line Items]
Term of advisory agreement		1 year
Terms of agreement, renewal period		1 year
Acquisition fee, percent		2.00%
Monthly asset management fee		0.083%
Debt 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%
Resource America, Inc. and Affiliates [Member]
Related Party Transaction [Line Items]
Insurance pool, loss limit		$ 2,500,000
Insurance pool, amount of general liability losses covered		25,000
Catastrophic insurance, property losses in excess of insurance pool, limit		250,000,000
Catastrophic insurance, general liability losses in excess of insurance pool, limit		100,000
Payment for insurance premiums		403,180
General liability pool, deductible amount per incident					$ 25,000	$ 50,000
General liability insurance, loss covered in excess of insurance pool, limit		76,000,000
Liability insurance program, maximum amount covered		100,000,000
Liability insurance program, amount paid		$ 204,000
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%
Organization and offering costs | Advisor
Related Party Transaction [Line Items]
Fees earned / expenses incurred		$ 0	$ 86,000	$ 7,200,000
The Planning and Zoning Resource Company | Other
Related Party Transaction [Line Items]
Fees earned / expenses incurred		$ 2,000	$ 2,000

Certain Relationships And Rel51

Certain Relationships And Related Party Transactions - Fees Earned/Expenses Incurred and Amounts Payable to Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended		51 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from related parties	$ 57	$ 604	$ 604
Due to related parties	538	2,648	2,648
Graphic Images
Related Party Transaction [Line Items]
Due to related parties	9	3	3
Resource Securities | Selling commissions and dealer-manager fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	0	4,193
Resource America, Inc. | Insurance Funds Held in Escrow
Related Party Transaction [Line Items]
Due from related parties	57	604	604
Resource America, Inc. | Internal audit fees
Related Party Transaction [Line Items]
Due to related parties	18	0	0
Advisor | Acquisition fees
Related Party Transaction [Line Items]
Due to related parties	0	1,022	1,022
Fees earned / expenses incurred	1,921	8,497
Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	9,363	6,892
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	545	1,537
Advisor | Organization and offering costs
Related Party Transaction [Line Items]
Fees earned / expenses incurred	0	86	7,200
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	1	1,078	1,078
Fees earned / expenses incurred	3,885	4,130
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	204	304	304
Fees earned / expenses incurred	659	1,188
Manager | Property management fees
Related Party Transaction [Line Items]
Due to related parties	315	244	$ 244
Fees earned / expenses incurred	3,438	2,278
Manager | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	981	1,371
Manager | Construction payroll reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses incurred	233	471
Manager | Information technology fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	0	166
Other | Graphic Images
Related Party Transaction [Line Items]
Fees earned / expenses incurred	9	8
Other | The Planning and Zoning Resource Company
Related Party Transaction [Line Items]
Fees earned / expenses incurred	$ 2	$ 2

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands	Dec. 15, 2017$ / shares	Dec. 31, 2017USD ($)event$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015shares
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)		60,782,019	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		15.00%
Common stock | $		$ 606	$ 591
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%
Number of days' notice that the board of directors may suspend, terminate or amend the share redemption program		30 days
Distributions declared | $		$ 35,780
Distributions paid on common stock | $		15,095	$ 14,025
Distributions reinvested in shares of Common Stock | $		$ 20,685
Record for every day from December 30, 2016 through March 30, 2017
Class of Stock [Line Items]
Dividends, authorized cash distributions (in dollars per share) | $ / shares	$ 0.00164384
Advisor
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)		117,778
Common stock | $		$ 1,100
Convertible stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)		50,000	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 annual return on shares at price equal to distributions paid		7.00%
Common stock | $		$ 1	$ 1
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 - Schedule of Common Sto

Equity - Schedule of Common Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Shares Issued (in shares)	60,782,019	59,160,177
Gross Proceeds	$ 606,279
Shares issued before redemption and retirement	61,728,410
Total shares redeemed and retired (in shares)	(946,391)
Total shares redeemed and retired, Gross Proceeds	$ (8,235)
Common stock, shares outstanding (in shares)	60,782,019	59,160,177
Proceeds from common stock outstanding	$ 598,044
Initial public offering
Class of Stock [Line Items]
Shares Issued (in shares)	55,791,297
Gross Proceeds	$ 556,197
Stock distribution
Class of Stock [Line Items]
Shares Issued (in shares)	246,365
Gross Proceeds	$ 0
Distribution reinvestment plan
Class of Stock [Line Items]
Shares Issued (in shares)	5,675,748.004
Gross Proceeds	$ 49,932
Advisor's Initial Investment
Class of Stock [Line Items]
Shares Issued (in shares)	15,000
Gross Proceeds	$ 150
Share conversion (in shares)	5,000

Equity - Schedule of Redemption

Equity - Schedule of Redemptions (Details) - $ / shares shares in Thousands	1 Months Ended
	Dec. 31, 2017	Nov. 30, 2017	Oct. 31, 2017	Sep. 30, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	May 31, 2017	Apr. 30, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017
Equity [Abstract]
Total Number of Shares Redeemed	128	0	0	336	0	0	188	0	0	121	0	0
Average Price Paid per Share (in dollars per share)	$ 8.68	$ 0	$ 0	$ 8.59	$ 0	$ 0	$ 8.60	$ 0	$ 0	$ 8.74	$ 0	$ 0
Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program	773		0	645			309			121

Equity - Schedule of Dividend D

Equity - Schedule of Dividend Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands

Dec. 29, 2017

Nov. 30, 2017

Oct. 31, 2017

Sep. 29, 2017

Aug. 31, 2017

Jul. 31, 2017

Jun. 30, 2017

May 31, 2017

Apr. 28, 2017

Mar. 31, 2017

Feb. 28, 2017

Jan. 31, 2017

Dec. 31, 2017

Dec. 31, 2016

Class of Stock [Line Items]

Distributions reinvested in shares of Common Stock

$ 20,685

Net Cash Distributions

15,095

$ 14,025

Total Aggregate Distributions

$ 35,780

December 30, 2016 through January 30, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,748

Net Cash Distributions

1,265

Total Aggregate Distributions

$ 3,013

January 31, 2017 through February 27, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,587

Net Cash Distributions

1,144

Total Aggregate Distributions

$ 2,731

February 28, 2017 through March 30, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,755

Net Cash Distributions

1,276

Total Aggregate Distributions

$ 3,031

March 31, 2017 through April 27, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,593

Net Cash Distributions

1,156

Total Aggregate Distributions

$ 2,749

April 28, 2017 through May 30, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,877

Net Cash Distributions

1,366

Total Aggregate Distributions

$ 3,243

May 31, 2017 through June 29, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,713

Net Cash Distributions

1,243

Total Aggregate Distributions

$ 2,956

June 30, 2017 through July 30, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,774

Net Cash Distributions

1,286

Total Aggregate Distributions

$ 3,060

July 31, 2017 through August 30, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,777

Net Cash Distributions

1,292

Total Aggregate Distributions

$ 3,069

August 31, 2017 through September 28, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,658

Net Cash Distributions

1,208

Total Aggregate Distributions

$ 2,866

September 29, 2017 through October 30, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,835

Net Cash Distributions

1,337

Total Aggregate Distributions

$ 3,172

October 31, 2017 through November 29, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,719

Net Cash Distributions

1,265

Total Aggregate Distributions

$ 2,984

November 30, 2017 through December 28, 2017

Class of Stock [Line Items]

Per Common Share

$ 0.00164384

Distributions reinvested in shares of Common Stock

$ 1,649

Net Cash Distributions

1,257

Total Aggregate Distributions

$ 2,906

Equity - Schedule of Dividends

Equity - Schedule of Dividends Declared (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Total Aggregate Distributions	$ 35,780
Distribution payable	9,112	$ 8,769
Total distributions declared	$ 36,123

Fair Value Measures and Discl57

Fair Value Measures and Disclosures (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Additional Fair Value Elements [Abstract]
Carrying Amount - Mortgage notes payable	$ 560,164	$ 455,361
Mortgages
Additional Fair Value Elements [Abstract]
Carrying Amount - Mortgage notes payable	560,164	455,361
Outstanding Balance | Mortgages
Additional Fair Value Elements [Abstract]
Carrying Amount - Mortgage notes payable	565,921	460,586
Estimated Fair Value | Mortgages
Additional Fair Value Elements [Abstract]
Fair Value - Mortgage notes payable	571,275	449,977
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure	224	408
Fair Value, Measurements, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure	224	408
Fair Value, Measurements, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure	0	0
Interest rate caps | Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Interest rate caps	58	365
Interest rate caps | Fair Value, Measurements, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Interest rate caps	0	0
Interest rate caps | Fair Value, Measurements, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Interest rate caps	58	365
Interest rate caps | Fair Value, Measurements, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Interest rate caps	0	0
Cancelable swap | Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Interest rate caps	166	43
Cancelable swap | Fair Value, Measurements, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Interest rate caps	0	0
Cancelable swap | Fair Value, Measurements, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Interest rate caps	166	43
Cancelable swap | Fair Value, Measurements, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Interest rate caps	$ 0	$ 0

Derivatives and Hedging Activ58

Derivatives and Hedging Activities - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) reclassified to earnings	$ 0	$ 0
Income (loss) related to derivatives that is expected to be reclassified	$ (112,646)

Derivatives and Hedging Activ59

Derivatives and Hedging Activities - Outstanding Interest Rate Derivatives (Details) $ in Thousands	Dec. 31, 2017USD ($)derivative_contract
Designated as hedging instruments | Interest rate caps
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative_contract	12
Notional Amount | $	$ 388,931
Not designated as hedging instruments | Cancelable swap
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative_contract	1
Notional Amount | $	$ 31,826

Derivatives and Hedging Activ60

Derivatives and Hedging Activities - Fair Value of Derivative Instruments and Balance Sheet Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Designated as hedging instruments | Interest rate caps
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 58	$ 365
Liabilities Derivatives, Fair Value	0	0
Not designated as hedging instruments | Cancelable swap
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	166	43
Liabilities Derivatives, Fair Value	$ 0	$ 0

Derivatives and Hedging Activ61

Derivatives and Hedging Activities - Gain (Loss) Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Interest rate caps | Designated as hedging instruments | Interest expense
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 70	$ 10
Cancelable swap | Not designated as hedging instruments | Interest expense
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	135	283
Interest rate products | Designated as hedging instruments
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	(440)	33
Interest rate products | Designated as hedging instruments | Interest expense
Derivative [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (70)	$ (10)

Operating Expenses - Narrative

Operating Expenses - Narrative (Details)	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
Operating support from advisor, required reimbursement when threshold exceeded, commencement period	12 months
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%

Schedule III Real Estate and 63

Schedule III Real Estate and Accumulated Depreciation - Schedule of Real Estate Owned (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 565,921
Initial cost to Company	837,857
Cost capitalized subsequent to acquisition	60,871
Gross Amount at which carried at close of period	898,729	$ 781,595	$ 392,620
Accumulated Depreciation	(61,758)	$ (27,007)	$ (5,295)
Residential, Dallas, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to Company	9,148
Cost capitalized subsequent to acquisition	3,103
Gross Amount at which carried at close of period	12,251
Accumulated Depreciation	(2,243)
Residential, Fort Worth, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,484
Initial cost to Company	45,824
Cost capitalized subsequent to acquisition	5,738
Gross Amount at which carried at close of period	51,562
Accumulated Depreciation	(6,606)
Residential, Atlanta, Georgia
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,039
Initial cost to Company	31,856
Cost capitalized subsequent to acquisition	4,615
Gross Amount at which carried at close of period	36,471
Accumulated Depreciation	(3,762)
Residential, Chapel Hill, North Carolina
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	31,826
Initial cost to Company	45,653
Cost capitalized subsequent to acquisition	5,488
Gross Amount at which carried at close of period	51,141
Accumulated Depreciation	(5,289)
Residential, Homewood, Alabama
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,529
Initial cost to Company	30,003
Cost capitalized subsequent to acquisition	5,877
Gross Amount at which carried at close of period	35,880
Accumulated Depreciation	(3,256)
Residential, Dallas, Texas, Property 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,091
Initial cost to Company	20,667
Cost capitalized subsequent to acquisition	2,634
Gross Amount at which carried at close of period	23,301
Accumulated Depreciation	(2,337)
Residential, Atlanta, Georgia, Property 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,600
Initial cost to Company	40,194
Cost capitalized subsequent to acquisition	4,054
Gross Amount at which carried at close of period	44,248
Accumulated Depreciation	(3,782)
Residential, Portland, Oregon
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,674
Initial cost to Company	32,130
Cost capitalized subsequent to acquisition	1,963
Gross Amount at which carried at close of period	34,094
Accumulated Depreciation	(2,673)
Residential, Naperville, Illinois
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,520
Initial cost to Company	66,213
Cost capitalized subsequent to acquisition	4,677
Gross Amount at which carried at close of period	70,890
Accumulated Depreciation	(5,189)
Residential, Boulder, Colorado
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,300
Initial cost to Company	64,181
Cost capitalized subsequent to acquisition	3,399
Gross Amount at which carried at close of period	67,580
Accumulated Depreciation	(3,865)
Residential, Centennial, Colorado
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,200
Initial cost to Company	59,059
Cost capitalized subsequent to acquisition	4,989
Gross Amount at which carried at close of period	64,048
Accumulated Depreciation	(4,363)
Residential, Austin, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,634
Initial cost to Company	55,466
Cost capitalized subsequent to acquisition	5,351
Gross Amount at which carried at close of period	60,817
Accumulated Depreciation	(4,187)
Residential, Portland, Oregon, Property 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	52,975
Initial cost to Company	80,155
Cost capitalized subsequent to acquisition	2,889
Gross Amount at which carried at close of period	83,044
Accumulated Depreciation	(4,611)
Residential, Irving, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	45,700
Initial cost to Company	68,454
Cost capitalized subsequent to acquisition	5,066
Gross Amount at which carried at close of period	73,520
Accumulated Depreciation	(4,149)
Residential, Buffalo Grove, Illinois
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,320
Initial cost to Company	47,817
Cost capitalized subsequent to acquisition	279
Gross Amount at which carried at close of period	48,096
Accumulated Depreciation	(1,787)
Residential, Burnsville, Minnesota
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,250
Initial cost to Company	49,775
Cost capitalized subsequent to acquisition	408
Gross Amount at which carried at close of period	50,183
Accumulated Depreciation	(2,005)
Residential, Glendale, Arizona
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,789
Initial cost to Company	54,057
Cost capitalized subsequent to acquisition	335
Gross Amount at which carried at close of period	54,392
Accumulated Depreciation	(1,444)
Residential, Lombard, Illinois
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,990
Initial cost to Company	37,205
Cost capitalized subsequent to acquisition	6
Gross Amount at which carried at close of period	37,211
Accumulated Depreciation	$ (210)

Schedule III Real Estate and 64

Schedule III Real Estate and Accumulated Depreciation - Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Investments in real estate:
Balance at beginning of the year	$ 781,595	$ 392,620
Additions during the year:	0	0
Acquisitions	91,262	361,558
Improvements, etc.	26,956	31,334
Dispositions during the year:	(1,084)	(3,917)
Balance at end of year	898,729	781,595
Accumulated Depreciation:
Balance at beginning of year	(27,007)	(5,295)
Depreciation	(35,071)	(21,870)
Disposals	320	158
Balance at the end of year	$ (61,758)	$ (27,007)