Resource Real Estate Opportunity REIT II (RREO) 10-Q 10 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 09, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Resource Real Estate Opportunity REIT II, Inc.
Entity Central Index Key	1,559,484
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		61,117,960

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investments:
Rental properties, net	$ 824,189	$ 836,971
Identified intangible assets, net	116	813
Investments	824,305	837,784
Cash	61,258	69,227
Restricted cash	6,708	7,668
Subtotal - cash and restricted cash	67,966	76,895
Tenant receivables, net	104	87
Due from related parties	214	57
Prepaid expenses and other assets	2,322	1,647
Total assets	894,911	916,470
Liabilities:
Mortgage notes payable, net	575,440	560,164
Accounts payable and accrued expenses	12,378	14,109
Due to related parties	637	538
Tenant prepayments	663	575
Security deposits	1,423	1,312
Distributions payable	9,112	9,112
Total liabilities	599,653	585,810
Stockholders’ equity:
Preferred stock (par value $.01, 10,000,000 shares authorized, none issued and outstanding)	0	0
Common stock, outstanding	607	606
Additional paid-in capital	535,633	534,683
Accumulated other comprehensive loss	(364)	(444)
Accumulated deficit	(240,619)	(204,186)
Total stockholders’ equity	295,258	330,660
Total liabilities and stockholders’ equity	894,911	916,470
Convertible Stock
Stockholders’ equity:
Common stock, outstanding	$ 1	$ 1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
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)	60,912,128	60,782,019
Common stock, shares outstanding (in shares)	60,912,128	60,782,019
Convertible Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000	50,000
Common stock, shares issued (in shares)	50,000	50,000
Common stock, shares outstanding (in shares)	50,000	50,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Rental income	$ 20,373	$ 17,879	$ 40,100	$ 34,416
Utility income	1,139	971	2,258	1,896
Ancillary tenant fees	235	225	469	438
Total revenues	21,747	19,075	42,827	36,750
Expenses:
Rental operating - expenses	3,968	3,623	7,269	6,281
Rental operating - payroll	1,952	1,891	3,979	3,719
Rental operating - real estate taxes	2,917	2,614	6,065	5,390
Subtotal - Rental operating expenses	8,837	8,128	17,313	15,390
Acquisition costs	16	1,357	30	1,417
Management fees	3,423	3,206	6,820	6,213
General and administrative	2,040	2,126	4,346	4,515
Loss on disposal of assets	132	290	263	582
Depreciation and amortization expense	10,404	10,071	20,593	19,495
Total expenses	24,852	25,178	49,365	47,612
Loss before other income (expense)	(3,105)	(6,103)	(6,538)	(10,862)
Other income (expense):
Interest income	32	29	69	75
Insurance proceeds in excess of cost basis	83	14	115	148
Interest expense	(6,325)	(4,909)	(11,805)	(9,237)
Net loss	(9,315)	(10,969)	(18,159)	(19,876)
Other comprehensive loss:
Designated derivatives, fair value adjustment	(86)	(91)	80	(330)
Comprehensive loss	$ (9,401)	$ (11,060)	$ (18,079)	$ (20,206)
Weighted average common shares outstanding (in shares)	60,483	59,831	60,732	59,596
Basic and diluted net loss per common share (in dollars per share)	$ (0.15)	$ (0.18)	$ (0.30)	$ (0.33)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Convertible Stock	Common Stock	Common StockConvertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance, beginning of period at Dec. 31, 2017	$ 330,660		$ 606	$ 1	$ 534,683	$ (444)	$ (204,186)
Balance, beginning of period (in shares) at Dec. 31, 2017	60,782,019	50,000	60,782,000	50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	$ 10,353		$ 12		10,341
Common stock issued through distribution reinvestment plan (in shares)			1,199,000
Distributions declared	(18,274)						(18,274)
Common stock redemptions	(9,402)		$ (11)		(9,391)
Common stock redemptions (in shares)			(1,069,000)
Designated derivatives, fair value adjustment	80					80
Net loss	(18,159)						(18,159)
Balance, end of period at Jun. 30, 2018	$ 295,258		$ 607	$ 1	$ 535,633	$ (364)	$ (240,619)
Balance, beginning of period (in shares) at Jun. 30, 2018	60,912,128	50,000	60,912,000	50,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net loss	$ (18,159)	$ (19,876)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of assets	263	582
Depreciation and amortization	20,593	19,495
Amortization of deferred financing costs	748	565
Amortization of mortgage premiums	(58)	(58)
Change in fair value of interest rate swap	55	2
Changes in operating assets and liabilities:
Tenant receivables, net	(17)	21
Due from related parties	(157)	(15)
Prepaid expenses and other assets	(584)	(250)
Due to related parties	99	(1,989)
Accounts payable and accrued expenses	(1,726)	67
Tenant prepayments	88	118
Security deposits	112	88
Net cash provided by (used in) operating activities	1,257	(1,250)
Cash flows from investing activities
Property acquisitions	0	(55,160)
Capital expenditures	(7,381)	(13,078)
Net cash used in investing activities	(7,381)	(68,238)
Cash flows from financing activities:
Redemptions of common stock	(9,402)	(2,719)
Payment of deferred financing costs	(503)	(1,147)
Proceeds from borrowings on mortgage notes payable	17,439	79,039
Repayments on mortgage notes payable	(2,352)	(1,637)
Purchase of interest rate caps	(66)	(97)
Distributions paid on common stock	(7,921)	(7,450)
Net cash provided by (used in) financing activities	(2,805)	65,989
Net decrease in cash and restricted cash	(8,929)	(3,499)
Cash and restricted cash at beginning of period	76,895	111,509
Cash and restricted cash at end of period	67,966	108,010
Subtotal - cash and restricted cash	$ 76,895	$ 111,509

Nature of Business and Operatio

Nature of Business and Operations (Loss)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Operations (Loss)	NATURE OF BUSINESS AND OPERATIONS (LOSS) Resource Real Estate Opportunity REIT II, Inc. (the “Company”) was organized in Maryland on September 28, 2012 . During the primary portion of the offering, the Company offered up to 100,000,000 shares of common stock in its primary initial public offering for $10 per share, with volume discounts available to 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 and $8.56 prior to March 30, 2017 ). 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 the Advisor and Resource Real Estate Opportunity Manager II, LLC, the Company's property manager (the "Manager"). C-III also controls all of the shares of common stock held by the Advisor. As of June 30, 2018 , a total of 62,680,767 shares, including the additional shares purchased by the Advisor and shares issued through the distribution reinvestment plan, have been issued resulting in gross offering proceeds of $616.6 million . As of June 30, 2018 , the Company had issued 6,874,470 shares for $60.2 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 lesser 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. The consolidated financial statements and the information and tables contained in the notes thereto, as of June 30, 2018 , are unaudited and prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). However, in the opinion of management, these interim financial statements include all of the necessary adjustments to fairly present the results of the interim periods presented. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 . The results of operations for the three and six months ended June 30, 2018 may not necessarily be indicative of the results of operations for the full year ending December 31, 2018 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
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 consolidated financial statements have been prepared in conformity with GAAP. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Bear Creek Holdings, LLC, or Bear Creek Adair off Addison 152 Dallas, TX RRE Oak Hill Holdings, LLC, or Oak Hill Overton Trails Apartment Homes 360 Fort Worth, TX RRE Buckhead Holdings, LLC, or Buckhead Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC, or Farrington Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair Terrace 188 Portland, OR RRE Grand Reserve Holdings, LLC, or Grand Reserve Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC, or Canterwood Verdant Apartment Homes 216 Boulder, CO RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Apartment Homes 252 Atlanta, GA RRE Fox Ridge Holdings, LLC, or Fox Ridge Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC, or Riverlodge Ravina Apartment Homes 498 Austin, TX RRE Breckenridge Holdings, LLC, or Breckenridge 81 Fifty at West Hills Apartment Homes 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 Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC 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 financial statements and accompanying notes. Actual results could differ from those estimates. Rental Properties The Company records acquired rental properties 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, fixtures and equipment 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, two 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 an impairment exists, due to the Company's 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 three and six months ended June 30, 2018 and 2017 . Allocation of Purchase Price of Acquired Assets On January 1, 2018, the Company adopted ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"). Acquisitions that do not meet the definition of a business under this guidance are accounted for as asset acquisitions. In most cases, the Company believes that acquisitions of real estate will no longer be considered a business combination as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the screen is not met, and the Company will then perform an assessment to determine whether the set is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition including transaction costs to the assets acquired or liabilities assumed on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the remaining term of the underlying leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does amortization periods for the intangible assets exceed the remaining depreciable life of the building. 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. The use of inappropriate estimates would result in an incorrect assessment of the fair value of these assets and liabilities, which could impact the Company's reported net income (loss). 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. The future minimum rental payments to be received from noncancelable operating leases are $49.3 million and $1.4 million for the 12-month periods ending June 30, 2019 and 2020 , respectively, and none thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments, amenities and revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. The Company records utility reimbursement income and the ancillary charges in the period in which they are earned or received and records the reimbursements in the period in which the related expenses are incurred. Tenant Receivables The Company makes estimates of the collectability of its tenant receivables related to base rents, including straight-line rentals, expense reimbursements and other revenue or income. The Company specifically analyzes accounts receivable and historic bad debts, tenant creditworthiness, current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. The Company writes off receivables when they become uncollectible. In some cases, the ultimate resolution of these claims can exceed one year . At both June 30, 2018 and December 31, 2017 , there were allowances for uncollectible accounts of approximately $5,000 . 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 June 30, 2018 and December 31, 2017 , 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 the weighted-average number of common shares outstanding during the year. Basic earnings (loss) per share is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the convertible shares (see Note 10) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of June 30, 2018 (were such date to represent the end of the contingency period). For the three and six months ended June 30, 2018 and 2017 , 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. Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board ("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 adopted 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 the Company's properties. The accounting for these revenue streams were not affected by the adoption of ASU 2014-09, nor was there a cumulative effect of initially applying the standard. 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. On January 1, 2018, the Company adopted ASU No. 2016-18, which requires restricted cash to be included with cash and cash equivalents as part of the reconciliation of beginning and end of period balances within the consolidated statements of cash flows. In November 2016, FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," which provides guidance on the classification of restricted cash in the statement of cash flows. On January 1, 2018, the Company adopted ASU No. 2016-18 and the adoption did not have a material effect on its consolidated financial statements and disclosures. As a result of adopting the new guidance, approximately $642,000 and $700,000 of restricted cash, which were previously included as operating cash outflows and investing cash inflows within the consolidated statements of cash flows for the six months ended June 30, 2017 , respectively, have been removed and are now included in the cash, cash equivalents, and restricted cash line items at the beginning and the end of period. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 850): Clarifying the Definition of Business", which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. On January 1, 2018, the Company adopted ASU No. 2017-01 and the adoption did not have a material effect on its consolidated financial statements and disclosures since the Company did not acquire any properties during the six months ended June 30, 2017 . The Company believes future rental property acquisitions will be accounted for as asset acquisitions, not business combinations. Accounting Standards Issued But Not Yet Effective In February 2016, FASB issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02"), as amended by ASU 2018-10, 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 Leases (Topic 842). 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”, 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 January 2017, FASB issued ASU No. 2017-04, "Intangibles- Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment", which alters the current goodwill impairment testing procedures. 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. Since the Company has no recorded goodwill, there is no expected impact upon adoption. 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. In July 2018, FASB issued ASU 2018-09, "Codification Improvements." This standard does not prescribe any new accounting guidance, but instead makes minor improvements and clarifications of several different FASB Accounting Standards Codification areas based on comments and suggestions made by various stakeholders. Certain updates are applicable immediately while others provide for a transition period to adopt as part of the next fiscal year beginning after December 15, 2018. The Company is evaluating this guidance to determine the impact it may have on its consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-11, “Leases: Targeted Improvements” an additional amendment to ASU No. 2016-02. Although the Company is still evaluating this guidance, the Company believes it will apply the practical expedient allowed in this new guidance to combine lease and associated nonlease components by class of underlying asset. In addition, the Company is expected to utilize the optional method for adopting the new leasing guidance and not restate comparative periods. Reclassifications Certain amounts in the prior year financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net income (loss).

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION The following table presents supplemental cash flow information (in thousands): Six Months Ended June 30, 2018 2017 Non-cash financing and investing activities: Distributions on common stock declared but not yet paid $ 9,112 $ 8,980 Stock issued pursuant to distribution reinvestment plan 10,353 10,273 Accruals for construction in process 987 — Repayments on borrowings through refinancing 72,845 — Cash paid during the period for: Interest $ 12,564 $ 8,262

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2018
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): June 30, December 31, Real estate taxes $ 4,661 $ 4,594 Insurance 384 973 Capital improvements 1,170 1,693 Other 493 408 $ 6,708 $ 7,668 Unrestricted cash designated for capital expenditures $ 35,546 $ 42,640

Rental Properties, Net

Rental Properties, Net	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Rental Properties, Net	RENTAL PROPERTIES, NET The Company’s investments in rental properties consisted of the following (in thousands): June 30, December 31, Land $ 123,863 $ 123,863 Building and improvements 756,850 748,062 Furniture, fixtures and equipment 23,578 21,743 Construction in progress 1,373 5,061 905,664 898,729 Less: accumulated depreciation (81,475 ) (61,758 ) $ 824,189 $ 836,971 Depreciation expense for the three and six months ended June 30, 2018 was $10.1 million and $19.9 million , respectively. Depreciation expense for the three and six months ended June 30, 2017 was $8.6 million and $16.5 million , respectively.

Identified Intangible Assets, N

Identified Intangible Assets, Net	6 Months Ended
	Jun. 30, 2018
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 as of June 30, 2018 and December 31, 2017 , and the intangible assets are reported net of accumulated amortization of $18.4 million and $17.7 million , respectively . The weighted average remaining life of the in-place rental leases is one month as of June 30, 2018 . Amortization for the three months ended June 30, 2018 and 2017 was approximately $348,000 and $1.4 million , respectively. Amortization for the six months ended June 30, 2018 and 2017 was approximately $697,000 and $3.0 million , respectively. As of June 30, 2018 , expected amortization for the in-place rental leases for the next 12 months is approximately $116,000 and none thereafter.

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	MORTGAGE NOTES PAYABLE, NET The following is a summary of the Company's mortgage notes payable, net (in thousands): Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Collateral June 30, 2018 December 31, 2017 Overton Trails Apartment Homes $ 30,162 $ — $ (269 ) $ 29,893 $ 30,485 $ — $ (291 ) $ 30,194 Uptown Buckhead 19,845 — (230 ) 19,615 20,039 — (248 ) 19,791 Crosstown at Chapel Hill 42,650 — (419 ) 42,231 31,826 — (265 ) 31,561 The Brookwood - Key Bank 17,675 345 (162 ) 17,858 17,871 399 (188 ) 18,082 The Brookwood - Capital One 2,635 26 (28 ) 2,633 2,657 30 (32 ) 2,655 Adair off Addison and Adair off Addison Apartment Homes 24,859 — (290 ) 24,569 25,091 — (347 ) 24,744 1000 Spalding Apartment Homes 24,418 — (200 ) 24,218 24,600 — (230 ) 24,370 Ravina Apartment Homes 27,294 — (277 ) 27,017 27,634 — (315 ) 27,319 Verdant Apartment Homes 37,300 — (261 ) 37,039 37,300 — (289 ) 37,011 Arcadia Apartment Homes 40,200 — (287 ) 39,913 40,200 — (318 ) 39,882 Grand Reserve 47,845 — (639 ) 47,206 41,520 — (372 ) 41,148 Montclair Terrace 20,486 — (262 ) 20,224 20,674 — (290 ) 20,384 81 Fifty at West Hills Apartment Homes 52,975 — (533 ) 52,442 52,975 — (588 ) 52,387 The Palmer at Las Colinas 45,700 — (541 ) 45,159 45,700 — (574 ) 45,126 Windbrooke Crossing 38,067 — (374 ) 37,693 38,320 — (411 ) 37,909 Woods of Burnsville 38,250 — (487 ) 37,763 38,250 — (534 ) 37,716 Indigo Creek 40,789 — (430 ) 40,359 40,789 — (471 ) 40,318 Martin's Point 29,990 — (382 ) 29,608 29,990 — (423 ) 29,567 $ 581,140 $ 371 $ (6,071 ) $ 575,440 $ 565,921 $ 429 $ (6,186 ) $ 560,164 The following table presents additional information about the Company's mortgage notes payable, net at June 30, 2018 (in thousands, except percentages): Maturity Margin over LIBOR Annual Interest Rate Average Average Overton Trails Apartment Homes 1/1/2025 1.91 % 4.00 % 141 176 (1) (3) (5) Uptown Buckhead 7/1/2025 2.22 % 4.31 % 95 49 (1) (3) (4) Crosstown at Chapel Hill 7/1/2025 1.77 % 3.86 % 143 — (1) (4) (7) The Brookwood - Key Bank 11/1/2021 N/A 4.73 % 104 13 (2) (6) The Brookwood - Capital One 11/1/2021 N/A 5.40 % 16 — (2) (6) Adair off Addison and Adair off Addison Apartment Homes 1/1/2021 1.55 % 3.64 % 104 — (1) (3) 1000 Spalding Apartment Homes 1/1/2022 N/A 3.88 % 116 41 (2) (4) Ravina Apartment Homes 5/1/2022 N/A 3.76 % 144 133 (2) (6) Verdant Apartment Homes 5/1/2023 N/A 3.89 % 125 29 (2) (4) Arcadia Apartment Homes 5/1/2023 N/A 3.89 % 135 20 (2) (4) Grand Reserve 5/1/2028 1.72 % 3.81 % 144 92 (1) (3) (4) (7) Montclair Terrace 6/1/2023 2.45 % 4.54 % 93 26 (1) (3) (6) 81 Fifty at West Hills Apartment Homes 7/1/2023 2.36 % 4.45 % 232 53 (1) (3) (4) The Palmer at Las Colinas 9/1/2026 2.11 % 4.20 % 140 180 (1) (3) (4) Windbrooke Crossing 1/1/2024 2.69 % 4.78 % 240 61 (1) (3) (4) Woods of Burnsville 2/1/2024 2.13 % 4.22 % 155 64 (1) (3) (4) Indigo Creek 5/1/2024 1.93 % 4.02 % 135 51 (1) (3) (4) Martin's Point 11/1/2024 1.86 % 3.95 % 141 79 (1) (3) (4) (1) Variable rate based on one-month LIBOR of 2.0903% (as of June 30, 2018 ) plus a fixed margin (2) Fixed rate (3) Variable rate hedged with interest rate cap cash flow hedge (4) Monthly interest-only payment currently required (5) Monthly fixed principal plus interest payment required (6) Fixed monthly payment of principal and interest payment required (7) Refinanced during the quarter ended June 30, 2018 On August 21, 2015, the Company recorded a premium, which represented the fair value of the debt assumed over its principal amount in connection with The Brookwood Apartment Homes acquisition. The premium will be amortized to interest expense over the term of the related mortgage loans using the effective interest method. As of June 30, 2018 , the net unamortized premium of $371,000 was included as a component of mortgage loans payable in the accompanying consolidated balance sheets. At June 30, 2018 , the weighted average interest rate of all the Company's outstanding indebtedness was 4.11% . Mortgage notes are collateralized by liens on the assets of the respective property as named in the table above. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of the mortgages held. As of June 30, 2018 and December 31, 2017 , the Company had $6.7 million and $7.7 million , respectively, 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, excluding amortization of the mortgage premium, for each of the next five 12-month periods ending June 30, and thereafter, are as follows (in thousands): 2019 $ 5,404 2020 10,203 2021 34,246 2022 77,074 2023 142,336 Thereafter 311,877 Total principal payments $ 581,140 The mortgage notes payable are recourse only with respect to the properties that secure the notes, subject to certain limited standard exceptions, as defined in each mortgage note. These exceptions are referred to as “carveouts.” The Company has guaranteed the mortgage notes by executing a guarantee with respect to the properties. In general, carveouts relate to damages suffered by the lender for a borrower’s failure to pay rents, insurance or condemnation proceeds to lender, failure to pay water, sewer and other public assessments or charges, failure to pay environmental compliance costs or to deliver books and records, in each case as required in the loan documents. The exceptions also require the Company to guarantee payment of audit costs, lender’s enforcement of its rights under the loan documents and payment of the loan if the borrower voluntarily files for bankruptcy or seeks reorganization, or if a related party of the borrower does so with respect to the subsidiary. Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. As of June 30, 2018 and December 31, 2017 , accumulated amortization of deferred financing costs was $2.2 million and $2.0 million , respectively. Amortization of deferred financing costs for the next five 12-month periods ending June 30, and thereafter, is as follows (in thousands): 2019 $ 1,216 2020 1,201 2021 1,129 2022 966 2023 725 Thereafter 834 $ 6,071

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated other comprehensive loss (in thousands): Net unrealized loss Balance, January 1, 2018 $ (444 ) Designated derivatives, fair value adjustment 80 Balance, June 30, 2018 $ (364 )

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Relationship with the Advisor Pursuant to the terms of the Advisory Agreement, the Advisor provides the Company with the services of its management team, including its officers, along with appropriate support personnel. The Advisor is reimbursed for the Company’s allocable share of costs for Advisor personnel, including allocable personnel salaries and benefits. Each of the Company’s officers is an employee of the Sponsor or one of its affiliates. The Company does not have any employees. The Advisor is not obligated to dedicate any specific portion of its time or the time of its personnel to the Company’s business. The Advisor is at all times subject to the supervision and oversight of the Company’s Board of Directors and has only such functions and authority as the Company delegates to it. The Advisory Agreement has a one -year term and renews for an unlimited number of successive one -year terms upon the approval of the conflicts committee of the Company's Board of Directors. Under the Advisory Agreement, the Advisor receives fees and is reimbursed for its expenses as set forth below: Acquisition fees. The Advisor earns an acquisition fee of 2.0% of the cost of investments acquired on behalf of the Company, plus any capital expenditure reserves allocated, or the amount funded by the Company to acquire loans, including acquisition expenses and any debt attributable to such investments. Asset management fees. The Advisor earns a monthly asset management fee equal to one-twelfth of 1.0% of the cost of each asset, without deduction for depreciation, bad debts or other non-cash reserves. The asset management fee is based only on the portion of the costs or value attributable to the Company’s investment in an asset if the Company does not own all of an asset and does not manage or control the asset. Disposition fees. The Advisor earns a disposition fee in connection with the sale of a property equal to the lesser of one-half of the aggregate brokerage commission paid, or if none is paid, 2.0% of the contract sales price. Debt financing fees. The Advisor earns a debt financing fee equal to 0.5% of the amount available under any debt financing obtained for which it provided substantial services. Expense reimbursements. The Company also pays directly or reimburses the Advisor for all of the expenses paid or incurred by the Advisor or its affiliates on behalf of the Company or in connection with 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 three months ended June 30, 2018 and 2017 , the Company paid $0 and $18,000 , respectively into the insurance pool. During the six months ended June 30, 2018 and 2017 , the Company paid $398,000 and $622,000 , respectively into the insurance pool. 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 is $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 . 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, an affiliate of C-III, for zoning reports for 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 properties pursuant to the terms of the management agreement with the Manager. Property management fees. The Manager earns a property management fee equal to 4.5% of actual gross cash receipts from the operations of real property investments. Construction management fees. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. Debt servicing fees. The Manager earns a debt servicing fee of 2.75% on payments received from loans held by the Company for investment. No debt servicing fees were earned during the six months ended June 30, 2018 and 2017 . 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. The Company is obligated to reimburse the Manager of other affiliates for shared operating expenses. Relationship with Other Related Party The Company utilizes the services of a printing company, Graphic Images, LLC (“Graphic Images”), the principal owner of which is the father of RAI’s Chief Financial Officer. The fees earned/expenses incurred and the amounts payable to such related parties are summarized in the following tables (in thousands): June 30, December 31, Due from related parties: RAI - self-insurance funds held $ 214 $ 57 $ 214 $ 57 Due to related parties: Advisor Operating expense reimbursements $ 134 $ 1 Manager Property management fees 325 315 Operating expense reimbursements 153 204 RAI Internal audit fees 25 18 $ 637 $ 538 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Fees earned / expenses incurred: Advisor Acquisition fees $ — $ 1,142 $ — $ 1,142 Asset management fees (1) $ 2,460 $ 2,357 $ 4,920 $ 4,573 Debt financing fees (2) $ 78 $ 203 $ 78 $ 395 Operating expense reimbursements (3) $ 998 $ 961 $ 1,989 $ 2,050 Manager Property management fees (1) $ 963 $ 848 $ 1,900 $ 1,639 Construction management fees (4) $ 174 $ 444 $ 468 $ 832 Construction payroll reimbursements (4) $ 6 $ — $ 35 $ — Operating expense reimbursements (3) $ 337 $ — $ 403 $ — (1) Included in Management fees on the consolidated statements of operations and comprehensive loss per income statement. (2) Included in Mortgage notes payable, net on the consolidated balance sheets. (3) Included in General and administrative on the consolidated statements of operations and comprehensive loss per income statement. (4) Included in Rental properties, net on the consolidated balance sheets.

Equity

Equity	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 , no shares of preferred stock were issued or outstanding. Convertible Stock As of June 30, 2018 , the Company had 50,000 shares of $0.01 par value convertible stock outstanding, which are owned by the Advisor and affiliated persons. The convertible stock will convert into shares of the Company’s common stock upon the occurrence of (a) the Company having paid distributions to common stockholders that in the aggregate equal 100% of the price at which the Company originally sold the shares plus an amount sufficient to produce a 7% cumulative, non-compounded annual return on the shares at that price; or (b) if the Company lists its common stock on a national securities exchange and, on or after the 31st trading day following the listing, the Company’s value based on the average trading price of its common stock since the listing, plus prior distributions, combine to meet the same 7% return threshold. Each of these two events is a “Triggering Event.” Upon a Triggering Event, the Company's convertible stock will, unless its advisory agreement has been terminated or not renewed on account of a material breach by its Advisor, generally be converted into a number of shares of common stock equal to 1/50,000 of the quotient of: (A) the lesser of (i) 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 (ii) 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 have occurred as of June 30, 2018 . Common Stock As of June 30, 2018 , the Company had an aggregate of 60,912,128 shares of $0.01 par value common stock outstanding (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 6,874,470 60,217 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total 62,927,132 616,564 Shares redeemed and retired (2,015,004 ) (17,637 ) Total shares outstanding 60,912,128 $ 598,927 Redemptions During the six months ended June 30, 2018 , the Company redeemed shares as follows (in thousands, except per share data): Month Total Number Average Price Paid per Share Cumulative Number (1) Approximate Dollar January 2018 — $— — (2) February 2018 — $— — (2) March 2018 350 $8.79 350 (2) April 2018 — $— — (2) May 2018 — $— — (2) June 2018 719 $8.80 1,069 (2) (1) All purchases of equity securities by the Company in the six months ended June 30, 2018 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 six months ended June 30, 2018 . 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 six months ended June 30, 2018 , the Company paid aggregate distributions of $18.3 million , including $7.9 million of distributions paid in cash and $10.4 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands): Authorization Date Per Record Dates Distribution Date Distributions Net Cash Distributions Total Aggregate December 15, 2017 $ 0.00164384 December 29, 2017 through January 30, 2018 January 31, 2018 $ 1,884 $ 1,413 $ 3,297 December 15, 2017 0.00164384 January 31, 2018 through February 27, 2018 February 28, 2018 1,601 1,206 2,807 December 15, 2017 0.00164384 February 28, 2018 through March 29, 2018 April 2, 2018 1,708 1,314 3,022 March 28, 2018 0.00164384 March 30, 2018 through April 27, 2018 April 30, 2018 1,767 1,342 3,109 March 28, 2018 0.00164384 April 28, 2018 through May 30, 2018 May 31, 2018 1,762 1,359 3,121 March 28, 2018 0.00164384 May 31, 2018 through June 28, 2018 June 29, 2018 1,631 1,287 2,918 $ 10,353 $ 7,921 $ 18,274 On June 18, 2018 , the Board of Directors approved distributions in an amount of $0.00164384 per share of common stock for stockholders of record each day in the period from June 29, 2018 through and including September 27, 2018 , payable on July 31, 2018 , August 31, 2018 and September 28, 2018 . Distributions payable of $9.1 million are recorded on the consolidated balance sheet. 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	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measures and Disclosures	FAIR VALUE MEASURES AND DISCLOSURES In analyzing the fair value of its investments accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The fair value of cash, tenant receivables and accounts payable, approximate their carrying value due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. The fair value of rental properties is usually estimated based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities. The Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases and the value of tenant relationships, based in each case on their fair values. Derivatives (interest rate caps) which are reported at fair value in the consolidated balance sheets are valued by a third party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors (Level 2). The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total June 30, 2018 Assets: Interest rate caps $ — $ 118 $ — $ 118 $ — $ 118 $ — $ 118 Level 1 Level 2 Level 3 Total December 31, 2017 Assets: Interest rate caps $ — $ 58 $ — $ 58 Cancelable swap — 166 — 166 $ — $ 224 $ — $ 224 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): June 30, 2018 December 31, 2017 Outstanding Balance Estimated Fair Outstanding Balance Estimated Fair Mortgage notes payable $ 581,140 $ 525,649 $ 565,921 $ 571,275 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	6 Months Ended
	Jun. 30, 2018
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 six months ended June 30, 2018 , such derivatives were used to hedge the variable cash flows, indexed to London InterBank Offered Rate ("LIBOR"), associated with existing variable-rate loan agreements. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the six months ended June 30, 2018 , the Company did not record any hedge ineffectiveness in earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $200,320 will be reclassified as an increase to interest expense. As of June 30, 2018 , the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivatives Number of Instruments Notional Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 12 $ 436,594 January 1, 2019 through May 1, 2022 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 June 30, 2018 and December 31, 2017 (in thousands): Asset Derivatives Liabilities Derivatives June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Derivatives designated as hedging instruments: Interest rate caps $ 118 Interest rate caps $ 58 NA $ — NA $ — Interest rate caps are included in Prepaid expenses and other assets on the consolidated balance sheets. The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2018 and 2017 (in thousands): Amount of Gain (Loss) Recognized in Income for the Three Months Ended Amount of Gain (Loss) Recognized in Income for the Six Months Ended Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Interest rate caps Interest expense $ (74 ) $ (13 ) $ (86 ) $ (21 ) Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Three Months Ended Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Three Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Interest rate products $ (159 ) $ (104 ) Interest expense $ (74 ) $ (13 ) Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Six Months Ended Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Interest rate products $ (5 ) $ (352 ) Interest expense $ (86 ) $ (22 ) Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain provisions where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. As of June 30, 2018 , the Company has not posted any collateral related to these agreements.

Operating Expense Limitation

Operating Expense Limitation	6 Months Ended
	Jun. 30, 2018
Other Income and Expenses [Abstract]
Operating Expense Limitation	OPERATING EXPENSE LIMITATION As required under the Company's charter, the Advisor must reimburse the Company the amount by which the aggregate total operating expenses for the four fiscal quarters then ended exceed the greater of 2% of the average invested assets or 25% of net income, unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expenses for the four quarters ended June 30, 2018 did not exceed the charter imposed limitation.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company has evaluated subsequent events and determined that no additional events have occurred which would require an adjustment to or additional disclosure in the consolidated financial statements.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in conformity with GAAP.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Rental Properties	Rental Properties The Company records acquired rental properties 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, fixtures and equipment 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, two 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 an impairment exists, due to the Company's 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 three and six months ended June 30, 2018 and 2017 .
Allocation of Purchase Price of Acquired Assets	Allocation of Purchase Price of Acquired Assets On January 1, 2018, the Company adopted ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"). Acquisitions that do not meet the definition of a business under this guidance are accounted for as asset acquisitions. In most cases, the Company believes that acquisitions of real estate will no longer be considered a business combination as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the screen is not met, and the Company will then perform an assessment to determine whether the set is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition including transaction costs to the assets acquired or liabilities assumed on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the remaining term of the underlying leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does amortization periods for the intangible assets exceed the remaining depreciable life of the building. 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. The use of inappropriate estimates would result in an incorrect assessment of the fair value of these assets and liabilities, which could impact the Company's reported net income (loss).
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. The future minimum rental payments to be received from noncancelable operating leases are $49.3 million and $1.4 million for the 12-month periods ending June 30, 2019 and 2020 , respectively, and none thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments, amenities and revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. The Company records utility reimbursement income and the ancillary charges in the period in which they are earned or received and records the reimbursements in the period in which the related expenses are incurred.
Tenant Receivables	Tenant Receivables The Company makes estimates of the collectability of its tenant receivables related to base rents, including straight-line rentals, expense reimbursements and other revenue or income. The Company specifically analyzes accounts receivable and historic bad debts, tenant creditworthiness, current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. The Company writes off receivables when they become uncollectible. In some cases, the ultimate resolution of these claims can exceed one year .
Income Taxes	Income Taxes The Company elected to be taxed as a REIT, commencing with its taxable year ended December 31, 2014. 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 June 30, 2018 and December 31, 2017 , 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 the weighted-average number of common shares outstanding during the year. Basic earnings (loss) per share is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the convertible shares (see Note 10) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of June 30, 2018 (were such date to represent the end of the contingency period). For the three and six months ended June 30, 2018 and 2017 , 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.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board ("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 adopted 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 the Company's properties. The accounting for these revenue streams were not affected by the adoption of ASU 2014-09, nor was there a cumulative effect of initially applying the standard. 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. On January 1, 2018, the Company adopted ASU No. 2016-18, which requires restricted cash to be included with cash and cash equivalents as part of the reconciliation of beginning and end of period balances within the consolidated statements of cash flows. In November 2016, FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," which provides guidance on the classification of restricted cash in the statement of cash flows. On January 1, 2018, the Company adopted ASU No. 2016-18 and the adoption did not have a material effect on its consolidated financial statements and disclosures. As a result of adopting the new guidance, approximately $642,000 and $700,000 of restricted cash, which were previously included as operating cash outflows and investing cash inflows within the consolidated statements of cash flows for the six months ended June 30, 2017 , respectively, have been removed and are now included in the cash, cash equivalents, and restricted cash line items at the beginning and the end of period. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 850): Clarifying the Definition of Business", which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. On January 1, 2018, the Company adopted ASU No. 2017-01 and the adoption did not have a material effect on its consolidated financial statements and disclosures since the Company did not acquire any properties during the six months ended June 30, 2017 . The Company believes future rental property acquisitions will be accounted for as asset acquisitions, not business combinations. Accounting Standards Issued But Not Yet Effective In February 2016, FASB issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02"), as amended by ASU 2018-10, 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 Leases (Topic 842). 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”, 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 January 2017, FASB issued ASU No. 2017-04, "Intangibles- Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment", which alters the current goodwill impairment testing procedures. 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. Since the Company has no recorded goodwill, there is no expected impact upon adoption. 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. In July 2018, FASB issued ASU 2018-09, "Codification Improvements." This standard does not prescribe any new accounting guidance, but instead makes minor improvements and clarifications of several different FASB Accounting Standards Codification areas based on comments and suggestions made by various stakeholders. Certain updates are applicable immediately while others provide for a transition period to adopt as part of the next fiscal year beginning after December 15, 2018. The Company is evaluating this guidance to determine the impact it may have on its consolidated financial statements.
Reclassifications	Reclassifications Certain amounts in the prior year financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net income (loss).

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of Wholly-Owned Subsidiaries	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Bear Creek Holdings, LLC, or Bear Creek Adair off Addison 152 Dallas, TX RRE Oak Hill Holdings, LLC, or Oak Hill Overton Trails Apartment Homes 360 Fort Worth, TX RRE Buckhead Holdings, LLC, or Buckhead Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC, or Farrington Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair Terrace 188 Portland, OR RRE Grand Reserve Holdings, LLC, or Grand Reserve Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC, or Canterwood Verdant Apartment Homes 216 Boulder, CO RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Apartment Homes 252 Atlanta, GA RRE Fox Ridge Holdings, LLC, or Fox Ridge Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC, or Riverlodge Ravina Apartment Homes 498 Austin, TX RRE Breckenridge Holdings, LLC, or Breckenridge 81 Fifty at West Hills Apartment Homes 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 Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC Martin's Point 256 Lombard, IL N/A - Not Applicable
Schedule of Estimated Useful Lives	The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures and equipment 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 Inform23

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table presents supplemental cash flow information (in thousands): Six Months Ended June 30, 2018 2017 Non-cash financing and investing activities: Distributions on common stock declared but not yet paid $ 9,112 $ 8,980 Stock issued pursuant to distribution reinvestment plan 10,353 10,273 Accruals for construction in process 987 — Repayments on borrowings through refinancing 72,845 — Cash paid during the period for: Interest $ 12,564 $ 8,262

Restricted Cash (Tables)

Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2018
Cash and Cash Equivalents [Abstract]
Summary of Components of Restricted Cash	A summary of the components of restricted cash follows (in thousands): June 30, December 31, Real estate taxes $ 4,661 $ 4,594 Insurance 384 973 Capital improvements 1,170 1,693 Other 493 408 $ 6,708 $ 7,668 Unrestricted cash designated for capital expenditures $ 35,546 $ 42,640

Rental Properties, Net (Tables)

Rental Properties, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Schedule of Investments in Rental Properties	The Company’s investments in rental properties consisted of the following (in thousands): June 30, December 31, Land $ 123,863 $ 123,863 Building and improvements 756,850 748,062 Furniture, fixtures and equipment 23,578 21,743 Construction in progress 1,373 5,061 905,664 898,729 Less: accumulated depreciation (81,475 ) (61,758 ) $ 824,189 $ 836,971

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following is a summary of the Company's mortgage notes payable, net (in thousands): Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Collateral June 30, 2018 December 31, 2017 Overton Trails Apartment Homes $ 30,162 $ — $ (269 ) $ 29,893 $ 30,485 $ — $ (291 ) $ 30,194 Uptown Buckhead 19,845 — (230 ) 19,615 20,039 — (248 ) 19,791 Crosstown at Chapel Hill 42,650 — (419 ) 42,231 31,826 — (265 ) 31,561 The Brookwood - Key Bank 17,675 345 (162 ) 17,858 17,871 399 (188 ) 18,082 The Brookwood - Capital One 2,635 26 (28 ) 2,633 2,657 30 (32 ) 2,655 Adair off Addison and Adair off Addison Apartment Homes 24,859 — (290 ) 24,569 25,091 — (347 ) 24,744 1000 Spalding Apartment Homes 24,418 — (200 ) 24,218 24,600 — (230 ) 24,370 Ravina Apartment Homes 27,294 — (277 ) 27,017 27,634 — (315 ) 27,319 Verdant Apartment Homes 37,300 — (261 ) 37,039 37,300 — (289 ) 37,011 Arcadia Apartment Homes 40,200 — (287 ) 39,913 40,200 — (318 ) 39,882 Grand Reserve 47,845 — (639 ) 47,206 41,520 — (372 ) 41,148 Montclair Terrace 20,486 — (262 ) 20,224 20,674 — (290 ) 20,384 81 Fifty at West Hills Apartment Homes 52,975 — (533 ) 52,442 52,975 — (588 ) 52,387 The Palmer at Las Colinas 45,700 — (541 ) 45,159 45,700 — (574 ) 45,126 Windbrooke Crossing 38,067 — (374 ) 37,693 38,320 — (411 ) 37,909 Woods of Burnsville 38,250 — (487 ) 37,763 38,250 — (534 ) 37,716 Indigo Creek 40,789 — (430 ) 40,359 40,789 — (471 ) 40,318 Martin's Point 29,990 — (382 ) 29,608 29,990 — (423 ) 29,567 $ 581,140 $ 371 $ (6,071 ) $ 575,440 $ 565,921 $ 429 $ (6,186 ) $ 560,164 The following table presents additional information about the Company's mortgage notes payable, net at June 30, 2018 (in thousands, except percentages): Maturity Margin over LIBOR Annual Interest Rate Average Average Overton Trails Apartment Homes 1/1/2025 1.91 % 4.00 % 141 176 (1) (3) (5) Uptown Buckhead 7/1/2025 2.22 % 4.31 % 95 49 (1) (3) (4) Crosstown at Chapel Hill 7/1/2025 1.77 % 3.86 % 143 — (1) (4) (7) The Brookwood - Key Bank 11/1/2021 N/A 4.73 % 104 13 (2) (6) The Brookwood - Capital One 11/1/2021 N/A 5.40 % 16 — (2) (6) Adair off Addison and Adair off Addison Apartment Homes 1/1/2021 1.55 % 3.64 % 104 — (1) (3) 1000 Spalding Apartment Homes 1/1/2022 N/A 3.88 % 116 41 (2) (4) Ravina Apartment Homes 5/1/2022 N/A 3.76 % 144 133 (2) (6) Verdant Apartment Homes 5/1/2023 N/A 3.89 % 125 29 (2) (4) Arcadia Apartment Homes 5/1/2023 N/A 3.89 % 135 20 (2) (4) Grand Reserve 5/1/2028 1.72 % 3.81 % 144 92 (1) (3) (4) (7) Montclair Terrace 6/1/2023 2.45 % 4.54 % 93 26 (1) (3) (6) 81 Fifty at West Hills Apartment Homes 7/1/2023 2.36 % 4.45 % 232 53 (1) (3) (4) The Palmer at Las Colinas 9/1/2026 2.11 % 4.20 % 140 180 (1) (3) (4) Windbrooke Crossing 1/1/2024 2.69 % 4.78 % 240 61 (1) (3) (4) Woods of Burnsville 2/1/2024 2.13 % 4.22 % 155 64 (1) (3) (4) Indigo Creek 5/1/2024 1.93 % 4.02 % 135 51 (1) (3) (4) Martin's Point 11/1/2024 1.86 % 3.95 % 141 79 (1) (3) (4) (1) Variable rate based on one-month LIBOR of 2.0903% (as of June 30, 2018 ) plus a fixed margin (2) Fixed rate (3) Variable rate hedged with interest rate cap cash flow hedge (4) Monthly interest-only payment currently required (5) Monthly fixed principal plus interest payment required (6) Fixed monthly payment of principal and interest payment required (7) Refinanced during the quarter ended June 30, 2018
Schedule of Annual Principal Payments	Annual principal payments on the mortgage notes payable, excluding amortization of the mortgage premium, for each of the next five 12-month periods ending June 30, and thereafter, are as follows (in thousands): 2019 $ 5,404 2020 10,203 2021 34,246 2022 77,074 2023 142,336 Thereafter 311,877 Total principal payments $ 581,140
Amortization of Deferred Financing Costs	Amortization of deferred financing costs for the next five 12-month periods ending June 30, and thereafter, is as follows (in thousands): 2019 $ 1,216 2020 1,201 2021 1,129 2022 966 2023 725 Thereafter 834 $ 6,071

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss (in thousands): Net unrealized loss Balance, January 1, 2018 $ (444 ) Designated derivatives, fair value adjustment 80 Balance, June 30, 2018 $ (364 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Fees Earned/Expenses Incurred and Amounts Payable to Related Parties	The fees earned/expenses incurred and the amounts payable to such related parties are summarized in the following tables (in thousands): June 30, December 31, Due from related parties: RAI - self-insurance funds held $ 214 $ 57 $ 214 $ 57 Due to related parties: Advisor Operating expense reimbursements $ 134 $ 1 Manager Property management fees 325 315 Operating expense reimbursements 153 204 RAI Internal audit fees 25 18 $ 637 $ 538 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Fees earned / expenses incurred: Advisor Acquisition fees $ — $ 1,142 $ — $ 1,142 Asset management fees (1) $ 2,460 $ 2,357 $ 4,920 $ 4,573 Debt financing fees (2) $ 78 $ 203 $ 78 $ 395 Operating expense reimbursements (3) $ 998 $ 961 $ 1,989 $ 2,050 Manager Property management fees (1) $ 963 $ 848 $ 1,900 $ 1,639 Construction management fees (4) $ 174 $ 444 $ 468 $ 832 Construction payroll reimbursements (4) $ 6 $ — $ 35 $ — Operating expense reimbursements (3) $ 337 $ — $ 403 $ — (1) Included in Management fees on the consolidated statements of operations and comprehensive loss per income statement. (2) Included in Mortgage notes payable, net on the consolidated balance sheets. (3) Included in General and administrative on the consolidated statements of operations and comprehensive loss per income statement. (4) Included in Rental properties, net on the consolidated balance sheets.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Common Stock	During the six months ended June 30, 2018 , the Company redeemed shares as follows (in thousands, except per share data): Month Total Number Average Price Paid per Share Cumulative Number (1) Approximate Dollar January 2018 — $— — (2) February 2018 — $— — (2) March 2018 350 $8.79 350 (2) April 2018 — $— — (2) May 2018 — $— — (2) June 2018 719 $8.80 1,069 (2) (1) All purchases of equity securities by the Company in the six months ended June 30, 2018 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 June 30, 2018 , the Company had an aggregate of 60,912,128 shares of $0.01 par value common stock outstanding (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 6,874,470 60,217 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total 62,927,132 616,564 Shares redeemed and retired (2,015,004 ) (17,637 ) Total shares outstanding 60,912,128 $ 598,927
Schedule of Distributions	For the six months ended June 30, 2018 , the Company paid aggregate distributions of $18.3 million , including $7.9 million of distributions paid in cash and $10.4 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands): Authorization Date Per Record Dates Distribution Date Distributions Net Cash Distributions Total Aggregate December 15, 2017 $ 0.00164384 December 29, 2017 through January 30, 2018 January 31, 2018 $ 1,884 $ 1,413 $ 3,297 December 15, 2017 0.00164384 January 31, 2018 through February 27, 2018 February 28, 2018 1,601 1,206 2,807 December 15, 2017 0.00164384 February 28, 2018 through March 29, 2018 April 2, 2018 1,708 1,314 3,022 March 28, 2018 0.00164384 March 30, 2018 through April 27, 2018 April 30, 2018 1,767 1,342 3,109 March 28, 2018 0.00164384 April 28, 2018 through May 30, 2018 May 31, 2018 1,762 1,359 3,121 March 28, 2018 0.00164384 May 31, 2018 through June 28, 2018 June 29, 2018 1,631 1,287 2,918 $ 10,353 $ 7,921 $ 18,274

Fair Value Measures and Discl30

Fair Value Measures and Disclosures (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total June 30, 2018 Assets: Interest rate caps $ — $ 118 $ — $ 118 $ — $ 118 $ — $ 118 Level 1 Level 2 Level 3 Total December 31, 2017 Assets: Interest rate caps $ — $ 58 $ — $ 58 Cancelable swap — 166 — 166 $ — $ 224 $ — $ 224
Carrying Amounts and Fair Values of Mortgage Notes Payable	The outstanding balance and estimated fair value of the Company’s mortgage notes payable are as follows (in thousands): June 30, 2018 December 31, 2017 Outstanding Balance Estimated Fair Outstanding Balance Estimated Fair Mortgage notes payable $ 581,140 $ 525,649 $ 565,921 $ 571,275

Derivatives and Hedging Activ31

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	As of June 30, 2018 , the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivatives Number of Instruments Notional Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 12 $ 436,594 January 1, 2019 through May 1, 2022
Fair Value of Derivative Financial Instruments and Balance Sheet Classification	The table below presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of June 30, 2018 and December 31, 2017 (in thousands): Asset Derivatives Liabilities Derivatives June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Derivatives designated as hedging instruments: Interest rate caps $ 118 Interest rate caps $ 58 NA $ — NA $ —
Summary of Effects on Statements of Operations and Comprehensive Loss	The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2018 and 2017 (in thousands): Amount of Gain (Loss) Recognized in Income for the Three Months Ended Amount of Gain (Loss) Recognized in Income for the Six Months Ended Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Interest rate caps Interest expense $ (74 ) $ (13 ) $ (86 ) $ (21 ) Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Three Months Ended Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Three Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Interest rate products $ (159 ) $ (104 ) Interest expense $ (74 ) $ (13 ) Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Six Months Ended Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Interest rate products $ (5 ) $ (352 ) Interest expense $ (86 ) $ (22 )

Nature of Business and Operat32

Nature of Business and Operations (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Mar. 29, 2018	Feb. 28, 2018	Jan. 31, 2018	Dec. 31, 2017	Mar. 29, 2017	Sep. 28, 2012
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)	$ 8.80	$ 0	$ 0	$ 8.79		$ 0	$ 0
Common stock, shares issued (in shares)	60,912,128							60,782,019
Issuance of common stock	$ 616,564
Shares issued through initial public offering
Class of Stock [Line Items]
Common stock, shares authorized (in shares)										100,000,000
Common stock, initial public offering price (in dollars per share)										$ 10
Shares issued through the distribution reinvestment plan (in shares)	62,680,767
Gross offering proceeds	$ 616,600
Common stock, shares issued (in shares)	55,791,297
Issuance of common stock	$ 556,197
Shares issued through distribution reinvestment plan
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	10,000,000
Common stock, initial public offering price (in dollars per share)	$ 8.63				$ 8.65				$ 8.56
Common stock, shares issued (in shares)	6,874,470
Issuance of common stock	$ 60,217

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Subsidiaries (Details)	Jun. 30, 2018unit
Adair off Addison
Property, Plant and Equipment [Line Items]
Number of Units	152
Overton Trails Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	360
Uptown Buckhead
Property, Plant and Equipment [Line Items]
Number of Units	216
Crosstown at Chapel Hill
Property, Plant and Equipment [Line Items]
Number of Units	411
The Brookwood
Property, Plant and Equipment [Line Items]
Number of Units	274
Adair off Addison Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	200
Montclair Terrace
Property, Plant and Equipment [Line Items]
Number of Units	188
Grand Reserve
Property, Plant and Equipment [Line Items]
Number of Units	319
Verdant Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	216
1000 Spalding Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	252
Arcadia Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	300
Ravina Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	498
81 Fifty at West Hills Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	357
The Palmer at Las Colinas
Property, Plant and Equipment [Line Items]
Number of Units	476
Windbrooke Crossing
Property, Plant and Equipment [Line Items]
Number of Units	236
The Woods of Burnsville
Property, Plant and Equipment [Line Items]
Number of Units	400
Indigo Creek
Property, Plant and Equipment [Line Items]
Number of Units	408
Martin's Point
Property, Plant and Equipment [Line Items]
Number of Units	256

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	6 Months Ended
	Jun. 30, 2018
Buildings
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Property, Plant and Equipment [Line Items]
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 (in years)	1 year
Management fee (as percent)	5.00%
Future minimum rental payments to be received from noncancelable operating leases, current	$ 49,300,000
Future minimum rental payments to be received from noncancelable operating leases, in two years	1,400,000
Future minimum rental payments to be received from noncancelable operating leases, thereafter	$ 0
Resolution of claims	1 year
Allowance for uncollectible accounts	$ 5,000		$ 5,000
Net cash used in operating activities	(1,257,000)	$ 1,250,000
Net cash used in investing activities	$ 7,381,000	68,238,000
Adjustments for New Accounting Pronouncement
Property, Plant and Equipment [Line Items]
Net cash used in operating activities		642,000
Net cash used in investing activities		$ 700,000
Dallas-Fort Worth area | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Number of properties owned (in property) | property	4
Chicago area | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Number of properties owned (in property) | property	2
Portland, Oregon | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Number of properties owned (in property) | property	2
Atlanta area | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Number of properties owned (in property) | property	2
Denver area | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Number of properties owned (in property) | property	2

Supplemental Cash Flow Inform36

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Non-cash financing and investing activities:
Distributions on common stock declared but not yet paid	$ 9,112	$ 8,980	$ 9,112
Stock issued pursuant to distribution reinvestment plan	10,353	10,273
Accruals for construction in process	987	0
Repayments on borrowings through refinancing	72,845	0
Cash paid during the period for:
Interest	$ 12,564	$ 8,262

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 6,708	$ 7,668	$ 6,562
Unrestricted cash designated for capital expenditures	35,546	42,640
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,661	4,594
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	384	973
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,170	1,693
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 493	$ 408

Rental Properties, Net (Details

Rental Properties, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Rental Properties, Net:
Land	$ 123,863		$ 123,863		$ 123,863
Building and improvements	756,850		756,850		748,062
Furniture, fixtures and equipment	23,578		23,578		21,743
Construction in progress	1,373		1,373		5,061
Rental properties, gross	905,664		905,664		898,729
Less: accumulated depreciation	(81,475)		(81,475)		(61,758)
Rental properties, net	824,189		824,189		$ 836,971
Depreciation expense	$ 10,100	$ 8,600	$ 19,900	$ 16,500

Identified Intangible Assets,39

Identified Intangible Assets, Net (Details) - Acquired in-place leases - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross value of leases	$ 18,500,000		$ 18,500,000		$ 18,500,000
Acquired in-place leases, accumulated amortization	18,400,000		$ 18,400,000		$ 17,700,000
Weighted-average remaining life of rental leases			1 month
Amortization expense	(348,000)	$ 1,400,000	$ 697,000	$ 3,000,000
Expected amortization for the rental leases	116,000		116,000
Expected amortization for the rental leases, thereafter	$ 0		$ 0

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Outstanding borrowings	$ 581,140
Deferred Finance Costs, net	(6,071)
Carrying Value	575,440	$ 560,164
Mortgage notes payable
Debt Instrument [Line Items]
Outstanding borrowings	581,140	565,921
Premium, net	371	429
Deferred Finance Costs, net	(6,071)	(6,186)
Carrying Value	$ 575,440	560,164
Mortgage notes payable | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	2.0903%
Mortgage notes payable | Overton Trails Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	$ 30,162	30,485
Deferred Finance Costs, net	(269)	(291)
Carrying Value	$ 29,893	30,194
Annual Interest Rate (as percent)	4.00%
Average Monthly Debt Service	$ 141
Average Monthly Escrow	$ 176
Mortgage notes payable | Overton Trails Apartment Homes | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	1.91%
Mortgage notes payable | Uptown Buckhead
Debt Instrument [Line Items]
Outstanding borrowings	$ 19,845	20,039
Deferred Finance Costs, net	(230)	(248)
Carrying Value	$ 19,615	19,791
Annual Interest Rate (as percent)	4.31%
Average Monthly Debt Service	$ 95
Average Monthly Escrow	$ 49
Mortgage notes payable | Uptown Buckhead | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	2.22%
Mortgage notes payable | Crosstown at Chapel Hill
Debt Instrument [Line Items]
Outstanding borrowings	$ 42,650	31,826
Deferred Finance Costs, net	(419)	(265)
Carrying Value	$ 42,231	31,561
Annual Interest Rate (as percent)	3.86%
Average Monthly Debt Service	$ 143
Average Monthly Escrow	$ 0
Mortgage notes payable | Crosstown at Chapel Hill | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	1.77%
Mortgage notes payable | The Brookwood - Key Bank
Debt Instrument [Line Items]
Outstanding borrowings	$ 17,675	17,871
Premium, net	345	399
Deferred Finance Costs, net	(162)	(188)
Carrying Value	$ 17,858	18,082
Annual Interest Rate (as percent)	4.73%
Average Monthly Debt Service	$ 104
Average Monthly Escrow	13
Mortgage notes payable | The Brookwood - Capital One
Debt Instrument [Line Items]
Outstanding borrowings	2,635	2,657
Premium, net	26	30
Deferred Finance Costs, net	(28)	(32)
Carrying Value	$ 2,633	2,655
Annual Interest Rate (as percent)	5.40%
Average Monthly Debt Service	$ 16
Average Monthly Escrow	0
Mortgage notes payable | Adair off Addison and Adair off Addison Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	24,859	25,091
Deferred Finance Costs, net	(290)	(347)
Carrying Value	$ 24,569	24,744
Annual Interest Rate (as percent)	3.64%
Average Monthly Debt Service	$ 104
Average Monthly Escrow	$ 0
Mortgage notes payable | Adair off Addison and Adair off Addison Apartment Homes | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	1.55%
Mortgage notes payable | 1000 Spalding Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	$ 24,418	24,600
Deferred Finance Costs, net	(200)	(230)
Carrying Value	$ 24,218	24,370
Annual Interest Rate (as percent)	3.88%
Average Monthly Debt Service	$ 116
Average Monthly Escrow	41
Mortgage notes payable | Ravina Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	27,294	27,634
Deferred Finance Costs, net	(277)	(315)
Carrying Value	$ 27,017	27,319
Annual Interest Rate (as percent)	3.76%
Average Monthly Debt Service	$ 144
Average Monthly Escrow	133
Mortgage notes payable | Verdant Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	37,300	37,300
Deferred Finance Costs, net	(261)	(289)
Carrying Value	$ 37,039	37,011
Annual Interest Rate (as percent)	3.89%
Average Monthly Debt Service	$ 125
Average Monthly Escrow	29
Mortgage notes payable | Arcadia Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	40,200	40,200
Deferred Finance Costs, net	(287)	(318)
Carrying Value	$ 39,913	39,882
Annual Interest Rate (as percent)	3.89%
Average Monthly Debt Service	$ 135
Average Monthly Escrow	20
Mortgage notes payable | Grand Reserve
Debt Instrument [Line Items]
Outstanding borrowings	47,845	41,520
Deferred Finance Costs, net	(639)	(372)
Carrying Value	$ 47,206	41,148
Annual Interest Rate (as percent)	3.81%
Average Monthly Debt Service	$ 144
Average Monthly Escrow	$ 92
Mortgage notes payable | Grand Reserve | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	1.72%
Mortgage notes payable | Montclair Terrace
Debt Instrument [Line Items]
Outstanding borrowings	$ 20,486	20,674
Deferred Finance Costs, net	(262)	(290)
Carrying Value	$ 20,224	20,384
Annual Interest Rate (as percent)	4.54%
Average Monthly Debt Service	$ 93
Average Monthly Escrow	$ 26
Mortgage notes payable | Montclair Terrace | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	2.45%
Mortgage notes payable | 81 Fifty at West Hills Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings	$ 52,975	52,975
Deferred Finance Costs, net	(533)	(588)
Carrying Value	$ 52,442	52,387
Annual Interest Rate (as percent)	4.45%
Average Monthly Debt Service	$ 232
Average Monthly Escrow	$ 53
Mortgage notes payable | 81 Fifty at West Hills Apartment Homes | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	2.36%
Mortgage notes payable | The Palmer at Las Colinas
Debt Instrument [Line Items]
Outstanding borrowings	$ 45,700	45,700
Deferred Finance Costs, net	(541)	(574)
Carrying Value	$ 45,159	45,126
Annual Interest Rate (as percent)	4.20%
Average Monthly Debt Service	$ 140
Average Monthly Escrow	$ 180
Mortgage notes payable | The Palmer at Las Colinas | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	2.11%
Mortgage notes payable | Windbrooke Crossing
Debt Instrument [Line Items]
Outstanding borrowings	$ 38,067	38,320
Deferred Finance Costs, net	(374)	(411)
Carrying Value	$ 37,693	37,909
Annual Interest Rate (as percent)	4.78%
Average Monthly Debt Service	$ 240
Average Monthly Escrow	$ 61
Mortgage notes payable | Windbrooke Crossing | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	2.69%
Mortgage notes payable | Woods of Burnsville
Debt Instrument [Line Items]
Outstanding borrowings	$ 38,250	38,250
Deferred Finance Costs, net	(487)	(534)
Carrying Value	$ 37,763	37,716
Annual Interest Rate (as percent)	4.22%
Average Monthly Debt Service	$ 155
Average Monthly Escrow	$ 64
Mortgage notes payable | Woods of Burnsville | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	2.13%
Mortgage notes payable | Indigo Creek
Debt Instrument [Line Items]
Outstanding borrowings	$ 40,789	40,789
Deferred Finance Costs, net	(430)	(471)
Carrying Value	$ 40,359	40,318
Annual Interest Rate (as percent)	4.02%
Average Monthly Debt Service	$ 135
Average Monthly Escrow	$ 51
Mortgage notes payable | Indigo Creek | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	1.93%
Mortgage notes payable | Martin's Point
Debt Instrument [Line Items]
Outstanding borrowings	$ 29,990	29,990
Deferred Finance Costs, net	(382)	(423)
Carrying Value	$ 29,608	$ 29,567
Annual Interest Rate (as percent)	3.95%
Average Monthly Debt Service	$ 141
Average Monthly Escrow	$ 79
Mortgage notes payable | Martin's Point | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR (as percent)	1.86%

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Weighted average interest rate (as percent)	4.11%
Restricted cash related to escrow deposits	$ 6,700	$ 7,700
Accumulated amortization of deferred financing costs	2,200	$ 2,000
The Brookwood
Debt Instrument [Line Items]
Net unamortized fair value of debt assumed adjustment	$ 371

Mortgage Notes Payable, Net - A

Mortgage Notes Payable, Net - Annual Principal Payments on Mortgage Notes Payable (Details) $ in Thousands	Jun. 30, 2018USD ($)
Debt Disclosure [Abstract]
2,019	$ 5,404
2,020	10,203
2,021	34,246
2,022	77,074
2,023	142,336
Thereafter	311,877
Total principal payments	$ 581,140

Mortgage Notes Payable, Net - D

Mortgage Notes Payable, Net - Deferred Finance Costs (Details) $ in Thousands	Jun. 30, 2018USD ($)
Debt Disclosure [Abstract]
2,019	$ 1,216
2,020	1,201
2,021	1,129
2,022	966
2,023	725
Thereafter	834
Total deferred finance costs	$ 6,071

Accumulated Other Comprehensi44

Accumulated Other Comprehensive Loss (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	$ 330,660
Balance, end of period	295,258
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(444)
Designated derivatives, fair value adjustment	80
Balance, end of period	$ (364)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Apr. 23, 2017	Apr. 22, 2017
Related Party Transaction [Line Items]
Insurance pool, loss limit			$ 2,500,000
Property loss pool, deductible amount per incident	$ 25,000		25,000
Catastrophic insurance, losses in excess of insurance pool, limit			250,000,000
Catastrophic insurance, deductible amount per incident	100,000		100,000
Payment into insurance pools	$ 0	$ 18,000	398,000	$ 622,000
General liability pool, deductible amount per incident					$ 25,000	$ 50,000
Loss covered in excess of insurance pool, limit			76,000,000
Debt servicing fee				$ 0
Directors and officers insurance
Related Party Transaction [Line Items]
Insurance coverage limit			$ 100,000,000
Advisor
Related Party Transaction [Line Items]
Term of Advisory Agreement			1 year
Advisory Agreement, renewal period			1 year
Acquisition fee (as percent)			2.00%
Monthly asset management fee (as percent)			0.083%
Disposition fee (as percent)			2.00%
Debt financing fee (as percent)			0.50%
Manager
Related Party Transaction [Line Items]
Property management fee (as percent)			4.50%
Construction management fee (as percent)			5.00%
Debt servicing fee (as percent)			2.75%
Debt servicing fee			$ 0

Related Party Transactions - Fe

Related Party Transactions - Fees Earned/Expenses Incurred and Amounts Payable to Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from related parties:	$ 214		$ 214		$ 57
Due to related parties:	637		637		538
RAI | RAI - self-insurance funds held
Related Party Transaction [Line Items]
Due from related parties:	214		214		57
RAI | Internal audit fees
Related Party Transaction [Line Items]
Due to related parties:	25		25		18
Advisor | Acquisition fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	0	$ 1,142	0	$ 1,142
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties:	134		134		1
Fees earned / expenses incurred:	998	961	1,989	2,050
Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	2,460	2,357	4,920	4,573
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	78	203	78	395
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties:	153		153		204
Fees earned / expenses incurred:	337	0	403	0
Manager | Property management fees
Related Party Transaction [Line Items]
Due to related parties:	325		325		$ 315
Fees earned / expenses incurred:	963	848	1,900	1,639
Manager | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	174	444	468	832
Manager | Construction payroll reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	$ 6	$ 0	$ 35	$ 0

Equity - Preferred Stock and Co

Equity - Preferred Stock and Convertible Stock (Details)	6 Months Ended
	Jun. 30, 2018event$ / sharesshares	Dec. 31, 2017$ / sharesshares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares outstanding (in shares)	60,912,128	60,782,019
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number of possible triggering events | event	2
Conversion basis	0.00002
Converted if the lesser of, option 2 (as percent)	15.00%
Non-compounded annual return, option 2 (as percent)	7.00%
Number of triggering events | event	0
Convertible Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	50,000	50,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock, conversion terms, percent of paid distributions equal to price at which shares were originally sold	100.00%
Percent of annual return on shares at price equal to distributions paid	7.00%
Convertible Stock | Advisor
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	50,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01

Equity - Common Stock (Details)

Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	54 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares Issued (in shares)	60,912,128	60,782,019
Shares issued before redemption and retirement (in shares)	62,927,132
Share redeemed and retired (in shares)	(2,015,004)
Common stock, shares outstanding (in shares)	60,912,128	60,782,019
Gross Proceeds	$ 616,564
Gross Proceeds, Shares redeemed and retired	(17,637)
Gross proceeds from total shares outstanding	$ 598,927
Shares issued through initial public offering
Class of Stock [Line Items]
Shares Issued (in shares)	55,791,297
Gross Proceeds	$ 556,197
Shares issued through stock distributions
Class of Stock [Line Items]
Shares Issued (in shares)	246,365
Gross Proceeds	$ 0
Shares issued through distribution reinvestment plan
Class of Stock [Line Items]
Shares Issued (in shares)	6,874,470
Gross Proceeds	$ 60,217
Advisor's initial investment, net of 5,000 share conversion
Class of Stock [Line Items]
Shares Issued (in shares)	15,000
Gross Proceeds	$ 150
Conversion of stock (in shares)	5,000

Equity - Redemptions (Details)

Equity - Redemptions (Details) - $ / shares shares in Thousands	Apr. 30, 2018	Jun. 30, 2018	May 31, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Jun. 30, 2018
Equity [Abstract]
Total Number of Shares Redeemed (in shares)	0	719	0	350	0	0
Average Price Paid per Share (in dollars per share)	$ 0	$ 8.80	$ 0	$ 8.79	$ 0	$ 0	$ 8.80
Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program (in shares)	0		0	350	0	0	1,069
Maximum redemption of stock based on weighted-average number of shares outstanding (as percent)							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 (as percent)							1.00%
Changes that do not require stockholder approval							30 days

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 18, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 10,353
Net Cash Distributions		7,921
Total Aggregate Distributions		18,274
Stock issued pursuant to distribution reinvestment plan		10,353	$ 10,273
Dividends declared, daily accrual amount (in dollars per share)	$ 0.00164384
Distributions payable		$ 9,112	$ 8,980	$ 9,112
December 29, 2017 through January 30, 2018
Class of Stock [Line Items]
Per Common Share per day (in dollars per share)		$ 0.00164384
Distributions reinvested in shares of Common Stock		$ 1,884
Net Cash Distributions		1,413
Total Aggregate Distributions		$ 3,297
January 31, 2018 through February 27, 2018
Class of Stock [Line Items]
Per Common Share per day (in dollars per share)		$ 0.00164384
Distributions reinvested in shares of Common Stock		$ 1,601
Net Cash Distributions		1,206
Total Aggregate Distributions		$ 2,807
February 28, 2018 through March 29, 2018
Class of Stock [Line Items]
Per Common Share per day (in dollars per share)		$ 0.00164384
Distributions reinvested in shares of Common Stock		$ 1,708
Net Cash Distributions		1,314
Total Aggregate Distributions		$ 3,022
March 30, 2018 through April 27, 2018
Class of Stock [Line Items]
Per Common Share per day (in dollars per share)		$ 0.00164384
Distributions reinvested in shares of Common Stock		$ 1,767
Net Cash Distributions		1,342
Total Aggregate Distributions		$ 3,109
April 28, 2018 through May 30, 2018
Class of Stock [Line Items]
Per Common Share per day (in dollars per share)		$ 0.00164384
Distributions reinvested in shares of Common Stock		$ 1,762
Net Cash Distributions		1,359
Total Aggregate Distributions		$ 3,121
May 31, 2018 through June 28, 2018
Class of Stock [Line Items]
Per Common Share per day (in dollars per share)		$ 0.00164384
Distributions reinvested in shares of Common Stock		$ 1,631
Net Cash Distributions		1,287
Total Aggregate Distributions		$ 2,918

Fair Value Measures and Discl51

Fair Value Measures and Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Outstanding Balance | Mortgage notes payable
Assets:
Mortgage notes payable	$ 581,140	$ 565,921
Estimated Fair Value | Mortgage notes payable
Assets:
Mortgage notes payable	525,649	571,275
Fair Value, Measurements, Recurring
Assets:
Assets at fair value	118	224
Fair Value, Measurements, Recurring | Interest rate caps
Assets:
Derivative asset	118	58
Fair Value, Measurements, Recurring | Cancelable swap
Assets:
Derivative asset		166
Fair Value, Measurements, Recurring | Level 1
Assets:
Assets at fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Interest rate caps
Assets:
Derivative asset	0	0
Fair Value, Measurements, Recurring | Level 1 | Cancelable swap
Assets:
Derivative asset		0
Fair Value, Measurements, Recurring | Level 2
Assets:
Assets at fair value	118	224
Fair Value, Measurements, Recurring | Level 2 | Interest rate caps
Assets:
Derivative asset	118	58
Fair Value, Measurements, Recurring | Level 2 | Cancelable swap
Assets:
Derivative asset		166
Fair Value, Measurements, Recurring | Level 3
Assets:
Assets at fair value	0	0
Fair Value, Measurements, Recurring | Level 3 | Interest rate caps
Assets:
Derivative asset	$ 0	0
Fair Value, Measurements, Recurring | Level 3 | Cancelable swap
Assets:
Derivative asset		$ 0

Derivatives and Hedging Activ52

Derivatives and Hedging Activities - Narrative (Details)	Jun. 30, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated loss that will be reclassified to interest expense	$ 200,320

Derivatives and Hedging Activ53

Derivatives and Hedging Activities - Outstanding Interest Rate Derivatives (Details) - Derivatives Designated as Hedging Instruments $ in Thousands	Jun. 30, 2018USD ($)derivative_contract
Number of Instruments
Interest rate caps (in derivative contracts) | derivative_contract	12
Notional Amount
Interest rate caps | $	$ 436,594

Derivatives and Hedging Activ54

Derivatives and Hedging Activities - Fair Value of Derivative Instruments and Balance Sheet Classification (Details) - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Interest rate derivative liabilities, at fair value	$ 0	$ 0
Interest rate caps
Derivative [Line Items]
Interest rate derivative assets, at fair value	$ 118	$ 58

Derivatives and Hedging Activ55

Derivatives and Hedging Activities - Gain (Loss) Recognized in Income (Details) - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Three Months Ended	$ (74)	$ (13)	$ (86)	$ (22)
Interest rate caps | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income for the Three Months Ended	(74)	(13)	(86)	(21)
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Three Months Ended	$ (159)	$ (104)	$ (5)	$ (352)

Operating Expense Limitation (D

Operating Expense Limitation (Details)	6 Months Ended
	Jun. 30, 2018
Other Income and Expenses [Abstract]
Limitation on total operating expenses, percentage of average invested assets for the four most recently completed fiscal quarter	2.00%
Limitation on total operating expenses, percentage of net income for the four most recently completed fiscal quarter	25.00%