Resource Real Estate Opportunity REIT II (RREO) 10-K 20 Mar 20 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 18, 2020	Jun. 30, 2019
Cover [Abstract]
Entity Registrant Name	Resource Real Estate Opportunity REIT II, Inc.
Entity Central Index Key	0001559484
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	true
Title of 12(g) Security	Common Stock, par value $0.01 per share
Entity Shell Company	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-55430
Entity Tax Identification Number	80-0854717
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1845 Walnut Street
Entity Address, Address Line Two	18th Floor
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	215
Local Phone Number	231-7050
Entity Common Stock, Shares Outstanding		60,339,875
Entity Public Float			$ 0
Documents Incorporated by Reference	Registrant incorporates by reference portions of the Resource Real Estate Opportunity REIT II, Inc. Definitive Proxy Statement for the 2020 Annual Meeting of Stockholders (Items 10, 11, 12, 13, and 14 of Part III).

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments:
Rental properties, net	$ 735,530	$ 767,738
Identified intangible assets, net	0	0
Assets held for sale - rental properties	0	42,863
Total investments	735,530	810,601
Cash	39,647	40,175
Restricted cash	6,534	7,813
Subtotal - cash and restricted cash	46,181	47,988
Tenant receivables	107	73
Due from related parties	297	57
Prepaid expenses and other assets	2,147	2,009
Total assets	784,262	860,728
Liabilities:
Mortgage notes payable, net	547,875	573,642
Accounts payable and accrued expenses	11,502	12,046
Due to related parties	432	584
Tenant prepayments	634	642
Security deposits	1,513	1,470
Distribution payable	5,993	8,878
Total liabilities	567,949	597,262
Stockholders’ equity:
Preferred stock (par value $.01, 10,000,000 shares authorized, none issued and outstanding)	0	0
Common stock, outstanding	600	612
Additional paid-in capital	528,464	539,493
Accumulated other comprehensive loss	(189)	(379)
Accumulated deficit	(312,563)	(276,261)
Total stockholders’ equity	216,313	263,466
Total liabilities and stockholders’ equity	784,262	860,728
Convertible Stock
Stockholders’ equity:
Common stock, outstanding	1	1
Total stockholders’ equity	$ 1	$ 1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2019	Dec. 31, 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)	60,094,623	61,378,367
Common stock, shares outstanding (in shares)	60,094,623	61,378,367
Convertible Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000	50,000
Common stock, shares issued (in shares)	50,000	50,000
Common stock, shares outstanding (in shares)	50,000	50,000	50,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental income	$ 85,681	$ 87,256
Expenses:
Rental operating - expenses	13,205	14,411
Rental operating - payroll	7,682	7,943
Rental operating - real estate taxes	11,316	11,992
Subtotal - Rental operating expenses	32,203	34,346
Acquisition costs	0	30
Management fees	13,208	13,728
General and administrative	7,586	8,155
Loss on disposal of assets	219	522
Depreciation and amortization expense	39,599	41,424
Total expenses	92,815	98,205
Loss before net gain on disposition	(7,134)	(10,949)
Net gain on disposition of property	20,619	0
Income (loss) before other income (expense)	13,485	(10,949)
Other income (expense):
Interest income	223	157
Insurance proceeds in excess of cost basis	225	115
Interest expense	(25,877)	(24,764)
Net loss	(11,944)	(35,441)
Other comprehensive income (loss):
Designated derivatives, fair value adjustment	190	65
Comprehensive loss	$ (11,754)	$ (35,376)
Weighted average common shares outstanding, basic and diluted	60,728	61,110
Basic and diluted net loss per common share	$ (0.20)	$ (0.58)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Convertible Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance, beginning of period at Dec. 31, 2017	$ 330,660	$ 1	$ 606	$ 534,683	$ (444)	$ (204,186)
Balance, beginning of period (in shares) at Dec. 31, 2017		50,000	60,782,000
Common stock issued through distribution reinvestment plan	20,693		$ 24	20,669
Common stock issued through distribution reinvestment plan (in shares)			2,397,000
Distributions declared	(36,634)					(36,634)
Common stock redemptions	(15,877)		$ (18)	(15,859)
Common stock redemptions (in shares)			(1,800,000)
Designated derivatives, fair value adjustment	65				65
Net loss	(35,441)					(35,441)
Balance, end of period at Dec. 31, 2018	$ 263,466	$ 1	$ 612	539,493	(379)	(276,261)
Balance, end of period (in shares) at Dec. 31, 2018	61,378,367	50,000	61,379,000
Common stock issued through distribution reinvestment plan	$ 14,724		$ 18	14,706
Common stock issued through distribution reinvestment plan (in shares)			1,754,000
Distributions declared	(24,358)					(24,358)
Common stock redemptions	(25,765)		$ (30)	(25,735)
Common stock redemptions (in shares)			(3,038,000)
Designated derivatives, fair value adjustment	190				190
Net loss	(11,944)					(11,944)
Balance, end of period at Dec. 31, 2019	$ 216,313	$ 1	$ 600	$ 528,464	$ (189)	$ (312,563)
Balance, end of period (in shares) at Dec. 31, 2019	60,094,623	50,000	60,095,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (11,944)	$ (35,441)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Loss on disposal of assets	219	522
Net gain on disposition of property	(20,619)	0
Casualty (gain) loss	552
Depreciation and amortization	39,599	41,424
Amortization of deferred financing costs	1,104	1,318
Amortization of mortgage premiums	(113)	(116)
Change in fair value of interest rate caps		55
Changes in operating assets and liabilities:
Tenant receivables	(33)	14
Due from related parties	(240)
Prepaid expenses and other assets	(1)	(2)
Due to related parties	(151)	46
Accounts payable and accrued expenses	535	(2,013)
Tenant prepayments	16	67
Security deposits	98	158
Net cash provided by operating activities	9,022	6,032
Cash flows from investing activities
Proceeds from disposal of property, net of closing costs	32,882
Capital expenditures	(8,156)	(15,097)
Net cash provided by (used in) investing activities	24,726	(15,097)
Cash flows from financing activities:
Redemptions of common stock	(25,765)	(15,877)
Payment of deferred financing costs	(445)	(503)
Increase in borrowings	8,946	17,439
Repayments on borrowings	(5,760)	(4,660)
Purchase of interest rate caps	(11)	(66)
Distributions paid on common stock	(12,520)	(16,175)
Net cash used in financing activities	(35,555)	(19,842)
Net decrease in cash and restricted cash	(1,807)	(28,907)
Cash and restricted cash at beginning of year	47,988	76,895
Cash and restricted cash at end of year	$ 46,181	$ 47,988

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Of Cash Flows [Abstract]
Cash	$ 39,647	$ 40,175
Restricted cash	6,534	7,813
Subtotal - cash and restricted cash	$ 46,181	$ 47,988	$ 76,895

Nature of Business and Operatio

Nature of Business and Operations	12 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Operations	RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC. DECEMBER 31, 2019 NOTE 1 - NATURE OF BUSINESS AND OPERATIONS Resource Real Estate Opportunity REIT II, Inc. (the “Company”) was organized in Maryland on September 28, 2012. During the primary portion of its initial public offering, the Company offered up to 100,000,000 shares of common stock for $10 per share, with volume discounts available to certain categories of investors. The primary portion of the offering closed on February 6, 2016. The Company is currently offering up to 10,000,000 shares pursuant to the Company’s distribution reinvestment plan at a purchase price equal to 95% of the estimated net asset value per share. Resource Real Estate Opportunity Advisor II, LLC (the "Advisor”) is a wholly owned subsidiary of Resource Real Estate, LLC (the "Sponsor") and an indirect wholly owned subsidiary of Resource America, Inc. (“RAI”). The Advisor acts as the Company's external advisor and manages the Company's day-to-day operations and its portfolio of real estate investments and provides asset-management, marketing, investor relations and other administrative services on the Company's behalf, all subject to the supervision of the Company's Board of Directors. RAI is a wholly owned subsidiary of C-III Capital Partners, LLC ("C-III"), a leading commercial real estate investment management and services company engaged in a broad range of activities. C-III controls our Advisor and Resource Real Estate Opportunity Manager II, LLC, the Company's property manager (the "Manager"). C-III also controls all of the shares of the Company's common stock held by the Advisor. As of December 31, 2019, a total of 60,094,623 shares, including shares purchased by the Advisor and shares issued through the distribution reinvestment plan, remain outstanding . 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 commercial real estate assets, principally underperforming multifamily rental properties which the Company will renovate and stabilize in order to increase rents, and may acquire, to a lessor extent, real estate related debt. The Company is organized and conducts its operations in a manner intended to allow it to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended. The Company also operates its business in a manner intended to maintain its exemption from registration under the Investment Company Act of 1940, as amended.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows: Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("GAAP"). Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Oak Hill Holdings, LLC, or Oak Hill N/A (1) N/A N/A RRE Bear Creek Holdings, LLC, or Bear Creek Adair off Addison 152 Dallas, TX RRE Buckhead Holdings, LLC, or Buckhead Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC, or Farrington Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair 188 Portland, OR RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Crossing 252 Atlanta, GA RRE Grand Reserve Holdings, LLC, or Grand Reserve Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC, or Canterwood Verdant Apartment Homes 216 Boulder, CO RRE Fox Ridge Holdings, LLC, or Fox Ridge Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC, or Riverlodge 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, or Indigo Creek Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC, or Martin's Point Martin's Point 256 Lombard, IL N/A - Not Applicable (1) Property was sold on February 28, 2019 All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic temporary deposits of cash. At December 31, 2019, the Company had $46.1 million of deposits at various banks, $38.7 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits. Rental Properties The Company records acquired real estate at fair value on their acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life, and depreciates the asset using the straight line method. The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture and fixtures 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. As of December 31, 2019, the Company's real estate investments located in Texas, Illinois, Colorado, Oregon and Georgia represent approximately 19.6%, 18.9%, 15.6%, 14.1% and 9.1% of the portfolio. This makes it particularly susceptible to adverse economic developments in these real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could negatively affect the Company's liquidity and adversely affect its ability to fund its ongoing operations. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. The Company did not recognize any impairment charges during the years ended December 31, 2019 and 2018. 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 based 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 approximately $41.4 million and $586,000 for the years ending December 31, 2020 and 2021, 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 and amenities, which are charged to residents and recognized monthly as earned. The Company elected the practical expedient to not separate lease and non-lease components and has presented property revenues combined based upon the lease being determined the predominant component. The Company also has revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. Included in accrued expenses and other liabilities on the consolidated balance sheets at December 31, 2019 and 2018 is a $573,000 and $666,000 contract liability related to deferred revenue from contracts with cable providers. The Company recognizes income from these contracts on a straight line basis over the contract period of 10 years to 12 years. During the years ended December 31, 2019 and 2018, approximately $138,000 and $71,100, respectively of revenue from the contract liability was recognized as income. Tenant Receivables The Company makes estimates of the collectability of its tenant receivables related to base rents, including straight-line rentals, expense reimbursements and other revenue or income. The Company specifically analyzes accounts receivable and historical bad debts, tenant creditworthiness, current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. At December 31, 2019 and 2018, there were allowances for uncollectible receivables of $44,186 and $13,901, respectively. Income Taxes The Company elected to be taxed as a REIT, commencing with its taxable year ended December 31, 2014. To maintain its REIT qualification for U.S. federal income tax purposes, the Company is generally required to distribute at least 90% of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Taxable income, generally, will differ from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as taxable REIT subsidiaries (“TRS”). In general a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company’s taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of December 31, 2019 and 2018, the Company did not treat any of its subsidiaries as a TRS. The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company. The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months. The Company is subject to examination by the U.S. Internal Revenue Service 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 2015 and prior. Earnings Per Share Basic earnings (loss) per share is calculated on the basis of weighted-average common shares outstanding during the year. Basic earnings (loss) per share is computed by dividing income (loss) 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 50,000 convertible shares (see Note 11) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of December 31, 2019 (were such date to represent the end of the contingency period). For the year ended December 31, 2019 and 2018, 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02"), which was amended by ASU No. 2018-09 "Codification Improvements" in July 2018. ASU No. 2016-02, as amended, is intended to improve financial reporting related to 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, the FASB issued ASU No. 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. The Company adopted these standards as of January 1, 2019, and the adoption did not have a material effect on the Company's consolidated financial statements and disclosures. For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company has chosen to apply the practical expedient (discussed in ASU No. 2018-11, “Leases: Targeted Improvements”) to nonlease component revenue streams and account for them as a combined component with leasing revenue. The Company elected the package of practical expedients permitted within the new standard, which among other things, allows the Company to carry forward the historical lease classification. Also allowable under the new standard (ASU No. 2018-11) is the option, which the Company has elected, to present the operating lease ROU asset and operating lease liabilities as of January 1, 2019 and not restate prior periods. No cumulative impact adjustment was necessary to opening retained earnings as of January 1, 2019. For certain equipment leases, such as copiers, the Company applied a portfolio approach to effectively account for the operating lease ROU assets and liabilities. 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 Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact on its consolidated financial statements. In June 2018, FASB issued ASU 2018-07 “Improvements to Nonemployee Share-Based Payment Accounting” to simplify the accounting for share-based payment transactions for acquiring goods and services from nonemployees by including these payments in the scope of the guidance for share-based payments to employees. The Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact 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. The Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact on its consolidated financial statements. In October 2018, FASB issued ASU No. 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”. ASU No. 2018-16 permits the use of the Overnight Index Swap (“OIS”) Rate based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Interbank Offered Rate (“LIBOR”) and the OIS Rate based on the Federal Funds Effective Rate. For entities that have not already adopted ASU No. 2017-12, the amendments in ASU No. 2018-16 are required to be adopted concurrently with the amendments in ASU No. 2017-12. . The Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact on its consolidated financial statements. Accounting Standards Issued But Not Yet Effective 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 which will be effective for the Company beginning January 1, 2020. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2016-13 to have a significant impact on its consolidated financial statements and disclosures due to the fact that the Company did not have instruments subject to this guidance at December 31, 2019. 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 January 1, 2020. 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 2018, FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This update removes, modifies and adds certain disclosure requirements in FASB ASC 820, “Fair Value Measurement” (“ASC 820”). ASU No. 2018-13 will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company is continuing to evaluate this guidance; however, the Company does not expect the adoption of ASU No. 2018-13 to have a significant impact on its consolidated financial statements. In November 2018, FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases. ASU 2018-19 is effective on January 1, 2020, with early adoption permitted. The Company is evaluating this guidance; however, it does not expect that adoption of ASU 2018-19 will have a significant impact on its consolidated financial statements. Information regarding the adoption of ASC 842 is described above.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 3 - SUPPLEMENTAL CASH FLOW INFORMATION The following table presents supplemental cash flow information (in thousands): Years Ended December 31, 2019 2018 Non-cash financing and investing activities: Distributions on common stock declared but not yet paid $ 5,993 $ 8,878 Stock issued pursuant to distribution reinvestment plan 14,724 20,693 Accruals for construction in process 1,955 424 Repayments on borrowings through refinancing 24,469 72,845 Escrow deposits funded through refinancing 580 — Non-cash activity related to sales: Mortgage notes payable settled directly with proceeds from sale of rental property 29,497 — Cash paid during the period for: Interest $ 24,930 $ 25,508

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Restricted Cash	NOTE 4 - RESTRICTED CASH Restricted cash represents escrow deposits with lenders to be used to pay real estate taxes, insurance, and capital improvements. A summary of the components of restricted cash follows (in thousands): December 31, 2019 December 31, 2018 Real estate taxes $ 3,956 $ 5,107 Insurance 877 779 Capital improvements 1,380 1,358 Other 321 569 Total $ 6,534 $ 7,813 Unrestricted cash designated for capital expenditures $ 21,706 $ 28,021

Rental Properties, Net

Rental Properties, Net	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Rental Properties, Net	NOTE 5 - RENTAL PROPERTIES, NET The Company’s investments in rental properties consisted of the following (in thousands): December 31, 2019 December 31, 2018 Land $ 119,028 $ 119,028 Building and improvements 720,420 716,839 Furniture, fixtures and equipment 25,906 23,903 Construction in progress 1,955 490 867,309 860,260 Less: accumulated depreciation (131,779 ) (92,522 ) $ 735,530 $ 767,738 Assets held for sale - rental properties - 42,863 $ 735,530 $ 810,601 Depreciation expense for the years ended December 31, 2019 and 2018 was $39.6 million and $40.6 million, respectively.

Disposition of Property

Disposition of Property	12 Months Ended
	Dec. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]
Disposition of Property	NOTE 6 – DISPOSITION OF PROPERTY The following table presents details of the Company’s disposition activity during the year ended December 31, 2019 (in thousands): Multifamily Community Location Sale Date Contract Sales Price Net Gain on Disposition Revenue Attributable to Property Sold Net Loss to Property Sold (1) Overton Trails Fort Worth, Texas February 28, 2019 $ 64,000 $ 20,619 $ 1,143 $ (249 ) (1) Excludes net gain on disposition

Identified Intangible Assets, N

Identified Intangible Assets, Net	12 Months Ended
	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Identified Intangible Assets, Net	NOTE 7 - IDENTIFIED INTANGIBLE ASSETS, NET Identified intangible assets, net, consist of in-place rental leases. The gross value of acquired in-place leases and $18.5 million as of December 31, 2019 and 2018, respectively, which were reported net of accumulated amortization of $17.3 million a nd $18.5 million , respectively. For the years ended December 31, 2019 and 2018, amo rtization expense was $0 and $813,000, respectively. Intangible assets were fully amortized as of December 31, 2018.

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	The following table presents a summary of the Company's mortgage notes payable, net (in thousands): December 31, 2019 December 31, 2018 Collateral Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Overton Trails Apartment Homes $ - $ — $ - $ - $ 29,841 $ — $ (246 ) $ 29,595 Uptown Buckhead 19,264 — (178 ) 19,086 19,651 — (213 ) 19,438 Crosstown at Chapel Hill 42,650 — (325 ) 42,325 42,650 — (386 ) 42,264 The Brookwood - Key Bank 17,063 186 (88 ) 17,161 17,477 291 (137 ) 17,631 The Brookwood - Capital One 2,566 14 (15 ) 2,565 2,613 22 (24 ) 2,611 Adair off Addison and Adair off Addison Apartment Homes 33,210 — (380 ) 32,830 24,629 — (233 ) 24,396 1000 Spalding Crossing 23,737 — (113 ) 23,624 24,195 — (171 ) 24,024 Montclair Terrace 19,958 — (182 ) 19,776 20,312 — (234 ) 20,078 Grand Reserve 47,845 — (539 ) 47,306 47,845 — (606 ) 47,239 Verdant Apartment Homes 36,913 — (178 ) 36,735 37,300 — (233 ) 37,067 Arcadia Apartment Homes 39,782 — (195 ) 39,587 40,200 — (256 ) 39,944 Ravina Apartment Homes 26,241 — (165 ) 26,076 26,951 — (239 ) 26,712 81 Fifty at West Hills Apartment Homes 51,833 — (368 ) 51,465 52,645 — (477 ) 52,168 The Palmer at Las Colinas 45,700 — (437 ) 45,263 45,700 — (506 ) 45,194 Windbrooke Crossing 37,222 — (272 ) 36,950 37,788 — (343 ) 37,445 Woods of Burnsville 37,744 — (355 ) 37,389 38,250 — (445 ) 37,805 Indigo Creek 40,402 — (320 ) 40,082 40,789 — (397 ) 40,392 Martin's Point 29,944 — (289 ) 29,655 29,990 — (351 ) 29,639 $ 552,074 $ 200 $ (4,399 ) $ 547,875 $ 578,826 $ 313 $ (5,497 ) $ 573,642 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages): Maturity Date Margin over LIBOR Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Overton Trails Apartment Homes — — — $ - $ - (8) Uptown Buckhead 7/1/2025 2.22 % 3.98 % $ 104 $ 63 (1) (3) (5) Crosstown at Chapel Hill 7/1/2025 1.77 % 3.53 % $ 142 $ 279 (1) (3) (4) (7) The Brookwood - Key Bank 11/1/2021 — 4.73 % $ 104 $ 54 (2) (6) The Brookwood - Capital One 11/1/2021 — 5.40 % $ 16 $ — (2) (6) Adair off Addison and Adair off Addison Apartment Homes 5/1/2026 1.64 % 3.40 % $ 107 $ 81 (1) (3) (9) 1000 Spalding Crossing 1/1/2022 — 3.88 % $ 116 $ 51 (2) (4) Montclair Terrace 6/1/2023 2.45 % 4.21 % $ 107 $ 102 (1) (3) (6) Grand Reserve 5/1/2028 1.72 % 3.48 % $ 157 $ 90 (1) (3) (4) (7) Verdant Apartment Homes 5/1/2023 — 3.89 % $ 176 $ 37 (2) (4) Arcadia Apartment Homes 5/1/2023 — 3.89 % $ 189 $ 35 (2) (4) Ravina Apartment Homes 5/1/2022 — 3.76 % $ 144 $ 144 (2) (6) 81 Fifty at West Hills Apartment Homes 7/1/2023 2.36 % 4.12 % $ 269 $ 58 (1) (3) (4) The Palmer at Las Colinas 9/1/2026 2.11 % 3.87 % $ 166 $ 159 (1) (3) (4) Windbrooke Crossing 1/1/2024 2.69 % 4.45 % $ 201 $ 65 (1) (3) (4) Woods of Burnsville 2/1/2024 2.13 % 3.89 % $ 190 $ 84 (1) (3) (4) Indigo Creek 5/1/2024 1.93 % 3.69 % $ 199 $ 52 (1) (3) (4) Martin's Point 11/1/2024 1.86 % 3.62 % $ 149 $ 76 (1) (3) (4) (1) Variable rate based on one-month LIBOR of 1.76250% (as of December 31, 2019 (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) Originated during the year ended December 31, 2018 through refinancing (8) Mortgage note payable related to asset sold on February 28, 2019 (9) Originated during the year ended December 31, 2019 through refinancing On August 21, 2015, the Company recorded a fair value adjustment, which represented the fair value of the debt assumed over its principal amount in connection with The Brookwood Apartment Home acquisition. The fair value adjustment (premium) is amortized to interest expense over the term of the related mortgages loans using the effective interest method. As of December 31, 2019, the net unamortized mortgage premium of approximately $200,000 was included as a component of mortgage loans payable in the accompanying consolidated balance sheets. At December 31, 2019, the weighted average interest rate of all the Company’s outstanding indebtedness was 3.87% Mortgage notes are collateralized by liens on the assets of the respective properties as named in the table above. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of mortgages held. As of December 31, 2019 and 2018, the Company had $6.5 million and $7.8 million of restricted cash related to escrow deposits held by mortgage lenders for real estate taxes, insurance and capital reserves (see Note 4). Annual principal payments on the mortgage notes payable for each of the next five years ending December 31, and thereafter, is as follows (in thousands): 2020 $ 7,052 2021 26,891 2022 55,615 2023 146,304 2024 138,676 Thereafter 177,536 $ 552,074 The mortgage notes payable are recourse only with respect to the properties that secure the notes, subject to certain limited standard exceptions, as defined in each mortgage note. The Company has guaranteed the mortgage notes by executing a guarantee with respect to the properties. These exceptions are referred to as “carveouts.” In general, carveouts relate to damages suffered by the lender for a borrower’s failure to pay rents, insurance or condemnation proceeds to lender, failure to pay water, sewer and other public assessments or charges, failure to pay environmental compliance costs or to deliver books and records, in each case as required in the loan documents. The exceptions also require the Company to guarantee payment of audit costs, lender’s enforcement of its rights under the loan documents and payment of the loan if the borrower voluntarily files for bankruptcy or seeks reorganization, or if a related party of the borrower does so with respect to the subsidiary. For the Crosstown at Chapel Hill Mortgage Loan, beginning with the calendar quarter ended December 31, 2017, the property must maintain a certain level of debt service coverage. The Company was in compliance with all covenants related to this loan as of December 31, 2019. Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. As of December 31, 2019 and December 31, 2018, accumulated amortization of deferred financing costs was $3.4 million and $2.9 million respectively. Amortization of deferred financing costs for the next five years ending December 31, and thereafter, are as follows (in thousands): 2020 $ 1,052 2021 1,025 2022 862 2023 671 2024 355 Thereafter 434 $ 4,399

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss for the year ended December 31, 2019 (in thousands): Net unrealized (loss) gain on derivatives Balance, January 1, 2018 $ (444 ) Reclassification adjustment for realized loss on designated derivatives 130 Unrealized loss on designated derivatives (65 ) Balance, December 31, 2018 (379 ) Reclassification adjustment for realized loss on designated derivatives 268 Unrealized loss on designated derivatives (78 ) Balance, December 31, 2019 $ (189 )

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 10 – RELATED PARTY TRANSACTIONS In the ordinary course of its business operations, the Company has ongoing relationships with several related parties. Relationship with the Advisor Pursuant to the terms of the Advisory Agreement, the Advisor provides the Company with the services of its management team, including its officers, along with appropriate support personnel. The Advisor will be reimbursed for the Company’s allocable share of costs for Advisor personnel, including allocable personnel salaries and benefits. Each of the Company’s officers is an employee of the Sponsor or one of its affiliates. The Company does not have any employees. The Advisor is not obligated to dedicate any specific portion of its time or the time of its personnel to the Company’s business. The Advisor is at all times subject to the supervision and oversight of the Company’s Board of Directors and has only such functions and authority as the Company delegates to it. The Advisory Agreement has a one-year term and renews for an unlimited number of successive one-year terms upon the approval of the Conflicts Committee of the Company's Board of Directors. Under the Advisory Agreement, the Advisor receives fees and is reimbursed for its expenses as set forth below: Acquisition fees. The Advisor earns an acquisition fee of 2.0% of the cost of investments acquired on behalf of the Company, plus any capital expenditure reserves allocated, or the amount funded by the Company to acquire loans, including acquisition expenses and any debt attributable to such investments. Asset management fees. The Advisor earns a monthly asset management fee equal to one-twelfth of 1.0% of the cost of each asset, without deduction for depreciation, bad debts or other non-cash reserves. The asset management fee is based only on the portion of the costs or value attributable to the Company’s investment in an asset if the Company does not own all or a majority of an asset and does not manage or control the asset. Disposition fees. The Advisor earns a disposition fee in connection with of the sale of a property equal to the lesser of (i) one-half of the aggregate brokerage commission paid, or if none is paid, the amount that customarily would be paid at a market rate or (ii) 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. 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 : Until February 28, 2019, the Company's properties participated in a property loss self-insurance pool with other properties directly and indirectly managed by RAI and C-III, which was backed by a catastrophic insurance policy. Substantially all of the receivables from related parties represented insurance deposits held in escrow by RAI and C-III related to the self-insurance pool, which were returned to the Company. The pool covered losses up to $2.5 million, in aggregate, after a $25,000 deductible per incident. Claims beyond the insurance pool limits were covered by the catastrophic insurance policy, which covered claims up to $250 million, after either a $25,000 or $100,000 deductible per incident, depending on location and/or type of loss. Beginning March 1, 2019, the Company now participates (with other properties directly or indirectly managed by RAI and C-III) only in the catastrophic insurance policy, which covers claims up to $250.0 million, after either a $25,000 or a $100,000 deductible per incident, depending on the location and/or type of loss. Therefore, unforeseen or catastrophic losses in excess of the Company's insured limits could have a material adverse effect on the Company's financial condition and operating results. Substantially all of the receivables from related parties represent insurance deposits held in escrow by RAI and C-III to the self-insurance pool which, if unused, will be returned to the Company. General liability coverage : The Company 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 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, a subsidiary of C-III, for zoning reports and acquisitions. Relationship with the Manager The Manager manages real estate properties and real estate-related debt investments and coordinates the leasing of, and manages construction activities related to the Company’s real estate property pursuant to the terms of the management agreement with the Manager. Property management fees. The Manager earns a property management fee equal to 4.5% of actual gross cash receipts from the operations of real property investments. Construction management fees. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. Debt servicing fees. The Manager earns a debt servicing fee of 2.75% on payments received from loans held by the Company for investment. No debt servicing fees were earned during the years ended December 31, 2019 and 2018. 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 for which they are reimbursed by the Company. The fees earned/expenses incurred and the amounts payable to such related parties are summarized in the following tables (in thousands): December 31, 2019 December 31, 2018 Due from related parties: RAI - self-insurance funds held 33 57 Operating expense reimbursements 264 - $ 297 $ 57 Due to related parties: Advisor Operating expense reimbursements 6 133 Manager Property management fees 328 329 Operating expense reimbursements 96 97 RAI Internal audit fees - 25 Properties Meridian 2 - $ 432 $ 584 Years Ended December 31, 2019 2018 Fees earned / expenses incurred: Advisor Asset management fees (1) $ 9,374 $ 9,840 Debt financing fees (2) $ 39 $ 78 Operating expense reimbursements (3) $ 3,462 $ 3,708 Manager Property management fees (1) $ 3,834 $ 3,888 Construction management fees (4) $ 255 $ 859 Construction payroll reimbursements (4) $ 63 $ 121 Operating expense reimbursements (3) $ 70 $ 201 ( 1 ) Included in Management fees on the consolidated statements of operations and comprehensive loss. ( 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. ( 4 ) Capitalized and included in Rental properties, net on the consolidated balance sheets.

Equity

Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Equity	NOTE 11 – 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 both December 31, 2019 and 2018, no shares of preferred stock were issued or outstanding. Convertible Stock As of December 31, 2019, the Company had 50,000 shares of $0.01 par value convertible stock outstanding, which are owned by the Advisor. The convertible stock will convert into shares of the Company’s common stock upon the occurrence of (a) the Company having paid distributions to common stockholders that in the aggregate equal 100% of the price at which the Company originally sold the shares plus an amount sufficient to produce a 7% cumulative, non-compounded annual return on the shares at that price; or (b) if the Company lists its common stock on a national securities exchange and, on or after the 31st trading day following the listing, the Company’s value based on the average trading price of its common stock since the listing, plus prior distributions, combine to meet the same 7% return threshold. Each of these two events is a “Triggering Event.” Upon a Triggering Event, the Company's convertible stock will, unless its advisory agreement has been terminated or not renewed on account of a material breach by its Advisor, generally be converted into a number of shares of common stock equal to 1/50,000 of the quotient of: (A) the lesser of (i) 15% of the amount, if any, by which (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 7% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, divided by (B) the value of the Company divided by the number of outstanding shares of common stock, in each case, as of the date of the event triggering the conversion. As of December 31, 2019, no Triggering Events had occurred or were probable to occur. Common Stock As of December 31, 2019, the Company had an aggregate of 60,094,623 shares of $0.01 par value common stock outstanding, including the Advisor's additional purchase of 117,778 shares of common stock for $1.1 million, as follows (dollars in thousands): Shares 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 9,826,431 85,348 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total 65,879,093 $ 641,695 Shares redeemed and retired (5,784,470 ) Total shares outstanding 60,094,623 Redemptions During the year ended December 31, 2019, the Company redeemed shares of common stock as follows (in thousands, except per share data): Period Total Number of Shares Redeemed (1) Average Price Paid per Share Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program (2) Approximate Dollar Value of Shares Available That May Yet Be Redeemed Under the Program January 2019 — $ — — (2) February 2019 — $ — — (2) March 2019 664 $ 8.97 664 (2) April 2019 — $ — — (2) May 2019 — $ — — (2) June 2019 1,671 $ 8.34 2,335 (2) July 2019 — $ — — (2) August 2019 — $ — — (2) September 2019 467 $ 8.36 2,802 (2) October 2019 — $ — — (2) November 2019 — $ — — (2) December 2019 236 $ 8.33 3,038 (2) (1) All purchases of equity securities by the Company in the year ended December 31, 2019 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. 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. During the year ended December 31, 2019, not all redemption requests were honored. As a result of the 5% limit of shares that may be repurchased under the program, during the year ended December 31, 2019, 48.1% of redemption requests were honored. As a result, the Company had $27.3 million of outstanding and unfilled redemption requests, representing 3,276,329 shares. 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. On February 14, 2020, the Company’s board of directors suspended the share redemption program, with exceptions for redemptions sought upon a stockholder’s death, qualifying disability or confinement to a long-term care facility. T While the share redemption program is partially suspended, pending and new redemption requests for redemptions submitted other than in connection with a stockholder’s death or qualifying disability will not be honored or retained, but will be cancelled with the ability to resubmit when, if ever, the share redemption program is fully resumed. Distributions For the year ended December 31, 2019, the Company paid aggregate distributions of $27.2 million including $12.5 million of distributions paid in cash and $14.7 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands): Authorization Date Per Common Share Record Dates Distribution Date Distributions reinvested in shares of Common Stock Net Cash Distributions Total Aggregate Distributions December 14, 2018 $ 0.00164384 December 29, 2018 through January 30, 2019 January 31, 2019 $ 1,717 $ 1,412 $ 3,129 December 14, 2018 0.00164384 January 31, 2019 through February 27, 2019 February 28, 2019 1,553 1,281 2,834 December 14, 2018 0.00164384 February 28, 2019 through March 28, 2019 March 29, 2019 1,594 1,342 2,936 March 20, 2019 0.00109589 March 29, 2019 through April 29, 2019 April 30, 2019 1,164 985 2,149 March 20, 2019 0.00109589 April 30, 2019 through May 30, 2019 May 31, 2019 1,131 956 2,087 March 20, 2019 0.00109589 May 31, 2019 through June 27, 2019 June 28, 2019 1,012 858 1,870 June 11, 2019 0.00109589 June 28, 2019 through July 30, 2019 July 31, 2019 1,174 996 2,170 June 11, 2019 0.00109589 July 31 2019 through August 29, 2019 August 30, 2019 1,068 909 1,977 June 11, 2019 0.00109589 August 30, 2019 through September 27, 2019 September 30, 2019 1,026 881 1,907 September 10, 2019 0.00109589 September 28, 2019 through October 30, 2019 October 31, 2019 1,159 1,008 2,167 September 10, 2019 0.00109589 October 31, 2019 through November 26, 2019 November 27, 2019 944 834 1,778 September 10, 2019 0.00109589 November 27, 2019 through December 30, 2019 December 31, 2019 1,182 1,057 2,239 $ 14,724 $ 12,519 $ 27,243 On December 11, 2019, the Company's Board of Directors approved distributions in an amount of $0.001095890 per share of common stock for stockholders of record each day in the period from December 31, 2019 through and including March 30, 2020, payable on January 31, 2020, February 28, 2020 and March 31, 2020. The following is a reconciliation of total aggregate distributions paid to total distributions declared for the year ended December 31, 2019 (in thousands): Total aggregate distributions paid $ 27,243 Less: distribution payable at December 31, 2018 (8,878 ) Add: distribution payable at December 31, 2019 5,993 Total distributions declared $ 24,358 Distributions are payable in cash or reinvested in shares of common stock at the discretion of the shareholder.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measures and Disclosures	NOTE 12 - FAIR VALUE MEASURES AND DISCLOSURES In analyzing the fair value of its investments accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The fair values of cash, tenant receivables and accounts payable, approximate their carrying values due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Derivatives (interest rate caps and swap) which are reported at fair value in the consolidated balance sheets are valued by a third party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors. (Level 2) The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Interest rate caps $ — $ 9 $ — $ 9 Cancelable swap — — — — $ — $ 9 $ — $ 9 December 31, 2018 Assets: Interest rate caps $ — $ 27 $ — $ 27 Cancelable swap — — — — $ — $ 27 $ — $ 27 Interest rate caps and the cancelable swap are included in Prepaid expenses and other assets on the consolidated balance sheets. The outstanding balance and estimated fair value of the Company’s mortgage notes payable are as follows (in thousands): December 31, 2019 December 31, 2018 Outstanding Balance Estimated Fair Value Outstanding Balance Estimated Fair Value Mortgage notes payable $ 552,074 $ 545,249 $ 578,826 $ 580,925 The carrying amount of the mortgage notes payable presented is the outstanding borrowings excluding premium and deferred finance costs, net. The fair value of the mortgage notes payable was estimated using rates available to the Company for debt with similar terms and remaining maturities (Level 3).

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. As a condition of the Company’s mortgage loans, from time to time the Company may be required to enter into certain derivative transactions as may be required by the lender. These transactions would generally be in line with the Company’s own risk management objectives and also serve to protect the lender. Interest Rate Caps The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company entered into interest rate caps that were designated as cash flow hedges. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the year ended December 31, 2019, such derivatives were used to hedge the variable cash flows, indexed to USD-London InterBank Offered Rate ("LIBOR"), associated with an existing variable-rate loan agreement. 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 $95,018 will be reclassified as an increase to interest expense. Cancelable swaps To manage its exposure to interest rate movements, the Company has also entered into a cancelable interest rate swap that was not designated as a hedging instrument. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements. As of December 31, 2019, the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 12 $ 408,632 January 1, 2020 through July 1, 2023 Tabular Disclosure of Fair Value of Derivative Instrument on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of December 31, 2019 and 2018 (in thousands): Asset Derivatives Liabilities Derivatives December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Derivatives designated as hedging instruments: Interest rate caps $ 9 Interest rate caps $ 27 NA $ — NA $ — Derivatives not designated as hedging instruments: Cancelable swap NA NA NA NA NA NA $ — Interest rate caps and the cancelable swap are included in Prepaid expenses and other assets on the consolidated balance sheets. The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2019 and 2018 (in thousands): Amount of Gain (Loss) Recognized in Income for the Years Ended Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income December 31, 2019 December 31, 2018 Interest rate caps Interest expense $ (285 ) $ (108 ) Amount of Gain (Loss) Recognized in Income for the Years Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income December 31, 2019 December 31, 2018 Cancelable swap Interest expense $ — $ 287 Amount of Gain (Loss) Recognized in OCI on Derivative for the Years Ended Location of Gain (Loss) Reclassified from Accumulated Amount of Gain (Loss) Reclassified from Accumulated OCI into Income for the Years Ended Derivatives in Cash Flow Hedging Relationships December 31, 2019 December 31, 2018 OCI into Income (Effective Portion) December 31, 2019 December 31, 2018 Interest rate products $ (95 ) $ (43 ) Interest expense $ (285 ) $ (108 ) Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the company could also be declared in default on its derivative obligations. As of December 31, 2019, the Company has not posted any collateral related to these agreements.

Operating Expenses

Operating Expenses	12 Months Ended
	Dec. 31, 2019
Other Income And Expenses [Abstract]
Operating Expenses	NOTE 14 - OPERATING EXPENSES As required under the Company's charter, the Advisor must reimburse the Company the amount by which the aggregate total operating expenses for the four fiscal quarters then ended exceed the greater of 2% of the average invested assets or 25% of net income, unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. “Average invested assets” means the average monthly book value of assets invested, directly or indirectly, in equity interests in and loans secured by real estate during the 12-month period before deducting depreciation, bad debts or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to operations, including advisory fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and stock exchange listing of stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of assets; and (f) acquisition fees, acquisition expenses (including expenses relating to potential investments that do not close), disposition fees on the resale of property and other expenses connected with the acquisition, disposition and ownership of real estate interests, loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). Operating expenses for the four quarters ended December 31, 2019 did not exceed the charter imposed limitation.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	NOTE 15 – SUBSEQUENT EVENTS On January 23, 2020, the Company filed a Form S-3 with the SEC to register an additional 1.5 million shares under the DRIP. On February 14, 2020, the Board of Directors suspended the share redemption program with exceptions for redemptions sought upon a stockholder’s death, qualifying disability or confinement to a long-term care facility. The suspension took effect on March 20, 2020. On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. The resulting restrictions on travel and quarantines imposed have had a negative impact on the U.S. economy and business activity globally, the full impact of which is not yet known and may result in an adverse impact to the Company’s investments and operating results. The Company has evaluated subsequent events and determined that no events have occurred, other than those disclosed above, which would require an adjustment to or disclosure in the consolidated financial statements.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Column A Column B Column C Column D Column E Column F Column G Column H Description Encumbrances Initial cost to Company Cost capitalized subsequent to acquisition Gross Amount at which carried at close of period Accumulated Depreciation Date of Construction Date Acquired Real estate owned: Residential $ - $ 9,149 $ 3,425 $ 12,574 $ (3,967 ) 1980 6/4/2014 Dallas, Texas Residential 19,264 31,856 5,058 36,914 (7,276 ) 1989 3/30/2015 Atlanta, Georgia Residential 42,650 45,653 7,384 53,037 (10,819 ) 1990 5/19/2015 Chapel Hill, North Carolina Residential 19,629 30,003 7,106 37,109 (7,271 ) 1968 8/21/2015 Homewood, Alabama Residential 33,210 20,667 3,291 23,958 (4,821 ) 1979 8/27/2015 Dallas, Texas Residential 23,737 40,194 5,218 45,412 (8,132 ) 1995 9/24/2015 Atlanta Georgia Residential 19,958 32,130 3,441 35,571 (5,830 ) 2004 10/29/2015 Portland, Oregon Residential 47,845 66,213 5,967 72,180 (11,432 ) 1991 12/18/2015 Naperville, Illinois Residential 36,913 64,181 4,330 68,511 (8,629 ) 1997 12/18/2015 Boulder, Colorado Residential 39,782 59,059 6,036 65,095 (9,959 ) 1984 1/22/2016 Centennial, Colorado Residential 26,241 55,466 6,776 62,242 (10,478 ) 2001 3/23/2016 Austin, Texas Residential 51,833 80,155 5,741 85,896 (11,711 ) 1985 5/17/2016 Portland, Oregon Residential 45,700 68,454 7,796 76,250 (11,192 ) 1991 6/28/2016 Irving, Texas Residential 37,222 47,817 575 48,392 (5,474 ) 1986 12/22/2016 Buffalo Grove, Illinois Residential 37,744 49,775 1,459 51,234 (6,298 ) 1984 12/23/2016 Burnsville, Minnesota Residential 40,402 54,057 1,012 55,069 (5,634 ) 1998 4/4/2017 Glendale, Arizona Residential 29,944 37,205 660 37,865 (2,856 ) 1989 10/31/2017 Lombard, Illinois ' $ 552,074 $ 792,034 $ 75,275 $ 867,309 $ (131,779 ) Years Ended December 31, 2019 2018 (in thousands) Investments in real estate: Balance at beginning of the year $ 912,534 $ 898,729 Additions during the year: — — Acquisitions — - Improvements, etc. 8,156 15,486 Dispositions during the year: (53,381 ) (1,681 ) Balance at end of year $ 867,309 $ 912,534 Accumulated Depreciation: Balance at beginning of year $ (101,933 ) $ (61,758 ) Depreciation (39,599 ) (40,611 ) Disposals 9,753 436 Balance at the end of year $ (131,779 ) $ (101,933 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("GAAP").
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Oak Hill Holdings, LLC, or Oak Hill N/A (1) N/A N/A RRE Bear Creek Holdings, LLC, or Bear Creek Adair off Addison 152 Dallas, TX RRE Buckhead Holdings, LLC, or Buckhead Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC, or Farrington Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair 188 Portland, OR RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Crossing 252 Atlanta, GA RRE Grand Reserve Holdings, LLC, or Grand Reserve Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC, or Canterwood Verdant Apartment Homes 216 Boulder, CO RRE Fox Ridge Holdings, LLC, or Fox Ridge Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC, or Riverlodge 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, or Indigo Creek Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC, or Martin's Point Martin's Point 256 Lombard, IL N/A - Not Applicable (1) Property was sold on February 28, 2019 All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic temporary deposits of cash. At December 31, 2019, the Company had $46.1 million of deposits at various banks, $38.7 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits.
Rental Properties	Rental Properties The Company records acquired real estate at fair value on their acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life, and depreciates the asset using the straight line method. The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture and fixtures 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. As of December 31, 2019, the Company's real estate investments located in Texas, Illinois, Colorado, Oregon and Georgia represent approximately 19.6%, 18.9%, 15.6%, 14.1% and 9.1% of the portfolio. This makes it particularly susceptible to adverse economic developments in these real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could negatively affect the Company's liquidity and adversely affect its ability to fund its ongoing operations.
Impairment of Long Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. The Company did not recognize any impairment charges during the years ended December 31, 2019 and 2018.
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 based 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 approximately $41.4 million and $586,000 for the years ending December 31, 2020 and 2021, 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 and amenities, which are charged to residents and recognized monthly as earned. The Company elected the practical expedient to not separate lease and non-lease components and has presented property revenues combined based upon the lease being determined the predominant component. The Company also has revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. Included in accrued expenses and other liabilities on the consolidated balance sheets at December 31, 2019 and 2018 is a $573,000 and $666,000 contract liability related to deferred revenue from contracts with cable providers. The Company recognizes income from these contracts on a straight line basis over the contract period of 10 years to 12 years. During the years ended December 31, 2019 and 2018, approximately $138,000 and $71,100, respectively of revenue from the contract liability was recognized as income.
Tenant Receivables	Tenant Receivables The Company makes estimates of the collectability of its tenant receivables related to base rents, including straight-line rentals, expense reimbursements and other revenue or income. The Company specifically analyzes accounts receivable and historical bad debts, tenant creditworthiness, current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. At December 31, 2019 and 2018, there were allowances for uncollectible receivables of $44,186 and $13,901, respectively.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT, commencing with its taxable year ended December 31, 2014. To maintain its REIT qualification for U.S. federal income tax purposes, the Company is generally required to distribute at least 90% of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Taxable income, generally, will differ from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as taxable REIT subsidiaries (“TRS”). In general a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company’s taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of December 31, 2019 and 2018, the Company did not treat any of its subsidiaries as a TRS. The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company. The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months. The Company is subject to examination by the U.S. Internal Revenue Service 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 2015 and prior.
Earnings Per Share	Earnings Per Share Basic earnings (loss) per share is calculated on the basis of weighted-average common shares outstanding during the year. Basic earnings (loss) per share is computed by dividing income (loss) 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 50,000 convertible shares (see Note 11) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of December 31, 2019 (were such date to represent the end of the contingency period). For the year ended December 31, 2019 and 2018, 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02"), which was amended by ASU No. 2018-09 "Codification Improvements" in July 2018. ASU No. 2016-02, as amended, is intended to improve financial reporting related to 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, the FASB issued ASU No. 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. The Company adopted these standards as of January 1, 2019, and the adoption did not have a material effect on the Company's consolidated financial statements and disclosures. For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company has chosen to apply the practical expedient (discussed in ASU No. 2018-11, “Leases: Targeted Improvements”) to nonlease component revenue streams and account for them as a combined component with leasing revenue. The Company elected the package of practical expedients permitted within the new standard, which among other things, allows the Company to carry forward the historical lease classification. Also allowable under the new standard (ASU No. 2018-11) is the option, which the Company has elected, to present the operating lease ROU asset and operating lease liabilities as of January 1, 2019 and not restate prior periods. No cumulative impact adjustment was necessary to opening retained earnings as of January 1, 2019. For certain equipment leases, such as copiers, the Company applied a portfolio approach to effectively account for the operating lease ROU assets and liabilities. 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 Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact on its consolidated financial statements. In June 2018, FASB issued ASU 2018-07 “Improvements to Nonemployee Share-Based Payment Accounting” to simplify the accounting for share-based payment transactions for acquiring goods and services from nonemployees by including these payments in the scope of the guidance for share-based payments to employees. The Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact 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. The Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact on its consolidated financial statements. In October 2018, FASB issued ASU No. 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”. ASU No. 2018-16 permits the use of the Overnight Index Swap (“OIS”) Rate based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Interbank Offered Rate (“LIBOR”) and the OIS Rate based on the Federal Funds Effective Rate. For entities that have not already adopted ASU No. 2017-12, the amendments in ASU No. 2018-16 are required to be adopted concurrently with the amendments in ASU No. 2017-12. . The Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact on its consolidated financial statements. Accounting Standards Issued But Not Yet Effective 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 which will be effective for the Company beginning January 1, 2020. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2016-13 to have a significant impact on its consolidated financial statements and disclosures due to the fact that the Company did not have instruments subject to this guidance at December 31, 2019. 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 January 1, 2020. 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 2018, FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This update removes, modifies and adds certain disclosure requirements in FASB ASC 820, “Fair Value Measurement” (“ASC 820”). ASU No. 2018-13 will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company is continuing to evaluate this guidance; however, the Company does not expect the adoption of ASU No. 2018-13 to have a significant impact on its consolidated financial statements. In November 2018, FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases. ASU 2018-19 is effective on January 1, 2020, with early adoption permitted. The Company is evaluating this guidance; however, it does not expect that adoption of ASU 2018-19 will have a significant impact on its consolidated financial statements. Information regarding the adoption of ASC 842 is described above.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Wholly-Owned Subsidiaries	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Oak Hill Holdings, LLC, or Oak Hill N/A (1) N/A N/A RRE Bear Creek Holdings, LLC, or Bear Creek Adair off Addison 152 Dallas, TX RRE Buckhead Holdings, LLC, or Buckhead Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC, or Farrington Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair 188 Portland, OR RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Crossing 252 Atlanta, GA RRE Grand Reserve Holdings, LLC, or Grand Reserve Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC, or Canterwood Verdant Apartment Homes 216 Boulder, CO RRE Fox Ridge Holdings, LLC, or Fox Ridge Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC, or Riverlodge 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, or Indigo Creek Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC, or Martin's Point Martin's Point 256 Lombard, IL N/A - Not Applicable (1) Property was sold on February 28, 2019
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 and fixtures 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table presents supplemental cash flow information (in thousands): Years Ended December 31, 2019 2018 Non-cash financing and investing activities: Distributions on common stock declared but not yet paid $ 5,993 $ 8,878 Stock issued pursuant to distribution reinvestment plan 14,724 20,693 Accruals for construction in process 1,955 424 Repayments on borrowings through refinancing 24,469 72,845 Escrow deposits funded through refinancing 580 — Non-cash activity related to sales: Mortgage notes payable settled directly with proceeds from sale of rental property 29,497 — Cash paid during the period for: Interest $ 24,930 $ 25,508

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Summary of Components of Restricted Cash	A summary of the components of restricted cash follows (in thousands): December 31, 2019 December 31, 2018 Real estate taxes $ 3,956 $ 5,107 Insurance 877 779 Capital improvements 1,380 1,358 Other 321 569 Total $ 6,534 $ 7,813 Unrestricted cash designated for capital expenditures $ 21,706 $ 28,021

Rental Properties, Net (Tables)

Rental Properties, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of Investments in Rental Properties	The Company’s investments in rental properties consisted of the following (in thousands): December 31, 2019 December 31, 2018 Land $ 119,028 $ 119,028 Building and improvements 720,420 716,839 Furniture, fixtures and equipment 25,906 23,903 Construction in progress 1,955 490 867,309 860,260 Less: accumulated depreciation (131,779 ) (92,522 ) $ 735,530 $ 767,738 Assets held for sale - rental properties - 42,863 $ 735,530 $ 810,601

Disposition of Property (Tables

Disposition of Property (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]
Summary of Details of Disposition Activity	The following table presents details of the Company’s disposition activity during the year ended December 31, 2019 (in thousands): Multifamily Community Location Sale Date Contract Sales Price Net Gain on Disposition Revenue Attributable to Property Sold Net Loss to Property Sold (1) Overton Trails Fort Worth, Texas February 28, 2019 $ 64,000 $ 20,619 $ 1,143 $ (249 ) (1) Excludes net gain on disposition

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following table presents a summary of the Company's mortgage notes payable, net (in thousands): December 31, 2019 December 31, 2018 Collateral Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Overton Trails Apartment Homes $ - $ — $ - $ - $ 29,841 $ — $ (246 ) $ 29,595 Uptown Buckhead 19,264 — (178 ) 19,086 19,651 — (213 ) 19,438 Crosstown at Chapel Hill 42,650 — (325 ) 42,325 42,650 — (386 ) 42,264 The Brookwood - Key Bank 17,063 186 (88 ) 17,161 17,477 291 (137 ) 17,631 The Brookwood - Capital One 2,566 14 (15 ) 2,565 2,613 22 (24 ) 2,611 Adair off Addison and Adair off Addison Apartment Homes 33,210 — (380 ) 32,830 24,629 — (233 ) 24,396 1000 Spalding Crossing 23,737 — (113 ) 23,624 24,195 — (171 ) 24,024 Montclair Terrace 19,958 — (182 ) 19,776 20,312 — (234 ) 20,078 Grand Reserve 47,845 — (539 ) 47,306 47,845 — (606 ) 47,239 Verdant Apartment Homes 36,913 — (178 ) 36,735 37,300 — (233 ) 37,067 Arcadia Apartment Homes 39,782 — (195 ) 39,587 40,200 — (256 ) 39,944 Ravina Apartment Homes 26,241 — (165 ) 26,076 26,951 — (239 ) 26,712 81 Fifty at West Hills Apartment Homes 51,833 — (368 ) 51,465 52,645 — (477 ) 52,168 The Palmer at Las Colinas 45,700 — (437 ) 45,263 45,700 — (506 ) 45,194 Windbrooke Crossing 37,222 — (272 ) 36,950 37,788 — (343 ) 37,445 Woods of Burnsville 37,744 — (355 ) 37,389 38,250 — (445 ) 37,805 Indigo Creek 40,402 — (320 ) 40,082 40,789 — (397 ) 40,392 Martin's Point 29,944 — (289 ) 29,655 29,990 — (351 ) 29,639 $ 552,074 $ 200 $ (4,399 ) $ 547,875 $ 578,826 $ 313 $ (5,497 ) $ 573,642 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages): Maturity Date Margin over LIBOR Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Overton Trails Apartment Homes — — — $ - $ - (8) Uptown Buckhead 7/1/2025 2.22 % 3.98 % $ 104 $ 63 (1) (3) (5) Crosstown at Chapel Hill 7/1/2025 1.77 % 3.53 % $ 142 $ 279 (1) (3) (4) (7) The Brookwood - Key Bank 11/1/2021 — 4.73 % $ 104 $ 54 (2) (6) The Brookwood - Capital One 11/1/2021 — 5.40 % $ 16 $ — (2) (6) Adair off Addison and Adair off Addison Apartment Homes 5/1/2026 1.64 % 3.40 % $ 107 $ 81 (1) (3) (9) 1000 Spalding Crossing 1/1/2022 — 3.88 % $ 116 $ 51 (2) (4) Montclair Terrace 6/1/2023 2.45 % 4.21 % $ 107 $ 102 (1) (3) (6) Grand Reserve 5/1/2028 1.72 % 3.48 % $ 157 $ 90 (1) (3) (4) (7) Verdant Apartment Homes 5/1/2023 — 3.89 % $ 176 $ 37 (2) (4) Arcadia Apartment Homes 5/1/2023 — 3.89 % $ 189 $ 35 (2) (4) Ravina Apartment Homes 5/1/2022 — 3.76 % $ 144 $ 144 (2) (6) 81 Fifty at West Hills Apartment Homes 7/1/2023 2.36 % 4.12 % $ 269 $ 58 (1) (3) (4) The Palmer at Las Colinas 9/1/2026 2.11 % 3.87 % $ 166 $ 159 (1) (3) (4) Windbrooke Crossing 1/1/2024 2.69 % 4.45 % $ 201 $ 65 (1) (3) (4) Woods of Burnsville 2/1/2024 2.13 % 3.89 % $ 190 $ 84 (1) (3) (4) Indigo Creek 5/1/2024 1.93 % 3.69 % $ 199 $ 52 (1) (3) (4) Martin's Point 11/1/2024 1.86 % 3.62 % $ 149 $ 76 (1) (3) (4) (1) Variable rate based on one-month LIBOR of 1.76250% (as of December 31, 2019 (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) Originated during the year ended December 31, 2018 through refinancing (8) Mortgage note payable related to asset sold on February 28, 2019 (9) Originated during the year ended December 31, 2019 through refinancing
Schedule of Annual Principal Payments	Annual principal payments on the mortgage notes payable for each of the next five years ending December 31, and thereafter, is as follows (in thousands): 2020 $ 7,052 2021 26,891 2022 55,615 2023 146,304 2024 138,676 Thereafter 177,536 $ 552,074
Amortization of Deferred Financing Costs	Amortization of deferred financing costs for the next five years ending December 31, and thereafter, are as follows (in thousands): 2020 $ 1,052 2021 1,025 2022 862 2023 671 2024 355 Thereafter 434 $ 4,399

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss for the year ended December 31, 2019 (in thousands): Net unrealized (loss) gain on derivatives Balance, January 1, 2018 $ (444 ) Reclassification adjustment for realized loss on designated derivatives 130 Unrealized loss on designated derivatives (65 ) Balance, December 31, 2018 (379 ) Reclassification adjustment for realized loss on designated derivatives 268 Unrealized loss on designated derivatives (78 ) Balance, December 31, 2019 $ (189 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
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): December 31, 2019 December 31, 2018 Due from related parties: RAI - self-insurance funds held 33 57 Operating expense reimbursements 264 - $ 297 $ 57 Due to related parties: Advisor Operating expense reimbursements 6 133 Manager Property management fees 328 329 Operating expense reimbursements 96 97 RAI Internal audit fees - 25 Properties Meridian 2 - $ 432 $ 584 Years Ended December 31, 2019 2018 Fees earned / expenses incurred: Advisor Asset management fees (1) $ 9,374 $ 9,840 Debt financing fees (2) $ 39 $ 78 Operating expense reimbursements (3) $ 3,462 $ 3,708 Manager Property management fees (1) $ 3,834 $ 3,888 Construction management fees (4) $ 255 $ 859 Construction payroll reimbursements (4) $ 63 $ 121 Operating expense reimbursements (3) $ 70 $ 201 ( 1 ) Included in Management fees on the consolidated statements of operations and comprehensive loss. ( 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. ( 4 ) Capitalized and included in Rental properties, net on the consolidated balance sheets.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Common Stock	As of December 31, 2019, the Company had an aggregate of 60,094,623 shares of $0.01 par value common stock outstanding, including the Advisor's additional purchase of 117,778 shares of common stock for $1.1 million, as follows (dollars in thousands): Shares 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 9,826,431 85,348 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total 65,879,093 $ 641,695 Shares redeemed and retired (5,784,470 ) Total shares outstanding 60,094,623 During the year ended December 31, 2019, the Company redeemed shares of common stock as follows (in thousands, except per share data): Period Total Number of Shares Redeemed (1) Average Price Paid per Share Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program (2) Approximate Dollar Value of Shares Available That May Yet Be Redeemed Under the Program January 2019 — $ — — (2) February 2019 — $ — — (2) March 2019 664 $ 8.97 664 (2) April 2019 — $ — — (2) May 2019 — $ — — (2) June 2019 1,671 $ 8.34 2,335 (2) July 2019 — $ — — (2) August 2019 — $ — — (2) September 2019 467 $ 8.36 2,802 (2) October 2019 — $ — — (2) November 2019 — $ — — (2) December 2019 236 $ 8.33 3,038 (2) (1) All purchases of equity securities by the Company in the year ended December 31, 2019 were made pursuant to the Company's share redemption program. (2) The Company currently limits the dollar value and number of shares that may be repurchased under the program, as discussed below.
Schedule of Distributions	For the year ended December 31, 2019, the Company paid aggregate distributions of $27.2 million including $12.5 million of distributions paid in cash and $14.7 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands): Authorization Date Per Common Share Record Dates Distribution Date Distributions reinvested in shares of Common Stock Net Cash Distributions Total Aggregate Distributions December 14, 2018 $ 0.00164384 December 29, 2018 through January 30, 2019 January 31, 2019 $ 1,717 $ 1,412 $ 3,129 December 14, 2018 0.00164384 January 31, 2019 through February 27, 2019 February 28, 2019 1,553 1,281 2,834 December 14, 2018 0.00164384 February 28, 2019 through March 28, 2019 March 29, 2019 1,594 1,342 2,936 March 20, 2019 0.00109589 March 29, 2019 through April 29, 2019 April 30, 2019 1,164 985 2,149 March 20, 2019 0.00109589 April 30, 2019 through May 30, 2019 May 31, 2019 1,131 956 2,087 March 20, 2019 0.00109589 May 31, 2019 through June 27, 2019 June 28, 2019 1,012 858 1,870 June 11, 2019 0.00109589 June 28, 2019 through July 30, 2019 July 31, 2019 1,174 996 2,170 June 11, 2019 0.00109589 July 31 2019 through August 29, 2019 August 30, 2019 1,068 909 1,977 June 11, 2019 0.00109589 August 30, 2019 through September 27, 2019 September 30, 2019 1,026 881 1,907 September 10, 2019 0.00109589 September 28, 2019 through October 30, 2019 October 31, 2019 1,159 1,008 2,167 September 10, 2019 0.00109589 October 31, 2019 through November 26, 2019 November 27, 2019 944 834 1,778 September 10, 2019 0.00109589 November 27, 2019 through December 30, 2019 December 31, 2019 1,182 1,057 2,239 $ 14,724 $ 12,519 $ 27,243 The following is a reconciliation of total aggregate distributions paid to total distributions declared for the year ended December 31, 2019 (in thousands): Total aggregate distributions paid $ 27,243 Less: distribution payable at December 31, 2018 (8,878 ) Add: distribution payable at December 31, 2019 5,993 Total distributions declared $ 24,358

Fair Value Measures and Discl_2

Fair Value Measures and Disclosures (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Interest rate caps $ — $ 9 $ — $ 9 Cancelable swap — — — — $ — $ 9 $ — $ 9 December 31, 2018 Assets: Interest rate caps $ — $ 27 $ — $ 27 Cancelable swap — — — — $ — $ 27 $ — $ 27
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): December 31, 2019 December 31, 2018 Outstanding Balance Estimated Fair Value Outstanding Balance Estimated Fair Value Mortgage notes payable $ 552,074 $ 545,249 $ 578,826 $ 580,925

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	As of December 31, 2019, the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 12 $ 408,632 January 1, 2020 through July 1, 2023
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 December 31, 2019 and 2018 (in thousands): Asset Derivatives Liabilities Derivatives December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Derivatives designated as hedging instruments: Interest rate caps $ 9 Interest rate caps $ 27 NA $ — NA $ — Derivatives not designated as hedging instruments: Cancelable swap NA NA NA NA NA NA $ —
Effect of Derivative Financial Instruments on The Consolidated Statements of Operations and Comprehensive Loss	The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2019 and 2018 (in thousands): Amount of Gain (Loss) Recognized in Income for the Years Ended Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income December 31, 2019 December 31, 2018 Interest rate caps Interest expense $ (285 ) $ (108 ) Amount of Gain (Loss) Recognized in Income for the Years Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income December 31, 2019 December 31, 2018 Cancelable swap Interest expense $ — $ 287 Amount of Gain (Loss) Recognized in OCI on Derivative for the Years Ended Location of Gain (Loss) Reclassified from Accumulated Amount of Gain (Loss) Reclassified from Accumulated OCI into Income for the Years Ended Derivatives in Cash Flow Hedging Relationships December 31, 2019 December 31, 2018 OCI into Income (Effective Portion) December 31, 2019 December 31, 2018 Interest rate products $ (95 ) $ (43 ) Interest expense $ (285 ) $ (108 )

Nature of Business and Operat_2

Nature of Business and Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 23, 2020	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	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)	$ 8.33		$ 0	$ 0	$ 8.36	$ 0	$ 0	$ 8.34	$ 0	$ 0	$ 8.97	$ 0	$ 0
Common stock, shares issued (in shares)	60,094,623													61,378,367
Issuance of common stock	$ 641,695
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)	60,094,623
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, purchase price percentage equal to estimated net asset value per share	95.00%
Common stock, shares issued (in shares)	9,826,431
Issuance of common stock	$ 85,348
Shares issued through distribution reinvestment plan | Subsequent Event
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		1,500,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Subsidiaries (Details)	Dec. 31, 2019unit
Adair off Addison
Property, Plant and Equipment [Line Items]
Number of Units	152
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
1000 Spalding Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	252
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
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 Accoun_5

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Deposits at various banks	$ 46,100,000
Cash, uninsured amount	38,700,000
Improvements and replacements in excess of threshold, capitalized amount	$ 1,000
Improvements and replacements, useful life greater than or equal to one year, capitalization threshold (in years)	1 year
Management fee (as percent)	5.00%
Impairment of real estate	$ 0	$ 0
Future minimum rental payments to be received from noncancelable operating leases, current	41,400,000
Future minimum rental payments to be received from noncancelable operating leases, in two years	586,000
Future minimum rental payments to be received from noncancelable operating leases, thereafter	$ 0
Resolution of claims	1 year
Allowance for uncollectible receivables	$ 44,186	$ 13,901
Minimum distribution percentage of taxable net income excluding net capital gains	90.00%
Distribution percentage of taxable net income not subject to federal corporate income tax	100.00%
Number of years entity may be precluded from REIT qualifications	4 years
Common stock, shares outstanding (in shares)	60,094,623	61,378,367
Convertible Stock
Property, Plant and Equipment [Line Items]
Common stock, shares outstanding (in shares)	50,000	50,000	50,000
ASU No 2014-09
Property, Plant and Equipment [Line Items]
Revenue recognized from contract with customer liability	$ 138,000	$ 71,100
Minimum | ASU No 2014-09
Property, Plant and Equipment [Line Items]
Revenue recognized over straight line basis term	10 years
Maximum | ASU No 2014-09
Property, Plant and Equipment [Line Items]
Revenue recognized over straight line basis term	12 years
Accounts Payable And Accrued Liabilities | ASU No 2014-09
Property, Plant and Equipment [Line Items]
Contract with customer liability	$ 573,000	$ 666,000
Texas | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Real estate investment	19.60%
Illinois | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Real estate investment	18.90%
Colorado | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Real estate investment	15.60%
Oregon | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Real estate investment	14.10%
Georgia | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Real estate investment	9.10%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2019
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 and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Non-cash financing and investing activities:
Distributions on common stock declared but not yet paid	$ 5,993	$ 8,878
Stock issued pursuant to distribution reinvestment plan	14,724	20,693
Accruals for construction in process	1,955	424
Repayments on borrowings through refinancing	24,469	72,845
Escrow deposits funded through refinancing	580
Non-cash activity related to sales:
Mortgage notes payable settled directly with proceeds from sale of rental property	29,497
Cash paid during the period for:
Interest	$ 24,930	$ 25,508

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 6,534	$ 7,813
Unrestricted cash designated for capital expenditures	21,706	28,021
Real Estate Taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,956	5,107
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	877	779
Capital Improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,380	1,358
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 321	$ 569

Rental Properties, Net - Schedu

Rental Properties, Net - Schedule of Investments in Rental Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Rental Properties, Net:
Land	$ 119,028	$ 119,028
Building and improvements	720,420	716,839
Furniture, fixtures and equipment	25,906	23,903
Construction in progress	1,955	490
Rental properties, gross	867,309	860,260
Less: accumulated depreciation	(131,779)	(92,522)
Rental properties, net	735,530	767,738
Assets held for sale - rental properties	0	42,863
Total investments in rental properties	$ 735,530	$ 810,601

Rental Properties, Net - Additi

Rental Properties, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Rental Properties, Net:
Depreciation expense	$ 39.6	$ 40.6

Disposition of Property - Summa

Disposition of Property - Summary of Details of Disposition Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net Gain on Disposition	$ 20,619	$ 0
Overton Trails | Texas
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Contract Sales Price	64,000
Net Gain on Disposition	20,619
Revenue Attributable to Property Sold	1,143
Net Loss to Property Sold	$ (249)

Identified Intangible Assets,_2

Identified Intangible Assets, Net (Details) - Acquired in-place leases - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross value of leases	$ 17,300,000	$ 18,500,000
Acquired in-place leases, accumulated amortization	17,300,000	18,500,000
Amortization expense	$ 0	$ 813,000

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Outstanding borrowings		$ 552,074
Deferred Financing Costs, net		(4,399)
Carrying Value		547,875	$ 573,642
Mortgage notes payable
Debt Instrument [Line Items]
Outstanding borrowings		552,074	578,826
Premium, net		(200)	(313)
Deferred Financing Costs, net		(4,399)	(5,497)
Carrying Value		547,875	573,642
Mortgage notes payable | Overton Trails Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings			29,841
Deferred Financing Costs, net			(246)
Carrying Value			29,595
Mortgage notes payable | Uptown Buckhead
Debt Instrument [Line Items]
Outstanding borrowings		19,264	19,651
Deferred Financing Costs, net		(178)	(213)
Carrying Value		$ 19,086	19,438
Maturity Date	[1],[2],[3]	Jul. 1, 2025
Annual Interest Rate	[1],[2],[3]	3.98%
Average Monthly Debt Service	[1],[2],[3]	$ 104
Average Monthly Escrow	[1],[2],[3]	$ 63
Mortgage notes payable | Uptown Buckhead | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[1],[2],[3]	2.22%
Mortgage notes payable | Crosstown at Chapel Hill
Debt Instrument [Line Items]
Outstanding borrowings		$ 42,650	42,650
Deferred Financing Costs, net		(325)	(386)
Carrying Value		$ 42,325	42,264
Maturity Date	[2],[3],[4],[5]	Jul. 1, 2025
Annual Interest Rate	[2],[3],[4],[5]	3.53%
Average Monthly Debt Service	[2],[3],[4],[5]	$ 142
Average Monthly Escrow	[2],[3],[4],[5]	$ 279
Mortgage notes payable | Crosstown at Chapel Hill | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[4],[5]	1.77%
Mortgage notes payable | The Brookwood - Key Bank
Debt Instrument [Line Items]
Outstanding borrowings		$ 17,063	17,477
Premium, net		(186)	(291)
Deferred Financing Costs, net		(88)	(137)
Carrying Value		$ 17,161	17,631
Maturity Date	[6],[7]	Nov. 1, 2021
Annual Interest Rate	[6],[7]	4.73%
Average Monthly Debt Service	[6],[7]	$ 104
Average Monthly Escrow	[6],[7]	54
Mortgage notes payable | The Brookwood - Capital One
Debt Instrument [Line Items]
Outstanding borrowings		2,566	2,613
Premium, net		(14)	(22)
Deferred Financing Costs, net		(15)	(24)
Carrying Value		$ 2,565	2,611
Maturity Date	[6],[7]	Nov. 1, 2021
Annual Interest Rate	[6],[7]	5.40%
Average Monthly Debt Service	[6],[7]	$ 16
Mortgage notes payable | Adair off Addison and Adair off Addison Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		33,210	24,629
Deferred Financing Costs, net		(380)	(233)
Carrying Value		$ 32,830	24,396
Maturity Date	[2],[3],[8]	May 1, 2026
Annual Interest Rate	[2],[3],[8]	3.40%
Average Monthly Debt Service	[2],[3],[8]	$ 107
Average Monthly Escrow	[2],[3],[8]	$ 81
Mortgage notes payable | Adair off Addison and Adair off Addison Apartment Homes | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[8]	1.64%
Mortgage notes payable | 1000 Spalding Crossing
Debt Instrument [Line Items]
Outstanding borrowings		$ 23,737	24,195
Deferred Financing Costs, net		(113)	(171)
Carrying Value		$ 23,624	24,024
Maturity Date	[4],[7]	Jan. 1, 2022
Annual Interest Rate	[4],[7]	3.88%
Average Monthly Debt Service	[4],[7]	$ 116
Average Monthly Escrow	[4],[7]	51
Mortgage notes payable | Ravina Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		26,241	26,951
Deferred Financing Costs, net		(165)	(239)
Carrying Value		$ 26,076	26,712
Maturity Date	[6],[7]	May 1, 2022
Annual Interest Rate	[6],[7]	3.76%
Average Monthly Debt Service	[6],[7]	$ 144
Average Monthly Escrow	[6],[7]	144
Mortgage notes payable | Verdant Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		36,913	37,300
Deferred Financing Costs, net		(178)	(233)
Carrying Value		$ 36,735	37,067
Maturity Date	[4],[7]	May 1, 2023
Annual Interest Rate	[4],[7]	3.89%
Average Monthly Debt Service	[4],[7]	$ 176
Average Monthly Escrow	[4],[7]	37
Mortgage notes payable | Arcadia Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		39,782	40,200
Deferred Financing Costs, net		(195)	(256)
Carrying Value		$ 39,587	39,944
Maturity Date	[4],[7]	May 1, 2023
Annual Interest Rate	[4],[7]	3.89%
Average Monthly Debt Service	[4],[7]	$ 189
Average Monthly Escrow	[4],[7]	35
Mortgage notes payable | Grand Reserve
Debt Instrument [Line Items]
Outstanding borrowings		47,845	47,845
Deferred Financing Costs, net		(539)	(606)
Carrying Value		$ 47,306	47,239
Maturity Date	[2],[3],[4],[5]	May 1, 2028
Annual Interest Rate	[2],[3],[4],[5]	3.48%
Average Monthly Debt Service	[2],[3],[4],[5]	$ 157
Average Monthly Escrow	[2],[3],[4],[5]	$ 90
Mortgage notes payable | Grand Reserve | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[4],[5]	1.72%
Mortgage notes payable | Montclair Terrace
Debt Instrument [Line Items]
Outstanding borrowings		$ 19,958	20,312
Deferred Financing Costs, net		(182)	(234)
Carrying Value		$ 19,776	20,078
Maturity Date	[2],[3],[6]	Jun. 1, 2023
Annual Interest Rate	[2],[3],[6]	4.21%
Average Monthly Debt Service	[2],[3],[6]	$ 107
Average Monthly Escrow	[2],[3],[6]	$ 102
Mortgage notes payable | Montclair Terrace | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[6]	2.45%
Mortgage notes payable | 81 Fifty at West Hills Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		$ 51,833	52,645
Deferred Financing Costs, net		(368)	(477)
Carrying Value		$ 51,465	52,168
Maturity Date	[2],[3],[4]	Jul. 1, 2023
Annual Interest Rate	[2],[3],[4]	4.12%
Average Monthly Debt Service	[2],[3],[4]	$ 269
Average Monthly Escrow	[2],[3],[4]	$ 58
Mortgage notes payable | 81 Fifty at West Hills Apartment Homes | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[4]	2.36%
Mortgage notes payable | The Palmer at Las Colinas
Debt Instrument [Line Items]
Outstanding borrowings		$ 45,700	45,700
Deferred Financing Costs, net		(437)	(506)
Carrying Value		$ 45,263	45,194
Maturity Date	[2],[3],[4]	Sep. 1, 2026
Annual Interest Rate	[2],[3],[4]	3.87%
Average Monthly Debt Service	[2],[3],[4]	$ 166
Average Monthly Escrow	[2],[3],[4]	$ 159
Mortgage notes payable | The Palmer at Las Colinas | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[4]	2.11%
Mortgage notes payable | Windbrooke Crossing
Debt Instrument [Line Items]
Outstanding borrowings		$ 37,222	37,788
Deferred Financing Costs, net		(272)	(343)
Carrying Value		$ 36,950	37,445
Maturity Date	[2],[3],[4]	Jan. 1, 2024
Annual Interest Rate	[2],[3],[4]	4.45%
Average Monthly Debt Service	[2],[3],[4]	$ 201
Average Monthly Escrow	[2],[3],[4]	$ 65
Mortgage notes payable | Windbrooke Crossing | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[4]	2.69%
Mortgage notes payable | Woods of Burnsville
Debt Instrument [Line Items]
Outstanding borrowings		$ 37,744	38,250
Deferred Financing Costs, net		(355)	(445)
Carrying Value		$ 37,389	37,805
Maturity Date	[2],[3],[4]	Feb. 1, 2024
Annual Interest Rate	[2],[3],[4]	3.89%
Average Monthly Debt Service	[2],[3],[4]	$ 190
Average Monthly Escrow	[2],[3],[4]	$ 84
Mortgage notes payable | Woods of Burnsville | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[4]	2.13%
Mortgage notes payable | Indigo Creek
Debt Instrument [Line Items]
Outstanding borrowings		$ 40,402	40,789
Deferred Financing Costs, net		(320)	(397)
Carrying Value		$ 40,082	40,392
Maturity Date	[2],[3],[4]	May 1, 2024
Annual Interest Rate	[2],[3],[4]	3.69%
Average Monthly Debt Service	[2],[3],[4]	$ 199
Average Monthly Escrow	[2],[3],[4]	$ 52
Mortgage notes payable | Indigo Creek | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[4]	1.93%
Mortgage notes payable | Martin's Point
Debt Instrument [Line Items]
Outstanding borrowings		$ 29,944	29,990
Deferred Financing Costs, net		(289)	(351)
Carrying Value		$ 29,655	$ 29,639
Maturity Date	[2],[3],[4]	Nov. 1, 2024
Annual Interest Rate	[2],[3],[4]	3.62%
Average Monthly Debt Service	[2],[3],[4]	$ 149
Average Monthly Escrow	[2],[3],[4]	$ 76
Mortgage notes payable | Martin's Point | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[4]	1.86%
[1]	Monthly fixed principal plus interest payment required
[2]	Variable rate based on one-month LIBOR of 1.76250% (as of December 31, 2019) plus a fixed margin
[3]	Variable rate hedged with interest rate cap cash flow hedge
[4]	Monthly interest-only payment currently required
[5]	Originated during the year ended December 31, 2018 through refinancing
[6]	Fixed monthly payment of principal and interest payment required
[7]	Fixed rate
[8]	Originated during the year ended December 31, 2019 through refinancing

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted average interest rate (as percent)	3.87%
Restricted cash related to escrow deposits	$ 6,500,000	$ 7,800,000
Accumulated amortization of deferred financing costs	3,400,000	$ 2,900,000
The Brookwood
Debt Instrument [Line Items]
Net unamortized fair value of debt assumed adjustment	$ 200,000

Mortgage Notes Payable, Net - A

Mortgage Notes Payable, Net - Annual Principal Payments on Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 7,052
2021	26,891
2022	55,615
2023	146,304
2024	138,676
Thereafter	177,536
Total principal payments	$ 552,074

Mortgage Notes Payable, Net - D

Mortgage Notes Payable, Net - Deferred Finance Costs (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 1,052
2021	1,025
2022	862
2023	671
2024	355
Thereafter	434
Total deferred finance costs	$ 4,399

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	$ 263,466	$ 330,660
Unrealized loss on designated derivatives	190	65
Balance, end of period	216,313	263,466
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	(379)	(444)
Reclassification adjustment for realized loss on designated derivatives	268	130
Unrealized loss on designated derivatives	(78)	(65)
Balance, end of period	$ (189)	$ (379)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	Mar. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Apr. 23, 2017
Related Party Transaction [Line Items]
Insurance pool, loss limit		$ 2,500,000
General liability pool, deductible amount per incident				$ 25,000
Catastrophic insurance, losses in excess of insurance pool, limit	$ 250,000,000	250,000,000
Loss covered in excess of insurance pool, limit		76,000,000
Directors and officers insurance
Related Party Transaction [Line Items]
Insurance coverage limit		100,000,000
Minimum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident	25,000	25,000
Maximum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident	$ 100,000	$ 100,000
Advisor
Related Party Transaction [Line Items]
Term of Advisory Agreement		1 year
Advisory Agreement, renewal period		1 year
Acquisition fee (as percent)		2.00%
Disposition fee as a percentage of the aggregate brokerage commission paid		50.00%
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	$ 0

Related Party Transactions - Fe

Related Party Transactions - Fees Earned/Expenses Incurred and Amounts Payable to Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due from related parties	$ 297	$ 57
Due to related parties	432	584
RAI | Self-Insurance Funds Held
Related Party Transaction [Line Items]
Due from related parties	33	57
RAI | Operating Expense Reimbursements
Related Party Transaction [Line Items]
Due from related parties	264
RAI | Internal Audit Fees
Related Party Transaction [Line Items]
Due to related parties		25
Advisor | Operating Expense Reimbursements
Related Party Transaction [Line Items]
Due to related parties	6	133
Fees earned / expenses incurred	3,462	3,708
Advisor | Asset Management Fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	9,374	9,840
Advisor | Debt Financing Fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	39	78
Manager | Operating Expense Reimbursements
Related Party Transaction [Line Items]
Due to related parties	96	97
Fees earned / expenses incurred	70	201
Manager | Property Management Fees
Related Party Transaction [Line Items]
Due to related parties	328	329
Fees earned / expenses incurred	3,834	3,888
Manager | Construction Management Fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	255	859
Manager | Construction Payroll Reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses incurred	63	$ 121
Property | Meridian
Related Party Transaction [Line Items]
Due to related parties	$ 2

Equity - Preferred Stock and Co

Equity - Preferred Stock and Convertible Stock (Details)	12 Months Ended
	Dec. 31, 2019event$ / sharesshares	Dec. 31, 2018$ / sharesshares	Dec. 31, 2017shares
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)	60,094,623	61,378,367
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Non-compounded annual return, option 2 (as percent)	7.00%
Number of possible triggering events | event	2
Conversion basis	0.00002
Converted if the lesser of, option 2 (as percent)	15.00%
Number of triggering events | event	0
Advisor
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	117,778
Convertible Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	50,000	50,000	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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	60,094,623	61,378,367
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, outstanding	$ 600	$ 612
Shares Issued (in shares)	60,094,623	61,378,367
Gross Proceeds	$ 641,695
Shares issued before redemption and retirement (in shares)	65,879,093
Share redeemed and retired (in shares)	(5,784,470)
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)	9,826,431
Gross Proceeds	$ 85,348
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
Advisor
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	117,778
Common stock, outstanding	$ 1,100

Equity - Redemptions (Details)

Equity - Redemptions (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended												12 Months Ended
	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2019
Equity [Abstract]
Total Number of Shares Redeemed (in shares)	236,000	0	0	467,000	0	0	1,671,000	0	0	664,000	0	0
Average Price Paid per Share (in dollars per share)	$ 8.33	$ 0	$ 0	$ 8.36	$ 0	$ 0	$ 8.34	$ 0	$ 0	$ 8.97	$ 0	$ 0	$ 8.33
Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program (in shares)	3,038,000	0	0	2,802,000	0	0	2,335,000	0	0	664,000	0	0
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%
Redemption request honored, percent													48.10%
Outstanding and unfilled redemption value	$ 27.3												$ 27.3
Outstanding and unfilled redemption shares	3,276,329												3,276,329
Changes that do not require stockholder approval													30 days

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 11, 2019	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 14,724	$ 20,693
Net Cash Distributions		12,519
Total Aggregate Distributions		27,243
Dividends declared, daily accrual amount (in dollars per share)	$ 0.001095890
Less: distribution payable at December 31, 2018		(8,878)
Distribution payable		5,993	8,878
Total distributions declared		24,358	$ 36,634
December 29, 2018 through January 30, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		1,717
Net Cash Distributions		1,412
Total Aggregate Distributions		$ 3,129
Per Common Share per day (in dollars per share)		$ 0.00164384
Distribution Date		Jan. 31, 2019
January 31, 2019 through February 27, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 1,553
Net Cash Distributions		1,281
Total Aggregate Distributions		$ 2,834
Per Common Share per day (in dollars per share)		$ 0.00164384
Distribution Date		Feb. 28, 2019
February 28, 2019 through March 28, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 1,594
Net Cash Distributions		1,342
Total Aggregate Distributions		$ 2,936
Per Common Share per day (in dollars per share)		$ 0.00164384
Distribution Date		Mar. 29, 2019
March 29, 2019 through April 29, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 1,164
Net Cash Distributions		985
Total Aggregate Distributions		$ 2,149
Per Common Share per day (in dollars per share)		$ 0.00109589
Distribution Date		Apr. 30, 2019
April 30, 2019 through May 30, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 1,131
Net Cash Distributions		956
Total Aggregate Distributions		$ 2,087
Per Common Share per day (in dollars per share)		$ 0.00109589
Distribution Date		May 31, 2019
May 31, 2019 through June 27, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 1,012
Net Cash Distributions		858
Total Aggregate Distributions		$ 1,870
Per Common Share per day (in dollars per share)		$ 0.00109589
Distribution Date		Jun. 28, 2019
June 28, 2019 through July 30, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 1,174
Net Cash Distributions		996
Total Aggregate Distributions		$ 2,170
Per Common Share per day (in dollars per share)		$ 0.00109589
Distribution Date		Jul. 31, 2019
July 31, 2019 through August 29, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 1,068
Net Cash Distributions		909
Total Aggregate Distributions		$ 1,977
Per Common Share per day (in dollars per share)		$ 0.00109589
Distribution Date		Aug. 30, 2019
August 30, 2019 through September 27, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 1,026
Net Cash Distributions		881
Total Aggregate Distributions		$ 1,907
Per Common Share per day (in dollars per share)		$ 0.00109589
Distribution Date		Sep. 30, 2019
September 28, 2019 through October 30, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 1,159
Net Cash Distributions		1,008
Total Aggregate Distributions		$ 2,167
Per Common Share per day (in dollars per share)		$ 0.00109589
Distribution Date		Oct. 31, 2019
October 31, 2019 through November 26, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 944
Net Cash Distributions		834
Total Aggregate Distributions		$ 1,778
Per Common Share per day (in dollars per share)		$ 0.00109589
Distribution Date		Nov. 27, 2019
November 27, 2019 through December 30, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock		$ 1,182
Net Cash Distributions		1,057
Total Aggregate Distributions		$ 2,239
Per Common Share per day (in dollars per share)		$ 0.00109589
Distribution Date		Dec. 31, 2019

Fair Value Measures and Discl_3

Fair Value Measures and Disclosures (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Outstanding Balance | Mortgage notes payable
Assets:
Mortgage notes payable	$ 552,074	$ 578,826
Estimated Fair Value | Mortgage notes payable
Assets:
Mortgage notes payable	545,249	580,925
Fair Value, Measurements, Recurring
Assets:
Assets at fair value	9	27
Fair Value, Measurements, Recurring | Interest Rate Caps
Assets:
Derivative asset	9	27
Level 1 | Fair Value, Measurements, Recurring
Assets:
Assets at fair value	0	0
Level 1 | Fair Value, Measurements, Recurring | Interest Rate Caps
Assets:
Derivative asset	0	0
Level 1 | Fair Value, Measurements, Recurring | Cancelable Swap
Assets:
Derivative asset	0	0
Level 2 | Fair Value, Measurements, Recurring
Assets:
Assets at fair value	9	27
Level 2 | Fair Value, Measurements, Recurring | Interest Rate Caps
Assets:
Derivative asset	9	27
Level 3 | Fair Value, Measurements, Recurring
Assets:
Assets at fair value	0	0
Level 3 | Fair Value, Measurements, Recurring | Interest Rate Caps
Assets:
Derivative asset	0	0
Level 3 | Fair Value, Measurements, Recurring | Cancelable Swap
Assets:
Derivative asset	$ 0	$ 0

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details)	Dec. 31, 2019USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimated loss that will be reclassified to interest expense	$ 95,018

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Outstanding Interest Rate Derivatives (Details) - Derivatives Designated as Hedging Instruments $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)derivative_contract
Number of Instruments
Interest rate caps | derivative_contract	12
Notional Amount
Interest rate caps | $	$ 408,632
Minimum
Notional Amount
Maturity Dates	Jan. 1, 2020
Maximum
Notional Amount
Maturity Dates	Jul. 1, 2023

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Fair Value of Derivative Financial Instruments and Balance Sheet Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Liabilities Derivatives, Fair Value	$ 0	$ 0
Derivatives Designated as Hedging Instruments | Interest Rate Caps
Derivative [Line Items]
Asset Derivatives, Fair Value	$ 9	27
Derivatives Not Designated as Hedging Instruments | Cancelable Swap
Derivative [Line Items]
Liabilities Derivatives, Fair Value		$ 0

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Gain (Loss) Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Interest Rate Caps | Derivatives Designated as Hedging Instruments | Interest Expense
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (285)	$ (108)
Cancelable Swap | Derivatives Not Designated as Hedging Instruments | Interest Expense
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income		287
Interest Rate Products | Derivatives Designated as Hedging Instruments
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	(95)	(43)
Interest Rate Products | Derivatives Designated as Hedging Instruments | Interest Expense
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	$ (285)	$ (108)

Operating Expenses (Details)

Operating Expenses (Details)	12 Months Ended
	Dec. 31, 2019
Other Income And Expenses [Abstract]
Operating support from advisor, required reimbursement when threshold exceeded, commencement period	12 months
Limitation on total operating expenses, percentage of average invested assets for the four most recently completed fiscal quarter	2.00%
Limitation on total operating expenses, percentage of net income for the four most recently completed fiscal quarter	25.00%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) shares in Millions	Jan. 23, 2020shares
Subsequent Event
Subsequent Event [Line Items]
Additional shares under distribution reinvestment plan	1.5

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation - Schedule of Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 552,074
Initial cost to Company		792,034
Cost capitalized subsequent to acquisition		75,275
Gross Amount at which carried at close of period	$ 912,534	867,309	$ 898,729
Accumulated Depreciation	$ (101,933)	(131,779)	$ (61,758)
Residential, Dallas, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		0
Initial cost to Company		9,149
Cost capitalized subsequent to acquisition		3,425
Gross Amount at which carried at close of period		12,574
Accumulated Depreciation		(3,967)
Date of Construction	1980
Date Acquired	Jun. 4, 2014
Residential, Fort Worth, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		19,264
Initial cost to Company		31,856
Cost capitalized subsequent to acquisition		5,058
Gross Amount at which carried at close of period		36,914
Accumulated Depreciation		(7,276)
Date of Construction	1989
Date Acquired	Mar. 30, 2015
Residential, Chapel Hill, North Carolina
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		42,650
Initial cost to Company		45,653
Cost capitalized subsequent to acquisition		7,384
Gross Amount at which carried at close of period		53,037
Accumulated Depreciation		(10,819)
Date of Construction	1990
Date Acquired	May 19, 2015
Residential, Homewood, Alabama
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		19,629
Initial cost to Company		30,003
Cost capitalized subsequent to acquisition		7,106
Gross Amount at which carried at close of period		37,109
Accumulated Depreciation		(7,271)
Date of Construction	1968
Date Acquired	Aug. 21, 2015
Residential, Dallas, Texas, Property 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		33,210
Initial cost to Company		20,667
Cost capitalized subsequent to acquisition		3,291
Gross Amount at which carried at close of period		23,958
Accumulated Depreciation		(4,821)
Date of Construction	1979
Date Acquired	Aug. 27, 2015
Residential, Atlanta, Georgia, Property 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		23,737
Initial cost to Company		40,194
Cost capitalized subsequent to acquisition		5,218
Gross Amount at which carried at close of period		45,412
Accumulated Depreciation		(8,132)
Date of Construction	1995
Date Acquired	Sep. 24, 2015
Residential, Portland, Oregon
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		19,958
Initial cost to Company		32,130
Cost capitalized subsequent to acquisition		3,441
Gross Amount at which carried at close of period		35,571
Accumulated Depreciation		(5,830)
Date of Construction	2004
Date Acquired	Oct. 29, 2015
Residential, Naperville, Illinois
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		47,845
Initial cost to Company		66,213
Cost capitalized subsequent to acquisition		5,967
Gross Amount at which carried at close of period		72,180
Accumulated Depreciation		(11,432)
Date of Construction	1991
Date Acquired	Dec. 18, 2015
Residential, Boulder, Colorado
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		36,913
Initial cost to Company		64,181
Cost capitalized subsequent to acquisition		4,330
Gross Amount at which carried at close of period		68,511
Accumulated Depreciation		(8,629)
Date of Construction	1997
Date Acquired	Dec. 18, 2015
Residential, Centennial, Colorado
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		39,782
Initial cost to Company		59,059
Cost capitalized subsequent to acquisition		6,036
Gross Amount at which carried at close of period		65,095
Accumulated Depreciation		(9,959)
Date of Construction	1984
Date Acquired	Jan. 22, 2016
Residential, Austin, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		26,241
Initial cost to Company		55,466
Cost capitalized subsequent to acquisition		6,776
Gross Amount at which carried at close of period		62,242
Accumulated Depreciation		(10,478)
Date of Construction	2001
Date Acquired	Mar. 23, 2016
Residential, Portland, Oregon, Property 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		51,833
Initial cost to Company		80,155
Cost capitalized subsequent to acquisition		5,741
Gross Amount at which carried at close of period		85,896
Accumulated Depreciation		(11,711)
Date of Construction	1985
Date Acquired	May 17, 2016
Residential, Irving, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		45,700
Initial cost to Company		68,454
Cost capitalized subsequent to acquisition		7,796
Gross Amount at which carried at close of period		76,250
Accumulated Depreciation		(11,192)
Date of Construction	1991
Date Acquired	Jun. 28, 2016
Residential, Buffalo Grove, Illinois
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		37,222
Initial cost to Company		47,817
Cost capitalized subsequent to acquisition		575
Gross Amount at which carried at close of period		48,392
Accumulated Depreciation		(5,474)
Date of Construction	1986
Date Acquired	Dec. 22, 2016
Residential, Burnsville, Minnesota
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		37,744
Initial cost to Company		49,775
Cost capitalized subsequent to acquisition		1,459
Gross Amount at which carried at close of period		51,234
Accumulated Depreciation		(6,298)
Date of Construction	1984
Date Acquired	Dec. 23, 2016
Residential, Glendale, Arizona
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		40,402
Initial cost to Company		54,057
Cost capitalized subsequent to acquisition		1,012
Gross Amount at which carried at close of period		55,069
Accumulated Depreciation		(5,634)
Date of Construction	1998
Date Acquired	Apr. 4, 2017
Residential, Lombard, Illinois
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		29,944
Initial cost to Company		37,205
Cost capitalized subsequent to acquisition		660
Gross Amount at which carried at close of period		37,865
Accumulated Depreciation		$ (2,856)
Date of Construction	1989
Date Acquired	Oct. 31, 2017

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation - Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Investments in real estate:
Balance at beginning of the year	$ 912,534	$ 898,729
Improvements, etc.	8,156	15,486
Dispositions during the year:	(53,381)	(1,681)
Balance at end of year	867,309	912,534
Accumulated Depreciation:
Balance at beginning of year	(101,933)	(61,758)
Depreciation	(39,599)	(40,611)
Disposals	9,753	436
Balance at the end of year	$ (131,779)	$ (101,933)