Resource Real Estate Opportunity REIT II (RREO) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 06, 2020
Document And Entity Information [Abstract]
Entity Registrant Name	Resource Real Estate Opportunity REIT II, Inc.
Entity Central Index Key	0001559484
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity File Number	000-55430
Entity Tax Identification Number	80-0854717
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 Current Reporting Status	Yes
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		60,326,767
Entity Incorporation, State or Country Code	MD
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments:
Rental properties, net	$ 726,412	$ 735,530
Total investments	726,412	735,530
Cash	34,094	39,647
Restricted cash	7,385	6,534
Subtotal - cash and restricted cash	41,479	46,181
Tenant receivables, net	111	107
Due from related parties	0	297
Prepaid expenses and other assets	3,663	2,147
Total assets	771,665	784,262
Liabilities:
Mortgage notes payable, net	546,244	547,875
Accounts payable and accrued expenses	12,412	11,502
Due to related parties	539	432
Tenant prepayments	581	634
Security deposits	1,534	1,513
Distributions payable		5,993
Total liabilities	561,310	567,949
Stockholders’ equity:
Preferred stock (par value $.01, 10,000,000 shares authorized, none issued and outstanding)	0	0
Common stock, outstanding	602	600
Additional paid-in capital	530,368	528,464
Accumulated other comprehensive loss	(116)	(189)
Accumulated deficit	(320,500)	(312,563)
Total stockholders’ equity	210,355	216,313
Total liabilities and stockholders’ equity	771,665	784,262
Convertible Stock
Stockholders’ equity:
Common stock, outstanding	1	1
Total stockholders’ equity	$ 1	$ 1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
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 outstanding (in shares)	60,326,297	60,094,623
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	50,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income	$ 21,407	$ 21,959
Expenses:
Rental operating - expenses	3,846	3,131
Rental operating - payroll	1,736	2,009
Rental operating - real estate taxes	2,902	3,162
Subtotal - Rental operating expenses	8,484	8,302
Management fees	3,127	3,395
General and administrative	2,090	2,289
Loss on disposal of assets	63	44
Depreciation and amortization expense	10,054	9,801
Total expenses	23,818	23,831
Loss before net gain on disposition	(2,411)	(1,872)
Net gain on disposition of property	0	20,619
Income (loss) before other income (expense)	(2,411)	18,747
Other income (expense):
Interest income	11	64
Interest expense	(5,526)	(7,114)
Net income (loss)	(7,926)	11,697
Other comprehensive income (loss):
Designated derivatives, fair value adjustment	73	32
Comprehensive income (loss)	$ (7,853)	$ 11,729
Weighted average common shares outstanding	60,215	61,613
Basic and diluted net income (loss) per common share	$ (0.13)	$ 0.19

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 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, 2018	$ 263,466	$ 1	$ 612	$ 539,493	$ (379)	$ (276,261)
Balance, beginning of period (in shares) at Dec. 31, 2018		50,000	61,379,000
Common stock issued through distribution reinvestment plan	4,864		$ 6	4,858
Common stock issued through distribution reinvestment plan (in shares)			570,000
Distributions declared	(6,132)					(6,132)
Common stock redemptions	(5,953)		$ (7)	(5,946)
Common stock redemptions (in shares)			(664,000)
Designated derivatives, fair value adjustment	32				32
Net income (loss)	11,697					11,697
Balance, end of period at Mar. 31, 2019	267,974	$ 1	$ 611	538,405	(347)	(270,696)
Balance, end of period (in shares) at Mar. 31, 2019		50,000	61,285,000
Balance, beginning of period at Dec. 31, 2018	263,466	$ 1	$ 612	539,493	(379)	(276,261)
Balance, beginning of period (in shares) at Dec. 31, 2018		50,000	61,379,000
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
Common stock issued through distribution reinvestment plan	$ 3,131		$ 4	3,127
Common stock issued through distribution reinvestment plan (in shares)			371,000
True-up of prior year cash distributions declared	(11)					(11)
Distributions declared	(11)
Common stock redemptions	(1,225)		$ (2)	(1,223)
Common stock redemptions (in shares)			(140,000)
Designated derivatives, fair value adjustment	73				73
Net income (loss)	(7,926)					(7,926)
Balance, end of period at Mar. 31, 2020	$ 210,355	$ 1	$ 602	$ 530,368	$ (116)	$ (320,500)
Balance, end of period (in shares) at Mar. 31, 2020	60,326,297	50,000	60,326,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (7,926)	$ 11,697
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of assets	63	44
Net gain on disposition of property	0	(20,619)
Depreciation and amortization	10,054	9,801
Amortization of deferred financing costs	263	288
Amortization of mortgage premiums	(28)	(28)
Realized loss on ineffectiveness of interest rate caps	(34)
Changes in operating assets and liabilities:
Tenant receivables, net	(4)	27
Due from related parties	296	51
Prepaid expenses and other assets	(1,391)	78
Due to related parties	107	(74)
Accounts payable and accrued expenses	909	304
Tenant prepayments	(53)	58
Security deposits	22	67
Net cash provided by operating activities	2,278	1,694
Cash flows from investing activities
Proceeds from disposal of property, net of closing costs		32,882
Capital expenditures	(1,000)	(1,645)
Net cash provided by (used in) investing activities	(1,000)	31,237
Cash flows from financing activities:
Redemptions of common stock	(1,225)	(5,953)
Repayments on mortgage notes payable	(1,866)	(1,225)
Purchase of interest rate caps	(16)
Distributions paid on common stock	(2,873)	(4,035)
Net cash used in financing activities	(5,980)	(11,213)
Net increase (decrease) in cash and restricted cash	(4,702)	21,718
Cash and restricted cash at beginning of period	46,181	47,988
Cash and restricted cash at end of period	$ 41,479	$ 69,706

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Statement Of Cash Flows [Abstract]
Cash	$ 34,094	$ 39,647	$ 63,004
Restricted cash	7,385	6,534	6,702
Subtotal - cash and restricted cash	$ 41,479	$ 46,181	$ 69,706	$ 47,988

Nature of Business and Operatio

Nature of Business and Operations (Loss)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Operations (Loss)	NOTE 1 - NATURE OF BUSINESS AND OPERATIONS (LOSS) Resource Real Estate Opportunity REIT II, Inc. (the “Company”) was organized in Maryland on September 28, 2012. The Company offered up to 100,000,000 shares of common stock in its primary initial public offering for $10 per share, with discounts available to certain categories of investors. The primary portion of the offering closed on February 6, 2016. The Company continued to offer 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. On January 23, 2020, the Company filed a Registration Statement to offer an additional 1,500,000 shares pursuant to the Company’s distribution reinvestment plan. The Company has adopted a fiscal year ending December 31. Resource Real Estate Opportunity Advisor II, LLC (the “Advisor”) is a wholly owned subsidiary of Resource Real Estate, LLC (the “Sponsor”) and an indirect wholly owned subsidiary of Resource America, Inc. (“RAI”). The Advisor acts as the Company's external advisor and manages the Company's day-to-day operations and its portfolio of real estate investments and provides asset-management, marketing, investor relations and other administrative services on the Company's behalf, all subject to the supervision of the Company's Board of Directors. RAI is a wholly owned subsidiary of C-III Capital Partners, LLC (“C-III”), a leading commercial real estate investment management and services company engaged in a broad range of activities. C-III controls the Advisor and Resource Real Estate Opportunity Manager II, LLC, the Company's property manager (the “Manager”). C-III also controls all of the shares of common stock held by the Advisor. As of March 31, 2020, a total of 60,326,297 shares, including the additional shares purchased by the Advisor and shares issued through the distribution reinvestment plan, have been issued resulting in gross offering proceeds of $644.8 million. As of March 31, 2020, the Company had issued 10,197,719 shares for $88.5 million pursuant to its distribution reinvestment plan. The Company’s objective is to take advantage of the Sponsor's dedicated multifamily investing and lending platforms to invest in multifamily assets across the entire spectrum of investments in order to provide stockholders with growing cash flow and increasing asset values. The Company has acquired and may continue to acquire commercial real estate assets, principally underperforming multifamily rental properties which the Company will renovate and stabilize in order to increase rents, and may acquire, to a lesser extent, real estate related debt. The Company is organized and conducts its operations in a manner intended to allow it to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company also operates its business in a manner intended to maintain its exemption from registration under the Investment Company Act of 1940, as amended. The consolidated financial statements and the information and tables contained in the notes thereto, as of March 31, 2020, are unaudited and prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). However, in the opinion of management, these interim financial statements include all of the necessary adjustments to fairly present the results of the interim periods presented. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the three months ended March 31, 2020 may not necessarily be indicative of the results of operations for the full year ending December 31, 2020. COVID-19 Pandemic Currently, one of the most significant risks and uncertainties facing the Company and the real estate industry generally is the potential adverse effect of the ongoing public health crisis of the novel coronavirus disease (COVID-19) pandemic. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. See Note 15, “Subsequent Events” for a further discussion on the COVID-19 pandemic.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 consolidated financial statements have been prepared in conformity with GAAP. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Bear Creek Holdings, LLC, or Bear Creek Adair off Addison 152 Dallas, TX RRE Oak Hill Holdings, LLC, or Oak Hill Overton Trails N/A (1) N/A (1) RRE Buckhead Holdings, LLC, or Buckhead Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC, or Farrington Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair Terrace 188 Portland, OR RRE Grand Reserve Holdings, LLC, or Grand Reserve Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC, or Canterwood Verdant Apartment Homes 216 Boulder, CO RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Apartment Homes 252 Atlanta, GA RRE Fox Ridge Holdings, LLC, or Fox Ridge Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC, or Riverlodge Ravina Apartment Homes 498 Austin, TX RRE Breckenridge Holdings, LLC, or Breckenridge 81 Fifty at West Hills Apartment Homes 357 Portland, OR RRE Santa Rosa Holdings, LLC, or Santa Rosa The Palmer at Las Colinas 476 Irving, TX RRE Windbrooke Holdings, LLC, or Windbrooke Crossing Windbrooke Crossing 236 Buffalo Grove, IL RRE Woods Holdings, LLC, or The Woods of Burnsville The Woods of Burnsville 400 Burnsville, MN RRE Indigo Creek Holdings, LLC Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC Martin's Point 256 Lombard, IL N/A - Not Applicable (1) Overton Trails 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 financial statements and accompanying notes. Actual results could differ from those estimates. Assets Held for Sale The Company presents rental property assets that qualify as held for sale separately in the consolidated balance sheets. Real estate assets held for sale are measured at the lower of carrying amount or fair value less cost to sell. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. As of March 31, 2020 and December 31, 2019, the Company had no rental properties included in assets held for sale. Rental Properties The Company records acquired rental properties at fair value on their acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life, and depreciates the asset using the straight line method. The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to Concentration of Risk As of March 31, 2020, the Company's real estate investments located in Texas, Illinois, Colorado, Oregon and Georgia represented approximately 19.6%, 18.9%, 15.6%, 14.1% and 9.1% of the net book value of its rental property assets, respectively. Any adverse economic or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the Company's inability to recover the carrying value of a property, an impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. As of March 31, 2020, the Company evaluated whether the global economic disruption caused by the COVID-19 pandemic was an impairment indicator. The Company examined a number of factors and concluded that there was no indication that the carrying value of the investments in real estate might not be recoverable 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 relative 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-cancellable 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-cancellable terms of the respective leases. The Company measures the aggregate value of in-place leases 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. 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 average 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 where collection is considered probable, 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 $41.9 million and $1.6 million for the 12-month periods ending March 31, 2021 and 2022, respectively, and none thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents pursuant to underlying tenant lease agreements. The Company also receives utility Tenant Receivables Tenant receivables are stated in the consolidated financial statements as amounts due from tenants net of an allowance for uncollectible receivables. Payment terms vary and receivables outstanding longer than the payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, and the condition of the general economy and the industry as a whole. The Company writes off receivables when they become uncollectible. 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 under the Code, 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, differs 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 any of its subsidiaries as a taxable REIT subsidiary (“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 March 31, 2020 and December 31, 2019 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 the weighted-average number of 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 shares of convertible stock (see Note 11) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of March 31, 2020 (were such date to represent the end of the contingency period). For the three months ended March 31, 2019, 732,632 common shares potentially issuable to settle distributions payable were included in the calculation of basic earnings per shares. Adoption of New Accounting Standards In January 2017, the Financial Accounting Standards Board (“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 was effective for the Company beginning January 1, 2020. Early application is permitted. The Company adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. The Company adopted the standard on January 1, 2020, and the adoption did not have an impact on its consolidated financial statements. 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”). The Company adopted the standard on January 1, 2020, and the adoption did not 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. The Company early adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. During the three months ended March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2020
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): Three Months Ended March 31, 2020 2019 Non-cash financing and investing activities: Distributions on common stock declared but not yet paid $ - $ 6,112 Stock issued pursuant to distribution reinvestment plan 3,131 4,864 Accruals for construction in process 490 392 Non-cash activity related to sales: Mortgage notes payable settled directly with proceeds from sale of rental property - 29,947 Cash paid during the period for: Interest $ 5,326 $ 7,466

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 December 31, 2019 Real estate taxes $ 4,862 $ 3,956 Insurance 1,024 877 Capital improvements 1,155 1,380 Other 344 321 $ 7,385 $ 6,534 Unrestricted cash designated for capital expenditures $ 14,740 $ 21,706

Rental Properties, Net

Rental Properties, Net	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Rental Properties, Net	NOTE 5 - RENTAL PROPERTIES, NET The Company’s investments in rental properties consisted of the following (in thousands): March 31, 2020 December 31, 2019 Land $ 119,028 $ 119,028 Building and improvements 722,162 720,420 Furniture, fixtures and equipment 26,454 25,906 Construction in progress 497 1,955 868,141 867,309 Less: accumulated depreciation (141,729 ) (131,779 ) $ 726,412 $ 735,530 Depreciation expense for the three months ended March 31, 2020 and 2019 was $10.1 million and $10.4 million, respectively.

Disposition of Property

Disposition of Property	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2019. There were no dispositions during the three months ended March 31, 2020 (in thousands): Multifamily Community Location Sale Date Contract Sales Price Net Gain on Disposition Revenue Attributable to Property Sold Net Loss Attributable to Property Sold (1) Overton Trails Fort Worth, Texas February 28, 2019 $ 64,000 $ 20,619 $ 1,145 $ (229 ) (1) Excludes net gain on disposition

Identified Intangible Assets, N

Identified Intangible Assets, Net	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Identified Intangible Assets, Net	NOTE 7 - IDENTIFIED INTANGIBLE ASSETS, NET Identified intangible assets, net, consist of in-place rental leases. The gross value of acquired in-place leases totaled $17.3 million as of March 31, 2020 and December 31, 2019; the intangible assets are reported net of accumulated amortization of $17.3 million. Amortization for the three months ended March 31, 2020 and 2019 was $0. Intangible assets have been fully amortized as of both March 31, 2020 and December 31, 2019.

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	NOTE 8 - MORTGAGE NOTES PAYABLE, NET The following is a summary of the Company's mortgage notes payable, net (in thousands): Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Collateral March 31, 2020 December 31, 2019 Uptown Buckhead 19,167 — (170 ) 18,997 19,264 — (178 ) 19,086 Crosstown at Chapel Hill 42,650 — (310 ) 42,340 42,650 — (325 ) 42,325 The Brookwood - Key Bank 16,956 160 (76 ) 17,040 17,063 186 (88 ) 17,161 The Brookwood - Capital One 2,554 12 (13 ) 2,553 2,566 14 (15 ) 2,565 Adair off Addison and Adair off Addison Apartment Homes 33,210 — (364 ) 32,846 33,210 — (380 ) 32,830 1000 Spalding Crossing 23,620 — (98 ) 23,522 23,737 — (113 ) 23,624 Montclair Terrace 19,857 — (169 ) 19,688 19,958 — (182 ) 19,776 Grand Reserve 47,845 — (523 ) 47,322 47,845 — (539 ) 47,306 Verdant Apartment Homes 36,744 — (164 ) 36,580 36,913 — (178 ) 36,735 Arcadia Apartment Homes 39,601 — (180 ) 39,421 39,782 — (195 ) 39,587 Ravina Apartment Homes 26,058 — (147 ) 25,911 26,241 — (165 ) 26,076 81 Fifty at West Hills Apartment Homes 51,598 — (341 ) 51,257 51,833 — (368 ) 51,465 The Palmer at Las Colinas 45,700 — (421 ) 45,279 45,700 — (437 ) 45,263 Windbrooke Crossing 37,058 — (255 ) 36,803 37,222 — (272 ) 36,950 Woods of Burnsville 37,571 — (332 ) 37,239 37,744 — (355 ) 37,389 Indigo Creek 40,213 — (300 ) 39,913 40,402 — (320 ) 40,082 Martin's Point 29,806 — (273 ) 29,533 29,944 — (289 ) 29,655 $ 550,208 $ 172 $ (4,136 ) $ 546,244 $ 552,074 $ 200 $ (4,399 ) $ 547,875 The following table presents additional information about the Company's mortgage notes payable, net at March 31, 2020 (in thousands, except percentages): Maturity Date Margin over LIBOR Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Uptown Buckhead 7/1/2025 2.22 % 3.21 % $ 104 $ 52 (1) (3) (5) Crosstown at Chapel Hill 7/1/2025 1.77 % 2.76 % 142 74 (1) (3) (4) The Brookwood - Key Bank 11/1/2021 — 4.73 % 104 80 (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 % 2.63 % 107 74 (1) (3) (4) 1000 Spalding Crossing 1/1/2022 — 3.88 % 116 51 (2) (6) Montclair Terrace 6/1/2023 2.45 % 3.44 % 107 27 (1) (3) (6) Grand Reserve 5/1/2028 1.72 % 2.71 % 157 90 (1) (3) (4) Verdant Apartment Homes 5/1/2023 - 3.89 % 176 37 (2) (6) Arcadia Apartment Homes 5/1/2023 - 3.89 % 189 35 (2) (6) Ravina Apartment Homes 5/1/2022 - 3.76 % 144 144 (2) (6) 81 Fifty at West Hills Apartment Homes 7/1/2023 2.36 % 3.35 % 269 58 (1) (3) (6) The Palmer at Las Colinas 9/1/2026 2.11 % 3.10 % 165 156 (1) (3) (4) Windbrooke Crossing 1/1/2024 2.69 % 3.68 % 201 65 (1) (3) (6) Woods of Burnsville 2/1/2024 2.13 % 3.12 % 190 84 (1) (3) (6) Indigo Creek 5/1/2024 1.93 % 2.92 % 199 52 (1) (3) (6) Martin's Point 11/1/2024 1.86 % 2.85 % 149 76 (1) (3) (6) (1) Variable rate based on one-month LIBOR of 0.9929% (as of March 31, 2020) plus a fixed margin (2) Fixed rate (3) Variable rate hedged with interest rate cap cash flow hedge (4) Monthly interest-only payment currently required (5) Monthly fixed principal plus interest payment required (6) Fixed monthly payment of principal and interest payment required On August 21, 2015, the Company recorded a premium, which represented the fair value of the debt assumed over its principal amount in connection with The Brookwood Apartment Homes acquisition. The premium is being amortized to interest expense over the term of the related mortgage loans using the effective interest method. As of March 31, 2020, the net unamortized premium of $172,526 was included as a component of mortgage loans payable in the accompanying consolidated balance sheets. At March 31, 2020, the weighted average interest rate of all the Company's outstanding indebtedness was 3.30%. All mortgage notes are collateralized by first mortgage liens on the assets of the respective property as named in the table above. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of the mortgages held. Annual principal payments on the mortgage notes payable, excluding amortization of the mortgage premium and deferred financing costs, for each of the next five 12-month periods ending March 31, and thereafter, are as follows (in thousands): 2021 $ 7,156 2022 50,032 2023 32,723 2024 215,307 2025 68,470 Thereafter 176,520 Total principal payments $ 550,208 The mortgage notes payable are recourse only with respect to the properties that secure the notes, subject to certain limited standard exceptions, as defined in each mortgage note. These exceptions are referred to as “carveouts.” The Company has guaranteed the mortgage notes by executing a guarantee with respect to the properties. In general, carveouts relate to damages suffered by the lender for a borrower’s failure to pay rents, insurance or condemnation proceeds to lender, failure to pay water, sewer and other public assessments or charges, failure to pay environmental compliance costs or to deliver books and records, in each case as required in the loan documents. The exceptions also require the Company to guarantee payment of audit costs, lender’s enforcement of its rights under the loan documents and payment of the loan if the borrower voluntarily files for bankruptcy or seeks reorganization, or if a related party of the borrower does so with respect to the subsidiary. 2021 $ 1,047 2022 994 2023 841 2024 574 2025 315 Thereafter 365 $ 4,136

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated other comprehensive loss (in thousands): Net unrealized loss on derivatives Balance, January 1, 2019 $ (379 ) Designated derivatives, fair value adjustment 268 Unrealized loss on designated derivatives (78 ) Balance, December 31, 2019 (189 ) Designated derivatives, fair value adjustment 34 Unrealized loss on designated derivatives 39 Balance, March 31, 2020 $ (116 )

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 10 - RELATED PARTY TRANSACTIONS Relationship with the Advisor Pursuant to the terms of the Advisory Agreement, the Advisor provides the Company with the services of its management team, including its officers, along with appropriate support personnel. The Advisor is reimbursed for the Company’s allocable share of costs for Advisor personnel, including allocable personnel salaries and benefits. Each of the Company’s officers is an employee of the Sponsor or one of its affiliates. The Company does not have any employees. The Advisor is not obligated to dedicate any specific portion of its time or the time of its personnel to the Company’s business. The Advisor is at all times subject to the supervision and oversight of the Company’s Board of Directors and has only such functions and authority as the Company delegates to it. The Advisory Agreement has a one -year term and renews for an unlimited number of successive one -year terms upon the approval of the Conflicts Committee of the Company's Board of Directors. Under the Advisory Agreement, the Advisor receives fees and is reimbursed for its expenses as set forth below: Acquisition fees. The Advisor earns an acquisition fee of 2.0% of the cost of investments acquired on behalf of the Company, plus any capital expenditure reserves allocated, or the amount funded by the Company to acquire loans, including acquisition expenses and any debt attributable to such investments Asset management fees. The Advisor earns a monthly asset management fee equal to one-twelfth of 1.0% of the cost of each asset, without deduction for depreciation, bad debts or other non-cash reserves. The asset management fee is based only on the portion of the costs or value attributable to the Company’s investment in an asset if the Company does not own all of an asset and does not manage or control the asset. Disposition fees. The Advisor earns a disposition fee in connection with the sale of a property equal to the lesser of (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 for which it provided substantial services. Expense reimbursements. The Company also pays directly or reimburses the Advisor for all of the expenses paid or incurred by the Advisor or its affiliates on behalf of the Company or in connection with providing services to the Company, including the Company’s allocable share of costs for Advisor personnel and overhead, out-of-pocket expenses incurred in connection with the selection and acquisition of properties or other real estate related debt investments, whether or not the Company ultimately acquires the investment. However, the Company will not reimburse the Advisor or its affiliates for employee costs in connection with services for which the Advisor earns acquisition or disposition fees. Relationship with RAI and C-III Property loss pool : 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. 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 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 related to the self-insurance pool which, if unused, will be returned to the Company. General liability loss policy : 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 million. Internal audit fees. RAI performs internal audit services for the Company. Other expenses . The Company utilizes the services of The Planning and Zoning Resource Company, an affiliate of C-III, for zoning reports for acquisitions. Relationship with the Manager The Manager manages real estate properties and real estate-related debt investments and coordinates the leasing of, and manages construction activities related to the Company’s real estate properties pursuant to the terms of the management agreement with the Manager. Property management fees. The Manager earns a property management fee equal to 4.5% of actual gross cash receipts from the operations of real property investments. The Manager subcontracts certain services to an unaffiliated third-party and pays for those services from its property management fee. Construction management fees. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. Debt servicing fees. The Manager earns a debt servicing fee of 2.75% on payments received from loans held by the Company for investment. No debt servicing fees were earned during the three months ended March 31, 2020 and 2019. 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): March 31, 2020 December 31, 2019 Due from related parties: RAI - self insurance funds held $ - $ 33 Operating expense reimbursements - 264 $ - 297 Due to related parties: Advisor Operating expense reimbursements 208 6 Manager Property management fees 328 328 Operating expense reimbursements 1 96 Properties Meridian 2 2 $ 539 $ 432 Three Months Ended March 31, 2020 2019 Fees earned / expenses incurred: Advisor Asset management fees (1) (5) $ 2,171 $ 2,413 Disposition fees ( 4) $ — $ 274 Operating expense reimbursements (2) $ 1,080 $ 1,003 Manager Property management fees (1) $ 956 $ 982 Construction management fees (3) $ 103 $ 61 Construction payroll reimbursements (3) $ — $ 21 Operating expense reimbursements (2) $ — $ 45 (1) Included in Management fees on the consolidated statements of operations and comprehensive income (loss). (2 ) Included in General and administrative on the consolidated statements of operations and comprehensive income (loss). (3 ) Capitalized and included in Rental properties, net on the consolidated balance sheets. (4 ) Included in Net gain on disposition of property on the consolidated statements of operations and comprehensive income (loss). (5) Net with acquisition fees returned as a result of capital expense reallocation.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020, no shares of preferred stock were issued or outstanding. Convertible Stock As of March 31, 2020, the Company had 50,000 shares of $0.01 par value convertible stock outstanding, which are owned by the Advisor and affiliated persons. The convertible stock will convert into shares of the Company’s common stock upon the occurrence of (a) the Company having paid distributions to common stockholders that in the aggregate equal 100% of the price at which the Company originally sold the shares plus an amount sufficient to produce a 7% cumulative, non-compounded annual return on the shares at that price; or (b) if the Company lists its common stock on a national securities exchange and, on or after the 31st trading day following the listing, the Company’s value based on the average trading price of its common stock since the listing, plus prior distributions, combine to meet the same 7% return threshold. Each of these two events is a “Triggering Event.” Upon a Triggering Event, the Company's convertible stock will, unless its advisory agreement has been terminated or not renewed on account of a material breach by its Advisor, generally be converted into a number of shares of common stock equal to 1/50,000 of the quotient of: (A) the lesser of ( i ) (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 7% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, divided by (B) the value of the Company divided by the number of outstanding shares of common stock, in each case, as of the date of the event triggering the conversion. No Triggering Events have occurred as of March 31, 2020 or were probable to occur. Common Stock As of March 31, 2020, the Company had an aggregate of 60,326,297 shares of $0.01 par value common stock outstanding (dollars in thousands): Shares Issued Gross Proceeds Shares issued through initial public offering 55,791,297 $ 556,197 Shares issued through stock distributions 246,365 — Shares issued through distribution reinvestment plan 10,197,719 88,479 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total 66,250,381 $ 644,826 Shares redeemed and retired (5,924,084 ) Total shares outstanding 60,326,297 Redemptions During the three months ended March 31, 2020, the Company redeemed shares as follows (in thousands, except per share data): Month Total Number of Shares Redeemed Average Price Paid per Share Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program (1) January 2020 — $ — — February 2020 — $ — — March 2020 140 $ 8.77 140 (1) All purchases of equity securities by the Company in the three months ended March 31, 2020 were made pursuant to the Company's share redemption program. 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. Effective March 20, 2020, the share redemption program was suspended for redemptions sought upon a stockholder’s death, qualifying disability or confinement to a long-term care facility. While the partial suspension of the share redemption program is in effect, the Company will only accept requests for redemption in connection with a stockholder’s death or qualifying disability and all other pending or new requests 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. The Company's board of directors, in its sole discretion, may suspend, terminate or amend the Company's share redemption program without stockholder approval upon 30 days' notice if it determines that such suspension, termination or amendment is in the Company's best interest. The Company's board may also reduce the number of shares purchased under the share redemption program if it determines the funds otherwise available to fund the Company's share redemption program are needed for other purposes. These limitations apply to all redemptions, including redemptions sought upon a stockholder's death, qualifying disability or confinement to a long-term care facility. Distributions For the three months ended March 31, 2020, the Company paid aggregate distributions of $6.0 million, including $2.9 million of distributions paid in cash and $3.1 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 per day Record Dates Distribution Date Distributions reinvested in shares of Common Stock Net Cash Distributions Total Aggregate Distributions December 11, 2019 $ 0.001095890 December 31, 2019 through January 30, 2020 January 31, 2020 $ 1,074 $ 968 $ 2,042 December 11, 2019 $ 0.001095890 January 31, 2020 through February 27, 2020 February 28, 2020 $ 965 $ 883 $ 1,848 December 11, 2019 $ 0.001095890 February 28, 2020 through March 30, 2020 March 31, 2020 $ 1,092 $ 1,022 $ 2,114 $ 3,131 $ 2,873 $ 6,004 The Company announced on March 30, 2020 that it was suspending distributions as of April 1, 2020 in order to preserve cash and offset any impact to the Company’s liquidity that may occur as a result of the impact of the COVID-19 pandemic on its operations. The following is a reconciliation of total aggregate distributions paid to total distributions declared for the three months ended March 31, 2020 (in thousands): Total aggregate distributions paid $ 6,004 Less: distributions payable at December 31, 2019 (5,993 ) Add: distributions payable at March 31, 2020 - Total distributions declared $ 11 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	3 Months Ended
	Mar. 31, 2020
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 value of cash, tenant receivables and accounts payable, approximate their carrying value due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. The fair value of rental properties is usually estimated based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities. The Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases and the value of tenant relationships, based in each case on their fair values. Derivatives (interest rate caps) which are reported at fair value in the consolidated balance sheets are valued by a third party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors (Level 2). The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total March 31, 2020 Assets: Interest rate caps $ — $ 65 $ — $ 65 $ — $ 65 $ — $ 65 Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Interest rate caps $ — $ 9 $ — $ 9 $ — $ 9 $ — $ 9 Interest rate caps are included in Prepaid expenses and other assets on the consolidated balance sheets. March 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgage notes payable $ 550,208 $ 568,326 $ 552,074 $ 545,249 The carrying amount of the mortgage notes payable presented is the outstanding borrowings excluding premium and deferred finance costs, net. The fair value of the mortgage notes payable was estimated using rates available to the Company for debt with similar terms and remaining maturities (Level 3).

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	NOTE 13 - DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. As a condition of the Company’s mortgage loans, from time to time the Company may be required to enter into certain derivative transactions as may be required by the lender. These transactions would generally be in line with the Company’s own risk management objectives and also serve to protect the lender. Interest Rate Caps The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company entered into interest rate caps that were designated as cash flow hedges. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2020, such derivatives were used to hedge the variable cash flows, indexed to London InterBank Offered Rate ("LIBOR"), associated with existing variable-rate loan agreements. 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 $38,593 will be reclassified as an increase to interest expense. As of March 31, 2020, the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivatives Number of Instruments Notional Amount Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 11 $ 406,974 May 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 March 31, 2020 and December 31, 2019 (in thousands): Asset Derivatives Liabilities Derivatives March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Derivatives designated as hedging instruments: Interest rate caps $ 65 Interest rate caps $ 9 NA $ — NA $ — Interest rate caps are included in Prepaid expenses and other assets on the consolidated balance sheets. The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three months ended March 31, 2020 and 2019 (in thousands): Derivatives Designated as Location of Gain (Loss) Recognized Amount of Gain (Loss) Recognized in Income for the Three Months Ended Hedging Instruments in Income March 31, 2020 March 31, 2019 Interest rate caps Interest expense $ (34 ) $ (53 ) Derivatives in Cash Flow Hedging Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Three Months Ended Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Three Months Ended Relationships March 31, 2020 March 31, 2019 (Effective Portion) March 31, 2020 March 31, 2019 Interest rate products $ (39 ) $ (20 ) Interest expense $ (34 ) $ (53 ) Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain provisions where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. As of March 31, 2020, the Company has not posted any collateral related to these agreements.

Operating Expense Limitation

Operating Expense Limitation	3 Months Ended
	Mar. 31, 2020
Other Income And Expenses [Abstract]
Operating Expense Limitation	NOTE 14 - OPERATING EXPENSE LIMITATION Under its Charter, the Company must limit its total operating expenses to the greater of 2% of the average invested assets or 25% of its net income for the four most recently completed fiscal quarters, unless the conflicts committee of the Company’s board of directors has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expenses for the four quarters ended March 31, 2020 were in compliance with the charter-imposed limitation.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 15 - SUBSEQUENT EVENTS COVID-19 Pandemic The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business, including how the pandemic will impact its tenants. While the Company did not incur significant disruptions from the COVID-19 pandemic during the three months ended March 31, 2020, during April 2020, a small percentage of tenants have requested rent deferral as a result of the pandemic. The Company is evaluating each tenant rent relief request on an individual basis, considering a number of factors. Not all tenant requests will ultimately result in modified agreements, nor is the Company forgoing its contractual rights under its lease agreements. On April 10, 2020, the FASB issued a Staff Q&A to respond to some frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance to those leases. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company is unable to predict the impact that the pandemic will have on its financial condition, results of operations and cash flows . the pandemic and containment measures, among others. The Company has evaluated subsequent events and determined that no additional events have occurred which would require an adjustment to or additional disclosure in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in conformity with GAAP.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Bear Creek Holdings, LLC, or Bear Creek Adair off Addison 152 Dallas, TX RRE Oak Hill Holdings, LLC, or Oak Hill Overton Trails N/A (1) N/A (1) RRE Buckhead Holdings, LLC, or Buckhead Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC, or Farrington Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair Terrace 188 Portland, OR RRE Grand Reserve Holdings, LLC, or Grand Reserve Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC, or Canterwood Verdant Apartment Homes 216 Boulder, CO RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Apartment Homes 252 Atlanta, GA RRE Fox Ridge Holdings, LLC, or Fox Ridge Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC, or Riverlodge Ravina Apartment Homes 498 Austin, TX RRE Breckenridge Holdings, LLC, or Breckenridge 81 Fifty at West Hills Apartment Homes 357 Portland, OR RRE Santa Rosa Holdings, LLC, or Santa Rosa The Palmer at Las Colinas 476 Irving, TX RRE Windbrooke Holdings, LLC, or Windbrooke Crossing Windbrooke Crossing 236 Buffalo Grove, IL RRE Woods Holdings, LLC, or The Woods of Burnsville The Woods of Burnsville 400 Burnsville, MN RRE Indigo Creek Holdings, LLC Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC Martin's Point 256 Lombard, IL N/A - Not Applicable (1) Overton Trails 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 financial statements and accompanying notes. Actual results could differ from those estimates.
Assets Held for Sale	Assets Held for Sale The Company presents rental property assets that qualify as held for sale separately in the consolidated balance sheets. Real estate assets held for sale are measured at the lower of carrying amount or fair value less cost to sell. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. As of March 31, 2020 and December 31, 2019, the Company had no rental properties included in assets held for sale.
Rental Properties	Rental Properties The Company records acquired rental properties at fair value on their acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life, and depreciates the asset using the straight line method. The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to
Concentration of Risk	Concentration of Risk As of March 31, 2020, the Company's real estate investments located in Texas, Illinois, Colorado, Oregon and Georgia represented approximately 19.6%, 18.9%, 15.6%, 14.1% and 9.1% of the net book value of its rental property assets, respectively. Any adverse economic or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders.
Impairment of Long Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the Company's inability to recover the carrying value of a property, an impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. As of March 31, 2020, the Company evaluated whether the global economic disruption caused by the COVID-19 pandemic was an impairment indicator. The Company examined a number of factors and concluded that there was no indication that the carrying value of the investments in real estate might not be recoverable
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 relative 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-cancellable 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-cancellable terms of the respective leases. The Company measures the aggregate value of in-place leases 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. 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 average 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 where collection is considered probable, 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 $41.9 million and $1.6 million for the 12-month periods ending March 31, 2021 and 2022, respectively, and none thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents pursuant to underlying tenant lease agreements. The Company also receives utility
Tenant Receivables	Tenant Receivables Tenant receivables are stated in the consolidated financial statements as amounts due from tenants net of an allowance for uncollectible receivables. Payment terms vary and receivables outstanding longer than the payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, and the condition of the general economy and the industry as a whole. The Company writes off receivables when they become uncollectible.
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 under the Code, 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, differs 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 any of its subsidiaries as a taxable REIT subsidiary (“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 March 31, 2020 and December 31, 2019 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 the weighted-average number of 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 shares of convertible stock (see Note 11) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of March 31, 2020 (were such date to represent the end of the contingency period). For the three months ended March 31, 2019, 732,632 common shares potentially issuable to settle distributions payable were included in the calculation of basic earnings per shares.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In January 2017, the Financial Accounting Standards Board (“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 was effective for the Company beginning January 1, 2020. Early application is permitted. The Company adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. The Company adopted the standard on January 1, 2020, and the adoption did not have an impact on its consolidated financial statements. 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”). The Company adopted the standard on January 1, 2020, and the adoption did not 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. The Company early adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. During the three months ended March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Wholly-Owned Subsidiaries	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Bear Creek Holdings, LLC, or Bear Creek Adair off Addison 152 Dallas, TX RRE Oak Hill Holdings, LLC, or Oak Hill Overton Trails N/A (1) N/A (1) RRE Buckhead Holdings, LLC, or Buckhead Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC, or Farrington Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC, or Mayfair Chateau The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC, or Fairways of Bent Tree Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC, or Montclair Holdings Montclair Terrace 188 Portland, OR RRE Grand Reserve Holdings, LLC, or Grand Reserve Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC, or Canterwood Verdant Apartment Homes 216 Boulder, CO RRE Spalding Crossing Holdings, LLC, or Spalding Crossing 1000 Spalding Apartment Homes 252 Atlanta, GA RRE Fox Ridge Holdings, LLC, or Fox Ridge Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC, or Riverlodge Ravina Apartment Homes 498 Austin, TX RRE Breckenridge Holdings, LLC, or Breckenridge 81 Fifty at West Hills Apartment Homes 357 Portland, OR RRE Santa Rosa Holdings, LLC, or Santa Rosa The Palmer at Las Colinas 476 Irving, TX RRE Windbrooke Holdings, LLC, or Windbrooke Crossing Windbrooke Crossing 236 Buffalo Grove, IL RRE Woods Holdings, LLC, or The Woods of Burnsville The Woods of Burnsville 400 Burnsville, MN RRE Indigo Creek Holdings, LLC Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC Martin's Point 256 Lombard, IL N/A - Not Applicable (1) Overton Trails 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, fixtures and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table presents supplemental cash flow information (in thousands): Three Months Ended March 31, 2020 2019 Non-cash financing and investing activities: Distributions on common stock declared but not yet paid $ - $ 6,112 Stock issued pursuant to distribution reinvestment plan 3,131 4,864 Accruals for construction in process 490 392 Non-cash activity related to sales: Mortgage notes payable settled directly with proceeds from sale of rental property - 29,947 Cash paid during the period for: Interest $ 5,326 $ 7,466

Restricted Cash (Tables)

Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2020
Cash And Cash Equivalents [Abstract]
Summary of Components of Restricted Cash	A summary of the components of restricted cash follows (in thousands): March 31, 2020 December 31, 2019 Real estate taxes $ 4,862 $ 3,956 Insurance 1,024 877 Capital improvements 1,155 1,380 Other 344 321 $ 7,385 $ 6,534 Unrestricted cash designated for capital expenditures $ 14,740 $ 21,706

Rental Properties, Net (Tables)

Rental Properties, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Investments in Rental Properties	The Company’s investments in rental properties consisted of the following (in thousands): March 31, 2020 December 31, 2019 Land $ 119,028 $ 119,028 Building and improvements 722,162 720,420 Furniture, fixtures and equipment 26,454 25,906 Construction in progress 497 1,955 868,141 867,309 Less: accumulated depreciation (141,729 ) (131,779 ) $ 726,412 $ 735,530

Disposition of Property (Tables

Disposition of Property (Tables)	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2019. There were no dispositions during the three months ended March 31, 2020 (in thousands): Multifamily Community Location Sale Date Contract Sales Price Net Gain on Disposition Revenue Attributable to Property Sold Net Loss Attributable to Property Sold (1) Overton Trails Fort Worth, Texas February 28, 2019 $ 64,000 $ 20,619 $ 1,145 $ (229 ) (1) Excludes net gain on disposition

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following is a summary of the Company's mortgage notes payable, net (in thousands): Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Finance Costs, net Carrying Value Collateral March 31, 2020 December 31, 2019 Uptown Buckhead 19,167 — (170 ) 18,997 19,264 — (178 ) 19,086 Crosstown at Chapel Hill 42,650 — (310 ) 42,340 42,650 — (325 ) 42,325 The Brookwood - Key Bank 16,956 160 (76 ) 17,040 17,063 186 (88 ) 17,161 The Brookwood - Capital One 2,554 12 (13 ) 2,553 2,566 14 (15 ) 2,565 Adair off Addison and Adair off Addison Apartment Homes 33,210 — (364 ) 32,846 33,210 — (380 ) 32,830 1000 Spalding Crossing 23,620 — (98 ) 23,522 23,737 — (113 ) 23,624 Montclair Terrace 19,857 — (169 ) 19,688 19,958 — (182 ) 19,776 Grand Reserve 47,845 — (523 ) 47,322 47,845 — (539 ) 47,306 Verdant Apartment Homes 36,744 — (164 ) 36,580 36,913 — (178 ) 36,735 Arcadia Apartment Homes 39,601 — (180 ) 39,421 39,782 — (195 ) 39,587 Ravina Apartment Homes 26,058 — (147 ) 25,911 26,241 — (165 ) 26,076 81 Fifty at West Hills Apartment Homes 51,598 — (341 ) 51,257 51,833 — (368 ) 51,465 The Palmer at Las Colinas 45,700 — (421 ) 45,279 45,700 — (437 ) 45,263 Windbrooke Crossing 37,058 — (255 ) 36,803 37,222 — (272 ) 36,950 Woods of Burnsville 37,571 — (332 ) 37,239 37,744 — (355 ) 37,389 Indigo Creek 40,213 — (300 ) 39,913 40,402 — (320 ) 40,082 Martin's Point 29,806 — (273 ) 29,533 29,944 — (289 ) 29,655 $ 550,208 $ 172 $ (4,136 ) $ 546,244 $ 552,074 $ 200 $ (4,399 ) $ 547,875 The following table presents additional information about the Company's mortgage notes payable, net at March 31, 2020 (in thousands, except percentages): Maturity Date Margin over LIBOR Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Uptown Buckhead 7/1/2025 2.22 % 3.21 % $ 104 $ 52 (1) (3) (5) Crosstown at Chapel Hill 7/1/2025 1.77 % 2.76 % 142 74 (1) (3) (4) The Brookwood - Key Bank 11/1/2021 — 4.73 % 104 80 (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 % 2.63 % 107 74 (1) (3) (4) 1000 Spalding Crossing 1/1/2022 — 3.88 % 116 51 (2) (6) Montclair Terrace 6/1/2023 2.45 % 3.44 % 107 27 (1) (3) (6) Grand Reserve 5/1/2028 1.72 % 2.71 % 157 90 (1) (3) (4) Verdant Apartment Homes 5/1/2023 - 3.89 % 176 37 (2) (6) Arcadia Apartment Homes 5/1/2023 - 3.89 % 189 35 (2) (6) Ravina Apartment Homes 5/1/2022 - 3.76 % 144 144 (2) (6) 81 Fifty at West Hills Apartment Homes 7/1/2023 2.36 % 3.35 % 269 58 (1) (3) (6) The Palmer at Las Colinas 9/1/2026 2.11 % 3.10 % 165 156 (1) (3) (4) Windbrooke Crossing 1/1/2024 2.69 % 3.68 % 201 65 (1) (3) (6) Woods of Burnsville 2/1/2024 2.13 % 3.12 % 190 84 (1) (3) (6) Indigo Creek 5/1/2024 1.93 % 2.92 % 199 52 (1) (3) (6) Martin's Point 11/1/2024 1.86 % 2.85 % 149 76 (1) (3) (6) (1) Variable rate based on one-month LIBOR of 0.9929% (as of March 31, 2020) plus a fixed margin (2) Fixed rate (3) Variable rate hedged with interest rate cap cash flow hedge (4) Monthly interest-only payment currently required (5) Monthly fixed principal plus interest payment required (6) Fixed monthly payment of principal and interest payment required
Schedule of Annual Principal Payments	Annual principal payments on the mortgage notes payable, excluding amortization of the mortgage premium and deferred financing costs, for each of the next five 12-month periods ending March 31, and thereafter, are as follows (in thousands): 2021 $ 7,156 2022 50,032 2023 32,723 2024 215,307 2025 68,470 Thereafter 176,520 Total principal payments $ 550,208
Amortization of Deferred Financing Costs	Amortization of deferred financing costs for the next five 12-month periods ending March 31, 2021 $ 1,047 2022 994 2023 841 2024 574 2025 315 Thereafter 365 $ 4,136

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss (in thousands): Net unrealized loss on derivatives Balance, January 1, 2019 $ (379 ) Designated derivatives, fair value adjustment 268 Unrealized loss on designated derivatives (78 ) Balance, December 31, 2019 (189 ) Designated derivatives, fair value adjustment 34 Unrealized loss on designated derivatives 39 Balance, March 31, 2020 $ (116 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Fees Earned/Expenses Incurred and Amounts Payable to Related Parties	The fees earned/expenses incurred and the amounts payable to such related parties are summarized in the following tables (in thousands): March 31, 2020 December 31, 2019 Due from related parties: RAI - self insurance funds held $ - $ 33 Operating expense reimbursements - 264 $ - 297 Due to related parties: Advisor Operating expense reimbursements 208 6 Manager Property management fees 328 328 Operating expense reimbursements 1 96 Properties Meridian 2 2 $ 539 $ 432 Three Months Ended March 31, 2020 2019 Fees earned / expenses incurred: Advisor Asset management fees (1) (5) $ 2,171 $ 2,413 Disposition fees ( 4) $ — $ 274 Operating expense reimbursements (2) $ 1,080 $ 1,003 Manager Property management fees (1) $ 956 $ 982 Construction management fees (3) $ 103 $ 61 Construction payroll reimbursements (3) $ — $ 21 Operating expense reimbursements (2) $ — $ 45 (1) Included in Management fees on the consolidated statements of operations and comprehensive income (loss). (2 ) Included in General and administrative on the consolidated statements of operations and comprehensive income (loss). (3 ) Capitalized and included in Rental properties, net on the consolidated balance sheets. (4 ) Included in Net gain on disposition of property on the consolidated statements of operations and comprehensive income (loss). (5) Net with acquisition fees returned as a result of capital expense reallocation.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Common Stock	As of March 31, 2020, the Company had an aggregate of 60,326,297 shares of $0.01 par value common stock outstanding (dollars in thousands): Shares Issued Gross Proceeds Shares issued through initial public offering 55,791,297 $ 556,197 Shares issued through stock distributions 246,365 — Shares issued through distribution reinvestment plan 10,197,719 88,479 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total 66,250,381 $ 644,826 Shares redeemed and retired (5,924,084 ) Total shares outstanding 60,326,297 During the three months ended March 31, 2020, the Company redeemed shares as follows (in thousands, except per share data): Month Total Number of Shares Redeemed Average Price Paid per Share Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program (1) January 2020 — $ — — February 2020 — $ — — March 2020 140 $ 8.77 140 (1) All purchases of equity securities by the Company in the three months ended March 31, 2020 were made pursuant to the Company's share redemption program.
Schedule of Distributions	For the three months ended March 31, 2020, the Company paid aggregate distributions of $6.0 million, including $2.9 million of distributions paid in cash and $3.1 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 per day Record Dates Distribution Date Distributions reinvested in shares of Common Stock Net Cash Distributions Total Aggregate Distributions December 11, 2019 $ 0.001095890 December 31, 2019 through January 30, 2020 January 31, 2020 $ 1,074 $ 968 $ 2,042 December 11, 2019 $ 0.001095890 January 31, 2020 through February 27, 2020 February 28, 2020 $ 965 $ 883 $ 1,848 December 11, 2019 $ 0.001095890 February 28, 2020 through March 30, 2020 March 31, 2020 $ 1,092 $ 1,022 $ 2,114 $ 3,131 $ 2,873 $ 6,004 The following is a reconciliation of total aggregate distributions paid to total distributions declared for the three months ended March 31, 2020 (in thousands): Total aggregate distributions paid $ 6,004 Less: distributions payable at December 31, 2019 (5,993 ) Add: distributions payable at March 31, 2020 - Total distributions declared $ 11

Fair Value Measures and Discl_2

Fair Value Measures and Disclosures (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 Assets: Interest rate caps $ — $ 65 $ — $ 65 $ — $ 65 $ — $ 65 Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Interest rate caps $ — $ 9 $ — $ 9 $ — $ 9 $ — $ 9
Carrying Amounts and Fair Values of Mortgage Notes Payable	March 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgage notes payable $ 550,208 $ 568,326 $ 552,074 $ 545,249

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	As of March 31, 2020, the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivatives Number of Instruments Notional Amount Maturity Dates Derivatives designated as hedging instruments: Interest rate caps 11 $ 406,974 May 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 March 31, 2020 and December 31, 2019 (in thousands): Asset Derivatives Liabilities Derivatives March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Derivatives designated as hedging instruments: Interest rate caps $ 65 Interest rate caps $ 9 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 three months ended March 31, 2020 and 2019 (in thousands): Derivatives Designated as Location of Gain (Loss) Recognized Amount of Gain (Loss) Recognized in Income for the Three Months Ended Hedging Instruments in Income March 31, 2020 March 31, 2019 Interest rate caps Interest expense $ (34 ) $ (53 ) Derivatives in Cash Flow Hedging Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Three Months Ended Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Three Months Ended Relationships March 31, 2020 March 31, 2019 (Effective Portion) March 31, 2020 March 31, 2019 Interest rate products $ (39 ) $ (20 ) Interest expense $ (34 ) $ (53 )

Nature of Business and Operat_2

Nature of Business and Operations (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Jan. 23, 2020	Dec. 31, 2019	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)	$ 8.77	$ 0	$ 0
Issuance of common stock	$ 644,826
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)	60,326,297
Gross offering proceeds	$ 644,800
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)				1,500,000	10,000,000
Common stock, purchase price percentage equal to estimated net asset value per share	95.00%
Common stock, shares issued (in shares)	10,197,719
Issuance of common stock	$ 88,479

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Subsidiaries (Details)	Mar. 31, 2020unit
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
Grand Reserve
Property, Plant and Equipment [Line Items]
Number of Units	319
Verdant Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	216
1000 Spalding Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	252
Arcadia Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	300
Ravina Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	498
81 Fifty at West Hills Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	357
The Palmer at Las Colinas
Property, Plant and Equipment [Line Items]
Number of Units	476
Windbrooke Crossing
Property, Plant and Equipment [Line Items]
Number of Units	236
The Woods of Burnsville
Property, Plant and Equipment [Line Items]
Number of Units	400
Indigo Creek
Property, Plant and Equipment [Line Items]
Number of Units	408
Martin's Point
Property, Plant and Equipment [Line Items]
Number of Units	256

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Assets held for sale - rental properties	$ 0		$ 0
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
Impairment of real estate	$ 0	$ 0
Future minimum rental payments to be received from noncancelable operating leases, current	41,900,000
Future minimum rental payments to be received from noncancelable operating leases, in two years	1,600,000
Future minimum rental payments to be received from noncancelable operating leases, thereafter	0
Allowance for uncollectible receivables	$ 16,000		$ 44,000
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)	60,326,297		60,094,623
Convertible Stock
Property, Plant and Equipment [Line Items]
Common stock, shares outstanding (in shares)	50,000	50,000	50,000	50,000
Common Stock
Property, Plant and Equipment [Line Items]
Shares potentially issuable to settle distributions payable were included in the calculation of basic earnings per shares		732,632
ASU No 2014-09
Property, Plant and Equipment [Line Items]
Revenue recognized from contract with customer liability	$ 18,000	$ 76,000
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	$ 555,000		$ 573,000
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)	3 Months Ended
	Mar. 31, 2020
Buildings
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Non-cash financing and investing activities:
Distributions on common stock declared but not yet paid		$ 6,112	$ 5,993
Stock issued pursuant to distribution reinvestment plan	$ 3,131	4,864
Accruals for construction in process	490	392
Non-cash activity related to sales:
Mortgage notes payable settled directly with proceeds from sale of rental property		29,947
Cash paid during the period for:
Interest	$ 5,326	$ 7,466

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 7,385	$ 6,534	$ 6,702
Unrestricted cash designated for capital expenditures	14,740	21,706
Real Estate Taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,862	3,956
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,024	877
Capital Improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,155	1,380
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 344	$ 321

Rental Properties, Net - Schedu

Rental Properties, Net - Schedule of Investments in Rental Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Rental Properties, Net:
Land	$ 119,028	$ 119,028
Building and improvements	722,162	720,420
Furniture, fixtures and equipment	26,454	25,906
Construction in progress	497	1,955
Rental properties, gross	868,141	867,309
Less: accumulated depreciation	(141,729)	(131,779)
Rental properties, net	$ 726,412	$ 735,530

Rental Properties, Net - Additi

Rental Properties, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Rental Properties, Net:
Depreciation expense	$ 10.1	$ 10.4

Disposition of Property - Addit

Disposition of Property - Additional Information (Details)	Mar. 31, 2020property
Disposed of by Sale
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of real estate properties	0

Disposition of Property - Summa

Disposition of Property - Summary of Details of Disposition Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net Gain on Disposition	$ 0	$ 20,619
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		1,145
Net Loss Attributable to Property Sold		$ (229)

Identified Intangible Assets,_2

Identified Intangible Assets, Net (Details) - Acquired in-place leases - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross value of leases	$ 17,300,000		$ 17,300,000
Acquired in-place leases, accumulated amortization	17,300,000		$ 17,300,000
Amortization expense	$ 0	$ 0

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding borrowings		$ 550,208
Deferred Finance Costs, net		(4,136)
Carrying Value		546,244	$ 547,875
Mortgage notes payable
Debt Instrument [Line Items]
Outstanding borrowings		550,208	552,074
Premium, net		172	200
Deferred Finance Costs, net		(4,136)	(4,399)
Carrying Value		546,244	547,875
Mortgage notes payable | Uptown Buckhead
Debt Instrument [Line Items]
Outstanding borrowings		19,167	19,264
Deferred Finance Costs, net		(170)	(178)
Carrying Value		$ 18,997	19,086
Maturity Date	[1],[2],[3]	Jul. 1, 2025
Annual Interest Rate	[1],[2],[3]	3.21%
Average Monthly Debt Service	[1],[2],[3]	$ 104
Average Monthly Escrow	[1],[2],[3]	$ 52
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 Finance Costs, net		(310)	(325)
Carrying Value		$ 42,340	42,325
Maturity Date	[2],[3],[4]	Jul. 1, 2025
Annual Interest Rate	[2],[3],[4]	2.76%
Average Monthly Debt Service	[2],[3],[4]	$ 142
Average Monthly Escrow	[2],[3],[4]	$ 74
Mortgage notes payable | Crosstown at Chapel Hill | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[4]	1.77%
Mortgage notes payable | The Brookwood - Key Bank
Debt Instrument [Line Items]
Outstanding borrowings		$ 16,956	17,063
Premium, net		160	186
Deferred Finance Costs, net		(76)	(88)
Carrying Value		$ 17,040	17,161
Maturity Date	[5],[6]	Nov. 1, 2021
Annual Interest Rate	[5],[6]	4.73%
Average Monthly Debt Service	[5],[6]	$ 104
Average Monthly Escrow	[5],[6]	80
Mortgage notes payable | The Brookwood - Capital One
Debt Instrument [Line Items]
Outstanding borrowings		2,554	2,566
Premium, net		12	14
Deferred Finance Costs, net		(13)	(15)
Carrying Value		$ 2,553	2,565
Maturity Date	[5],[6]	Nov. 1, 2021
Annual Interest Rate	[5],[6]	5.40%
Average Monthly Debt Service	[5],[6]	$ 16
Mortgage notes payable | Adair off Addison and Adair off Addison Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		33,210	33,210
Deferred Finance Costs, net		(364)	(380)
Carrying Value		$ 32,846	32,830
Maturity Date	[2],[3],[4]	May 1, 2026
Annual Interest Rate	[2],[3],[4]	2.63%
Average Monthly Debt Service	[2],[3],[4]	$ 107
Average Monthly Escrow	[2],[3],[4]	$ 74
Mortgage notes payable | Adair off Addison and Adair off Addison Apartment Homes | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[4]	1.64%
Mortgage notes payable | 1000 Spalding Crossing
Debt Instrument [Line Items]
Outstanding borrowings		$ 23,620	23,737
Deferred Finance Costs, net		(98)	(113)
Carrying Value		$ 23,522	23,624
Maturity Date	[5],[6]	Jan. 1, 2022
Annual Interest Rate	[5],[6]	3.88%
Average Monthly Debt Service	[5],[6]	$ 116
Average Monthly Escrow	[5],[6]	51
Mortgage notes payable | Ravina Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		26,058	26,241
Deferred Finance Costs, net		(147)	(165)
Carrying Value		$ 25,911	26,076
Maturity Date	[5],[6]	May 1, 2022
Annual Interest Rate	[5],[6]	3.76%
Average Monthly Debt Service	[5],[6]	$ 144
Average Monthly Escrow	[5],[6]	144
Mortgage notes payable | Verdant Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		36,744	36,913
Deferred Finance Costs, net		(164)	(178)
Carrying Value		$ 36,580	36,735
Maturity Date	[5],[6]	May 1, 2023
Annual Interest Rate	[5],[6]	3.89%
Average Monthly Debt Service	[5],[6]	$ 176
Average Monthly Escrow	[5],[6]	37
Mortgage notes payable | Arcadia Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		39,601	39,782
Deferred Finance Costs, net		(180)	(195)
Carrying Value		$ 39,421	39,587
Maturity Date	[5],[6]	May 1, 2023
Annual Interest Rate	[5],[6]	3.89%
Average Monthly Debt Service	[5],[6]	$ 189
Average Monthly Escrow	[5],[6]	35
Mortgage notes payable | Grand Reserve
Debt Instrument [Line Items]
Outstanding borrowings		47,845	47,845
Deferred Finance Costs, net		(523)	(539)
Carrying Value		$ 47,322	47,306
Maturity Date	[2],[3],[4]	May 1, 2028
Annual Interest Rate	[2],[3],[4]	2.71%
Average Monthly Debt Service	[2],[3],[4]	$ 157
Average Monthly Escrow	[2],[3],[4]	$ 90
Mortgage notes payable | Grand Reserve | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[4]	1.72%
Mortgage notes payable | Montclair Terrace
Debt Instrument [Line Items]
Outstanding borrowings		$ 19,857	19,958
Deferred Finance Costs, net		(169)	(182)
Carrying Value		$ 19,688	19,776
Maturity Date	[2],[3],[5]	Jun. 1, 2023
Annual Interest Rate	[2],[3],[5]	3.44%
Average Monthly Debt Service	[2],[3],[5]	$ 107
Average Monthly Escrow	[2],[3],[5]	$ 27
Mortgage notes payable | Montclair Terrace | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[5]	2.45%
Mortgage notes payable | 81 Fifty at West Hills Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		$ 51,598	51,833
Deferred Finance Costs, net		(341)	(368)
Carrying Value		$ 51,257	51,465
Maturity Date	[2],[3],[5]	Jul. 1, 2023
Annual Interest Rate	[2],[3],[5]	3.35%
Average Monthly Debt Service	[2],[3],[5]	$ 269
Average Monthly Escrow	[2],[3],[5]	$ 58
Mortgage notes payable | 81 Fifty at West Hills Apartment Homes | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[5]	2.36%
Mortgage notes payable | The Palmer at Las Colinas
Debt Instrument [Line Items]
Outstanding borrowings		$ 45,700	45,700
Deferred Finance Costs, net		(421)	(437)
Carrying Value		$ 45,279	45,263
Maturity Date	[2],[3],[4]	Sep. 1, 2026
Annual Interest Rate	[2],[3],[4]	3.10%
Average Monthly Debt Service	[2],[3],[4]	$ 165
Average Monthly Escrow	[2],[3],[4]	$ 156
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		$ 37,058	37,222
Deferred Finance Costs, net		(255)	(272)
Carrying Value		$ 36,803	36,950
Maturity Date	[2],[3],[5]	Jan. 1, 2024
Annual Interest Rate	[2],[3],[5]	3.68%
Average Monthly Debt Service	[2],[3],[5]	$ 201
Average Monthly Escrow	[2],[3],[5]	$ 65
Mortgage notes payable | Windbrooke Crossing | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[5]	2.69%
Mortgage notes payable | Woods of Burnsville
Debt Instrument [Line Items]
Outstanding borrowings		$ 37,571	37,744
Deferred Finance Costs, net		(332)	(355)
Carrying Value		$ 37,239	37,389
Maturity Date	[2],[3],[5]	Feb. 1, 2024
Annual Interest Rate	[2],[3],[5]	3.12%
Average Monthly Debt Service	[2],[3],[5]	$ 190
Average Monthly Escrow	[2],[3],[5]	$ 84
Mortgage notes payable | Woods of Burnsville | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[5]	2.13%
Mortgage notes payable | Indigo Creek
Debt Instrument [Line Items]
Outstanding borrowings		$ 40,213	40,402
Deferred Finance Costs, net		(300)	(320)
Carrying Value		$ 39,913	40,082
Maturity Date	[2],[3],[5]	May 1, 2024
Annual Interest Rate	[2],[3],[5]	2.92%
Average Monthly Debt Service	[2],[3],[5]	$ 199
Average Monthly Escrow	[2],[3],[5]	$ 52
Mortgage notes payable | Indigo Creek | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[2],[3],[5]	1.93%
Mortgage notes payable | Martin's Point
Debt Instrument [Line Items]
Outstanding borrowings		$ 29,806	29,944
Deferred Finance Costs, net		(273)	(289)
Carrying Value		$ 29,533	$ 29,655
Maturity Date	[2],[3],[4]	Nov. 1, 2024
Annual Interest Rate	[2],[3],[4]	2.85%
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 0.9929% (as of March 31, 2020) plus a fixed margin
[3]	Variable rate hedged with interest rate cap cash flow hedge
[4]	Monthly interest-only payment currently required
[5]	Fixed monthly payment of principal and interest payment required
[6]	Fixed rate

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted average interest rate (as percent)	3.30%
Accumulated amortization of deferred financing costs	$ 3,700,000	$ 3,400,000
The Brookwood
Debt Instrument [Line Items]
Net unamortized fair value of debt assumed adjustment	$ 172,526

Mortgage Notes Payable, Net - A

Mortgage Notes Payable, Net - Annual Principal Payments on Mortgage Notes Payable (Details) $ in Thousands	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 7,156
2022	50,032
2023	32,723
2024	215,307
2025	68,470
Thereafter	176,520
Total principal payments	$ 550,208

Mortgage Notes Payable, Net - D

Mortgage Notes Payable, Net - Deferred Finance Costs (Details) $ in Thousands	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 1,047
2022	994
2023	841
2024	574
2025	315
Thereafter	365
Total deferred finance costs	$ 4,136

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	$ 216,313	$ 263,466	$ 263,466
Unrealized loss on designated derivatives	73	32
Balance, end of period	210,355	267,974	216,313
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	(189)	$ (379)	(379)
Designated derivatives, fair value adjustment	34		268
Unrealized loss on designated derivatives	39		(78)
Balance, end of period	$ (116)		$ (189)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	Mar. 01, 2019	Mar. 31, 2020	Mar. 31, 2019	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%
Monthly asset management fee (as percent)		0.083%
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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from related parties	$ 0		$ 297
Due to related parties	539		432
RAI | Self Insurance Funds Held
Related Party Transaction [Line Items]
Due from related parties			33
RAI | Operating Expense Reimbursements
Related Party Transaction [Line Items]
Due from related parties			264
Advisor | Operating Expense Reimbursements
Related Party Transaction [Line Items]
Due to related parties	208		6
Fees earned / expenses incurred	1,080	$ 1,003
Advisor | Asset Management Fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	2,171	2,413
Advisor | Disposition Fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred		274
Manager | Operating Expense Reimbursements
Related Party Transaction [Line Items]
Due to related parties	1		96
Fees earned / expenses incurred		45
Manager | Property Management Fees
Related Party Transaction [Line Items]
Due to related parties	328		328
Fees earned / expenses incurred	956	982
Manager | Construction Management Fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	103	61
Manager | Construction Payroll Reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses incurred		$ 21
Property | Meridian
Related Party Transaction [Line Items]
Due to related parties	$ 2		$ 2

Equity - Preferred Stock and Co

Equity - Preferred Stock and Convertible Stock (Details)	3 Months Ended
	Mar. 31, 2020event$ / sharesshares	Dec. 31, 2019$ / sharesshares	Mar. 31, 2019shares	Dec. 31, 2018shares
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)	60,326,297	60,094,623
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
Convertible Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	50,000	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	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	60,326,297	60,094,623
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Gross Proceeds	$ 644,826
Shares issued before redemption and retirement (in shares)	66,250,381
Share redeemed and retired (in shares)	(5,924,084)
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)	10,197,719
Gross Proceeds	$ 88,479
Advisor's initial investment, net of 5,000 share conversion
Class of Stock [Line Items]
Shares Issued (in shares)	15,000
Gross Proceeds	$ 150
Conversion of stock (in shares)	5,000

Equity - Redemptions (Details)

Equity - Redemptions (Details) - $ / shares shares in Thousands	1 Months Ended			3 Months Ended
	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Mar. 31, 2020
Equity [Abstract]
Total Number of Shares Redeemed (in shares)	140	0	0
Average Price Paid per Share (in dollars per share)	$ 8.77	$ 0	$ 0	$ 8.77
Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program (in shares)	140	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%
Changes that do not require stockholder approval				30 days

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock	$ 3,131	$ 4,864
Net Cash Distributions	2,873
Total Aggregate Distributions	6,004
Less: distributions payable at December 31, 2019	(5,993)
Distributions payable		6,112	$ 5,993
Total distributions declared	11	$ 6,132
December 31, 2019 through January 30, 2020
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock	1,074
Net Cash Distributions	968
Total Aggregate Distributions	$ 2,042
Per Common Share per day (in dollars per share)	$ 0.001095890
Distribution Date	Jan. 31, 2020
January 31, 2020 through February 27, 2020
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock	$ 965
Net Cash Distributions	883
Total Aggregate Distributions	$ 1,848
Per Common Share per day (in dollars per share)	$ 0.001095890
Distribution Date	Feb. 28, 2020
February 28, 2020 through March 30, 2020
Class of Stock [Line Items]
Distributions reinvested in shares of Common Stock	$ 1,092
Net Cash Distributions	1,022
Total Aggregate Distributions	$ 2,114
Per Common Share per day (in dollars per share)	$ 0.001095890
Distribution Date	Mar. 31, 2020

Fair Value Measures and Discl_3

Fair Value Measures and Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Outstanding Balance | Mortgage notes payable
Assets:
Mortgage notes payable	$ 550,208	$ 552,074
Estimated Fair Value | Mortgage notes payable
Assets:
Mortgage notes payable	568,326	545,249
Fair Value, Measurements, Recurring
Assets:
Assets at fair value	65	9
Fair Value, Measurements, Recurring | Interest Rate Caps
Assets:
Derivative asset	65	9
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 2 | Fair Value, Measurements, Recurring
Assets:
Assets at fair value	65	9
Level 2 | Fair Value, Measurements, Recurring | Interest Rate Caps
Assets:
Derivative asset	65	9
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

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details)	Mar. 31, 2020USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimated loss that will be reclassified to interest expense	$ 38,593

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Outstanding Interest Rate Derivatives (Details) - Derivatives Designated as Hedging Instruments $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)derivative_contract
Number of Instruments
Interest rate caps | derivative_contract	11
Notional Amount
Interest rate caps | $	$ 406,974
Minimum
Notional Amount
Maturity Dates	May 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) - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Liabilities Derivatives, Fair Value	$ 0	$ 0
Interest Rate Caps
Derivative [Line Items]
Asset Derivatives, Fair Value	$ 65	$ 9

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Gain (Loss) Recognized in Income (Details) - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest Rate Caps | Interest Expense
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (34)	$ (53)
Interest Rate Products
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	(39)	(20)
Interest Rate Products | Interest Expense
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (34)	$ (53)

Operating Expense Limitation (D

Operating Expense Limitation (Details)	3 Months Ended
	Mar. 31, 2020
Other Income And Expenses [Abstract]
Limitation on total operating expenses, percentage of average invested assets for the four most recently completed fiscal quarter	2.00%
Limitation on total operating expenses, percentage of net income for the four most recently completed fiscal quarter	25.00%