Resource Real Estate Opportunity REIT II (RREO) 10-K 25 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 23, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	Resource REIT, Inc.
Entity Central Index Key	0001559484
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Title of 12(g) Security	Common Stock, par value $0.01 per share
Entity Shell Company	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-55430
Entity Tax Identification Number	80-0854717
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1845 Walnut Street
Entity Address, Address Line Two	17th Floor
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	215
Local Phone Number	231-7050
Entity Common Stock, Shares Outstanding		157,560,096
Entity Public Float			$ 0
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	Registrant incorporates by reference portions of the Resource REIT, Inc. Definitive Proxy Statement for the 2021 Annual Meeting of Stockholders (Items 10, 11, 12, 13, and 14 of Part III).

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments:
Rental properties, net	$ 700,905	$ 735,530
Cash	63,487	39,647
Restricted cash	9,475	6,534
Subtotal - cash and restricted cash	72,962	46,181
Tenant receivables	301	107
Due from related parties	0	297
Prepaid expenses and other assets	2,255	2,109
Operating lease right-of-use assets	12	38
Total assets	776,435	784,262
Liabilities:
Mortgage notes payable, net	580,114	547,875
Accounts payable and accrued expenses	4,402	6,435
Accrued real estate taxes	5,508	5,029
Due to related parties	1,915	432
Tenant prepayments	618	634
Security deposits	1,651	1,513
Distribution payable	0	5,993
Operating lease liabilities	12	38
Total liabilities	594,220	567,949
Stockholders’ equity:
Preferred stock (par value $.01, 10,000,000 shares authorized, none issued and outstanding)	0	0
Common stock, outstanding	599	600
Additional paid-in capital	527,644	528,464
Accumulated other comprehensive loss	(231)	(189)
Accumulated deficit	(345,798)	(312,563)
Total stockholders’ equity	182,215	216,313
Total liabilities and stockholders’ equity	776,435	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	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	60,026,513	60,094,623
Common stock, shares outstanding (in shares)	60,026,513	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

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental income	$ 85,810	$ 85,681	$ 87,256
Expenses:
Rental operating - expenses	15,518	13,205	14,411
Rental operating - payroll	7,334	7,682	7,943
Rental operating - real estate taxes	11,728	11,316	11,992
Subtotal - Rental operating expenses	34,580	32,203	34,346
Acquisition costs	0	0	30
Transaction expenses	3,732
Management fees	12,894	13,208	13,728
General and administrative	8,339	7,586	8,155
Loss on disposal of assets	215	219	522
Depreciation and amortization expense	40,195	39,599	41,424
Total expenses	99,955	92,815	98,205
Loss before net gain on disposition	(14,145)	(7,134)	(10,949)
Net gain on disposition of property	0	20,619	0
(Loss) income before other income (expense)	(14,145)	13,485	(10,949)
Other income (expense):
Interest income	14	223	157
Insurance proceeds in excess of cost basis		225	115
Interest expense	(19,093)	(25,877)	(24,764)
Net loss	(33,224)	(11,944)	(35,441)
Other comprehensive income (loss):
Designated derivatives, fair value adjustment	(42)	190	65
Comprehensive loss	$ (33,266)	$ (11,754)	$ (35,376)
Weighted average common shares outstanding, basic and diluted	60,227	60,728	61,110
Basic and diluted net loss per common share	$ (0.55)	$ (0.20)	$ (0.58)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Convertible Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance, beginning of period at Dec. 31, 2017	$ 330,660	$ 1	$ 606	$ 534,683	$ (444)	$ (204,186)
Balance, beginning of period (in shares) at Dec. 31, 2017		50,000	60,782,000
Common stock issued through distribution reinvestment plan	20,693		$ 24	20,669
Common stock issued through distribution reinvestment plan (in shares)			2,397,000
Distributions declared	(36,634)					(36,634)
Common stock redemptions	(15,877)		$ (18)	(15,859)
Common stock redemptions (in shares)			(1,800,000)
Designated derivatives, fair value adjustment	65				65
Net loss	(35,441)					(35,441)
Balance, end of period at Dec. 31, 2018	263,466	$ 1	$ 612	539,493	(379)	(276,261)
Balance, end of period (in shares) at Dec. 31, 2018		50,000	61,379,000
Common stock issued through distribution reinvestment plan	14,724		$ 18	14,706
Common stock issued through distribution reinvestment plan (in shares)			1,754,000
Distributions declared	(24,358)					(24,358)
Common stock redemptions	(25,765)		$ (30)	(25,735)
Common stock redemptions (in shares)			(3,038,000)
Designated derivatives, fair value adjustment	190				190
Net loss	(11,944)					(11,944)
Balance, end of period at Dec. 31, 2019	$ 216,313	$ 1	$ 600	528,464	(189)	(312,563)
Balance, end of period (in shares) at Dec. 31, 2019	60,094,623	50,000	60,095,000
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)
Common stock redemptions	(3,952)		$ (5)	(3,947)
Common stock redemptions (in shares)			(439,000)
Designated derivatives, fair value adjustment	(42)				(42)
Net loss	(33,224)					(33,224)
Balance, end of period at Dec. 31, 2020	$ 182,215	$ 1	$ 599	$ 527,644	$ (231)	$ (345,798)
Balance, end of period (in shares) at Dec. 31, 2020	60,026,513	50,000	60,027,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Cash flows from operating activities:
Net loss	$ (33,224)	$ (11,944)	$ (35,441)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on disposal of assets	215	219	522
Net gain on disposition of property	0	(20,619)	0
Casualty gain	4	552
Depreciation and amortization	40,195	39,599	41,424
Amortization of deferred financing costs	1,398	1,104	1,318
Amortization of mortgage premiums	(111)	(113)	(116)
Change in fair value of interest rate caps	95		55
Changes in operating assets and liabilities:
Tenant receivables	(194)	(33)	14
Due from related parties	297	(240)
Prepaid expenses and other assets	(130)	(1)	(2)
Due to related parties	1,483	(151)	46
Accounts payable and accrued expenses	751	2,008	(1,414)
Accrued real estate taxes	479	(1,473)	(599)
Tenant prepayments	(16)	16	67
Security deposits	138	98	158
Net cash provided by operating activities	11,380	9,022	6,032
Cash flows from investing activities
Proceeds from disposal of property, net of closing costs		32,882
Capital expenditures	(7,297)	(8,156)	(15,097)
Net cash (used in) provided by investing activities	(7,297)	24,726	(15,097)
Cash flows from financing activities:
Redemptions of common stock	(3,952)	(25,765)	(15,877)
Payment of deferred financing costs		(445)	(503)
Increase in borrowings	37,797	8,946	17,439
Repayments on borrowings	(8,121)	(5,760)	(4,660)
Purchase of interest rate caps	(153)	(11)	(66)
Distributions paid on common stock	(2,873)	(12,520)	(16,175)
Net cash provided by (used in) financing activities	22,698	(35,555)	(19,842)
Net increase (decrease) in cash and restricted cash	26,781	(1,807)	(28,907)
Cash and restricted cash at beginning of year	46,181	47,988	76,895
Cash and restricted cash at end of year	72,962	46,181	47,988
Reconciliation of cash and restricted cash
Cash	63,487	39,647	40,175
Restricted cash	9,475	6,534	7,813
Cash and restricted cash at end of year	$ 72,962	$ 46,181	$ 47,988

Nature of Business and Operatio

Nature of Business and Operations	12 Months Ended
	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Operations	NOTE 1 - NATURE OF BUSINESS AND OPERATIONS Resource REIT, Inc. (f/k/a Resource Real Estate Opportunity REIT II, Inc.) (the “Company”) was organized in Maryland on September 28, 2012. The Company launched an initial public offering in February 2014, the primary portion of which terminated in February 2016. The Company continues to offer shares pursuant to its distribution reinvestment plan at a purchase price equal to 95% of the estimated net asset value per share. Prior to the execution of the REIT I Merger Agreement (as defined below), on September 8, 2020, Resource Real Estate Opportunity REIT, Inc. ("REIT I"), a non-traded real estate investment trust ("REIT") sponsored by Resource America, Inc. (“RAI”), the Company’s initial sponsor, entered into a series of transactions to become self-managed (the “Self-Management Transaction”) and succeeded to the advisory, asset management and property management arrangements in place for the Company. Accordingly, the sponsor of the Company changed from RAI to Resource Real Estate Opportunity OP, LP, the operating partnership of REIT I, while the REIT I Merger (defined below) was pending. Following the Self-Management Transaction, Resource Real Estate Opportunity Advisor II, LLC (the “Advisor”) is indirectly owned by REIT I. Prior to September 8, 2020, the Advisor was an indirect wholly-owned subsidiary of RAI. Pursuant to the advisory agreement initially entered into in February 2014 and renewed annually thereafter but prior to the occurrence of the REIT I Merger, the Advisor has acted 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. The advisory agreement was amended and restated on September 8, 2020. RAI is a wholly-owned subsidiary of C-III Capital Partners, LLC ("C-III”). Prior to September 8, 2020, C-III controlled the Advisor, Resource Securities LLC ("Resource Securities"), the Company's dealer manager, and Resource Real Estate Opportunity Manager II, LLC As of December 31, 2020, a total of 60,026,513 shares, including shares purchased by the Advisor and shares issued through the distribution reinvestment plan, remain outstanding . The Company’s objective is to take advantage of the multifamily investing and lending platforms available to it to invest in apartment communities in order to provide the investor with growing cash flow and increasing asset values. The Company has acquired and may continue to acquire underperforming apartments which it will renovate and stabilize in order to increase rents. To a lesser extent, the Company may acquire or originate commercial real estate debt secured by apartments. The Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes under the provisions of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2014. As such, to maintain its REIT qualification for U.S. federal income tax purposes, the Company is generally required to distribute at least 90% of its net income (excluding net capital gains) to its stockholders as well as comply with certain other requirements. Accordingly, the Company generally will not be subject to U.S. federal income taxes to the extent that it annually distributes all of its REIT taxable income to its stockholders. The Company also operates its business in a manner that will permit it to maintain its exemption from registration under the Investment Company Act of 1940, as amended. Mergers with Resource Real Estate Opportunity REIT, Inc. and Resource Apartment REIT III, Inc. On September 8, 2020, the Company entered into merger agreements (as described herein) to acquire each of REIT I and Resource Apartment REIT III, Inc. (“REIT III”) in stock-for-stock transactions whereby each of REIT I and REIT III were to be merged into the Company’s wholly owned subsidiary. The REIT I Merger (as defined below) and the REIT III Merger (as defined below) are referred to collectively herein as the Mergers. Each of the Mergers was intended to qualify as a “reorganization” under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended. The Mergers were effective as of . Effective as of the close of the REIT I Merger, the Company acquired the Advisor and is a self-managed REIT. Much of the historical information regarding the Company’s structure and agreements presented in this Note 1 and throughout the rest of these Notes to Consolidated Financial Statements has materially changed as a result of the Mergers, but did apply as of December 31, 2020. Based on an evaluation of the relevant factors and the guidance in Accounting Standards Codification (‘‘ASC’’) 805, Business Combinations, all of which required significant management judgment, the entity in the Mergers considered the acquirer for accounting purposes (REIT I) is not the legal acquirer (The Company). In order to make this determination, various factors have been analyzed, including which entity issued its equity interests, relative voting rights, existence of minority interests (if any), control of the board of directors, management composition, relative size, transaction initiation, and other factors such as operational structure, and relative composition of employees, and other factors. The strongest factors identified were the relative size of the companies and management composition. Based on financial measures, REIT I is a larger entity than the Company and REIT III. REIT I has more common stock outstanding at a higher net asset value than the Company and REIT III and upon the consummation of the Mergers will be issued more shares of the Company than are currently held by the Company’s stockholders or than will be issued to REIT III stockholders in the REIT III Merger. Based on these factors, REIT I was concluded to be the accounting acquirer. REIT I Merger On September 8, 2020, the Company, RRE Opportunity OP II, LP (“OP II”), Revolution I Merger Sub, LLC, a wholly-owned subsidiary of the Company (“Merger Sub I”), REIT I, and Resource Real Estate Opportunity OP, LP (“OP I”), entered into an Agreement and Plan of Merger (the “REIT I Merger Agreement”). Effective January 28, 2021, REIT I merged with and into Merger Sub I, with Merger Sub I surviving as direct, wholly-owned subsidiary of the Company (the “REIT I Company Merger”) and OP I merged with and into OP II (the “REIT I Partnership Merger” and, together with the REIT I Company Merger, the “REIT I Merger”), with OP II surviving the REIT I Partnership Merger. At such time, the separate existence of REIT I and OP I ceased. At the effective time of the REIT I Company Merger, each issued and outstanding share of REIT I’s common stock (or fraction thereof) converted into the right to receive 1.22423 shares of the Company’s common stock, and each issued and outstanding share of REIT I’s convertible stock converted into the right to receive $0.02 in cash (without interest). At the effective time of the REIT I Partnership Merger, each common unit of partnership interests in OP I outstanding immediately prior to the effective time of the REIT I Partnership Merger converted into the right to receive 1.22423 common units of partnership interest in OP II and each Series A Cumulative Participating Redeemable Preferred Unit in OP I issued and outstanding immediately prior to the effective time of the REIT I Partnership Merger converted into the right to receive one Series A Cumulative Participating Redeemable Preferred Unit in OP II. REIT III Merger On September 8, 2020, the Company, OP II, Revolution III Merger Sub, LLC (“Merger Sub III”), the Company’s wholly-owned subsidiary, REIT III, and Resource Apartment OP III, LP (“OP III”), the operating partnership of REIT III, entered into an Agreement and Plan of Merger (the “REIT III Merger Agreement”). Effective January 28, 2021, REIT III merged with and into Merger Sub III, with Merger Sub III surviving as its direct, wholly-owned subsidiary (the “REIT III Company Merger”) and (ii) OP III merged with and into OP II (the “REIT III Partnership Merger” and, together with the REIT III Company Merger, the “REIT III Merger”), with OP II surviving the REIT III Partnership Merger. At such time, the separate existence of REIT III and OP III ceased. The REIT I Merger and the REIT III Merger are hereinafter together referred to as the “Merger”. At the effective time of the REIT III Company Merger, each issued and outstanding share of REIT III’s common stock (or fraction thereof) converted into the right to receive 0.925862 shares of the Company’s common stock. At the effective time of the REIT III Partnership Merger, each common unit of partnership interests in OP III outstanding immediately prior to the effective time of the REIT III Partnership Merger was retired and ceased to exist. In addition, for each share of the Company’s common stock issued in the REIT III Company Merger, a common unit of partnership interest was issued to the Company by OP II. COVID-19 Pandemic One of the most significant risks and uncertainties facing the Company and the real estate industry generally continues to be the effect of the ongoing public health crisis of the novel coronavirus disease (COVID-19) pandemic. The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business, including how the pandemic is impacting its tenants. The Company did not incur significant disruptions from the COVID-19 pandemic during the year ended December 31, 2020; however, a small percentage of its 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 The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants depends on future developments, which 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 . financial condition, results of operations and cash flows .

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 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 accompanying consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("GAAP"). Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Oak Hill Holdings, LLC ("Oak Hill") N/A (1) N/A N/A RRE Bear Creek Holdings, LLC ("Bear Creek") Adair off Addison 152 Dallas, TX RRE Buckhead Holdings, LLC ("Buckhead") Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC ("Farrington") Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC ("Mayfair Chateau") The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC ("Fairways of Bent Tree") Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC ("Montclair Holdings") Montclair 188 Portland, OR RRE Spalding Crossing Holdings, LLC ("Spalding Crossing") 1000 Spalding Crossing 252 Atlanta, GA RRE Grand Reserve Holdings, LLC ("Grand Reserve") Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC ("Canterwood") Verdant Apartment Homes 216 Boulder, CO RRE Fox Ridge Holdings, LLC ("Fox Ridge") Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC ("Riverlodge") Ravina Apartment Homes 498 Austin, TX RRE Breckenridge Holdings, LLC ("Breckenridge") 81 Fifty at West Hills Apartment Homes 357 Portland, OR RRE Santa Rosa Holdings, LLC ("Santa Rosa") The Palmer at Las Colinas 476 Irving, TX RRE Windbrooke Holdings, LLC ("Windbrooke Crossing") Windbrooke Crossing 236 Buffalo Grove, IL RRE Woods Holdings, LLC ("The Woods of Burnsville") The Woods of Burnsville 400 Burnsville, MN RRE Indigo Creek Holdings, LLC ("Indigo Creek") Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC ("Martin's Point" Martin's Point 256 Lombard, IL 5,159 N/A - Not Applicable (1) Property was sold on February 28, 2019 All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic temporary deposits of cash. At December 31, 2020, the Company had $73.1 million of deposits at various banks, $64.9 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits. Contractual Obligations The Company leases equipment under leases with varying expiration dates through 2023. As of December 31, 2020, the total payments due under these obligations were approximately $12,000. Payments due by period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Operating Lease Obligations $ 12,000 $ 12,000 $ — $ — $ — Rental Properties The Company records acquired real estate at fair value on their acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life, and depreciates the asset using the straight line method. The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture and fixtures 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. As of December 31, 2020, the Company's real estate investments located in Texas, Illinois, Colorado, Oregon and Georgia represent approximately 19.5%, 19.0%, 15.6%, 14.1% and 9.0% of the portfolio. This makes it particularly susceptible to adverse economic developments in these real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could negatively affect the Company's liquidity and adversely affect its ability to fund its ongoing operations. Impairment of Long Lived Assets The Company periodically evaluates its long-lived assets, primarily investments in rental properties, for impairment indicators. The review considers factors such as past and expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent 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. 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 would be the adjustment to fair value less the estimated cost to dispose of the asset. In conjunction with the Merger and for the Company’s annual estimated value per share calculation, the Company engaged with a third-party to provide the estimated fair value of its rental properties as of January 28, 2021. The Company compared these values to its carrying values and concluded that there was no indication that the carrying value of the Company’s investments in real estate were not recoverable as of December 31, 2020. There were no impairment losses recorded on long lived assets during the years ended December 31, 2020, 2019 and 2018. Allocation of Purchase Price of Acquired Assets On January 1, 2018, the Company adopted ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU No. 2017-01"). Acquisitions that do not meet the definition of a business under this guidance are accounted for as asset acquisitions. In most cases, the Company believes that acquisitions of real estate will no longer be considered a business combination as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the screen is not met, and the Company will then perform an assessment to determine whether the set is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition including transaction costs to the assets acquired or liabilities assumed based on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the remaining term of the underlying leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does amortization periods for the intangible assets exceed the remaining depreciable life of the building. The determination of the fair value of the assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the fair value of these assets and liabilities, which could impact the Company's reported net income (loss). Revenue Recognition and Receivables The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease, which is accounted for in accordance with ASC 842, Leases Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments, amenities, and revenue sharing arrangements for cable income from contracts with cable providers at the Company's properties (discussed below). A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records the utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized. The Company has revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. Included in accrued expenses and other liabilities on the consolidated balance sheets at December 31, 2020 and 2019 is a contract liability related to deferred revenue from contracts with cable providers of approximately $499,000 and $573,000, respectively. The Company recognizes income from these contracts on a straight line basis over the contract period of 10 years to 12 years. During the years ended December 31, 2020 and 2019, approximately $102,000 and $138,000, respectively of revenue from the contract liability was recognized as income. The Company evaluates its portfolio of operating leases for collectability at both the onset of the underlying leases and on an ongoing basis. Tenant receivables include amounts for which collectability was assessed as probable in accordance with the guidance in ASC 842-30. For tenant receivables, which include base rents, straight-line rentals, expense reimbursements and other revenue or income, the Company also estimates a general allowance for uncollectible accounts under ASC 450-20. The Company determines the collectability of its receivables related to rental revenue 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. If collectability is not probable, the Company adjusts rental income for the amount of the uncollectible revenue. Due to the COVID-19 pandemic, some residents have experienced difficulty making rent payments and the Company’s receivables have increased compared to historical levels. This caused the Company to further evaluate collectability during the year ended . Income Taxes The Company elected to be taxed as a REIT, commencing with its taxable year ended December 31, 2014. To maintain its REIT qualification for U.S. federal income tax purposes, the Company is generally required to distribute at least 90% of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Taxable income, generally, will differ from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as taxable REIT subsidiaries (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company’s taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of December 31, 2020 and 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 2016 and prior. Earnings Per Share Basic earnings (loss) per share is calculated on the basis of weighted-average common shares outstanding during the year. Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the 50,000 convertible shares (see Note 11) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of December 31, 2020 (were such date to represent the end of the contingency period). For the year ended December 31, 2020 and 2019, common shares potentially issuable to settle distributions payable are excluded from the calculation of diluted earnings per share calculations, as their inclusion would be anti-dilutive. Reclassifications Certain amounts in the prior years’ financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net loss. Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. On January 1, 2020, the Company adopted ASU No. 2016-13 and the adoption did not have a significant impact on its consolidated financial statements and disclosures. 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 due to the fact there were no required changes to the Company’s disclosures. In November 2018, FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU No. 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 and disclosures. In March 2020, FASB issued ASU No. 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 year ended December 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. In April 2020, 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. Accounting Standards Issued But Not Yet Effective In August 2020, FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. ASU 2020-06 addresses the complexity of guidance for certain financial (convertible) instruments with characteristics of liabilities and equity. ASU No. 2020-06 will be effective for the Company beginning January 1, 2022. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2020-06 to have a material effect on its consolidated financial statements and disclosures due to the fact that the Company did not have instruments subject to this guidance at .

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 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): Years Ended December 31, 2020 2019 2018 Non-cash financing and investing activities: Distributions on common stock declared but not yet paid $ — $ 5,993 $ 8,878 Stock issued pursuant to distribution reinvestment plan 3,131 14,724 20,693 Accruals for construction in process 447 1,955 424 Repayments on borrowings through refinancing 98,694 24,469 72,845 Escrow deposits funded through refinancing 3,993 580 — Deferred financing costs, interest, and fees funded through refinancing 2,852 — — Non-cash activity related to sales: Mortgage notes payable settled directly with proceeds from sale of rental property — 29,497 — Cash paid during the period for: Interest $ 18,285 $ 24,930 $ 25,508

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 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, capital improvements, and other. A summary of the components of restricted cash follows (in thousands): December 31, 2020 December 31, 2019 Real estate taxes $ 3,823 $ 3,956 Insurance 824 877 Capital improvements 1,570 1,380 Other 3,258 321 Total $ 9,475 $ 6,534 Unrestricted cash designated for capital expenditures $ 14,431 $ 21,706

Rental Properties, Net

Rental Properties, Net	12 Months Ended
	Dec. 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): December 31, 2020 December 31, 2019 Land $ 119,028 $ 119,028 Building and improvements 726,037 720,420 Furniture, fixtures and equipment 26,205 25,906 Construction in progress 1,127 1,955 872,397 867,309 Less: accumulated depreciation (171,492 ) (131,779 ) $ 700,905 $ 735,530 Depreciation expense for the years ended December 31, 2020, 2019, and 2018 was $40.2 million, $39.6 million, and $40.6 million, respectively.

Disposition of Property

Disposition of Property	12 Months Ended
	Dec. 31, 2020
Discontinued Operations And Disposal Groups [Abstract]
Disposition of Property	NOTE 6 – DISPOSITION OF PROPERTY The Company disposed of one property during the year ended December 31, 2019. There were no dispositions during the years ended December 31, 2020 or 2018 Multifamily Community Location Sale Date Contract Sales Price Net Gain on Disposition Revenue Attributable to Property Sold Net Loss to Property Sold (1) Overton Trails Fort Worth, Texas February 28, 2019 $ 64,000 $ 20,619 $ 1,143 $ (249 ) (1) Excludes net gain on disposition

Identified Intangible Assets, N

Identified Intangible Assets, Net	12 Months Ended
	Dec. 31, 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 as of both and , which was reported net of accumulated amortization of $17.3 million . For the year ended December 31, 2018, amortization expense was $813,000. and .

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	The following table presents a summary of the Company's mortgage notes payable, net (in thousands): December 31, 2020 December 31, 2019 Collateral Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Uptown Buckhead $ 18,876 $ — $ (144 ) $ 18,732 $ 19,264 $ — $ (178 ) $ 19,086 Crosstown at Chapel Hill 42,650 — (264 ) 42,386 42,650 — (325 ) 42,325 The Brookwood - Key Bank 16,632 83 (39 ) 16,676 17,063 186 (88 ) 17,161 The Brookwood - Capital One 2,517 6 (7 ) 2,516 2,566 14 (15 ) 2,565 Adair off Addison and Adair off Addison Apartment Homes 33,210 — (317 ) 32,893 33,210 — (380 ) 32,830 1000 Spalding Crossing 35,035 — (329 ) 34,706 23,737 — (113 ) 23,624 Montclair Terrace 19,479 — (127 ) 19,352 19,958 — (182 ) 19,776 Grand Reserve 47,845 — (473 ) 47,372 47,845 — (539 ) 47,306 Verdant Apartment Homes 47,146 — (372 ) 46,774 36,913 — (178 ) 36,735 Arcadia Apartment Homes 56,810 — (494 ) 56,316 39,782 — (195 ) 39,587 Ravina Apartment Homes 25,506 — (93 ) 25,413 26,241 — (165 ) 26,076 81 Fifty at West Hills Apartment Homes 50,708 — (260 ) 50,448 51,833 — (368 ) 51,465 The Palmer at Las Colinas 45,700 — (370 ) 45,330 45,700 — (437 ) 45,263 Windbrooke Crossing 36,437 — (202 ) 36,235 37,222 — (272 ) 36,950 Woods of Burnsville 36,918 — (265 ) 36,653 37,744 — (355 ) 37,389 Indigo Creek 39,498 — (243 ) 39,255 40,402 — (320 ) 40,082 Martin's Point 29,283 — (226 ) 29,057 29,944 — (289 ) 29,655 $ 584,250 $ 89 $ (4,225 ) $ 580,114 $ 552,074 $ 200 $ (4,399 ) $ 547,875 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages): Maturity Date Margin over LIBOR Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Uptown Buckhead 7/1/2025 2.22 % 2.36 % $ 70 $ 55 (1)(3)(5)(9) Crosstown at Chapel Hill 7/1/2025 1.77 % 1.91 % 106 68 (1)(3)(4) The Brookwood - Key Bank 11/1/2021 — 4.73 % 104 66 (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 % 1.78 % 91 74 (1)(3)(4)(7)(9) 1000 Spalding Crossing 12/1/2027 — 2.51 % 74 60 (2)(4)(8) Montclair Terrace 6/1/2023 2.45 % 2.59 % 80 30 (1)(3)(6)(9) Grand Reserve 5/1/2028 1.72 % 1.86 % 76 184 (1)(3)(4) Verdant Apartment Homes 12/1/2027 — 2.57 % 102 40 (2)(4)(8) Arcadia Apartment Homes 12/1/2027 — 2.57 % 123 43 (2)(4)(8) Ravina Apartment Homes 5/1/2022 — 3.76 % 144 148 (2)(6) 81 Fifty at West Hills Apartment Homes 7/1/2023 2.36 % 2.50 % 205 58 (1)(3)(6)(9) The Palmer at Las Colinas 9/1/2026 2.11 % 2.25 % 104 156 (1)(3)(4)(9) Windbrooke Crossing 1/1/2024 2.69 % 2.83 % 154 180 (1)(3)(6) Woods of Burnsville 2/1/2024 2.13 % 2.27 % 145 95 (1)(3)(6) Indigo Creek 5/1/2024 1.93 % 2.07 % 127 59 (1)(3)(6) Martin's Point 11/1/2024 1.86 % 2.00 % 111 78 (1)(3)(6) (1) Variable rate based on one-month LIBOR of 0.14388% (as of December 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 (7) Originated during the year ended December 31, 2019 through refinancing (8) Originated during the year ended December 31, 2020 through refinancing (9) Loan refinanced with new credit facility in January 2021 On August 21, 2015, the Company recorded a fair value adjustment, which represented the fair value of the debt assumed over its principal amount in connection with The Brookwood Apartment Home acquisition. The fair value adjustment (premium) is amortized to interest expense over the term of the related mortgage loans using the effective interest method. As of December 31, 2020, the net unamortized mortgage premium of $89,307 was included as a component of mortgage loans payable in the accompanying consolidated balance sheets. As of December 31, 2020, the weighted average interest rate of all the Company’s outstanding indebtedness was 2.44% Mortgage notes are collateralized by liens on the assets of the respective properties as named in the table above. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of mortgages held. As of December 31, 2020 and 2019, the Company had $9.5 million and $6.5 million of restricted cash related to escrow deposits held by mortgage lenders for real estate taxes, insurance and capital reserves (see Note 4). Annual principal payments on the mortgage notes payable for each of the next five years ending December 31, and thereafter, is as follows (in thousands): 2021 $ 26,486 2022 33,110 2023 75,024 2024 136,526 2025 59,722 Thereafter 253,382 $ 584,250 The mortgage notes payable are recourse only with respect to the properties that secure the notes, subject to certain limited standard exceptions, as defined in each mortgage note. The Company has guaranteed these exceptions under the mortgage notes by executing a guarantee with respect to the properties. These exceptions are referred to as “carveouts.” In general, carveouts relate to damages suffered by the lender for a borrower’s failure to pay rents, insurance or condemnation proceeds to the lender, failure to pay water, sewer and other public assessments or charges, failure to pay environmental compliance costs or to deliver books and records, in each case as required in the loan documents. The exceptions also require the Company to guarantee payment of audit costs, lender’s enforcement of its rights under the loan documents and payment of the loan if the borrower voluntarily files for bankruptcy or seeks reorganization, or if a related party of the borrower does so with respect to the subsidiary. The Company refinanced the loans on 1000 Spalding Crossing, Verdant Apartment Homes, and Arcadia Apartment Homes during the year ended December 31, 2020. . Loss on extinguishment of debt of approximately $65,000, $132,000, and $145,000, respectively, was included in interest expense on the consolidated statement of operations for the year ended December 31, 2020. Prepayment penalties of approximately $233,000, $363,000, and $391,000, respectively, was included in interest expense on the consolidated statement of operations for the year ended December 31, 2020. Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. As of December 31, 2020 and 2019, accumulated amortization of deferred financing costs was $3.7 million and $3.4 million respectively. Amortization of deferred financing costs for the next five years ending December 31, and thereafter, are as follows (in thousands): 2021 $ 1,035 2022 927 2023 807 2024 527 2025 398 Thereafter 531 $ 4,225

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018 (in thousands): Net unrealized (loss) gain on derivatives Balance, January 1, 2018 $ (444 ) Reclassification adjustment for realized loss on designated derivatives 130 Unrealized loss on designated derivatives (65 ) Balance, December 31, 2018 (379 ) Reclassification adjustment for realized loss on designated derivatives 268 Unrealized loss on designated derivatives (78 ) Balance, December 31, 2019 (189 ) Reclassification adjustment for realized loss on designated derivatives 95 Unrealized loss on designated derivatives (137 ) Balance, December 31, 2020 $ (231 )

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 10 – RELATED PARTY TRANSACTIONS Relationship with the Advisor Prior to the Self-Management Transaction on September 8, 2020, the Company was externally managed and the Advisor was an indirect wholly-owned subsidiary of RAI. After the Self-Management Transaction, the Advisor became an indirect wholly-owned subsidiary of OP I, the operating partnership of REIT I. As a result of the REIT I Merger on January 28, 2021, the Company no longer has an external advisor. See Note 16, Subsequent Events, 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 REIT I, our sponsor following the Self-Management Transaction, 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. As a result of the REIT I Merger on January 28, 2021, these fees are now eliminated: 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. Pursuant to the Advisory Agreement, the Advisor agreed to waive an acquisition fee and debt financing fee in connection with the REIT III Merger. No such waiver was sought with respect to the REIT I Merger because, if owed, it would be paid with OP II funds to an entity that would then be wholly-owned by OP II. Asset management fees. The Advisor earns a monthly asset management fee equal to one-twelfth of 1.0% of the cost of each asset, without deduction for depreciation, bad debts or other non-cash reserves. The asset management fee is based only on the portion of the costs or value attributable to the Company’s investment in an asset if the Company does not own all or a majority of an asset and does not manage or control the asset. Disposition fees. The Advisor earns a disposition fee in connection with of the sale of a property equal to the lesser of (i) one-half of the aggregate brokerage commission paid, or if none is paid, the amount that customarily would be paid at a market rate or (ii) 2.0% of the contract sales price. Debt financing fees. The Advisor earns a debt financing fee equal to 0.5% of the amount available under any debt financing obtained. As described above, the Advisor has waived any debt financing fee in connection with the REIT III Merger. 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 Prior to the Self-Management Transaction on September 8, 2020, RAI and C-III were related parties of the Company. Property loss pool : The Company participates (with other properties directly or indirectly managed by RAI and C-III) in a catastrophic insurance policy, which covers claims up to $250 million, after either a $25,000 or $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. This policy will expire on March 1, 2021. General liability coverage : The Company (with other properties directly managed by RAI) has an insured and dedicated limit for the general liability policy of $1.0 million per occurrence. Total claims are limited to $2.0 million per premium year. In excess of these limits, the Company participates (with other properties directly or indirectly managed by RAI and C-III) in a $50.0 million per occurrence excess liability program. Therefore, the total insured limit per occurrence is $51.0 million for the general and excess liability program, after a $25,000 deductible per incident. This policy will expire on March 1, 2021. Internal audit fees. REIT I performs internal audit services for the Company. Prior to the Self-Management Transaction, RAI performed internal audit services for the Company. Directors and officers insurance: The Company participates in a liability insurance program for directors and officers coverage with REIT I and REIT III. Prior to the Self-Management Transaction, the Company participated in a liability insurance program for directors and officers’ coverage with other C-III managed entities and subsidiaries. Other expenses . The Company utilizes the services of The Planning and Zoning Resource Company, a subsidiary of C-III, for zoning reports and acquisitions. Relationship with the Manager The Manager manages real estate properties and coordinates the leasing of and manages construction activities related to the Company’s real estate property pursuant to the terms of the management agreement with the Manager. Prior to the Self-Management Transaction on September 8, 2020, the Manager was an indirect wholly-owned subsidiary of RAI. After the Self-Management Transaction, the Manager is an indirect wholly-owned subsidiary of Resource Real Estate Opportunity OP, LP Subsequent Events, 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. After the REIT I Merger on January 28, 2021, the Company continues to subcontract certain services from the same unaffiliated third-party. Construction management fees. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. Debt servicing fees. The Manager earns a debt servicing fee of 2.75% on payments received from loans held by the Company for investment. No debt servicing fees were earned during the years ended December 31, 2020, 2019 and 2018. Expense reimbursement. During the ordinary course of business, the Manager or other affiliates may pay certain shared operating expenses on behalf of the Company. The Company is obligated to reimburse the Manager or other affiliates for such shared operating expenses. The fees earned/expenses incurred and the amounts payable to such related parties are summarized in the following tables (in thousands): December 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 1,588 6 Manager: Property management fees 327 328 Operating expense reimbursements — 96 Properties Meridian — 2 $ 1,915 $ 432 Years Ended December 31, 2020 2019 2018 Fees earned / expenses incurred: Advisor Asset management fees (1)(6)(7) $ 9,081 $ 9,374 $ 9,840 Debt financing fees (2)(11) 184 39 78 Disposition fees (3) — 274 — Operating expense reimbursements (4)(9) 3,902 3,462 3,708 Internal audit (10) 106 — — Manager Property management fees (1)(8) $ 3,813 $ 3,834 $ 3,888 Construction management fees (5) 352 255 859 Construction payroll reimbursements (5) — 63 121 Operating expense reimbursements (4) — 70 201 ( 1 ) Included in Management fees on the consolidated statements of operations and comprehensive loss. ( 2 ) Included in Mortgage notes payable, net on the consolidated balance sheets. ( 3 ) Included in Net gain on disposition of property on the consolidated statements of operations and comprehensive loss. (4) Included in General and administrative on the consolidated statements of operations and comprehensive loss. ( 5 ) Capitalized and included in Rental properties, net on the consolidated balance sheets. ( 6 ) Net with acquisition fees returned as a result of capital expense reallocation. ( 7 ) After the Self-Management Transaction on September 8, 2020, $2.9 million of this balance was earned by OP I. ( 8 ) After the Self-Management Transaction on September 8, 2020, $1.2 million of this balance was earned by OP I. ( 9 ) After the Self-Management Transaction on September 8, 2020, $1.5 million of this balance was earned by OP I. ( 10 ) After the Self-Management Transaction on September 8, 2020, approximately $33,000 of this balance was earned by OP I. (11) After the Self-Management Transaction on September 8, 2020, approximately $184,000 of this balance was earned by OP I.

Equity

Equity	12 Months Ended
	Dec. 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 both December 31, 2020 and 2019, no shares of preferred stock were issued or outstanding. Convertible Stock As of December 31, 2020, the Company had 50,000 shares of $0.01 par value convertible stock outstanding, which are owned by the Advisor. The convertible stock will convert into shares of the Company’s common stock upon the occurrence of (a) the Company having paid distributions to common stockholders that in the aggregate equal 100% of the price at which the Company originally sold the shares plus an amount sufficient to produce a 7% cumulative, non-compounded annual return on the shares at that price; or (b) if the Company lists its common stock on a national securities exchange and, on or after the 31st trading day following the listing, the Company’s value based on the average trading price of its common stock since the listing, plus prior distributions, combine to meet the same 7% return threshold. Each of these two events is a “Triggering Event.” Upon a Triggering Event, the Company's convertible stock will, unless its advisory agreement has been terminated or not renewed on account of a material breach by its Advisor, generally be converted into a number of shares of common stock equal to 1/50,000 of the quotient of: (A) the lesser of ( i ) 15% of the amount, if any, by which (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 7% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, divided by (B) the value of the Company divided by the number of outstanding shares of common stock, in each case, as of the date of the event triggering the conversion. As of December 31, 2020, no Triggering Events had occurred or were probable to occur. Common Stock As of December 31, 2020, the Company had an aggregate of 60,026,513 shares of $0.01 par value common stock outstanding, including the Advisor's additional purchase of 117,778 shares of common stock for $1.1 million, as follows (dollars in thousands): Shares Gross Proceeds Shares issued through initial public offering 55,791,297 $ 556,197 Shares issued through stock distributions 246,365 — Shares issued through distribution reinvestment plan 10,197,726 88,479 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total 66,250,388 $ 644,826 Shares redeemed and retired (6,223,875 ) Total shares outstanding 60,026,513 Redemptions During the year ended December 31, 2020, the Company redeemed shares of common stock as follows (in thousands, except per share data): Period Total Number of Shares Redeemed (1) Average Price Paid per Share Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program (2) Approximate Dollar Value of Shares Available That May Yet Be Redeemed Under the Program January 2020 — — — (2) February 2020 — — — (2) March 2020 140 $ 8.77 140 (2) April 2020 — — — (2) May 2020 — — — (2) June 2020 120 $ 9.08 260 (2) July 2020 — — — (2) August 2020 — — — (2) September 2020 — — — (2) October 2020 — — — (2) November 2020 — — — (2) December 2020 179 $ 9.08 439 (2) (1) All purchases of equity securities by the Company in the year ended December 31, 2020 were made pursuant to the Company's share redemption program. (2) The Company currently limits the dollar value and number of shares that may be repurchased under the program, as discussed below. The Company will not redeem in excess of 5% of the weighted-average number of shares outstanding during the 12 month period immediately prior to the effective date of redemption. Generally, the cash available for redemption will be limited to proceeds from the distribution reinvestment plan plus, if the Company had positive operating cash flow from the previous fiscal year, 1% of all operating cash flow from the previous fiscal year. These limitations apply to all redemptions, including redemptions sought upon a stockholder’s death, qualifying disability or confinement to a long-term care facility. Effective November 22, 2020, the share redemption program was suspended except for redemptions sought upon a stockholder’s death, qualifying disability or confinement to a long-term care facility (collectively, “special redemptions”). On September 8, 2020, the share redemption program was fully suspended in connection with signing the merger agreements with respect to the REIT I Merger and the REIT III Merger and subsequently resumed with respect to special redemptions on October 22, 2020. While the partial suspension of the share redemption program is in effect, the Company will only accept requests for redemption in connection with a special redemption 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 year ended December 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 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 year ended December 31, 2020 (in thousands): Total aggregate distributions paid $ 6,004 Less: distribution payable at December 31, 2019 (5,993 ) Add: distribution payable at December 31, 2020 — True-up of prior year cash 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	12 Months Ended
	Dec. 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 values of cash, tenant receivables and accounts payable, approximate their carrying values due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Derivatives (interest rate caps) which are reported at fair value in the consolidated balance sheets are valued by a third-party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors. (Level 2) The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total December 31, 2020 Assets: Interest rate caps $ — $ 25 $ — $ 25 $ — $ 25 $ — $ 25 December 31, 2019 Assets: Interest rate caps $ — $ 9 $ — $ 9 $ — $ 9 $ — $ 9 Interest rate caps included in Prepaid expenses and other assets on the consolidated balance sheets. The outstanding balance and estimated fair value of the Company’s mortgage notes payable are as follows (in thousands): December 31, 2020 December 31, 2019 Outstanding Balance Estimated Fair Value Outstanding Balance Estimated Fair Value Mortgage notes payable $ 584,250 $ 576,693 $ 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	12 Months Ended
	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. As a condition of the Company’s mortgage loans, from time to time the Company may be required to enter into certain derivative transactions as may be required by the lender. These transactions would generally be in line with the Company’s own risk management objectives and also serve to protect the lender. Interest Rate Caps The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company entered into interest rate caps that were designated as cash flow hedges. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the year ended December 31, 2020, such derivatives were used to hedge the variable cash flows, indexed to USD-London InterBank Offered Rate ("LIBOR"), associated with an existing variable-rate loan agreement. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $83,099 will be reclassified as an increase to interest expense. As of December 31, 2020, the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Maturity Dates Interest rate caps 11 $ 405,264 July 1, 2021 through September 1, 2024 Tabular Disclosure of Fair Value of Derivative Instrument on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of December 31, 2020 and 2019 (in thousands): Asset Derivatives Liabilities Derivatives December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Interest rate caps $ 25 Interest rate caps $ 9 — $ — — $ — 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 years ended December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative for the Years Ended Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Loss Reclassified from Accumulated OCI into Income for the Years Ended Interest rate caps $ 137 $ (95 ) Interest expense $ (95 ) $ (285 ) Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the company could also be declared in default on its derivative obligations. As of December 31, 2020, the Company has not posted any collateral related to these agreements.

Operating Expenses

Operating Expenses	12 Months Ended
	Dec. 31, 2020
Other Income And Expenses [Abstract]
Operating Expenses	NOTE 14 - OPERATING EXPENSES As required under the Company's charter, the Advisor must reimburse the Company the amount by which the aggregate total operating expenses for the four fiscal quarters then ended exceed the greater of 2% of the average invested assets or 25% of net income, unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. “Average invested assets” means the average monthly book value of assets invested, directly or indirectly, in equity interests in and loans secured by real estate during the 12-month period before deducting depreciation, bad debts or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to operations, including advisory fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and stock exchange listing of stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of assets; and (f) acquisition fees, acquisition expenses (including expenses relating to potential investments that do not close), disposition fees on the resale of property and other expenses connected with the acquisition, disposition and ownership of real estate interests, loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). Operating expenses for the four fiscal quarters ended December 31, 2020 exceeded the charter-imposed limitation; however, the conflicts committee of the Company's board of directors determined that the relationship of the Company's operating expenses to its average invested assets was justified for these periods given the non-recurring nature of the expenses incurred during the year ended December 31, 2020 in connection with the mergers with REIT I and REIT III.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Data [Abstract]
Quarterly Financial Data (Unaudited)	NOTE 15 – QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables present the Company's operating results by quarter (in thousands, except share data): Quarterly Results for 2020 March 31 June 30 September 30 December 30 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 21,407 $ 21,353 $ 21,411 $ 21,639 Net loss $ (7,926 ) $ (6,863 ) $ (9,369 ) $ (9,066 ) Basic and diluted net loss per common share $ (0.13 ) $ (0.11 ) $ (0.16 ) $ (0.15 ) Quarterly Results for 2019 March 31 June 30 September 30 December 30 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 21,959 $ 21,222 $ 21,312 $ 21,188 Net income (loss) $ 11,697 $ (8,109 ) $ (8,688 ) $ (6,844 ) Basic and diluted net income (loss) per common share $ 0.19 $ (0.13 ) $ (0.14 ) $ (0.12 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 16 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this report and determined that there have not been any events that have occurred that would require adjustments to or disclosures in the consolidated financial statements, except for the following: Mergers with Resource Real Estate Opportunity REIT, Inc. and Resource Apartment REIT III, Inc. On September 8, 2020, the Company entered into merger agreements (as described herein) to acquire each of REIT I and REIT III in stock-for-stock transactions whereby each of REIT I and REIT III were to be merged into its wholly owned subsidiary. Each of the Mergers was intended to qualify as a “reorganization” under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended. The Mergers were effective as upon consummation of the Mergers, the Company REIT I Merger On September 8, 2020, the Company, OP II, Revolution I Merger Sub, LLC, a wholly-owned subsidiary of the Company (“Merger Sub I”), REIT I, and OP I, entered into an Agreement and Plan of Merger (the “REIT I Merger Agreement”). Effective January 28, 2021, REIT I merged with and into Merger Sub I, with Merger Sub I surviving as direct, wholly-owned subsidiary (the “REIT I Company Merger”) and OP I merged with and into OP II (the “REIT I Partnership Merger” and, together with the REIT I Company Merger, the “REIT I Merger”), with OP II surviving the REIT I Partnership Merger. At such time, the separate existence of REIT I and OP I ceased. At the effective time of the REIT I Company Merger, each issued and outstanding share of REIT I’s common stock (or fraction thereof) converted into the right to receive 1.22423 shares of the Company’s common stock, and each issued and outstanding share of REIT I’s convertible stock converted into the right to receive $0.02 in cash (without interest). At the effective time of the REIT I Partnership Merger, each common unit of partnership interests in OP I outstanding immediately prior to the effective time of the REIT I Partnership Merger converted into the right to receive 1.22423 common units of partnership interest in OP II and each Series A Cumulative Participating Redeemable Preferred Unit in OP I issued and outstanding immediately prior to the effective time of the REIT I Partnership Merger converted into the right to receive one Series A Cumulative Participating Redeemable Preferred Unit in OP II. REIT III Merger On September 8, 2020, the Company, OP II, Revolution III Merger Sub, LLC (“Merger Sub III”), the Company’s wholly-owned subsidiary, REIT III, and Resource Apartment OP III, LP (“OP III”), the operating partnership of REIT III, entered into an Agreement and Plan of Merger (the “REIT III Merger Agreement”). Effective January 28, 2021, REIT III merged with and into Merger Sub III, with Merger Sub III surviving as its direct, wholly-owned subsidiary (the “REIT III Company Merger”) and (ii) OP III merged with and into OP II (the “REIT III Partnership Merger” and, together with the REIT III Company Merger, the “REIT III Merger”), with OP II surviving the REIT III Partnership Merger. At such time, the separate existence of REIT III and OP III ceased. The REIT I Merger and the REIT III Merger are hereinafter together referred to as the “Merger”. At the effective time of the REIT III Company Merger, each issued and outstanding share of REIT III’s common stock (or fraction thereof) converted into the right to receive 0.925862 shares of the Company’s common stock. At the effective time of the REIT III Partnership Merger, each unit of partnership interests in OP III outstanding immediately prior to the effective time of the REIT III Partnership Merger was retired and ceased to exist. In addition, for each share of the Company’s common stock issued in the REIT III Company Merger, a common partnership unit was issued to the Company by OP II. Employment Agreements In connection with the REIT I Merger, the Company assumed from REIT I, the employment agreements dated September 8, 2020 for the following executive officers: Alan F. Feldman, Chief Executive Officer and President, Thomas C. Elliott, Executive Vice President, Chief Financial Officer and Treasurer, and Michele (“Shelle”) R. Weisbaum, Senior Vice President and Chief Legal Officer. The Company assumed REIT I’s obligations under the employment agreements in their entirety. Information about the REIT I employment agreements is included under Item 5.02 in the Current Report on Form 8-K for REIT I as filed with the SEC on September 11, 2020. In addition, the employment agreements for Messrs. Feldman and Elliott and Ms. Weisbaum were filed as exhibits to the Current Report on Form 8-K filed by the Company on January 29, 2021. Long-Term Incentive Plan As of the effective time of the REIT I Merger, the Company assumed the 2020 Long-Term Incentive Plan of REIT I as amended to replace all references to REIT I to the Company. In addition, upon the effective time of the REIT I Merger, the shares of restricted stock of REIT I granted to Alan F. Feldman, Thomas C. Elliott, Steven R. Saltzman and Michele R. Weisbaum under the 2020 Long-Term Incentive Plan of REIT I were cancelled and converted into the right to receive 1.22423 shares of the Company’s common stock. Each such share of common stock issued has, and is subject to, the same terms and conditions (including with respect to vesting) set forth in the 2020 Long-Term Incentive Plan of REIT I (which has been assumed and adopted by the Company as its own) and the related restricted stock agreements as in effect immediately prior to the REIT I Merger. The terms of the restricted stock are described under Item 5.02 in the Current Report on Form 8-K for REIT I as filed with the SEC on September 11, 2020. In addition, a copy of the form of restricted stock agreement (time based) is filed as an exhibit to the Company’s Current Report on Form 8-K filed by the Company on January 29, 2021 and a copy of the form of restricted stock agreement (performance based) is filed as an exhibit to the Company’s Current Report on Form 8-K filed by the Company on February 23, 2021 Structured Credit Facility Transaction The Facility is non-recourse to the Borrower except for the customary exceptions to non-recourse provisions of the Loan Documents (“carve-outs”). The Borrower’s obligations for the carve-outs are guaranteed solely by the Borrowers. The Company is the key principal under the Facility and as such must continue to indirectly own an interest in each Borrower and is subject to certain transfer restrictions with respect to its ownership interest in each Borrower as provided in the Loan Documents. In addition, the Facility contains customary representations and warranties, financial and other covenants, events of default and remedies typical for this type of facility. The initial advance of $495.2 million under the Facility occurred on January 28, 2021 and is secured by mortgages on the following twelve multifamily properties located in Arizona, Colorado, Georgia, Oregon and Texas: Estates at Johns Creek, Heritage Pointe, Providence in the Park, South Lamar Village, Verona Apartments, Westside, 81 Fifty at West Hills, Adair off Addison I & II, Montclair Terrace, Palmer at Las Colinas, and Uptown Buckhead. The mortgages contain cross-collateralization and cross-default provisions so a default on a single property could affect multiple properties securing the Facility. The proceeds from the initial advance were used to refinance or pay off $462.0 million of the Borrower’s debt. Additional information about the initial advance is as follows : Advance Loan Amount Term (years) Interest Only Total Rate Payments Fixed Advance 1 $ 235,205,000 10 Yes 2.79% Monthly Fixed Advance 2 $ 235,205,000 7 Yes 2.62% Monthly Variable Advance 1 $ 24,760,000 10 Yes 2.15% Monthly Amended and Restated Share Redemption Program On February 3, 2021, the Board of Directors of the Company (the “Board’) adopted the Fifth Amended and Restated Share Redemption Program (the “Amended SRP”) pursuant to which, subject to significant conditions and limitations of the program, stockholders can have their shares repurchased by the Company. The Amended SRP provides that redemptions will continue to be made quarterly but in an amount not to exceed proceeds from the sale of shares in the DRP in the immediately preceding calendar quarter; provided that, for any quarter in which no DRP proceeds are available, the funding limitation for the quarter will be set by the Board upon ten business days’ notice to stockholders. As there were no DRP proceeds for the fourth quarter of 2020, the Board has set the funding limitation for redemptions in the first quarter of 2021 at $2.0 million. Additional changes to the share redemption program in the Amended SRP clarify the timing of redemption procedures. The share redemption program remains suspended except with respect to redemptions sought up on a stockholder’s death, disability, or confinement to a long-term care facility (each as defined in the Amended SRP). Distributions Declared On February 3, 2021, the Board authorized a quarterly distribution for the first quarter of 2021 in the amount of $0.07 per share of common stock to stockholders of record as of the close of business on March 30, 2021, which the Company expects to pay on March 31, 2021. Investors may choose to receive cash distributions or purchase additional shares through the DRP.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Column A Column B Column C Column D Column E Column F Column G Column H Description Encumbrances Initial cost to Company Cost capitalized subsequent to acquisition Gross Amount at which carried at close of period Accumulated Depreciation Date of Construction Date Acquired Real estate owned: Residential $ — $ 9,149 $ 3,402 $ 12,551 $ (4,655 ) 1980 6/4/2014 Dallas, Texas Residential 18,876 31,856 5,114 36,970 (8,990 ) 1989 3/30/2015 Atlanta, Georgia Residential 42,650 45,653 8,415 54,068 (13,715 ) 1990 5/19/2015 Chapel Hill, North Carolina Residential 19,149 30,003 7,420 37,423 (9,388 ) 1968 8/21/2015 Homewood, Alabama Residential 33,210 20,667 3,349 24,016 (6,077 ) 1979 8/27/2015 Dallas, Texas Residential 35,035 40,194 5,268 45,462 (10,415 ) 1995 9/24/2015 Atlanta Georgia Residential 19,479 32,130 3,789 35,919 (7,555 ) 2004 10/29/2015 Portland, Oregon Residential 47,845 66,213 6,051 72,264 (14,648 ) 1991 12/18/2015 Naperville, Illinois Residential 47,146 64,181 4,373 68,554 (11,072 ) 1997 12/18/2015 Boulder, Colorado Residential 56,810 59,059 5,938 64,997 (12,807 ) 1984 1/22/2016 Centennial, Colorado Residential 25,506 55,466 7,338 62,804 (13,807 ) 2001 3/23/2016 Austin, Texas Residential 50,708 80,155 6,024 86,179 (15,510 ) 1985 5/17/2016 Portland, Oregon Residential 45,700 68,454 8,216 76,670 (14,948 ) 1991 6/28/2016 Irving, Texas Residential 36,437 47,817 1,509 49,326 (7,320 ) 1986 12/22/2016 Buffalo Grove, Illinois Residential 36,918 49,775 1,695 51,470 (8,494 ) 1984 12/23/2016 Burnsville, Minnesota Residential 39,498 54,057 1,740 55,797 (7,876 ) 1998 4/4/2017 Glendale, Arizona Residential 29,283 37,205 722 37,927 (4,215 ) 1989 10/31/2017 Lombard, Illinois $ 584,250 $ 792,034 $ 80,363 $ 872,397 $ (171,492 ) Years Ended December 31, 2020 2019 2018 Investments in real estate: Balance at beginning of the year $ 867,309 $ 912,534 $ 898,729 Improvements, etc. 7,297 8,156 15,486 Disposals during the year (2,209 ) — — Dispositions during the year — (53,381 ) (1,681 ) Balance at end of year $ 872,397 $ 867,309 $ 912,534 Accumulated Depreciation: Balance at beginning of year $ (131,779 ) $ (101,933 ) $ (61,758 ) Depreciation (40,195 ) (39,599 ) (40,611 ) Disposals 482 9,753 436 Balance at end of year $ (171,492 ) $ (131,779 ) $ (101,933 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("GAAP").
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings II, LLC N/A N/A N/A RRE Opportunity OP II, LP N/A N/A N/A RRE Oak Hill Holdings, LLC ("Oak Hill") N/A (1) N/A N/A RRE Bear Creek Holdings, LLC ("Bear Creek") Adair off Addison 152 Dallas, TX RRE Buckhead Holdings, LLC ("Buckhead") Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC ("Farrington") Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC ("Mayfair Chateau") The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC ("Fairways of Bent Tree") Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC ("Montclair Holdings") Montclair 188 Portland, OR RRE Spalding Crossing Holdings, LLC ("Spalding Crossing") 1000 Spalding Crossing 252 Atlanta, GA RRE Grand Reserve Holdings, LLC ("Grand Reserve") Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC ("Canterwood") Verdant Apartment Homes 216 Boulder, CO RRE Fox Ridge Holdings, LLC ("Fox Ridge") Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC ("Riverlodge") Ravina Apartment Homes 498 Austin, TX RRE Breckenridge Holdings, LLC ("Breckenridge") 81 Fifty at West Hills Apartment Homes 357 Portland, OR RRE Santa Rosa Holdings, LLC ("Santa Rosa") The Palmer at Las Colinas 476 Irving, TX RRE Windbrooke Holdings, LLC ("Windbrooke Crossing") Windbrooke Crossing 236 Buffalo Grove, IL RRE Woods Holdings, LLC ("The Woods of Burnsville") The Woods of Burnsville 400 Burnsville, MN RRE Indigo Creek Holdings, LLC ("Indigo Creek") Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC ("Martin's Point" Martin's Point 256 Lombard, IL 5,159 N/A - Not Applicable (1) Property was sold on February 28, 2019 All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic temporary deposits of cash. At December 31, 2020, the Company had $73.1 million of deposits at various banks, $64.9 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits.
Contractual Obligations	Contractual Obligations The Company leases equipment under leases with varying expiration dates through 2023. As of December 31, 2020, the total payments due under these obligations were approximately $12,000. Payments due by period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Operating Lease Obligations $ 12,000 $ 12,000 $ — $ — $ —
Rental Properties	Rental Properties The Company records acquired real estate at fair value on their acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life, and depreciates the asset using the straight line method. The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture and fixtures 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. As of December 31, 2020, the Company's real estate investments located in Texas, Illinois, Colorado, Oregon and Georgia represent approximately 19.5%, 19.0%, 15.6%, 14.1% and 9.0% of the portfolio. This makes it particularly susceptible to adverse economic developments in these real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could negatively affect the Company's liquidity and adversely affect its ability to fund its ongoing operations.
Impairment of Long Lived Assets	Impairment of Long Lived Assets The Company periodically evaluates its long-lived assets, primarily investments in rental properties, for impairment indicators. The review considers factors such as past and expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent 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. 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 would be the adjustment to fair value less the estimated cost to dispose of the asset. In conjunction with the Merger and for the Company’s annual estimated value per share calculation, the Company engaged with a third-party to provide the estimated fair value of its rental properties as of January 28, 2021. The Company compared these values to its carrying values and concluded that there was no indication that the carrying value of the Company’s investments in real estate were not recoverable as of December 31, 2020. There were no impairment losses recorded on long lived assets during the years ended December 31, 2020, 2019 and 2018.
Allocation of Purchase Price of Acquired Assets	Allocation of Purchase Price of Acquired Assets On January 1, 2018, the Company adopted ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU No. 2017-01"). Acquisitions that do not meet the definition of a business under this guidance are accounted for as asset acquisitions. In most cases, the Company believes that acquisitions of real estate will no longer be considered a business combination as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the screen is not met, and the Company will then perform an assessment to determine whether the set is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition including transaction costs to the assets acquired or liabilities assumed based on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the remaining term of the underlying leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does amortization periods for the intangible assets exceed the remaining depreciable life of the building. The determination of the fair value of the assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the fair value of these assets and liabilities, which could impact the Company's reported net income (loss).
Revenue Recognition And Receivables	Revenue Recognition and Receivables The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease, which is accounted for in accordance with ASC 842, Leases Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments, amenities, and revenue sharing arrangements for cable income from contracts with cable providers at the Company's properties (discussed below). A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records the utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized. The Company has revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. Included in accrued expenses and other liabilities on the consolidated balance sheets at December 31, 2020 and 2019 is a contract liability related to deferred revenue from contracts with cable providers of approximately $499,000 and $573,000, respectively. The Company recognizes income from these contracts on a straight line basis over the contract period of 10 years to 12 years. During the years ended December 31, 2020 and 2019, approximately $102,000 and $138,000, respectively of revenue from the contract liability was recognized as income. The Company evaluates its portfolio of operating leases for collectability at both the onset of the underlying leases and on an ongoing basis. Tenant receivables include amounts for which collectability was assessed as probable in accordance with the guidance in ASC 842-30. For tenant receivables, which include base rents, straight-line rentals, expense reimbursements and other revenue or income, the Company also estimates a general allowance for uncollectible accounts under ASC 450-20. The Company determines the collectability of its receivables related to rental revenue 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. If collectability is not probable, the Company adjusts rental income for the amount of the uncollectible revenue. Due to the COVID-19 pandemic, some residents have experienced difficulty making rent payments and the Company’s receivables have increased compared to historical levels. This caused the Company to further evaluate collectability during the year ended .
Income Taxes	Income Taxes The Company elected to be taxed as a REIT, commencing with its taxable year ended December 31, 2014. To maintain its REIT qualification for U.S. federal income tax purposes, the Company is generally required to distribute at least 90% of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Taxable income, generally, will differ from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as taxable REIT subsidiaries (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company’s taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of December 31, 2020 and 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 2016 and prior.
Earnings Per Share	Earnings Per Share Basic earnings (loss) per share is calculated on the basis of weighted-average common shares outstanding during the year. Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the 50,000 convertible shares (see Note 11) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of December 31, 2020 (were such date to represent the end of the contingency period). For the year ended December 31, 2020 and 2019, common shares potentially issuable to settle distributions payable are excluded from the calculation of diluted earnings per share calculations, as their inclusion would be anti-dilutive.
Reclassifications	Reclassifications Certain amounts in the prior years’ financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net loss.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. On January 1, 2020, the Company adopted ASU No. 2016-13 and the adoption did not have a significant impact on its consolidated financial statements and disclosures. 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 due to the fact there were no required changes to the Company’s disclosures. In November 2018, FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU No. 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 and disclosures. In March 2020, FASB issued ASU No. 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 year ended December 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. In April 2020, 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. Accounting Standards Issued But Not Yet Effective In August 2020, FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. ASU 2020-06 addresses the complexity of guidance for certain financial (convertible) instruments with characteristics of liabilities and equity. ASU No. 2020-06 will be effective for the Company beginning January 1, 2022. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2020-06 to have a material effect on its consolidated financial statements and disclosures due to the fact that the Company did not have instruments subject to this guidance at .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 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 Oak Hill Holdings, LLC ("Oak Hill") N/A (1) N/A N/A RRE Bear Creek Holdings, LLC ("Bear Creek") Adair off Addison 152 Dallas, TX RRE Buckhead Holdings, LLC ("Buckhead") Uptown Buckhead 216 Atlanta, GA RRE Farrington Holdings, LLC ("Farrington") Crosstown at Chapel Hill 411 Chapel Hill, NC RRE Mayfair Chateau Holdings, LLC ("Mayfair Chateau") The Brookwood 274 Homewood, AL RRE Fairways of Bent Tree Holdings, LLC ("Fairways of Bent Tree") Adair off Addison Apartment Homes 200 Dallas, TX RRE Montclair Terrace Holdings, LLC ("Montclair Holdings") Montclair 188 Portland, OR RRE Spalding Crossing Holdings, LLC ("Spalding Crossing") 1000 Spalding Crossing 252 Atlanta, GA RRE Grand Reserve Holdings, LLC ("Grand Reserve") Grand Reserve 319 Naperville, IL RRE Canterwood Holdings, LLC ("Canterwood") Verdant Apartment Homes 216 Boulder, CO RRE Fox Ridge Holdings, LLC ("Fox Ridge") Arcadia Apartment Homes 300 Centennial, CO RRE Riverlodge Holdings, LLC ("Riverlodge") Ravina Apartment Homes 498 Austin, TX RRE Breckenridge Holdings, LLC ("Breckenridge") 81 Fifty at West Hills Apartment Homes 357 Portland, OR RRE Santa Rosa Holdings, LLC ("Santa Rosa") The Palmer at Las Colinas 476 Irving, TX RRE Windbrooke Holdings, LLC ("Windbrooke Crossing") Windbrooke Crossing 236 Buffalo Grove, IL RRE Woods Holdings, LLC ("The Woods of Burnsville") The Woods of Burnsville 400 Burnsville, MN RRE Indigo Creek Holdings, LLC ("Indigo Creek") Indigo Creek 408 Glendale, AZ RRE Martin's Point Holdings, LLC ("Martin's Point" Martin's Point 256 Lombard, IL 5,159 N/A - Not Applicable (1) Property was sold on February 28, 2019
Schedule of Contractual Obligations	Payments due by period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Operating Lease Obligations $ 12,000 $ 12,000 $ — $ — $ —
Schedule of Estimated Useful Lives	The Company's estimated useful lives of its assets by class are as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture and fixtures 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table presents supplemental cash flow information (in thousands): Years Ended December 31, 2020 2019 2018 Non-cash financing and investing activities: Distributions on common stock declared but not yet paid $ — $ 5,993 $ 8,878 Stock issued pursuant to distribution reinvestment plan 3,131 14,724 20,693 Accruals for construction in process 447 1,955 424 Repayments on borrowings through refinancing 98,694 24,469 72,845 Escrow deposits funded through refinancing 3,993 580 — Deferred financing costs, interest, and fees funded through refinancing 2,852 — — Non-cash activity related to sales: Mortgage notes payable settled directly with proceeds from sale of rental property — 29,497 — Cash paid during the period for: Interest $ 18,285 $ 24,930 $ 25,508

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2020
Cash And Cash Equivalents [Abstract]
Summary of Components of Restricted Cash	A summary of the components of restricted cash follows (in thousands): December 31, 2020 December 31, 2019 Real estate taxes $ 3,823 $ 3,956 Insurance 824 877 Capital improvements 1,570 1,380 Other 3,258 321 Total $ 9,475 $ 6,534 Unrestricted cash designated for capital expenditures $ 14,431 $ 21,706

Rental Properties, Net (Tables)

Rental Properties, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of Investments in Rental Properties	The Company’s investments in rental properties consisted of the following (in thousands): December 31, 2020 December 31, 2019 Land $ 119,028 $ 119,028 Building and improvements 726,037 720,420 Furniture, fixtures and equipment 26,205 25,906 Construction in progress 1,127 1,955 872,397 867,309 Less: accumulated depreciation (171,492 ) (131,779 ) $ 700,905 $ 735,530

Disposition of Property (Tables

Disposition of Property (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations And Disposal Groups [Abstract]
Summary of Details of Disposition Activity	The Company disposed of one property during the year ended December 31, 2019. There were no dispositions during the years ended December 31, 2020 or 2018 Multifamily Community Location Sale Date Contract Sales Price Net Gain on Disposition Revenue Attributable to Property Sold Net Loss to Property Sold (1) Overton Trails Fort Worth, Texas February 28, 2019 $ 64,000 $ 20,619 $ 1,143 $ (249 ) (1) Excludes net gain on disposition

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following table presents a summary of the Company's mortgage notes payable, net (in thousands): December 31, 2020 December 31, 2019 Collateral Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Outstanding borrowings Premium, net Deferred Financing Costs, net Carrying Value Uptown Buckhead $ 18,876 $ — $ (144 ) $ 18,732 $ 19,264 $ — $ (178 ) $ 19,086 Crosstown at Chapel Hill 42,650 — (264 ) 42,386 42,650 — (325 ) 42,325 The Brookwood - Key Bank 16,632 83 (39 ) 16,676 17,063 186 (88 ) 17,161 The Brookwood - Capital One 2,517 6 (7 ) 2,516 2,566 14 (15 ) 2,565 Adair off Addison and Adair off Addison Apartment Homes 33,210 — (317 ) 32,893 33,210 — (380 ) 32,830 1000 Spalding Crossing 35,035 — (329 ) 34,706 23,737 — (113 ) 23,624 Montclair Terrace 19,479 — (127 ) 19,352 19,958 — (182 ) 19,776 Grand Reserve 47,845 — (473 ) 47,372 47,845 — (539 ) 47,306 Verdant Apartment Homes 47,146 — (372 ) 46,774 36,913 — (178 ) 36,735 Arcadia Apartment Homes 56,810 — (494 ) 56,316 39,782 — (195 ) 39,587 Ravina Apartment Homes 25,506 — (93 ) 25,413 26,241 — (165 ) 26,076 81 Fifty at West Hills Apartment Homes 50,708 — (260 ) 50,448 51,833 — (368 ) 51,465 The Palmer at Las Colinas 45,700 — (370 ) 45,330 45,700 — (437 ) 45,263 Windbrooke Crossing 36,437 — (202 ) 36,235 37,222 — (272 ) 36,950 Woods of Burnsville 36,918 — (265 ) 36,653 37,744 — (355 ) 37,389 Indigo Creek 39,498 — (243 ) 39,255 40,402 — (320 ) 40,082 Martin's Point 29,283 — (226 ) 29,057 29,944 — (289 ) 29,655 $ 584,250 $ 89 $ (4,225 ) $ 580,114 $ 552,074 $ 200 $ (4,399 ) $ 547,875 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages): Maturity Date Margin over LIBOR Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Uptown Buckhead 7/1/2025 2.22 % 2.36 % $ 70 $ 55 (1)(3)(5)(9) Crosstown at Chapel Hill 7/1/2025 1.77 % 1.91 % 106 68 (1)(3)(4) The Brookwood - Key Bank 11/1/2021 — 4.73 % 104 66 (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 % 1.78 % 91 74 (1)(3)(4)(7)(9) 1000 Spalding Crossing 12/1/2027 — 2.51 % 74 60 (2)(4)(8) Montclair Terrace 6/1/2023 2.45 % 2.59 % 80 30 (1)(3)(6)(9) Grand Reserve 5/1/2028 1.72 % 1.86 % 76 184 (1)(3)(4) Verdant Apartment Homes 12/1/2027 — 2.57 % 102 40 (2)(4)(8) Arcadia Apartment Homes 12/1/2027 — 2.57 % 123 43 (2)(4)(8) Ravina Apartment Homes 5/1/2022 — 3.76 % 144 148 (2)(6) 81 Fifty at West Hills Apartment Homes 7/1/2023 2.36 % 2.50 % 205 58 (1)(3)(6)(9) The Palmer at Las Colinas 9/1/2026 2.11 % 2.25 % 104 156 (1)(3)(4)(9) Windbrooke Crossing 1/1/2024 2.69 % 2.83 % 154 180 (1)(3)(6) Woods of Burnsville 2/1/2024 2.13 % 2.27 % 145 95 (1)(3)(6) Indigo Creek 5/1/2024 1.93 % 2.07 % 127 59 (1)(3)(6) Martin's Point 11/1/2024 1.86 % 2.00 % 111 78 (1)(3)(6) (1) Variable rate based on one-month LIBOR of 0.14388% (as of December 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 (7) Originated during the year ended December 31, 2019 through refinancing (8) Originated during the year ended December 31, 2020 through refinancing (9) Loan refinanced with new credit facility in January 2021
Schedule of Annual Principal Payments	Annual principal payments on the mortgage notes payable for each of the next five years ending December 31, and thereafter, is as follows (in thousands): 2021 $ 26,486 2022 33,110 2023 75,024 2024 136,526 2025 59,722 Thereafter 253,382 $ 584,250
Amortization of Deferred Financing Costs	Amortization of deferred financing costs for the next five years ending December 31, and thereafter, are as follows (in thousands): 2021 $ 1,035 2022 927 2023 807 2024 527 2025 398 Thereafter 531 $ 4,225

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018 (in thousands): Net unrealized (loss) gain on derivatives Balance, January 1, 2018 $ (444 ) Reclassification adjustment for realized loss on designated derivatives 130 Unrealized loss on designated derivatives (65 ) Balance, December 31, 2018 (379 ) Reclassification adjustment for realized loss on designated derivatives 268 Unrealized loss on designated derivatives (78 ) Balance, December 31, 2019 (189 ) Reclassification adjustment for realized loss on designated derivatives 95 Unrealized loss on designated derivatives (137 ) Balance, December 31, 2020 $ (231 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 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): December 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 1,588 6 Manager: Property management fees 327 328 Operating expense reimbursements — 96 Properties Meridian — 2 $ 1,915 $ 432 Years Ended December 31, 2020 2019 2018 Fees earned / expenses incurred: Advisor Asset management fees (1)(6)(7) $ 9,081 $ 9,374 $ 9,840 Debt financing fees (2)(11) 184 39 78 Disposition fees (3) — 274 — Operating expense reimbursements (4)(9) 3,902 3,462 3,708 Internal audit (10) 106 — — Manager Property management fees (1)(8) $ 3,813 $ 3,834 $ 3,888 Construction management fees (5) 352 255 859 Construction payroll reimbursements (5) — 63 121 Operating expense reimbursements (4) — 70 201 ( 1 ) Included in Management fees on the consolidated statements of operations and comprehensive loss. ( 2 ) Included in Mortgage notes payable, net on the consolidated balance sheets. ( 3 ) Included in Net gain on disposition of property on the consolidated statements of operations and comprehensive loss. (4) Included in General and administrative on the consolidated statements of operations and comprehensive loss. ( 5 ) Capitalized and included in Rental properties, net on the consolidated balance sheets. ( 6 ) Net with acquisition fees returned as a result of capital expense reallocation. ( 7 ) After the Self-Management Transaction on September 8, 2020, $2.9 million of this balance was earned by OP I. ( 8 ) After the Self-Management Transaction on September 8, 2020, $1.2 million of this balance was earned by OP I. ( 9 ) After the Self-Management Transaction on September 8, 2020, $1.5 million of this balance was earned by OP I. ( 10 ) After the Self-Management Transaction on September 8, 2020, approximately $33,000 of this balance was earned by OP I. (11) After the Self-Management Transaction on September 8, 2020, approximately $184,000 of this balance was earned by OP I.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Common Stock	As of December 31, 2020, the Company had an aggregate of 60,026,513 shares of $0.01 par value common stock outstanding, including the Advisor's additional purchase of 117,778 shares of common stock for $1.1 million, as follows (dollars in thousands): Shares Gross Proceeds Shares issued through initial public offering 55,791,297 $ 556,197 Shares issued through stock distributions 246,365 — Shares issued through distribution reinvestment plan 10,197,726 88,479 Advisor's initial investment, net of 5,000 share conversion 15,000 150 Total 66,250,388 $ 644,826 Shares redeemed and retired (6,223,875 ) Total shares outstanding 60,026,513 During the year ended December 31, 2020, the Company redeemed shares of common stock as follows (in thousands, except per share data): Period Total Number of Shares Redeemed (1) Average Price Paid per Share Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program (2) Approximate Dollar Value of Shares Available That May Yet Be Redeemed Under the Program January 2020 — — — (2) February 2020 — — — (2) March 2020 140 $ 8.77 140 (2) April 2020 — — — (2) May 2020 — — — (2) June 2020 120 $ 9.08 260 (2) July 2020 — — — (2) August 2020 — — — (2) September 2020 — — — (2) October 2020 — — — (2) November 2020 — — — (2) December 2020 179 $ 9.08 439 (2) (1) All purchases of equity securities by the Company in the year ended December 31, 2020 were made pursuant to the Company's share redemption program. (2) The Company currently limits the dollar value and number of shares that may be repurchased under the program, as discussed below.
Schedule of Distributions	For the year ended December 31, 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 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 year ended December 31, 2020 (in thousands): Total aggregate distributions paid $ 6,004 Less: distribution payable at December 31, 2019 (5,993 ) Add: distribution payable at December 31, 2020 — True-up of prior year cash distributions declared $ 11

Fair Value Measures and Discl_2

Fair Value Measures and Disclosures (Tables)	12 Months Ended
	Dec. 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 December 31, 2020 Assets: Interest rate caps $ — $ 25 $ — $ 25 $ — $ 25 $ — $ 25 December 31, 2019 Assets: Interest rate caps $ — $ 9 $ — $ 9 $ — $ 9 $ — $ 9
Carrying Amounts and Fair Values of Mortgage Notes Payable	The outstanding balance and estimated fair value of the Company’s mortgage notes payable are as follows (in thousands): December 31, 2020 December 31, 2019 Outstanding Balance Estimated Fair Value Outstanding Balance Estimated Fair Value Mortgage notes payable $ 584,250 $ 576,693 $ 552,074 $ 545,249

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	As of December 31, 2020, the Company had the following outstanding interest rate derivatives (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Maturity Dates Interest rate caps 11 $ 405,264 July 1, 2021 through September 1, 2024
Fair Value of Derivative Financial Instruments and Balance Sheet Classification	The table below presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of December 31, 2020 and 2019 (in thousands): Asset Derivatives Liabilities Derivatives December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Interest rate caps $ 25 Interest rate caps $ 9 — $ — — $ —
Effect of Derivative Financial Instruments on The Consolidated Statements of Operations and Comprehensive Loss	The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative for the Years Ended Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Loss Reclassified from Accumulated OCI into Income for the Years Ended Interest rate caps $ 137 $ (95 ) Interest expense $ (95 ) $ (285 )

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Data [Abstract]
Summary of Operating Results by Quarter	The following tables present the Company's operating results by quarter (in thousands, except share data): Quarterly Results for 2020 March 31 June 30 September 30 December 30 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 21,407 $ 21,353 $ 21,411 $ 21,639 Net loss $ (7,926 ) $ (6,863 ) $ (9,369 ) $ (9,066 ) Basic and diluted net loss per common share $ (0.13 ) $ (0.11 ) $ (0.16 ) $ (0.15 ) Quarterly Results for 2019 March 31 June 30 September 30 December 30 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 21,959 $ 21,222 $ 21,312 $ 21,188 Net income (loss) $ 11,697 $ (8,109 ) $ (8,688 ) $ (6,844 ) Basic and diluted net income (loss) per common share $ 0.19 $ (0.13 ) $ (0.14 ) $ (0.12 )

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Summary of Additional Information about Initial Advance	Additional information about the initial advance is as follows : Advance Loan Amount Term (years) Interest Only Total Rate Payments Fixed Advance 1 $ 235,205,000 10 Yes 2.79% Monthly Fixed Advance 2 $ 235,205,000 7 Yes 2.62% Monthly Variable Advance 1 $ 24,760,000 10 Yes 2.15% Monthly

Nature of Business and Operat_2

Nature of Business and Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 28, 2021	Dec. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock, shares issued (in shares)		60,026,513	60,094,623
Issuance of common stock		$ 644,826
REIT I Merger Agreement
Class Of Stock [Line Items]
Date of merger agreement		Sep. 8, 2020
REIT I Merger Agreement | Subsequent Events
Class Of Stock [Line Items]
Effective date of merger agreement	Jan. 28, 2021
REIT I Company Merger | Subsequent Events
Class Of Stock [Line Items]
Convertible common stock, right to receive number of shares at the effective time of merger	1.22423
Convertible common stock, right to receive cash per share without interest at the effective time of merger	$ 0.02
REIT I Partnership Merger | Subsequent Events
Class Of Stock [Line Items]
Convertible common stock, right to receive number of shares at the effective time of merger	1.22423
Series A cumulative participating redeemable preferred unit, description	each Series A Cumulative Participating Redeemable Preferred Unit in OP I issued and outstanding immediately prior to the effective time of the REIT I Partnership Merger converted into the right to receive one Series A Cumulative Participating Redeemable Preferred Unit in OP II.
REIT III Merger Agreement
Class Of Stock [Line Items]
Date of merger agreement		Sep. 8, 2020
REIT III Merger Agreement | Subsequent Events
Class Of Stock [Line Items]
Effective date of merger agreement	Jan. 28, 2021
Convertible common stock, right to receive number of shares at the effective time of merger	0.925862
Shares issued through distribution reinvestment plan
Class Of Stock [Line Items]
Common stock, purchase price percentage equal to estimated net asset value per share		95.00%
Common stock, shares issued (in shares)		10,197,726
Issuance of common stock		$ 88,479
Shares issued through initial public offering
Class Of Stock [Line Items]
Shares issued through the distribution reinvestment plan (in shares)		60,026,513
Common stock, shares issued (in shares)		55,791,297
Issuance of common stock		$ 556,197

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Subsidiaries (Details)	Dec. 31, 2020unit
Property, Plant and Equipment [Line Items]
Number of Units	5,159
Adair off Addison
Property, Plant and Equipment [Line Items]
Number of Units	152
Uptown Buckhead
Property, Plant and Equipment [Line Items]
Number of Units	216
Crosstown at Chapel Hill
Property, Plant and Equipment [Line Items]
Number of Units	411
The Brookwood
Property, Plant and Equipment [Line Items]
Number of Units	274
Adair off Addison Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	200
Montclair Terrace
Property, Plant and Equipment [Line Items]
Number of Units	188
1000 Spalding Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	252
Grand Reserve
Property, Plant and Equipment [Line Items]
Number of Units	319
Verdant Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	216
Arcadia Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	300
Ravina Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	498
81 Fifty at West Hills Apartment Homes
Property, Plant and Equipment [Line Items]
Number of Units	357
The Palmer at Las Colinas
Property, Plant and Equipment [Line Items]
Number of Units	476
Windbrooke Crossing
Property, Plant and Equipment [Line Items]
Number of Units	236
The Woods of Burnsville
Property, Plant and Equipment [Line Items]
Number of Units	400
Indigo Creek
Property, Plant and Equipment [Line Items]
Number of Units	408
Martin's Point
Property, Plant and Equipment [Line Items]
Number of Units	256

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Deposits at various banks	$ 73,100,000
Cash, uninsured amount	64,900,000
Total payments due under lease obligations	12,000
Improvements and replacements in excess of threshold, capitalized amount	$ 1,000
Improvements and replacements, useful life greater than or equal to one year, capitalization threshold (in years)	1 year
Management fee (as percent)	5.00%
Impairment of real estate	$ 0	$ 0	$ 0
Future minimum rental payments to be received from noncancelable operating leases, current	42,800,000
Future minimum rental payments to be received from noncancelable operating leases, in two years	674,775
Future minimum rental payments to be received from noncancelable operating leases, thereafter	0
Allowance for uncollectible receivables	$ 333,000	$ 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)	60,026,513	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
Less Than 30 Days Past Due
Property, Plant and Equipment [Line Items]
Receivables percentage included in the allowance balance	21.90%
31-60 Days Past Due
Property, Plant and Equipment [Line Items]
Receivables percentage included in the allowance balance	20.80%
61-90 Days Past Due
Property, Plant and Equipment [Line Items]
Receivables percentage included in the allowance balance	1.30%
Over 90 Days Past Due
Property, Plant and Equipment [Line Items]
Receivables percentage included in the allowance balance	56.00%
ASU No 2014-09
Property, Plant and Equipment [Line Items]
Revenue recognized from contract with customer liability	$ 102,000	$ 138,000
ASU No. 2016-13
Property, Plant and Equipment [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
ASU No. 2018-13
Property, Plant and Equipment [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2018-19
Property, Plant and Equipment [Line Items]
Change in accounting principle, accounting standards update, early adoption	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
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	$ 499,000	$ 573,000
Texas | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Real estate investment	19.50%
Illinois | Geographic concentration risk
Property, Plant and Equipment [Line Items]
Real estate investment	19.00%
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	9.00%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Contractual Obligations (Details)	Dec. 31, 2020USD ($)
Accounting Policies [Abstract]
Total payments due under lease obligations	$ 12,000
Operating lease obligations, payments due by period, Less than 1 Year	$ 12,000

Summary of Significant Accoun_7

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

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-cash financing and investing activities:
Distributions on common stock declared but not yet paid	$ 0	$ 5,993	$ 8,878
Stock issued pursuant to distribution reinvestment plan	3,131	14,724	20,693
Accruals for construction in process	447	1,955	424
Repayments on borrowings through refinancing	98,694	24,469	72,845
Escrow deposits funded through refinancing	3,993	580
Deferred financing costs, interest, and fees funded through refinancing	2,852
Non-cash activity related to sales:
Mortgage notes payable settled directly with proceeds from sale of rental property		29,497
Cash paid during the period for:
Interest	$ 18,285	$ 24,930	$ 25,508

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 9,475	$ 6,534	$ 7,813
Unrestricted cash designated for capital expenditures	14,431	21,706
Real Estate Taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,823	3,956
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	824	877
Capital Improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,570	1,380
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 3,258	$ 321

Rental Properties, Net - Schedu

Rental Properties, Net - Schedule of Investments in Rental Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Rental Properties, Net:
Land	$ 119,028	$ 119,028
Building and improvements	726,037	720,420
Furniture, fixtures and equipment	26,205	25,906
Construction in progress	1,127	1,955
Rental properties, gross	872,397	867,309
Less: accumulated depreciation	(171,492)	(131,779)
Rental properties, net	$ 700,905	$ 735,530

Rental Properties, Net - Additi

Rental Properties, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Rental Properties, Net:
Depreciation expense	$ 40.2	$ 39.6	$ 40.6

Disposition of Property - Addit

Disposition of Property - Additional Information (Details) - property	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	1	0

Disposition of Property - Summa

Disposition of Property - Summary of Details of Disposition Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net Gain on Disposition	$ 0	$ 20,619	$ 0
Overton Trails | Texas
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Contract Sales Price	64,000
Net Gain on Disposition	20,619
Revenue Attributable to Property Sold	1,143
Net Loss to Property Sold	$ (249)

Identified Intangible Assets,_2

Identified Intangible Assets, Net (Details) - Acquired in-place leases - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	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	$ 813,000

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding borrowings		$ 584,250
Deferred Financing Costs, net		(4,225)
Carrying Value		580,114	$ 547,875
Mortgage notes payable
Debt Instrument [Line Items]
Outstanding borrowings		584,250	552,074
Premium, net		(89)	(200)
Deferred Financing Costs, net		(4,225)	(4,399)
Carrying Value		580,114	547,875
Mortgage notes payable | Uptown Buckhead
Debt Instrument [Line Items]
Outstanding borrowings		18,876	19,264
Deferred Financing Costs, net		(144)	(178)
Carrying Value		$ 18,732	19,086
Maturity Date	[1],[2],[3],[4]	Jul. 1, 2025
Annual Interest Rate	[1],[2],[3],[4]	2.36%
Average Monthly Debt Service	[1],[2],[3],[4]	$ 70
Average Monthly Escrow	[1],[2],[3],[4]	$ 55
Mortgage notes payable | Uptown Buckhead | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[1],[2],[3],[4]	2.22%
Mortgage notes payable | Crosstown at Chapel Hill
Debt Instrument [Line Items]
Outstanding borrowings		$ 42,650	42,650
Deferred Financing Costs, net		(264)	(325)
Carrying Value		$ 42,386	42,325
Maturity Date	[3],[4],[5],[6]	Jul. 1, 2025
Annual Interest Rate	[3],[4],[5],[6]	1.91%
Average Monthly Debt Service	[3],[4],[5],[6]	$ 106
Average Monthly Escrow	[3],[4],[5],[6]	$ 68
Mortgage notes payable | Crosstown at Chapel Hill | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[3],[4],[5],[6]	1.77%
Mortgage notes payable | The Brookwood - Key Bank
Debt Instrument [Line Items]
Outstanding borrowings		$ 16,632	17,063
Premium, net		(83)	(186)
Deferred Financing Costs, net		(39)	(88)
Carrying Value		$ 16,676	17,161
Maturity Date	[7],[8]	Nov. 1, 2021
Annual Interest Rate	[7],[8]	4.73%
Average Monthly Debt Service	[7],[8]	$ 104
Average Monthly Escrow	[7],[8]	66
Mortgage notes payable | The Brookwood - Capital One
Debt Instrument [Line Items]
Outstanding borrowings		2,517	2,566
Premium, net		(6)	(14)
Deferred Financing Costs, net		(7)	(15)
Carrying Value		$ 2,516	2,565
Maturity Date	[7],[8]	Nov. 1, 2021
Annual Interest Rate	[7],[8]	5.40%
Average Monthly Debt Service	[7],[8]	$ 16
Mortgage notes payable | Adair off Addison and Adair off Addison Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		33,210	33,210
Deferred Financing Costs, net		(317)	(380)
Carrying Value		$ 32,893	32,830
Maturity Date	[1],[3],[4],[9]	May 1, 2026
Annual Interest Rate	[1],[3],[4],[9]	1.78%
Average Monthly Debt Service	[1],[3],[4],[9]	$ 91
Average Monthly Escrow	[1],[3],[4],[9]	$ 74
Mortgage notes payable | Adair off Addison and Adair off Addison Apartment Homes | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[1],[3],[4],[9]	1.64%
Mortgage notes payable | 1000 Spalding Crossing
Debt Instrument [Line Items]
Outstanding borrowings		$ 35,035	23,737
Deferred Financing Costs, net		(329)	(113)
Carrying Value		$ 34,706	23,624
Maturity Date	[5],[8]	Dec. 1, 2027
Annual Interest Rate	[5],[8]	2.51%
Average Monthly Debt Service	[5],[8]	$ 74
Average Monthly Escrow	[5],[8]	60
Mortgage notes payable | Ravina Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		25,506	26,241
Deferred Financing Costs, net		(93)	(165)
Carrying Value		$ 25,413	26,076
Maturity Date	[7],[8]	May 1, 2022
Annual Interest Rate	[7],[8]	3.76%
Average Monthly Debt Service	[7],[8]	$ 144
Average Monthly Escrow	[7],[8]	148
Mortgage notes payable | Verdant Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		47,146	36,913
Deferred Financing Costs, net		(372)	(178)
Carrying Value		$ 46,774	36,735
Maturity Date	[5],[8]	Dec. 1, 2027
Annual Interest Rate	[5],[8]	2.57%
Average Monthly Debt Service	[5],[8]	$ 102
Average Monthly Escrow	[5],[8]	40
Mortgage notes payable | Arcadia Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		56,810	39,782
Deferred Financing Costs, net		(494)	(195)
Carrying Value		$ 56,316	39,587
Maturity Date	[5],[8]	Dec. 1, 2027
Annual Interest Rate	[5],[8]	2.57%
Average Monthly Debt Service	[5],[8]	$ 123
Average Monthly Escrow	[5],[8]	43
Mortgage notes payable | Grand Reserve
Debt Instrument [Line Items]
Outstanding borrowings		47,845	47,845
Deferred Financing Costs, net		(473)	(539)
Carrying Value		$ 47,372	47,306
Maturity Date	[3],[4],[5],[6]	May 1, 2028
Annual Interest Rate	[3],[4],[5],[6]	1.86%
Average Monthly Debt Service	[3],[4],[5],[6]	$ 76
Average Monthly Escrow	[3],[4],[5],[6]	$ 184
Mortgage notes payable | Grand Reserve | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[3],[4],[5],[6]	1.72%
Mortgage notes payable | Montclair Terrace
Debt Instrument [Line Items]
Outstanding borrowings		$ 19,479	19,958
Deferred Financing Costs, net		(127)	(182)
Carrying Value		$ 19,352	19,776
Maturity Date	[1],[3],[4],[7]	Jun. 1, 2023
Annual Interest Rate	[1],[3],[4],[7]	2.59%
Average Monthly Debt Service	[1],[3],[4],[7]	$ 80
Average Monthly Escrow	[1],[3],[4],[7]	$ 30
Mortgage notes payable | Montclair Terrace | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[1],[3],[4],[7]	2.45%
Mortgage notes payable | 81 Fifty at West Hills Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		$ 50,708	51,833
Deferred Financing Costs, net		(260)	(368)
Carrying Value		$ 50,448	51,465
Maturity Date	[1],[3],[4],[5]	Jul. 1, 2023
Annual Interest Rate	[1],[3],[4],[5]	2.50%
Average Monthly Debt Service	[1],[3],[4],[5]	$ 205
Average Monthly Escrow	[1],[3],[4],[5]	$ 58
Mortgage notes payable | 81 Fifty at West Hills Apartment Homes | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[1],[3],[4],[5]	2.36%
Mortgage notes payable | The Palmer at Las Colinas
Debt Instrument [Line Items]
Outstanding borrowings		$ 45,700	45,700
Deferred Financing Costs, net		(370)	(437)
Carrying Value		$ 45,330	45,263
Maturity Date	[1],[3],[4],[5]	Sep. 1, 2026
Annual Interest Rate	[1],[3],[4],[5]	2.25%
Average Monthly Debt Service	[1],[3],[4],[5]	$ 104
Average Monthly Escrow	[1],[3],[4],[5]	$ 156
Mortgage notes payable | The Palmer at Las Colinas | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[1],[3],[4],[5]	2.11%
Mortgage notes payable | Windbrooke Crossing
Debt Instrument [Line Items]
Outstanding borrowings		$ 36,437	37,222
Deferred Financing Costs, net		(202)	(272)
Carrying Value		$ 36,235	36,950
Maturity Date	[3],[4],[5]	Jan. 1, 2024
Annual Interest Rate	[3],[4],[5]	2.83%
Average Monthly Debt Service	[3],[4],[5]	$ 154
Average Monthly Escrow	[3],[4],[5]	$ 180
Mortgage notes payable | Windbrooke Crossing | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[3],[4],[5]	2.69%
Mortgage notes payable | Woods of Burnsville
Debt Instrument [Line Items]
Outstanding borrowings		$ 36,918	37,744
Deferred Financing Costs, net		(265)	(355)
Carrying Value		$ 36,653	37,389
Maturity Date	[3],[4],[5]	Feb. 1, 2024
Annual Interest Rate	[3],[4],[5]	2.27%
Average Monthly Debt Service	[3],[4],[5]	$ 145
Average Monthly Escrow	[3],[4],[5]	$ 95
Mortgage notes payable | Woods of Burnsville | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[3],[4],[5]	2.13%
Mortgage notes payable | Indigo Creek
Debt Instrument [Line Items]
Outstanding borrowings		$ 39,498	40,402
Deferred Financing Costs, net		(243)	(320)
Carrying Value		$ 39,255	40,082
Maturity Date	[3],[4],[5]	May 1, 2024
Annual Interest Rate	[3],[4],[5]	2.07%
Average Monthly Debt Service	[3],[4],[5]	$ 127
Average Monthly Escrow	[3],[4],[5]	$ 59
Mortgage notes payable | Indigo Creek | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[3],[4],[5]	1.93%
Mortgage notes payable | Martin's Point
Debt Instrument [Line Items]
Outstanding borrowings		$ 29,283	29,944
Deferred Financing Costs, net		(226)	(289)
Carrying Value		$ 29,057	$ 29,655
Maturity Date	[3],[4],[5]	Nov. 1, 2024
Annual Interest Rate	[3],[4],[5]	2.00%
Average Monthly Debt Service	[3],[4],[5]	$ 111
Average Monthly Escrow	[3],[4],[5]	$ 78
Mortgage notes payable | Martin's Point | LIBOR
Debt Instrument [Line Items]
Margin over LIBOR	[3],[4],[5]	1.86%
[1]	Loan refinanced with new credit facility in January 2021
[2]	Monthly fixed principal plus interest payment required
[3]	Variable rate based on one-month LIBOR of 0.14388% (as of December 31, 2020) plus a fixed margin
[4]	Variable rate hedged with interest rate cap cash flow hedge
[5]	Monthly interest-only payment currently required
[6]	Originated during the year ended December 31, 2019 through refinancing
[7]	Fixed monthly payment of principal and interest payment required
[8]	Fixed rate
[9]	Originated during the year ended December 31, 2020 through refinancing

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) - USD ($)		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted average interest rate (as percent)		2.44%
Restricted cash related to escrow deposits		$ 9,500,000	$ 6,500,000
Outstanding borrowings		584,250,000
Accumulated amortization of deferred financing costs		3,700,000	3,400,000
Mortgage notes payable
Debt Instrument [Line Items]
Net unamortized fair value of debt assumed adjustment		(89,000)	(200,000)
Outstanding borrowings		584,250,000	552,074,000
Mortgage notes payable | 1000 Spalding Crossing
Debt Instrument [Line Items]
Outstanding borrowings		$ 35,035,000	23,737,000
Maturity Date	[1],[2]	Dec. 1, 2027
Mortgage notes payable | Verdant Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		$ 47,146,000	36,913,000
Maturity Date	[1],[2]	Dec. 1, 2027
Mortgage notes payable | Arcadia Apartment Homes
Debt Instrument [Line Items]
Outstanding borrowings		$ 56,810,000	$ 39,782,000
Maturity Date	[1],[2]	Dec. 1, 2027
Mortgage notes payable | Interest Expense | 1000 Spalding Crossing
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		$ 65,000
Prepayment penalties		233,000
Mortgage notes payable | Interest Expense | Verdant Apartment Homes
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		132,000
Prepayment penalties		363,000
Mortgage notes payable | Interest Expense | Arcadia Apartment Homes
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		145,000
Prepayment penalties		391,000
The Brookwood
Debt Instrument [Line Items]
Net unamortized fair value of debt assumed adjustment		$ 89,307
[1]	Fixed rate
[2]	Monthly interest-only payment currently required

Mortgage Notes Payable, Net - A

Mortgage Notes Payable, Net - Annual Principal Payments on Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 26,486
2022	33,110
2023	75,024
2024	136,526
2025	59,722
Thereafter	253,382
Total principal payments	$ 584,250

Mortgage Notes Payable, Net - D

Mortgage Notes Payable, Net - Deferred Finance Costs (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 1,035
2022	927
2023	807
2024	527
2025	398
Thereafter	531
Total deferred finance costs	$ 4,225

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	$ 216,313	$ 263,466	$ 330,660
Unrealized loss on designated derivatives	(42)	190	65
Balance, end of period	182,215	216,313	263,466
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(189)	(379)	(444)
Reclassification adjustment for realized loss on designated derivatives	95	268	130
Unrealized loss on designated derivatives	(137)	(78)	(65)
Balance, end of period	$ (231)	$ (189)	$ (379)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Catastrophic insurance, losses in excess of insurance pool, limit	$ 250,000,000
Catastrophic insurance policy expiration date	Mar. 1, 2021
General liability insured and dedicated limit per occurrence	$ 1,000,000
General liability pool claim amount limit	2,000,000
General liability loss per occurrence excess liability program	50,000,000
General liability insurance, loss covered in excess of insurance pool, limit	51,000,000
General liability pool, deductible amount per incident	$ 25,000
General liability loss policy expiration date	Mar. 1, 2021
Minimum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident	$ 25,000
Maximum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident	$ 100,000
Advisor
Related Party Transaction [Line Items]
Term of Advisory Agreement	1 year
Advisory Agreement, renewal period	1 year
Acquisition fee (as percent)	2.00%
Disposition fee as a percentage of the aggregate brokerage commission paid	50.00%
Disposition fee (as percent)	2.00%
Debt financing fee (as percent)	0.50%
Manager
Related Party Transaction [Line Items]
Property management fee (as percent)	4.50%
Construction management fee (as percent)	5.00%
Debt servicing fee (as percent)	2.75%
Debt servicing fee	$ 0	$ 0	$ 0

Related Party Transactions - Fe

Related Party Transactions - Fees Earned/Expenses Incurred and Amounts Payable to Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due from related parties	$ 0	$ 297
Due to related parties	1,915	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	1,588	6
Fees earned / expenses incurred	3,902	3,462	$ 3,708
Advisor | Asset Management Fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	9,081	9,374	9,840
Advisor | Debt Financing Fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	184	39	78
Advisor | Disposition Fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred		274
Advisor | Related Party Internal Audit
Related Party Transaction [Line Items]
Fees earned / expenses incurred	106
Manager | Operating Expense Reimbursements
Related Party Transaction [Line Items]
Due to related parties		96
Fees earned / expenses incurred		70	201
Manager | Property Management Fees
Related Party Transaction [Line Items]
Due to related parties	327	328
Fees earned / expenses incurred	3,813	3,834	3,888
Manager | Construction Management Fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	$ 352	255	859
Manager | Construction Payroll Reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses incurred		63	$ 121
Property | Meridian
Related Party Transaction [Line Items]
Due to related parties		$ 2

Related Party Transactions - _2

Related Party Transactions - Fees Earned/Expenses Incurred and Amounts Payable to Related Parties (Parenthetical) (Details) - Resource Real Estate Opportunity OP, LP.	12 Months Ended
	Dec. 31, 2020USD ($)
Advisor | Asset Management Fees
Related Party Transaction [Line Items]
Recognized as revenue	$ 2,900,000
Advisor | Operating Expense Reimbursements
Related Party Transaction [Line Items]
Recognized as revenue	1,500,000
Advisor | Related Party Internal Audit
Related Party Transaction [Line Items]
Recognized as revenue	33,000
Advisor | Debt Financing Fees
Related Party Transaction [Line Items]
Recognized as revenue	184,000
Manager | Property Management Fees
Related Party Transaction [Line Items]
Recognized as revenue	$ 1,200,000

Equity - Preferred Stock and Co

Equity - Preferred Stock and Convertible Stock (Details)	12 Months Ended
	Dec. 31, 2020event$ / sharesshares	Dec. 31, 2019$ / sharesshares	Dec. 31, 2018shares	Dec. 31, 2017shares
Class Of Stock [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares outstanding (in shares)	60,026,513	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
Advisor
Class Of Stock [Line Items]
Common stock, shares outstanding (in shares)	117,778
Convertible Stock
Class Of Stock [Line Items]
Common stock, shares outstanding (in shares)	50,000	50,000	50,000	50,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock, conversion terms, percent of paid distributions equal to price at which shares were originally sold	100.00%
Percent of annual return on shares at price equal to distributions paid	7.00%
Convertible Stock | Advisor
Class Of Stock [Line Items]
Common stock, shares outstanding (in shares)	50,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01

Equity - Common Stock (Details)

Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock, shares outstanding (in shares)	60,026,513	60,094,623
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, outstanding	$ 599	$ 600
Shares Issued (in shares)	60,026,513	60,094,623
Gross Proceeds	$ 644,826
Shares issued before redemption and retirement (in shares)	66,250,388
Share redeemed and retired (in shares)	(6,223,875)
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)	10,197,726
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
Advisor
Class Of Stock [Line Items]
Common stock, shares outstanding (in shares)	117,778
Common stock, outstanding	$ 1,100

Equity - Redemptions (Details)

Equity - Redemptions (Details) - $ / shares shares in Thousands	1 Months Ended												12 Months Ended
	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2020
Equity [Abstract]
Total Number of Shares Redeemed (in shares)	179	0	0	0	0	0	120	0	0	140	0	0
Average Price Paid per Share (in dollars per share)	$ 9.08	$ 0	$ 0	$ 0	$ 0	$ 0	$ 9.08	$ 0	$ 0	$ 8.77	$ 0	$ 0	$ 9.08
Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program (in shares)	439	0	0	0	0	0	260	0	0	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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Distributions reinvested in shares of Common Stock	$ 3,131	$ 14,724	$ 20,693
Net Cash Distributions	2,873
Total Aggregate Distributions	6,004
Less: distribution payable at December 31, 2019	(5,993)
Distribution payable	0	$ 5,993	$ 8,878
True-up of prior year cash distributions declared	11
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	Dec. 31, 2020	Dec. 31, 2019
Outstanding Balance | Mortgage notes payable
Assets:
Mortgage notes payable	$ 584,250	$ 552,074
Estimated Fair Value | Mortgage notes payable
Assets:
Mortgage notes payable	576,693	545,249
Fair Value, Measurements, Recurring
Assets:
Assets at fair value	25	9
Fair Value, Measurements, Recurring | Interest Rate Caps
Assets:
Derivative asset	25	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	25	9
Level 2 | Fair Value, Measurements, Recurring | Interest Rate Caps
Assets:
Derivative asset	25	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)	Dec. 31, 2020USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimated loss that will be reclassified to interest expense	$ 83,099

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Outstanding Interest Rate Derivatives (Details) - Derivatives Designated as Hedging Instruments $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)derivative_contract
Number of Instruments
Interest rate caps | derivative_contract	11
Notional Amount
Interest rate caps | $	$ 405,264
Minimum
Notional Amount
Maturity Dates	Jul. 1, 2021
Maximum
Notional Amount
Maturity Dates	Sep. 1, 2024

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	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Liabilities Derivatives, Fair Value	$ 0	$ 0
Interest Rate Caps
Derivative [Line Items]
Asset Derivatives, Fair Value	$ 25	$ 9

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Gain (Loss) Recognized in Income (Details) - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Interest Expense
Derivative Instruments Gain Loss [Line Items]
Amount of Loss Reclassified from Accumulated OCI into Income for the Years Ended	$ (95)	$ (285)
Interest Rate Caps
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	$ 137	$ (95)

Operating Expenses (Details)

Operating Expenses (Details)	12 Months Ended
	Dec. 31, 2020
Other Income And Expenses [Abstract]
Operating support from advisor, required reimbursement when threshold exceeded, commencement period	12 months
Limitation on total operating expenses, percentage of average invested assets for the four most recently completed fiscal quarter	2.00%
Limitation on total operating expenses, percentage of net income for the four most recently completed fiscal quarter	25.00%

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) - Summary of Operating Results by Quarter (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Rental income	$ 21,639	$ 21,411	$ 21,353	$ 21,407	$ 21,188	$ 21,312	$ 21,222	$ 21,959	$ 85,810	$ 85,681	$ 87,256
Net loss	$ (9,066)	$ (9,369)	$ (6,863)	$ (7,926)	$ (6,844)	$ (8,688)	$ (8,109)	$ 11,697	$ (33,224)	$ (11,944)	$ (35,441)
Basic and diluted net loss per common share	$ (0.15)	$ (0.16)	$ (0.11)	$ (0.13)	$ (0.12)	$ (0.14)	$ (0.13)	$ 0.19	$ (0.55)	$ (0.20)	$ (0.58)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	Feb. 03, 2021$ / shares	Jan. 28, 2021USD ($)unitpropertyState$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)unit	Dec. 31, 2020USD ($)unit	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Subsequent Event [Line Items]
Number of multifamily units owned | unit				5,159	5,159
Refinance or pay off of borrower's debt					$ 8,121,000	$ 5,760,000	$ 4,660,000
DRP proceeds				$ 0
Scenario Forecast
Subsequent Event [Line Items]
Funding limitation for redemptions			$ 2,000,000
Subsequent Events
Subsequent Event [Line Items]
Number of properties owned | property		51
Number of states in which entity owns properties | State		15
Share redemption program description	The Amended SRP provides that redemptions will continue to be made quarterly but in an amount not to exceed proceeds from the sale of shares in the DRP in the immediately preceding calendar quarter; provided that, for any quarter in which no DRP proceeds are available, the funding limitation for the quarter will be set by the Board upon ten business days’ notice to stockholders
Dividend distribution declared date	Feb. 3, 2021
Dividends payable, amount per share | $ / shares	$ 0.07
Dividend distribution record date	Mar. 30, 2021
Dividend distribution payable date	Mar. 31, 2021
Subsequent Events | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Subsequent Event [Line Items]
Facility termination period		15 years
Convertible loan advances from variable to fixed Description		Borrower has the option to convert variable advances to fixed advances beginning on the first day of the second year of the variable advance term and ending seven years prior to the Facility Termination Date, subject to the satisfaction of customary requirements set forth in the Loan Documents.
Initial advance amount		$ 495,200,000
Number of real estate properties secured by mortgage | property		12
Refinance or pay off of borrower's debt		$ 462,000,000
Subsequent Events | Fixed Advances | Minimum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Subsequent Event [Line Items]
Facility termination period		5 years
Subsequent Events | Fixed Advances | Maximum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Subsequent Event [Line Items]
Facility termination period		15 years
Subsequent Events | Variable Advances | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Subsequent Event [Line Items]
Facility termination period		10 years
Initial advance amount		$ 24,760,000
Subsequent Events | Variable Advances | Minimum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Subsequent Event [Line Items]
Facility termination period		5 years
Subsequent Events | Variable Advances | Maximum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Subsequent Event [Line Items]
Facility termination period		10 years
Subsequent Events | Multifamily
Subsequent Event [Line Items]
Number of multifamily units owned | unit		14,995
REIT I Merger Agreement
Subsequent Event [Line Items]
Date of merger agreement					Sep. 8, 2020
REIT I Merger Agreement | Subsequent Events
Subsequent Event [Line Items]
Effective date of merger agreement		Jan. 28, 2021
REIT III Merger Agreement
Subsequent Event [Line Items]
Date of merger agreement					Sep. 8, 2020
REIT III Merger Agreement | Subsequent Events
Subsequent Event [Line Items]
Effective date of merger agreement		Jan. 28, 2021
Convertible common stock, right to receive number of shares at the effective time of merger | shares		0.925862
REIT I Company Merger | Subsequent Events
Subsequent Event [Line Items]
Convertible common stock, right to receive number of shares at the effective time of merger | shares		1.22423
Convertible common stock, right to receive cash per share without interest at the effective time of merger | $ / shares		$ 0.02
REIT I Partnership Merger | Subsequent Events
Subsequent Event [Line Items]
Convertible common stock, right to receive number of shares at the effective time of merger | shares		1.22423
Series A cumulative participating redeemable preferred unit, description		each Series A Cumulative Participating Redeemable Preferred Unit in OP I issued and outstanding immediately prior to the effective time of the REIT I Partnership Merger converted into the right to receive one Series A Cumulative Participating Redeemable Preferred Unit in OP II.

Subsequent Events - Summary of

Subsequent Events - Summary of Additional Information about Initial Advance (Details) - Structured Credit Facility Transaction - Subsequent Events - CBRE Multifamily Capital, Inc. - Borrowers	Jan. 28, 2021USD ($)
Debt Instrument [Line Items]
Loan Amount	$ 495,200,000
Term (years)	15 years
Fixed Advance 1
Debt Instrument [Line Items]
Loan Amount	$ 235,205,000
Term (years)	10 years
Interest Only	Yes
Payments	Monthly
Total Rate	2.79%
Fixed Advance 2
Debt Instrument [Line Items]
Loan Amount	$ 235,205,000
Term (years)	7 years
Interest Only	Yes
Payments	Monthly
Total Rate	2.62%
Variable Advance 1
Debt Instrument [Line Items]
Loan Amount	$ 24,760,000
Term (years)	10 years
Interest Only	Yes
Payments	Monthly
Total Rate	2.15%

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation - Schedule of Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 584,250
Initial cost to Company		792,034
Cost capitalized subsequent to acquisition		80,363
Gross Amount at which carried at close of period	$ 912,534	872,397	$ 867,309	$ 898,729
Accumulated Depreciation	$ (101,933)	(171,492)	$ (131,779)	$ (61,758)
Residential, Dallas, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		0
Initial cost to Company		9,149
Cost capitalized subsequent to acquisition		3,402
Gross Amount at which carried at close of period		12,551
Accumulated Depreciation		(4,655)
Date of Construction	1980
Date Acquired	Jun. 4, 2014
Residential, Fort Worth, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		18,876
Initial cost to Company		31,856
Cost capitalized subsequent to acquisition		5,114
Gross Amount at which carried at close of period		36,970
Accumulated Depreciation		(8,990)
Date of Construction	1989
Date Acquired	Mar. 30, 2015
Residential, Chapel Hill, North Carolina
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		42,650
Initial cost to Company		45,653
Cost capitalized subsequent to acquisition		8,415
Gross Amount at which carried at close of period		54,068
Accumulated Depreciation		(13,715)
Date of Construction	1990
Date Acquired	May 19, 2015
Residential, Homewood, Alabama
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		19,149
Initial cost to Company		30,003
Cost capitalized subsequent to acquisition		7,420
Gross Amount at which carried at close of period		37,423
Accumulated Depreciation		(9,388)
Date of Construction	1968
Date Acquired	Aug. 21, 2015
Residential, Dallas, Texas, Property 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		33,210
Initial cost to Company		20,667
Cost capitalized subsequent to acquisition		3,349
Gross Amount at which carried at close of period		24,016
Accumulated Depreciation		(6,077)
Date of Construction	1979
Date Acquired	Aug. 27, 2015
Residential, Atlanta, Georgia, Property 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		35,035
Initial cost to Company		40,194
Cost capitalized subsequent to acquisition		5,268
Gross Amount at which carried at close of period		45,462
Accumulated Depreciation		(10,415)
Date of Construction	1995
Date Acquired	Sep. 24, 2015
Residential, Portland, Oregon
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		19,479
Initial cost to Company		32,130
Cost capitalized subsequent to acquisition		3,789
Gross Amount at which carried at close of period		35,919
Accumulated Depreciation		(7,555)
Date of Construction	2004
Date Acquired	Oct. 29, 2015
Residential, Naperville, Illinois
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		47,845
Initial cost to Company		66,213
Cost capitalized subsequent to acquisition		6,051
Gross Amount at which carried at close of period		72,264
Accumulated Depreciation		(14,648)
Date of Construction	1991
Date Acquired	Dec. 18, 2015
Residential, Boulder, Colorado
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		47,146
Initial cost to Company		64,181
Cost capitalized subsequent to acquisition		4,373
Gross Amount at which carried at close of period		68,554
Accumulated Depreciation		(11,072)
Date of Construction	1997
Date Acquired	Dec. 18, 2015
Residential, Centennial, Colorado
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		56,810
Initial cost to Company		59,059
Cost capitalized subsequent to acquisition		5,938
Gross Amount at which carried at close of period		64,997
Accumulated Depreciation		(12,807)
Date of Construction	1984
Date Acquired	Jan. 22, 2016
Residential, Austin, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		25,506
Initial cost to Company		55,466
Cost capitalized subsequent to acquisition		7,338
Gross Amount at which carried at close of period		62,804
Accumulated Depreciation		(13,807)
Date of Construction	2001
Date Acquired	Mar. 23, 2016
Residential, Portland, Oregon, Property 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		50,708
Initial cost to Company		80,155
Cost capitalized subsequent to acquisition		6,024
Gross Amount at which carried at close of period		86,179
Accumulated Depreciation		(15,510)
Date of Construction	1985
Date Acquired	May 17, 2016
Residential, Irving, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		45,700
Initial cost to Company		68,454
Cost capitalized subsequent to acquisition		8,216
Gross Amount at which carried at close of period		76,670
Accumulated Depreciation		(14,948)
Date of Construction	1991
Date Acquired	Jun. 28, 2016
Residential, Buffalo Grove, Illinois
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		36,437
Initial cost to Company		47,817
Cost capitalized subsequent to acquisition		1,509
Gross Amount at which carried at close of period		49,326
Accumulated Depreciation		(7,320)
Date of Construction	1986
Date Acquired	Dec. 22, 2016
Residential, Burnsville, Minnesota
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		36,918
Initial cost to Company		49,775
Cost capitalized subsequent to acquisition		1,695
Gross Amount at which carried at close of period		51,470
Accumulated Depreciation		(8,494)
Date of Construction	1984
Date Acquired	Dec. 23, 2016
Residential, Glendale, Arizona
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		39,498
Initial cost to Company		54,057
Cost capitalized subsequent to acquisition		1,740
Gross Amount at which carried at close of period		55,797
Accumulated Depreciation		(7,876)
Date of Construction	1998
Date Acquired	Apr. 4, 2017
Residential, Lombard, Illinois
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		29,283
Initial cost to Company		37,205
Cost capitalized subsequent to acquisition		722
Gross Amount at which carried at close of period		37,927
Accumulated Depreciation		$ (4,215)
Date of Construction	1989
Date Acquired	Oct. 31, 2017

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation - Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in real estate:
Balance at beginning of the year	$ 867,309	$ 912,534	$ 898,729
Improvements, etc.	7,297	8,156	15,486
Disposals during the year	(2,209)
Dispositions during the year		(53,381)	(1,681)
Balance at end of year	872,397	867,309	912,534
Accumulated Depreciation:
Balance at beginning of year	(131,779)	(101,933)	(61,758)
Depreciation	(40,195)	(39,599)	(40,611)
Disposals	482	9,753	436
Balance at end of year	$ (171,492)	$ (131,779)	$ (101,933)