Pacific Oak Strategic Opportunity Reit Ii 10-Q 12 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
Entity Listings [Line Items]
Entity Registrant Name	KBS Strategic Opportunity REIT II, Inc.
Entity Central Index Key	1,580,673
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A [Member]
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		15,079,322
Class T [Member]
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		9,361,742

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Real estate, net	$ 318,049	$ 317,323
Real estate loan receivable, net	3,461	3,442
Total real estate and real estate-related investments, net	321,510	320,765
Cash and cash equivalents	70,518	43,741
Restricted cash	3,320	3,385
Investment in unconsolidated entity	2,414	2,385
Rents and other receivables	1,762	2,388
Above-market leases, net	19	21
Due from affiliate	21	0
Prepaid expenses and other assets	9,729	10,529
Total assets	409,293	383,214
Liabilities and equity
Notes payable, net	209,420	208,581
Accounts payable and accrued liabilities	6,285	7,101
Due to affiliates	1,107	812
Distributions payable	305	274
Below-market leases, net	775	949
Other liabilities	4,009	3,408
Total liabilities	221,901	221,125
Commitments and contingencies (Note 11)
Redeemable common stock	2,406	2,121
Equity
Preferred stock, $.01 par value; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	205,459	176,021
Cumulative distributions and net losses	(32,149)	(27,817)
Accumulated other comprehensive loss	(82)	(111)
Total KBS Strategic Opportunity REIT II, Inc. stockholders’ equity	173,462	148,294
Noncontrolling interests	11,524	11,674
Total equity	184,986	159,968
Total liabilities and equity	409,293	383,214
Class A [Member]
Equity
Common stock	148	140
Class T [Member]
Equity
Common stock	$ 86	$ 61

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	14,797,382	14,074,793
Common stock, shares outstanding	14,797,382	14,074,793
Class T [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	8,622,239	6,046,591
Common stock, shares outstanding	8,622,239	6,046,591

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Hotel revenues	$ 4,843	$ 3,647
Office revenues	1,824	338
Apartment revenues	1,739	0
Interest income from real estate loans receivable	99	99
Total revenues	8,505	4,084
Expenses:
Hotel expenses	4,244	3,367
Office expenses	580	78
Apartment expenses	836	0
Asset management fees to affiliate	504	251
General and administrative expenses	566	698
Depreciation and amortization	2,853	1,280
Interest expense	1,709	665
Total expenses	11,292	6,339
Other income:
Other interest income	96	15
Equity in income of unconsolidated entity	13	0
Total other income, net	109	15
Net loss	(2,678)	(2,240)
Net loss attributable to noncontrolling interests	230	148
Net loss attributable to common stockholders	(2,448)	(2,092)
Class A [Member]
Other income:
Net loss attributable to common stockholders	$ (1,535)	$ (2,062)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.11)	$ (0.18)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	14,516,206	11,205,207
Class T [Member]
Other income:
Net loss attributable to common stockholders	$ (913)	$ (30)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.13)	$ (0.19)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	7,095,818	156,112

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,678)	$ (2,240)
Other comprehensive loss:
Foreign currency translation gain	29	0
Total other comprehensive income	29	0
Total comprehensive loss	(2,649)	(2,240)
Total comprehensive loss attributable to noncontrolling interests	230	148
Total comprehensive loss attributable to common stockholders	$ (2,419)	$ (2,092)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A [Member]	Class T [Member]	Total Stockholders’ Equity [Member]	Common Stock [Member]Class A [Member]	Common Stock [Member]Class T [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions and Net Losses [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interests [Member]
Balance, shares at Dec. 31, 2015					9,619,143	0
Balance, value at Dec. 31, 2015	$ 70,742			$ 66,452	$ 96	$ 0	$ 79,622	$ (13,266)	$ 0	$ 4,290
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(6,495)			(6,490)				(6,490)		(5)
Other comprehensive income (loss)	(111)			(111)					(111)
Issuance of common stock, shares					4,104,345	5,955,697
Issuance of common stock, value	97,409			97,409	$ 41	$ 60	97,308
Stock distribution declared, shares					422,829	90,894
Stock distribution declared, value	0				$ 4	$ 1	5,095	(5,100)
Redemptions of common stock, shares					(71,524)
Redemptions of common stock, value	(591)			(591)	$ (1)		(590)
Transfers to redeemable common stock	(1,029)			(1,029)			(1,029)
Distributions declared	(2,961)			(2,961)				(2,961)
Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate	(6,213)			(6,213)			(6,213)
Reduction of other offering costs	1,828			1,828			1,828
Noncontrolling interests contributions	7,389									7,389
Balance, shares at Dec. 31, 2016		14,074,793	6,046,591		14,074,793	6,046,591
Balance, value at Dec. 31, 2016	159,968			148,294	$ 140	$ 61	176,021	(27,817)	(111)	11,674
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,678)			(2,448)				(2,448)		(230)
Other comprehensive income (loss)	29			29					29
Issuance of common stock, shares					674,881	2,542,560
Issuance of common stock, value	30,967			30,967	$ 7	$ 25	30,935
Stock distribution declared, shares					71,437	33,088
Stock distribution declared, value	0				$ 1	$ 0	1,031	(1,032)
Redemptions of common stock, shares					(23,729)
Redemptions of common stock, value	(216)			(216)	$ 0		(216)
Transfers to redeemable common stock	(285)			(285)			(285)
Distributions declared	(852)			(852)				(852)
Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate	(1,716)			(1,716)			(1,716)
Other offering costs	(311)			(311)			(311)
Noncontrolling interests contributions	80									80
Balance, shares at Mar. 31, 2017		14,797,382	8,622,239		14,797,382	8,622,239
Balance, value at Mar. 31, 2017	$ 184,986			$ 173,462	$ 148	$ 86	$ 205,459	$ (32,149)	$ (82)	$ 11,524

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Cash Flows from Operating Activities:
Net loss	$ (2,678)	$ (2,240)	$ (6,495)
Adjustment to reconcile net loss to net cash provided by (used in) operating activities
Equity in income of unconsolidated entity	(13)	0
Distribution of earnings from unconsolidated joint venture	13	0
Depreciation and amortization	2,853	1,280
Insurance proceeds received for repair and cleanup costs	2,000	0
Noncash interest income on real estate-related investment	(19)	(17)
Deferred rents	(11)	(7)
Allowance for doubtful accounts	98	0
Amortization of above- and below-market leases, net	(172)	6
Amortization of deferred financing costs	194	111
Unrealized loss on derivative instrument	50	32
Changes in operating assets and liabilities:
Rents and other receivables	539	(194)
Prepaid expenses and other assets	(916)	(737)
Accounts payable and accrued liabilities	(2,020)	(10)
Due to affiliates	(15)	0
Due from affiliate	(21)	(94)
Other liabilities	575	591
Net cash provided by (used in) operating activities	457	(1,279)
Cash Flows from Investing Activities:
Improvements to real estate	(1,333)	(5,095)
Payments for construction in progress	(1,153)	0
Net cash used in investing activities	(2,486)	(5,095)
Cash Flows from Financing Activities:
Proceeds from note payable	493	4,042
Payments of deferred financing costs	(6)	(8)
Proceeds from issuance of common stock	30,466	18,080
Payments to redeem common stock	(216)	(4)
Payments of commissions on stock sales, dealer manager fees and stockholder servicing fees	(1,756)	(1,580)
Payments of other offering costs	0	(18)
Distributions paid	(320)	0
Noncontrolling interest contributions	80	215
Net cash provided by financing activities	28,741	20,727
Net increase in cash, cash equivalents and restricted cash	26,712	14,353
Cash, cash equivalents and restricted cash, beginning of period	47,126	25,366	25,366
Cash, cash equivalents and restricted cash, end of period	73,838	39,719	$ 47,126
Supplemental Disclosure of Noncash Investing and Financing Activities:
Interest paid, net of capitalized interest of $822 and $31 for the three months ended March 31, 2017 and 2016, respectively	1,363	413
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	501	0
Increase in accrued improvements to real estate	710	876
Increase in other offering costs due to affiliates	311	0
Stock dividends issued	1,032	0
Increase in distributions payable	31	93
Foreign currency translation gain on investment in unconsolidated entity	29	0
Increase in construction in progress payable	$ 176	$ 0

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Interest capitalized	$ 822	$ 31

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION KBS Strategic Opportunity REIT II, Inc. (the “Company”) was formed on February 6, 2013 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2014 and intends to continue to operate in such a manner. The Company’s business is conducted through KBS Strategic Opportunity Limited Partnership II (the “Operating Partnership”), a Delaware limited partnership formed on February 7, 2013. The Company is the sole general partner of, and owns a 0.1% partnership interest in, the Operating Partnership. KBS Strategic Opportunity Holdings II LLC (“REIT Holdings”), a Delaware limited liability company formed on February 7, 2013, owns the remaining 99.9% partnership interest in the Operating Partnership and is the sole limited partner. The Company is the sole member and manager of REIT Holdings. The Company has three wholly owned taxable REIT subsidiaries (“TRS”), two of which lease the Company’s hotel properties and in turn contract with independent hotel management companies that manage the day-to-day operations of the Company’s hotels; the third consolidates the Company’s wholly owned TRSs. The Company’s TRSs are subject to federal and state income tax at regular corporate tax rates. Subject to certain restrictions and limitations, the business of the Company has been externally managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, since July 2013 pursuant to an advisory agreement (the “Advisory Agreement”). The Advisor conducts the Company’s operations and manages its portfolio of real estate loans, opportunistic real estate, and other real estate-related investments. The Advisor has entered into a sub-advisory agreement with STAM, a real estate operating company to provide real estate acquisition and portfolio management services to the Advisor in connection with any investments the Company may make in value-added real estate, distressed debt, and real estate-related investments in Europe. On July 3, 2013, the Company issued 21,739 shares of its common stock to the Advisor at a purchase price of $9.20 per share. The Company expects to invest in and manage a diverse portfolio of opportunistic real estate, real estate-related loans, real estate-related debt securities and other real estate-related investments located in the United States and Europe. Such investments may include the acquisition of distressed debt, the origination and acquisition of mortgage, mezzanine, bridge and other real estate-related loans, investment in opportunistic real estate and investments in real estate-related debt securities such as residential and commercial mortgage-backed securities and collateralized debt obligations. The Company may also invest in entities that make similar investments. As of March 31, 2017 , the Company had invested in two hotel properties, two office properties, one apartment building, an investment in an unconsolidated entity and one first mortgage loan. Additionally as of March 31, 2017 , the Company had entered into a joint venture to develop one retail property, which is currently under construction. From July 3, 2013 to August 11, 2014, the Company conducted a private placement offering (the “Private Offering”) exempt from registration under Regulation D of the Securities Act of 1933, as amended (the “Act”). The Company sold 3,619,851 shares of common stock for gross offering proceeds of $32.2 million in the Private Offering. On November 14, 2013, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 180,000,000 shares of common stock for sale to the public (the “Public Offering”), of which 100,000,000 shares were registered in a primary offering and 80,000,000 shares were registered to be sold under the Company’s dividend reinvestment plan. The SEC declared the Company’s registration statement effective on August 12, 2014. On February 11, 2016, the Company filed an amended registration statement on Form S-11 with the SEC to offer a second class of common stock designated as Class T shares and to designate its initially offered and outstanding common stock as Class A shares. Pursuant to the amended registration statement, the Company is offering to sell any combination of Class A and Class T shares in the Public Offering but in no event may the Company sell more than 180,000,000 of shares of its common stock pursuant to the Public Offering. The Company commenced offering Class T shares of common stock for sale to the public on February 17, 2016. KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Advisor, serves as the dealer manager of the Public Offering pursuant to a dealer manager agreement originally dated August 12, 2014 and amended and restated February 17, 2016 (the “Dealer Manager Agreement”). Previously the Dealer Manager served as dealer manager for the Private Offering. The Dealer Manager is responsible for marketing the Company’s shares. On January 7, 2015, the Company broke escrow in the Public Offering and through March 31, 2017 , the Company had sold 9,738,953 and 8,498,257 shares of Class A and Class T common stock, respectively, in the Public Offering for aggregate gross offering proceeds of $177.3 million , including 249,702 and 38,583 shares of Class A and Class T common stock, respectively, under its dividend reinvestment plan for aggregate gross offering proceeds of $2.7 million . Also as of March 31, 2017 , the Company had redeemed 95,253 shares of Class A common stock for $0.8 million . On each of April 2, 2014 and July 31, 2014, the Company issued 120,106 shares of Class A common stock to Willowbrook Capital Group LLC, an entity owned and controlled by Keith D. Hall, one of the Company’s directors and the Company’s Chief Executive Officer, and Peter McMillan III, also one of the Company’s directors and the Company’s President, for $1.0 million . The Company issued these shares of common stock in a private transaction exempt from the registration requirements of the Act pursuant to Section 4(2) of the Act.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2016 , except for the adoption of ASU No. 2017-01 on January 1, 2017. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K filed with the SEC. Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries and joint ventures in which the Company has a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. 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 materially differ from those estimates. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. During the year ended December 31, 2016, the Company elected to early adopt ASU No. 2016-18 (as defined below). As a result, the Company no longer presents the changes within restricted cash in the consolidated statements of cash flows. Instead, restricted cash is included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the consolidated statements of cash flows. Segments The Company has invested in opportunistic real estate investments and originated a loan secured by a non-stabilized real estate asset. In general, the Company intends to hold its investments in opportunistic real estate and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company’s management views opportunistic real estate and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from opportunistic real estate and other real estate-related assets, and therefore, the Company currently aggregates its operating segments into one reportable business segment. In addition, the Company has invested in a participating loan facility secured by a portfolio of light industrial properties located in Europe. However, based on the Company's investment portfolio and future investment focus, the Company does not believe that its investment in the European asset is a reportable segment. Per Share Data Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding for each class of share outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three months ended March 31, 2017 and 2016 . For the purpose of determining the weighted average number of shares outstanding, stock dividends issued are adjusted retroactively and treated as if they were issued and outstanding for all periods presented. The Company’s board of directors has declared and issued stock dividends on shares of the Company’s common stock during the three months ended March 31, 2017 and 2016 as follows: Three Months Ended March 31, Amount Declared per Share Outstanding (1) Total Shares Issued 2016 0.005000 shares — 2017 0.005001 shares 104,525 _____________________ (1) Amount declared per share outstanding includes one-time stock dividends, quarterly dividends and monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend. For the purpose of calculating the dollar amount of the Class A and Class T stock dividends issued, the Company used the current Class A and Class T primary offering price in the Public Offering. Cash distributions declared per share of Class A common stock were $0.047 for the three months ended March 31, 2017 . Cash distributions declared per share of Class T common stock were $0.024 for the three months ended March 31, 2017 . The declared rate of cash distributions for Class T Shares is different than the rate declared for the Class A Shares by an amount equivalent to any applicable daily stockholder servicing fees. Distributions declared per share of common stock assumes each share was issued and outstanding each day that was a record date during the three months ended March 31, 2017 . Each day during the period from January 1, 2017 through March 31, 2017 was a record date for distributions. Distributions for this period were calculated based on stockholders of record each day during this period at a rate of (i) $0.00052548 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business on each respective record date. Cash distributions declared per share of Class A common stock were $0.008 for the three months ended March 31, 2016 . Distributions declared per share of common stock assumes each share was issued and outstanding each day during the three months ended March 31, 2016 . Each day during the period from March 1, 2016 through March 31, 2016 was a record date for distributions. Distributions for this period were calculated based on stockholders of record each day during this period at a rate of (i) $0.00026202 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business on each respective record date. Given the distribution rate declared for the period and the applicable stockholder servicing fee for Class T shares of common stock, the Company did not pay cash distributions on shares of Class T common stock for record dates from March 1, 2016 to March 31, 2016. In accordance with FASB ASC Topic 260-10-45, Earnings Per Share , the Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared (“distributed earnings”) and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. The Company does not have any participating securities outstanding other than Class A Common Stock and Class T Common stock during the periods presented. For the Three Months Ended March 31, 2017 2016 Net loss attributable to common stockholders $ (2,448 ) $ (2,092 ) Less: Class A Common Stock cash distributions declared 682 93 Less: Class T Common Stock cash distributions declared 170 — Undistributed net loss attributable to common stockholders $ (3,300 ) $ (2,185 ) Class A Common Stock: Undistributed net loss attributable to common stockholders $ (2,217 ) $ (2,155 ) Class A Common Stock cash distributions declared 682 93 Net loss attributable to Class A common stockholders $ (1,535 ) $ (2,062 ) Net loss per common share, basic and diluted $ (0.11 ) $ (0.18 ) Weighted-average number of common shares outstanding, basic and diluted 14,516,206 11,205,207 Class T Common Stock: Undistributed net loss attributable to common stockholders $ (1,083 ) $ (30 ) Class T Common Stock cash distributions declared 170 — Net loss attributable to Class T common stockholders $ (913 ) $ (30 ) Net loss per common share, basic and diluted $ (0.13 ) $ (0.19 ) Weighted-average number of common shares outstanding, basic and diluted 7,095,818 156,112 Square Footage, Occupancy and Other Measures Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Recently Issued Accounting Standards Updates In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). ASU No. 2014-09 was to be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU No. 2015-14”), which defers the effective date of ASU No. 2014-09 by one year. Early adoption is permitted but not before the original effective date. The Company is still evaluating the impact of adopting ASU No. 2014-09 on its financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU No. 2016-01”). The amendments in ASU No. 2016-01 address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU No. 2016-01 primarily affects accounting for equity investments and financial liabilities where the fair value option has been elected. ASU No. 2016-01 also requires entities to present financial assets and financial liabilities separately, grouped by measurement category and form of financial asset in the balance sheet or in the accompanying notes to the financial statements. ASU No. 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of ASU No. 2016-01 to have a significant impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 as of its issuance is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments (“ASU No. 2016-13”). ASU No. 2016-13 affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The amendments in ASU No. 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. ASU No. 2016-13 also amends the impairment model for available-for-sale securities. An entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required. ASU No. 2016-13 also requires new disclosures. For financial assets measured at amortized cost, an entity will be required to disclose information about how it developed its allowance for credit losses, including changes in the factors that influenced management’s estimate of expected credit losses and the reasons for those changes. For financing receivables and net investments in leases measured at amortized cost, an entity will be required to further disaggregate the information it currently discloses about the credit quality of these assets by year of the asset’s origination for as many as five annual periods. For available for sale securities, an entity will be required to provide a roll-forward of the allowance for credit losses and an aging analysis for securities that are past due. ASU No. 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is still evaluating the impact of adopting ASU No. 2016-13 on its financial statements, but does not expect the adoption of ASU No. 2016-13 to have a material impact on its financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU No. 2016-15”). ASU No. 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in ASU No. 2016-15 provide guidance on eight specific cash flow issues, including the following that are or may be relevant to the Company: (a) Cash payments for debt prepayment or debt extinguishment costs should be classified as cash outflows for financing activities; (b) Cash payments relating to contingent consideration made soon after an acquisition’s consummation date (i.e., approximately three months or less) should be classified as cash outflows for investing activities. Payments made thereafter should be classified as cash outflows for financing activities up to the amount of the original contingent consideration liability. Payments made in excess of the amount of the original contingent consideration liability should be classified as cash outflows for operating activities; (c) Cash payments received from the settlement of insurance claims should be classified on the basis of the nature of the loss (or each component loss, if an entity receives a lump-sum settlement); (d) Relating to distributions received from equity method investments, ASU No. 2016-15 provides an accounting policy election for classifying distributions received from equity method investments. Such amounts can be classified using a (1) cumulative earnings approach, or (2) nature of distribution approach. Under the cumulative earnings approach, an investor would compare the distributions received to its cumulative equity method earnings since inception. Any distributions received up to the amount of cumulative equity earnings would be considered a return on investment and classified in operating activities. Any excess distributions would be considered a return of investment and classified in investing activities. Alternatively, an investor can choose to classify the distributions based on the nature of activities of the investee that generated the distribution. If the necessary information is subsequently not available for an investee to determine the nature of the activities, the entity should use the cumulative earnings approach for that investee and report a change in accounting principle on a retrospective basis; (e) In the absence of specific guidance, an entity should classify each separately identifiable cash source and use on the basis of the nature of the underlying cash flows. For cash flows with aspects of more than one class that cannot be separated, the classification should be based on the activity that is likely to be the predominant source or use of cash flow. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is still evaluating the impact of adopting ASU No. 2016-15 on its financial statements, but does not expect the adoption of ASU No. 2016-15 to have a material impact to its financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU No. 2016-18”). ASU No. 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. ASU No. 2016-18 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company elected to early adopt ASU No. 2016-18 for the reporting period ending December 31, 2016 and was applied retrospectively. As a result of adoption of ASU No. 2016-18, the Company no longer presents the changes within restricted cash in the consolidated statements of cash flows. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU No. 2017-01”) to add guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU No. 2017-01 provides a screen to determine when an integrated set of assets and activities (collectively referred to as a “set”) is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. If the screen is not met, ASU No. 2017-01 (1) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. ASU No. 2017-01 provides a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. ASU No. 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The amendments can be applied to transactions occurring before the guidance was issued (January 5, 2017) as long as the applicable financial statements have not been issued. The Company elected to early adopt ASU No. 2017-01 for the reporting period beginning January 1, 2017. As a result of adoption of ASU No. 2017-01, the Company’s acquisitions of investment properties beginning January 1, 2017 could qualify as asset acquisitions (as opposed to business combinations). Transaction costs associated with asset acquisitions are capitalized, while transaction costs associated with business combinations will continue to be expensed as incurred.

REAL ESTATE

REAL ESTATE	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE As of March 31, 2017 , the Company’s real estate portfolio was composed of two hotel properties, two office properties and one apartment building. In addition, the Company has entered into a joint venture to develop one retail property, which is currently under construction. The following table summarizes the Company’s real estate as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Land $ 71,448 $ 71,448 Buildings and improvements 198,064 196,050 Construction in progress 51,935 50,452 Tenant origination and absorption costs 6,076 6,226 Total real estate, cost 327,523 324,176 Accumulated depreciation and amortization (9,474 ) (6,853 ) Total real estate, net $ 318,049 $ 317,323 The following table provides summary information regarding the Company’s real estate as of March 31, 2017 (in thousands): Property Date City State Property Type Land Building (1) Tenant Origination and Absorption Total Accumulated Depreciation and Amortization Total Ownership % Springmaid Beach Resort 12/30/2014 Myrtle Beach SC Hotel $ 27,438 $ 28,353 $ — $ 55,791 $ (2,507 ) $ 53,284 90.0% Q&C Hotel 12/17/2015 New Orleans LA Hotel 1,232 52,297 — 53,529 (2,282 ) 51,247 90.0% 2200 Paseo Verde 12/23/2015 Henderson NV Office 1,850 10,832 603 13,285 (666 ) 12,619 100.0% Lincoln Court 05/20/2016 Campbell CA Office 14,706 33,466 4,374 52,546 (2,489 ) 50,057 100.0% Lofts at NoHo Commons 11/16/2016 North Hollywood CA Apartment 26,222 73,116 1,099 100,437 (1,530 ) 98,907 90.0% 210 West 31st Street (2) 12/01/2016 New York NY Retail — 51,935 — 51,935 — 51,935 80.0% $ 71,448 $ 249,999 $ 6,076 $ 327,523 $ (9,474 ) $ 318,049 _____________________ (1) Building and improvements includes construction in progress. (2) The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114. Hotel Properties As of March 31, 2017 , the Company owned two hotel properties. The following table provides detail information regarding the Company's hotel revenues and expenses for the three months ended March 31, 2017 and 2016 (in thousands): Three Months Ended March 31, 2017 2016 Hotel revenues: Room $ 3,594 2,557 Food, beverage and convention services 753 494 Campground 272 262 Other 224 334 Hotel revenues $ 4,843 $ 3,647 Hotel expenses: Room $ 1,031 834 Food, beverage and convention services 677 526 General and administrative 566 468 Sales and marketing 604 392 Repairs and maintenance 442 404 Utilities 220 185 Property taxes and insurance 383 298 Other 321 260 Hotel expenses $ 4,244 $ 3,367 Springmaid Beach Resort Springmaid Beach Resort sustained significant damage from Hurricane Matthew in October 2016. Rooms have been and continue to be offline as of May 12, 2017 . The pier was destroyed and certain restaurants and stores have been closed. The Company’s insurance policy provides coverage for property damage and business interruption subject to a deductible of up to 3% of replacement cost per incident. Based on management’s estimates, the Company recognized an estimated aggregate loss for the damaged assets' net book value of $3.7 million during the year ended December 31, 2016, which was reduced by $ 3.7 million of estimated insurance recovery since the Company determined that it was probable of receipt. While the Company's insurance recovery is subject to a deductible, the Company did not recognize a loss as the estimated insurance recovery based on fair value (or replacement cost) exceeds the net book value of the damaged assets plus the deductible amount, which is estimated to be approximately $2.5 million . As of March 31, 2017 and December 31, 2016 , the Company recorded a receivable of $4.5 million and $6.2 million , respectively, for estimated insurance recoveries as prepaid expenses and other assets on the accompanying consolidated balance sheets related to the damages mentioned above. During the three months ended March 31, 2017 , the Company received $2.0 million of the estimated insurance recovery. To the extent that insurance proceeds ultimately exceed the difference between replacement cost and net book value of the impaired assets, the post-hurricane costs incurred, and/or business interruption losses recognized, the excess will be reflected as income in the period those amounts are received or when receipt is deemed probable to occur. Office Properties As of March 31, 2017 , the Company owned two office properties encompassing in the aggregate 183,347 rentable square feet which were 82% occupied. The following table provides detailed information regarding the Company's office revenues and expenses for the three months ended March 31, 2017 and 2016 (in thousands): Three Months Ended March 31, 2017 2016 Office revenues: Rental income $ 1,750 $ 329 Tenant reimbursements and other income 74 9 Office revenues $ 1,824 $ 338 Office expenses: Operating, maintenance, and management $ 391 $ 59 Real estate taxes and insurance 189 19 Office expenses $ 580 $ 78 Operating Leases The Company’s office properties are leased to tenants under operating leases for which the terms and expirations vary. As of March 31, 2017 , the leases had remaining terms, excluding options to extend, of up to 8.1 years with a weighted-average remaining term of 2.5 years. Some of the leases may have provisions to extend the term of the lease, options for early termination for all or a part of the leased premises after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from the tenant in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective lease and the creditworthiness of the tenant, but generally is not a significant amount. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to office tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $0.6 million and $0.7 million as of March 31, 2017 and December 31, 2016 , respectively. As of March 31, 2017 , the future minimum rental income from the Company’s office properties under its non-cancelable operating leases was as follows (in thousands): April 1, 2017 through December 31, 2017 $ 4,320 2018 4,782 2019 3,478 2020 2,113 2021 1,312 Thereafter 2,246 $ 18,251 Apartment Property As of March 31, 2017 , the Company owned one apartment property with 292 units which was 89% occupied. The following table provides detailed information regarding the Company's apartment revenues and expenses for the three months ended March 31, 2017 (in thousands): Apartment revenues: Rental income $ 1,615 Tenant reimbursements and other income 124 Apartment revenues $ 1,739 Apartment expenses: Operating, maintenance, and management $ 487 Real estate taxes and insurance 349 Apartment expenses $ 836

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	3 Months Ended
	Mar. 31, 2017
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES As of March 31, 2017 and December 31, 2016 , the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Above-Market Below-Market March 31, December 31, March 31, December 31, March 31, December 31, Cost $ 6,076 $ 6,226 $ 27 $ 27 $ (1,445 ) $ (1,445 ) Accumulated Amortization (2,399 ) (1,553 ) (8 ) (6 ) 670 496 Net Amount $ 3,677 $ 4,673 $ 19 $ 21 $ (775 ) $ (949 ) Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three months ended March 31, 2017 and 2016 are as follows (in thousands): Tenant Origination and Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2017 2016 2017 2016 2017 2016 Amortization $ (997 ) $ (67 ) $ (2 ) $ (6 ) $ 174 $ — Additionally, as of March 31, 2017 and December 31, 2016 , the Company had recorded unamortized housing subsidy intangible asset which is included in prepaid expenses and other assets in the accompanying balance sheets, of $2.5 million , which is amortized on a straight line basis over 31.8 years. During the three months ended March 31, 2017 , the Company recorded amortization expense of $20,000 related to the housing subsidy intangible asset.

REAL ESTATE LOAN RECEIVABLE

REAL ESTATE LOAN RECEIVABLE	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
REAL ESTATE LOAN RECEIVABLE	REAL ESTATE LOAN RECEIVABLE As of March 31, 2017 and December 31, 2016 , the Company had originated one real estate loan receivable as follows (in thousands): Loan Name Location of Related Property or Collateral Date Originated Property Type Loan Type Outstanding Principal Balance Book Value as of (1) Book Value as of (1) Contractual Interest Rate (2) Annualized Effective Interest Rate (2) Maturity Date 655 Summer Street First Mortgage Boston, Massachusetts 09/04/2014 Office Mortgage $ 3,500 $ 3,461 $ 3,442 9.25% 11.68% 10/01/2017 _____________________ (1) Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized origination fees and direct origination and acquisition costs. (2) Contractual interest rate is the stated interest rate on the face of the loan. Annualized effective interest rate is calculated as the actual interest income recognized in 2017 , using the interest method annualized (if applicable) and divided by the average amortized cost basis of the investment. The annualized effective interest rate and contractual interest rate presented are as of March 31, 2017 . The following summarizes the activity related to the real estate loan receivable for the three months ended March 31, 2017 (in thousands): Real estate loan receivable - December 31, 2016 $ 3,442 Amortization of closing costs and origination fees on real estate loan receivable 19 Real estate loan receivable - March 31, 2017 $ 3,461 For the three months ended March 31, 2017 and 2016 , interest income from the real estate loan receivable consisted of the following (in thousands): For the Three Months Ended March 31, 2017 2016 Contractual interest income $ 80 $ 82 Amortization of closing costs and origination fees, net 19 17 Interest income from real estate loan receivable $ 99 $ 99

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITY	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITY	INVESTMENT IN UNCONSOLIDATED ENTITY On June 28, 2016, the Company originated a participating loan facility in an amount up to €2.6 million ( $2.9 million at closing). The Company funded approximately €2.1 million ( $2.3 million at closing). The proceeds were used by STAM to fund a 5% general partner interest in a joint venture acquiring a portfolio of light industrial properties located throughout France. The total acquisition cost of the portfolio was approximately €95.5 million ( $105.6 million at closing). Under the terms of the participating loan facility, the Company participates in the expected residual profits of the portfolio and the terms are structured in a manner such that the risks and rewards of the arrangement are similar to those associated with an investment in a real estate joint venture. Accordingly, the participating loan facility is accounted for under the equity method of accounting. In addition to the amount funded at closing, the Company also capitalized an additional $0.2 million of acquisition costs and fees. During the three months ended March 31, 2017 , the Company recognized $13,000 of income with respect to this investment.

NOTE PAYABLE

NOTE PAYABLE	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
NOTE PAYABLE	NOTES PAYABLE As of March 31, 2017 and December 31, 2016 , the Company’s notes payable consisted of the following (in thousands): Book Value as of March 31, 2017 Book Value as of December 31, 2016 Contractual Interest Rate (1) Effective Interest Rate (1) Payment Type Maturity Date Springmaid Beach Resort Mortgage Loan $ 38,000 $ 38,000 One-month LIBOR + 3.00% 3.78% Interest Only 12/30/2017 Q&C Hotel Mortgage Loan 28,330 28,330 One-month LIBOR + 3.25% 4.03% Interest Only (2) 12/17/2018 2200 Paseo Verde Mortgage Loan 7,430 7,430 One-month LIBOR + 2.25% 3.03% Interest Only 07/01/2017 Lincoln Court Mortgage Loan 33,500 33,500 One-month LIBOR + 1.75% 2.73% Interest Only 06/01/2020 Lofts at NoHo Commons Mortgage Loan 72,100 72,100 One-month LIBOR + 2.66% 3.45% Interest Only 12/01/2019 210 West 31st Street Mortgage Loan (3) 33,143 32,650 One-month LIBOR + 5.50% 6.28% Interest Only 12/01/2019 Total notes payable principal outstanding 212,503 212,010 Deferred financing costs, net (3,083 ) (3,429 ) Total notes payable, net $ 209,420 $ 208,581 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2017 . Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2017 (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at March 31, 2017 , where applicable. (2) Beginning February 1, 2018, monthly payments also include principal amortization payments of $55,000 per month, unless certain conditions described in the loan documents are satisfied. (3) As of March 31, 2017 , $33.1 million had been disbursed to the Company and up to $14.0 million is available for future disbursements to be used for capital improvement costs, tenant improvement costs, leasing commissions and operating/interest shortfall, subject to certain terms and conditions contained in the loan documents. During the three months ended March 31, 2017 and 2016 , the Company incurred $1.7 million and $0.7 million , respectively, of interest expense. Included in interest expense for the three months ended March 31, 2017 and 2016 was $0.3 million and $0.1 million , respectively, of amortization of deferred financing costs. Interest expense incurred as a result of the Company’s interest rate cap agreement was $50,000 and $32,000 for the three months ended March 31, 2017 and 2016 , respectively. Additionally, during the three months ended March 31, 2017 and 2016 , the Company capitalized $0.8 million and $31,000 , respectively, of interest related to its redevelopment projects at 210 West 31st Street and Springmaid Beach Resort. As of March 31, 2017 and December 31, 2016 , the Company’s deferred financing costs were $3.1 million and $3.4 million , net of amortization, respectively, and are included in notes payable, net on the accompanying consolidated balance sheets. As of March 31, 2017 and December 31, 2016 , the Company’s interest payable was $0.7 million . The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of March 31, 2017 (in thousands): April 1, 2017 through December 31, 2017 $ 45,430 2018 28,330 2019 105,243 2020 33,500 $ 212,503 The Company’s notes payable contain financial and non-financial debt covenants. As of March 31, 2017 , the Company was in compliance with all debt covenants. The Company’s note payable with respect to the Springmaid Beach Resort Mortgage Loan requires the Company to maintain a minimum working capital reserve in an amount sufficient to fund the working capital requirements of the Springmaid Beach Resort through the off-peak season, which amount shall be reduced by any amounts for working capital reserved by the third-party hotel operator. In addition, until certain renovations are complete, the loan documents impose a “cash trap” which restricts the use of accumulated cash from the Springmaid Beach Resort to the payment of working capital shortfalls, renovation expenditures and distributions required to satisfy the Company’s REIT requirements. The working capital reserve was included in restricted cash on the accompanying consolidated balance sheets.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates. The primary goal of the Company’s risk management practices related to interest rate risk is to prevent changes in interest rates from adversely impacting the Company’s ability to achieve its investment return objectives. The Company does not enter into the derivatives for speculative purposes. The Company enters into interest rate caps to mitigate its exposure to rising interest rates on its variable rate notes payable. The values of interest rate caps are primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of interest rate caps. As the remaining life of an interest rate cap decreases, the value of the instrument will generally decrease towards zero. As of March 31, 2017 and December 31, 2016 , the Company had three interest rate caps outstanding, which were not designated as hedging instruments. The following table summarizes the notional amount and other information related to the Company’s derivative instruments as of March 31, 2017 and December 31, 2016 . The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): Fair Value of Asset Derivative Instruments Effective Date Maturity Date Notional Value Reference Rate March 31, 2017 December 31, 2016 Balance Sheet Location Interest Rate Cap 12/29/2014 01/01/2018 $ 26,000 One-month LIBOR at 3.00% $ — $ — Prepaid expenses and other assets Interest Rate Cap 12/15/2015 12/23/2018 $ 28,330 One-month LIBOR at 3.00% 2 6 Prepaid expenses and other assets Interest Rate Cap 12/01/2016 12/01/2019 $ 47,110 One-month LIBOR at 3.00% 43 89 Prepaid expenses and other assets Total Derivative Instruments not designated as hedging instruments $ 45 $ 95 During the three months ended March 31, 2017 and 2016 , the Company recorded an unrealized loss of $50,000 and $32,000 , respectively, on derivative instruments, which is included in interest expense on the accompanying consolidated statements of operations.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value: Cash and cash equivalents, restricted cash, rent and other receivables and accounts payable and accrued liabilities : These balances approximate their fair values due to the short maturities of these items. Real estate loan receivable: The Company’s real estate loan receivable is presented in the accompanying consolidated balance sheets at its amortized cost net of recorded loan loss reserves (if any) and not at fair value. The fair value of real estate loan receivable was estimated using an internal valuation model that considered the expected cash flows for the loan, underlying collateral value (for collateral-dependent loans) and estimated yield requirements of institutional investors for loans with similar characteristics, including remaining loan term, loan-to-value, type of collateral and other credit enhancements. The Company classifies these inputs as Level 3 inputs. Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments are determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps (floors) are determined using the market standard methodology of discounting the future expected cash payments (receipts) which would occur if variable interest rates rise above (below) the strike rate of the caps (floors). The variable interest rates used in the calculation of projected payments (receipts) on the cap (floor) are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. Notes payable: The fair value of the Company’s notes payable are estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs. The following were the face value, carrying amount and fair value of the Company’s financial instruments as of March 31, 2017 and December 31, 2016 , which carrying amounts do not approximate the fair values (in thousands): March 31, 2017 December 31, 2016 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial asset: Real estate loan receivable $ 3,500 $ 3,461 $ 3,441 $ 3,500 $ 3,442 $ 3,401 Financial liability: Notes payable $ 212,503 $ 209,420 $ 212,621 $ 212,010 $ 208,581 $ 211,565 Disclosure of the fair value of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different. As of March 31, 2017 , the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets Significant Other Observable Significant Unobservable Recurring Basis: Asset derivatives - interest rate caps $ 45 $ — $ 45 $ —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has entered into the Advisory Agreement with the Advisor and dealer manager agreements with the Dealer Manager, with respect to the Private Offering and the Public Offering. These agreements entitle the Advisor and the Dealer Manager to specified fees upon the provision of certain offering-related services and the investment of funds in real estate-related investments, among other services, as well as reimbursement of organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company and certain costs incurred by the Advisor in providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as described in the Advisory Agreement. The Advisor also serves as the advisor for KBS Real Estate Investment Trust, Inc. (“KBS REIT I”), KBS Real Estate Investment Trust II, Inc. (“KBS REIT II”), KBS Real Estate Investment Trust III, Inc. (“KBS REIT III”), KBS Legacy Partners Apartment REIT, Inc. (“KBS Legacy Partners Apartment REIT”), KBS Strategic Opportunity REIT, Inc. (“KBS Strategic Opportunity REIT”) and KBS Growth & Income REIT, Inc. (“KBS Growth & Income REIT”). The Dealer Manager also serves as the dealer manager for the public offering of KBS Growth & Income REIT and for the dividend reinvestment plan offerings for KBS Strategic Opportunity REIT, KBS Legacy Partners Apartment REIT and KBS REIT III. On January 6, 2014, the Company, together with KBS REIT I, KBS REIT II, KBS REIT III, KBS Legacy Partners Apartment REIT, KBS Strategic Opportunity REIT, the Dealer Manager, the Advisor and other KBS-affiliated entities, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of coverage are shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each of the various entities covered by the plan, and is billed directly to each entity. The allocation of these shared coverage costs is proportionate to the pricing by the insurance marketplace for the first tiers of directors and officers liability coverage purchased individually by each REIT. The Advisor’s and the Dealer Manager’s portion of the shared lower tiers’ cost is proportionate to the respective entities’ prior cost for the errors and omissions insurance. In June 2015, KBS Growth & Income REIT was added to the insurance program at terms similar to those described above. The insurance program was renewed and is effective through June 30, 2017. During the three months ended March 31, 2017 and 2016 , no other business transactions occurred between the Company and these other KBS-sponsored programs. The Advisory Agreement has a one -year term that expires August 12, 2017. The Company may terminate the Advisory Agreement on 60 days’ written notice. The Advisor in its sole discretion may defer any fee payable to it under the Advisory Agreement. All or any portion of such fee not taken may be deferred without interest and paid when the Advisor determines. Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2017 and 2016 , respectively, and any related amounts payable as of March 31, 2017 and December 31, 2016 (in thousands): Incurred Payable as of Three Months Ended March 31, March 31, 2017 December 31, 2016 2017 2016 Expensed Asset management fees 504 251 — — Reimbursable operating expenses (1) 103 132 22 37 Capitalized Acquisition fees (2) 16 79 43 27 Asset management fees 67 — 23 — Additional Paid-in Capital Sales commissions 1,002 1,104 — — Dealer manager fees 610 476 — — Stockholder servicing fees (3) 104 — 334 374 Reimbursable other offering costs (4) 311 16 685 374 $ 2,717 $ 2,058 $ 1,107 $ 812 _____________________ (1) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber-security related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. The Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. These amounts totaled $99,000 and $132,000 for the three months ended March 31, 2017 and 2016 , respectively, and were the only employee costs reimbursed under the Advisory Agreement for the three months ended March 31, 2017 and 2016 . The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company's direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. (2) Prior to the adoption of ASU No. 2017-01 on January 1, 2017, acquisition fees related to investment properties were expensed at the time of acquisition. Acquisition fees on investment in unconsolidated entities are capitalized into the cost basis of the investment. Acquisition fees on significant capital expenditures related to the development, construction or improvement of the investment budgeted as of the date of acquisition are capitalized. (3) Reflects the estimated amount of the stockholder servicing fee payable based on the terms of the Class T Shares. (4) See "Other Offering Costs" below. As of March 31, 2017 , the Company had a $21,000 property insurance rebate due from the Advisor. Other Offering Costs Organization and offering costs (other than selling commissions, dealer manager fees and the stockholder servicing fee) of the Company may be paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company or may be paid directly by the Company. These offering costs include all expenses incurred by the Company in connection with the Private Offering and the Public Offering. Organization costs include all expenses incurred by the Company in connection with the formation of the Company, including but not limited to legal fees and other costs to incorporate the Company. During the Private Offering, there was no limit on the amount of organization and offering costs the Company could incur. As of March 31, 2017 , the Company had recorded $1.0 million of offering costs (other than selling commissions and dealer manager fees) related to the Private Offering, all of which was initially paid by the Advisor or its affiliates on behalf of the Company and subsequently reimbursed by the Company. In addition, the Company paid $1.9 million in selling commissions and dealer manager fees related to the Private Offering. During the Public Offering, pursuant to the Advisory Agreement and the Dealer Manager Agreement, the Company is obligated to reimburse the Advisor, the Dealer Manager or their affiliates, as applicable, for organization and other offering costs paid by them on behalf of the Company, provided that no reimbursements made by the Company to the Advisor or the Dealer Manager may cause total organization and offering expenses incurred by the Company in connection with the Public Offering (including selling commissions, dealer manager fees and the stockholder servicing fee) to exceed 15% of the aggregate gross proceeds from the Public Offering as of the date of reimbursement. In addition, the Advisor and its affiliates will reimburse the Company to the extent that the organization and other offering expenses (which exclude selling commissions, dealer manager fees and stockholder servicing fees) paid directly or reimbursed by the Company in connection with the primary portion of the Public Offering, regardless of when incurred, exceed 1.0% of gross offering proceeds from the primary portion of the Public Offering. The Advisor and its affiliates will be responsible for any organization and other offering expenses related to the primary portion of the Public Offering to the extent they exceed 1.0% of gross proceeds from the primary portion of the Public Offering. Through March 31, 2017 , the Advisor and its affiliates had incurred organization and other offering costs (which exclude selling commissions dealer manager fees and stockholder servicing fees) on the Company’s behalf in connection with the Public Offering of approximately $8.9 million . As of March 31, 2017 , the Company had recorded $11.4 million in selling commissions and dealer manager fees and $0.6 million of stockholder servicing fees. As of March 31, 2017 , the Company had recorded $1.8 million of other organization and offering expenses, which amounts represent the Company’s maximum liability for organization and other offering costs as of March 31, 2017 based on the 1.0% limitation described above.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Management Agreement Springmaid Beach Resort The consolidated joint venture entity through which the Company leases the operations for Springmaid Beach Resort has entered a management agreement with Doubletree Management LLC, an independent third-party hotel operator (the “Operator”) pursuant to which the Operator will manage and operate the Springmaid Beach Resort. The hotel was branded a DoubleTree by Hilton in September 2016 (the "Brand Commencement Date"). Pursuant to the management agreement the Operator will receive the following fees: • a base fee, which is a percentage of total operating revenue that starts at 2.5% and increases to 2.75% in the second year following the Brand Commencement Date and further increases in the third year following the Brand Commencement Date and thereafter to 3.0% ; • a campground area management fee, which is 2% of any campground revenue; • an incentive fee, which is 15% of operating cash flow (after deduction for capital renewals reserve and the joint venture owner’s priority, which is 12% of the joint venture owner’s total investment); • an additional services fee in the amount reasonably determined by the Operator from time to time; and • a brand services fee in the amount of 4% of total rooms revenue, and an other brand services fee in an amount determined by the Operator from time to time. The management agreement contains specific standards for the operation and maintenance of the hotel, which allows the Operator to maintain uniformity in the system created by the Operator’s franchise. Such standards generally regulate the appearance of the hotel, quality and type of goods and services offered, signage and protection of trademarks. Compliance with the management agreement will require the Company to make significant expenditures for capital improvements. During the three months ended March 31, 2017 and 2016 , the Company incurred $51,000 and $43,000 of fees, respectively, related to the management agreement, and are included in hotel expenses on the accompanying consolidated statements of operations. Q&C Hotel A wholly owned subsidiary of the joint venture through which the Company leases the operations of the Q&C Hotel (“Q&C Hotel Operations”) has entered into a management agreement with Encore Hospitality, LLC (“Encore Hospitality”), an affiliate of the joint venture partner, pursuant to which Encore Hospitality will manage and operate the Q&C Hotel. The management agreement expires on December 17, 2035. Subject to certain conditions, Encore Hospitality may extend the term of the agreement for a period of five years. Pursuant to the management agreement Encore Hospitality will receive a base fee, which is 4.0% of gross revenue (as defined in the management agreement). During the three months ended March 31, 2017 and 2016 , the Company incurred $110,000 and $75,000 fees, respectively, related to the management agreement, and are included in hotel expenses on the accompanying consolidated statements of operations. Q&C Hotel Operations has also entered into a franchise agreement with Marriott International (“Marriott”) pursuant to which Marriott has granted Q&C Hotel Operations a limited, non-exclusive license to establish and operate the Q&C Hotel using certain of Marriott’s proprietary marks and systems and the hotel was branded as a Marriott Autograph Collection hotel on May 25, 2016. The franchise agreement will expire on May 25, 2041. Pursuant to the franchise agreement, Q&C Hotel Operations pays Marriott a monthly franchise fee equal to a percent of gross room sales on a sliding scale that is initially 2% and increases to 5% on May 25, 2019 and a monthly marketing fund contribution fee equal to 1.5% of the Q&C Hotel’s gross room sales. In addition, the franchise agreement requires the maintenance of a reserve account to fund all renovations at the hotel based on a percentage of gross revenues which starts at 2% of gross revenues and increases to 5% of gross revenues on May 25, 2019. Q&C Hotel Operations is also responsible for the payment of certain other fees, charges and costs as set forth in the agreement. During the the three months ended March 31, 2017 , the Company incurred $177,000 of fees related to the Marriott franchise agreement. During the three months ended March 31, 2016 , the Company did not incur any fees related to the Marriott franchise agreement. In addition, in connection with the execution of the franchise agreement, KBS SOR US Properties II LLC ("SOR US Properties II") is providing an unconditional guarantee that all Q&C Hotel Operations’ obligations under the franchise agreement will be punctually paid and performed. Finally, certain transfers of the Q&C Hotel or an ownership interest therein are subject to a notice and consent requirement, and the franchise agreement further provides Marriott with a right of first refusal with respect to a sale of the hotel to a competitor of Marriott. Lease Obligations On December 1, 2016, the 210 West 31st Street Joint Venture acquired a leasehold interest in 210 West 31st Street. The leasehold interest for 210 West 31st Street expires on January 31, 2114. Future minimum lease payments owed by the 210 West 31st Street Joint Venture under the operating lease as of March 31, 2017 is as follows (in thousands): April 1, 2017 through December 31, 2017 $ 270 2018 360 2019 360 2020 360 2021 360 Thereafter 54,036 $ 55,746 Economic Dependency The Company is dependent on the Advisor and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company’s shares of common stock; the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations as of March 31, 2017 . However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters From time to time, the Company is a party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and the possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Status of the Offering The Company commenced the Public Offering on August 12, 2014 and broke escrow on January 7, 2015. As of May 5, 2017 , the Company had sold 9,972,904 and 9,207,919 shares of Class A and Class T common stock, respectively, in the Public Offering for aggregate gross offering proceeds of $186.4 million . Included in these amounts were 278,407 and 50,177 shares of Class A and Class T common stock, respectively, sold under the Company's dividend reinvestment plan for aggregate gross offering proceeds of $3.1 million . Cash Distributions Paid On April 3, 2017 , the Company paid distributions of $0.3 million related to cash distributions on the outstanding shares of the common stock based on daily record dates for the period from March 1, 2017 through March 31, 2017 . On May 2, 2017 , the Company paid distributions of $0.3 million related to cash distributions on the outstanding shares of the common stock based on daily record dates for the period from April 1, 2017 through April 30, 2017 . Distributions for the period from March 1, 2017 through April 30, 2017 were calculated based on stockholders of record each day during the period at a rate of (i) $0.00052548 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business on each respective record date. Stock Dividends Issued On January 26, 2017 , the Company’s board of directors authorized stock dividends for the month of March 2017 , in the amount of 0.001667 shares of each class of the Company’s common stock on each outstanding share of common stock issuable to all common stockholders of record as of the close of business on March 31, 2017 . The Company issued the March 2017 stock dividend, consisting of 39,051 shares, on April 4, 2017 . On March 16, 2017 , the Company’s board of directors authorized stock dividends for the month of April 2017 , in the amount of 0.001667 shares of each class of the Company’s common stock on each outstanding share of common stock issuable to all common stockholders of record as of the close of business on April 30, 2017 . The Company issued the April 2017 stock dividends, consisting of 40,485 shares, on May 3, 2017 . Distributions Declared On May 10, 2017 , the Company's board of directors declared cash distributions on the outstanding shares of all classes of its common stock based on daily record dates for the period from June 1, 2017 through June 30, 2017 and July 1, 2017 through July 31, 2017 , which the Company expects to pay in July 2017 and August 2017 , respectively. Investors may choose to receive cash distributions or purchase additional shares through our dividend reinvestment plan. Distributions for these periods will be calculated based on stockholders of record each day during these periods at a rate of (i) $0.00052548 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business on each respective record date. Also on May 10, 2017 , the Company's board of directors authorized a stock dividend for the months of June 2017 and July 2017 in the amount of 0.001667 shares of common stock on each outstanding share of common stock, issuable to all common stockholders of record as of the close of business on June 30, 2017 and July 31, 2017 , respectively. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend. The Company expects to issue these stock dividends in July 2017 and August 2017 , respectively.

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 .
Principles of Consolidation	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries and joint ventures in which the Company has a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation.
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 materially differ from those estimates.
Reclassifications	Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. During the year ended December 31, 2016, the Company elected to early adopt ASU No. 2016-18 (as defined below). As a result, the Company no longer presents the changes within restricted cash in the consolidated statements of cash flows. Instead, restricted cash is included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the consolidated statements of cash flows.
Segments	The Company has invested in opportunistic real estate investments and originated a loan secured by a non-stabilized real estate asset. In general, the Company intends to hold its investments in opportunistic real estate and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company’s management views opportunistic real estate and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from opportunistic real estate and other real estate-related assets, and therefore, the Company currently aggregates its operating segments into one reportable business segment. In addition, the Company has invested in a participating loan facility secured by a portfolio of light industrial properties located in Europe. However, based on the Company's investment portfolio and future investment focus, the Company does not believe that its investment in the European asset is a reportable segment.
Per Share Data	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding for each class of share outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three months ended March 31, 2017 and 2016 . For the purpose of determining the weighted average number of shares outstanding, stock dividends issued are adjusted retroactively and treated as if they were issued and outstanding for all periods presented.
Square Footage, Occupancy and Other Measures Policy	Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Recently Issued Accounting Standards Updates	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). ASU No. 2014-09 was to be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU No. 2015-14”), which defers the effective date of ASU No. 2014-09 by one year. Early adoption is permitted but not before the original effective date. The Company is still evaluating the impact of adopting ASU No. 2014-09 on its financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU No. 2016-01”). The amendments in ASU No. 2016-01 address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU No. 2016-01 primarily affects accounting for equity investments and financial liabilities where the fair value option has been elected. ASU No. 2016-01 also requires entities to present financial assets and financial liabilities separately, grouped by measurement category and form of financial asset in the balance sheet or in the accompanying notes to the financial statements. ASU No. 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of ASU No. 2016-01 to have a significant impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 as of its issuance is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments (“ASU No. 2016-13”). ASU No. 2016-13 affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The amendments in ASU No. 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. ASU No. 2016-13 also amends the impairment model for available-for-sale securities. An entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required. ASU No. 2016-13 also requires new disclosures. For financial assets measured at amortized cost, an entity will be required to disclose information about how it developed its allowance for credit losses, including changes in the factors that influenced management’s estimate of expected credit losses and the reasons for those changes. For financing receivables and net investments in leases measured at amortized cost, an entity will be required to further disaggregate the information it currently discloses about the credit quality of these assets by year of the asset’s origination for as many as five annual periods. For available for sale securities, an entity will be required to provide a roll-forward of the allowance for credit losses and an aging analysis for securities that are past due. ASU No. 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is still evaluating the impact of adopting ASU No. 2016-13 on its financial statements, but does not expect the adoption of ASU No. 2016-13 to have a material impact on its financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU No. 2016-15”). ASU No. 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in ASU No. 2016-15 provide guidance on eight specific cash flow issues, including the following that are or may be relevant to the Company: (a) Cash payments for debt prepayment or debt extinguishment costs should be classified as cash outflows for financing activities; (b) Cash payments relating to contingent consideration made soon after an acquisition’s consummation date (i.e., approximately three months or less) should be classified as cash outflows for investing activities. Payments made thereafter should be classified as cash outflows for financing activities up to the amount of the original contingent consideration liability. Payments made in excess of the amount of the original contingent consideration liability should be classified as cash outflows for operating activities; (c) Cash payments received from the settlement of insurance claims should be classified on the basis of the nature of the loss (or each component loss, if an entity receives a lump-sum settlement); (d) Relating to distributions received from equity method investments, ASU No. 2016-15 provides an accounting policy election for classifying distributions received from equity method investments. Such amounts can be classified using a (1) cumulative earnings approach, or (2) nature of distribution approach. Under the cumulative earnings approach, an investor would compare the distributions received to its cumulative equity method earnings since inception. Any distributions received up to the amount of cumulative equity earnings would be considered a return on investment and classified in operating activities. Any excess distributions would be considered a return of investment and classified in investing activities. Alternatively, an investor can choose to classify the distributions based on the nature of activities of the investee that generated the distribution. If the necessary information is subsequently not available for an investee to determine the nature of the activities, the entity should use the cumulative earnings approach for that investee and report a change in accounting principle on a retrospective basis; (e) In the absence of specific guidance, an entity should classify each separately identifiable cash source and use on the basis of the nature of the underlying cash flows. For cash flows with aspects of more than one class that cannot be separated, the classification should be based on the activity that is likely to be the predominant source or use of cash flow. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is still evaluating the impact of adopting ASU No. 2016-15 on its financial statements, but does not expect the adoption of ASU No. 2016-15 to have a material impact to its financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU No. 2016-18”). ASU No. 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. ASU No. 2016-18 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company elected to early adopt ASU No. 2016-18 for the reporting period ending December 31, 2016 and was applied retrospectively. As a result of adoption of ASU No. 2016-18, the Company no longer presents the changes within restricted cash in the consolidated statements of cash flows. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU No. 2017-01”) to add guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU No. 2017-01 provides a screen to determine when an integrated set of assets and activities (collectively referred to as a “set”) is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. If the screen is not met, ASU No. 2017-01 (1) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. ASU No. 2017-01 provides a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. ASU No. 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The amendments can be applied to transactions occurring before the guidance was issued (January 5, 2017) as long as the applicable financial statements have not been issued. The Company elected to early adopt ASU No. 2017-01 for the reporting period beginning January 1, 2017. As a result of adoption of ASU No. 2017-01, the Company’s acquisitions of investment properties beginning January 1, 2017 could qualify as asset acquisitions (as opposed to business combinations). Transaction costs associated with asset acquisitions are capitalized, while transaction costs associated with business combinations will continue to be expensed as incurred.

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Schedule of Dividends Declared and Shares Issued	The Company’s board of directors has declared and issued stock dividends on shares of the Company’s common stock during the three months ended March 31, 2017 and 2016 as follows: Three Months Ended March 31, Amount Declared per Share Outstanding (1) Total Shares Issued 2016 0.005000 shares — 2017 0.005001 shares 104,525 _____________________ (1) Amount declared per share outstanding includes one-time stock dividends, quarterly dividends and monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method	In accordance with FASB ASC Topic 260-10-45, Earnings Per Share , the Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared (“distributed earnings”) and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. The Company does not have any participating securities outstanding other than Class A Common Stock and Class T Common stock during the periods presented. For the Three Months Ended March 31, 2017 2016 Net loss attributable to common stockholders $ (2,448 ) $ (2,092 ) Less: Class A Common Stock cash distributions declared 682 93 Less: Class T Common Stock cash distributions declared 170 — Undistributed net loss attributable to common stockholders $ (3,300 ) $ (2,185 ) Class A Common Stock: Undistributed net loss attributable to common stockholders $ (2,217 ) $ (2,155 ) Class A Common Stock cash distributions declared 682 93 Net loss attributable to Class A common stockholders $ (1,535 ) $ (2,062 ) Net loss per common share, basic and diluted $ (0.11 ) $ (0.18 ) Weighted-average number of common shares outstanding, basic and diluted 14,516,206 11,205,207 Class T Common Stock: Undistributed net loss attributable to common stockholders $ (1,083 ) $ (30 ) Class T Common Stock cash distributions declared 170 — Net loss attributable to Class T common stockholders $ (913 ) $ (30 ) Net loss per common share, basic and diluted $ (0.13 ) $ (0.19 ) Weighted-average number of common shares outstanding, basic and diluted 7,095,818 156,112

REAL ESTATE (Tables)

REAL ESTATE (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of Real Estate	The following table summarizes the Company’s real estate as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Land $ 71,448 $ 71,448 Buildings and improvements 198,064 196,050 Construction in progress 51,935 50,452 Tenant origination and absorption costs 6,076 6,226 Total real estate, cost 327,523 324,176 Accumulated depreciation and amortization (9,474 ) (6,853 ) Total real estate, net $ 318,049 $ 317,323 The following table provides summary information regarding the Company’s real estate as of March 31, 2017 (in thousands): Property Date City State Property Type Land Building (1) Tenant Origination and Absorption Total Accumulated Depreciation and Amortization Total Ownership % Springmaid Beach Resort 12/30/2014 Myrtle Beach SC Hotel $ 27,438 $ 28,353 $ — $ 55,791 $ (2,507 ) $ 53,284 90.0% Q&C Hotel 12/17/2015 New Orleans LA Hotel 1,232 52,297 — 53,529 (2,282 ) 51,247 90.0% 2200 Paseo Verde 12/23/2015 Henderson NV Office 1,850 10,832 603 13,285 (666 ) 12,619 100.0% Lincoln Court 05/20/2016 Campbell CA Office 14,706 33,466 4,374 52,546 (2,489 ) 50,057 100.0% Lofts at NoHo Commons 11/16/2016 North Hollywood CA Apartment 26,222 73,116 1,099 100,437 (1,530 ) 98,907 90.0% 210 West 31st Street (2) 12/01/2016 New York NY Retail — 51,935 — 51,935 — 51,935 80.0% $ 71,448 $ 249,999 $ 6,076 $ 327,523 $ (9,474 ) $ 318,049 _____________________ (1) Building and improvements includes construction in progress. (2) The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114.
Schedule of Hotel Revenue and Expense	As of March 31, 2017 , the Company owned two hotel properties. The following table provides detail information regarding the Company's hotel revenues and expenses for the three months ended March 31, 2017 and 2016 (in thousands): Three Months Ended March 31, 2017 2016 Hotel revenues: Room $ 3,594 2,557 Food, beverage and convention services 753 494 Campground 272 262 Other 224 334 Hotel revenues $ 4,843 $ 3,647 Hotel expenses: Room $ 1,031 834 Food, beverage and convention services 677 526 General and administrative 566 468 Sales and marketing 604 392 Repairs and maintenance 442 404 Utilities 220 185 Property taxes and insurance 383 298 Other 321 260 Hotel expenses $ 4,244 $ 3,367
Schedule of Office Property Revenue and Expense	The following table provides detailed information regarding the Company's office revenues and expenses for the three months ended March 31, 2017 and 2016 (in thousands): Three Months Ended March 31, 2017 2016 Office revenues: Rental income $ 1,750 $ 329 Tenant reimbursements and other income 74 9 Office revenues $ 1,824 $ 338 Office expenses: Operating, maintenance, and management $ 391 $ 59 Real estate taxes and insurance 189 19 Office expenses $ 580 $ 78
Schedule of Future Minimum Rental Income for Company's Properties	As of March 31, 2017 , the future minimum rental income from the Company’s office properties under its non-cancelable operating leases was as follows (in thousands): April 1, 2017 through December 31, 2017 $ 4,320 2018 4,782 2019 3,478 2020 2,113 2021 1,312 Thereafter 2,246 $ 18,251
Schedule of Apartment Property Revenue and Expense	The following table provides detailed information regarding the Company's apartment revenues and expenses for the three months ended March 31, 2017 (in thousands): Apartment revenues: Rental income $ 1,615 Tenant reimbursements and other income 124 Apartment revenues $ 1,739 Apartment expenses: Operating, maintenance, and management $ 487 Real estate taxes and insurance 349 Apartment expenses $ 836

TENANT ORIGINATION AND ABSORP24

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities	As of March 31, 2017 and December 31, 2016 , the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Above-Market Below-Market March 31, December 31, March 31, December 31, March 31, December 31, Cost $ 6,076 $ 6,226 $ 27 $ 27 $ (1,445 ) $ (1,445 ) Accumulated Amortization (2,399 ) (1,553 ) (8 ) (6 ) 670 496 Net Amount $ 3,677 $ 4,673 $ 19 $ 21 $ (775 ) $ (949 )
Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities	Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three months ended March 31, 2017 and 2016 are as follows (in thousands): Tenant Origination and Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2017 2016 2017 2016 2017 2016 Amortization $ (997 ) $ (67 ) $ (2 ) $ (6 ) $ 174 $ —

REAL ESTATE LOAN RECEIVABLE (Ta

REAL ESTATE LOAN RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Schedule of Real Estate Loan Receivable	As of March 31, 2017 and December 31, 2016 , the Company had originated one real estate loan receivable as follows (in thousands): Loan Name Location of Related Property or Collateral Date Originated Property Type Loan Type Outstanding Principal Balance Book Value as of (1) Book Value as of (1) Contractual Interest Rate (2) Annualized Effective Interest Rate (2) Maturity Date 655 Summer Street First Mortgage Boston, Massachusetts 09/04/2014 Office Mortgage $ 3,500 $ 3,461 $ 3,442 9.25% 11.68% 10/01/2017 _____________________ (1) Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized origination fees and direct origination and acquisition costs. (2) Contractual interest rate is the stated interest rate on the face of the loan. Annualized effective interest rate is calculated as the actual interest income recognized in 2017 , using the interest method annualized (if applicable) and divided by the average amortized cost basis of the investment. The annualized effective interest rate and contractual interest rate presented are as of March 31, 2017 .
Schedule of Activity Related to Real Estate Loan Receivable	The following summarizes the activity related to the real estate loan receivable for the three months ended March 31, 2017 (in thousands): Real estate loan receivable - December 31, 2016 $ 3,442 Amortization of closing costs and origination fees on real estate loan receivable 19 Real estate loan receivable - March 31, 2017 $ 3,461
Schedule of Interest and Other Income	For the three months ended March 31, 2017 and 2016 , interest income from the real estate loan receivable consisted of the following (in thousands): For the Three Months Ended March 31, 2017 2016 Contractual interest income $ 80 $ 82 Amortization of closing costs and origination fees, net 19 17 Interest income from real estate loan receivable $ 99 $ 99

NOTE PAYABLE (Tables)

NOTE PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of March 31, 2017 and December 31, 2016 , the Company’s notes payable consisted of the following (in thousands): Book Value as of March 31, 2017 Book Value as of December 31, 2016 Contractual Interest Rate (1) Effective Interest Rate (1) Payment Type Maturity Date Springmaid Beach Resort Mortgage Loan $ 38,000 $ 38,000 One-month LIBOR + 3.00% 3.78% Interest Only 12/30/2017 Q&C Hotel Mortgage Loan 28,330 28,330 One-month LIBOR + 3.25% 4.03% Interest Only (2) 12/17/2018 2200 Paseo Verde Mortgage Loan 7,430 7,430 One-month LIBOR + 2.25% 3.03% Interest Only 07/01/2017 Lincoln Court Mortgage Loan 33,500 33,500 One-month LIBOR + 1.75% 2.73% Interest Only 06/01/2020 Lofts at NoHo Commons Mortgage Loan 72,100 72,100 One-month LIBOR + 2.66% 3.45% Interest Only 12/01/2019 210 West 31st Street Mortgage Loan (3) 33,143 32,650 One-month LIBOR + 5.50% 6.28% Interest Only 12/01/2019 Total notes payable principal outstanding 212,503 212,010 Deferred financing costs, net (3,083 ) (3,429 ) Total notes payable, net $ 209,420 $ 208,581 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2017 . Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2017 (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at March 31, 2017 , where applicable. (2) Beginning February 1, 2018, monthly payments also include principal amortization payments of $55,000 per month, unless certain conditions described in the loan documents are satisfied. (3) As of March 31, 2017 , $33.1 million had been disbursed to the Company and up to $14.0 million is available for future disbursements to be used for capital improvement costs, tenant improvement costs, leasing commissions and operating/interest shortfall, subject to certain terms and conditions contained in the loan documents.
Schedule of Maturities of Long-term Debt	The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of March 31, 2017 (in thousands): April 1, 2017 through December 31, 2017 $ 45,430 2018 28,330 2019 105,243 2020 33,500 $ 212,503

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position	The following table summarizes the notional amount and other information related to the Company’s derivative instruments as of March 31, 2017 and December 31, 2016 . The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): Fair Value of Asset Derivative Instruments Effective Date Maturity Date Notional Value Reference Rate March 31, 2017 December 31, 2016 Balance Sheet Location Interest Rate Cap 12/29/2014 01/01/2018 $ 26,000 One-month LIBOR at 3.00% $ — $ — Prepaid expenses and other assets Interest Rate Cap 12/15/2015 12/23/2018 $ 28,330 One-month LIBOR at 3.00% 2 6 Prepaid expenses and other assets Interest Rate Cap 12/01/2016 12/01/2019 $ 47,110 One-month LIBOR at 3.00% 43 89 Prepaid expenses and other assets Total Derivative Instruments not designated as hedging instruments $ 45 $ 95

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Face Value, Carrying Amounts and Fair Value	The following were the face value, carrying amount and fair value of the Company’s financial instruments as of March 31, 2017 and December 31, 2016 , which carrying amounts do not approximate the fair values (in thousands): March 31, 2017 December 31, 2016 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial asset: Real estate loan receivable $ 3,500 $ 3,461 $ 3,441 $ 3,500 $ 3,442 $ 3,401 Financial liability: Notes payable $ 212,503 $ 209,420 $ 212,621 $ 212,010 $ 208,581 $ 211,565
Schedule of Fair Value of Assets and Liabilities	As of March 31, 2017 , the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets Significant Other Observable Significant Unobservable Recurring Basis: Asset derivatives - interest rate caps $ 45 $ — $ 45 $ —

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2017 and 2016 , respectively, and any related amounts payable as of March 31, 2017 and December 31, 2016 (in thousands): Incurred Payable as of Three Months Ended March 31, March 31, 2017 December 31, 2016 2017 2016 Expensed Asset management fees 504 251 — — Reimbursable operating expenses (1) 103 132 22 37 Capitalized Acquisition fees (2) 16 79 43 27 Asset management fees 67 — 23 — Additional Paid-in Capital Sales commissions 1,002 1,104 — — Dealer manager fees 610 476 — — Stockholder servicing fees (3) 104 — 334 374 Reimbursable other offering costs (4) 311 16 685 374 $ 2,717 $ 2,058 $ 1,107 $ 812 _____________________ (1) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber-security related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. The Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. These amounts totaled $99,000 and $132,000 for the three months ended March 31, 2017 and 2016 , respectively, and were the only employee costs reimbursed under the Advisory Agreement for the three months ended March 31, 2017 and 2016 . The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company's direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. (2) Prior to the adoption of ASU No. 2017-01 on January 1, 2017, acquisition fees related to investment properties were expensed at the time of acquisition. Acquisition fees on investment in unconsolidated entities are capitalized into the cost basis of the investment. Acquisition fees on significant capital expenditures related to the development, construction or improvement of the investment budgeted as of the date of acquisition are capitalized. (3) Reflects the estimated amount of the stockholder servicing fee payable based on the terms of the Class T Shares. (4) See "Other Offering Costs" below.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity Schedule	Future minimum lease payments owed by the 210 West 31st Street Joint Venture under the operating lease as of March 31, 2017 is as follows (in thousands): April 1, 2017 through December 31, 2017 $ 270 2018 360 2019 360 2020 360 2021 360 Thereafter 54,036 $ 55,746

ORGANIZATION (Details)

ORGANIZATION (Details) $ / shares in Units, $ in Thousands	Jul. 31, 2014USD ($)shares	Mar. 31, 2017USD ($)propertyinvestmentsubsidiaryshares	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)shares	Aug. 11, 2014USD ($)shares	Dec. 31, 2016USD ($)shares	Nov. 14, 2013shares	Jul. 03, 2013$ / sharesshares
Organizational Structure [Line Items]
Partnership interest in Operating Partnership		0.10%
Partnership interest in the Operating Partnership and is its sole limited partner		99.90%
Number of Wholly Owned Subsidiaries | subsidiary		3
Number of investments in an unconsolidated entity | investment		1
Proceeds from issuance of common stock | $		$ 30,466	$ 18,080
Proceeds from issuance of common stock, dividend reinvestment plan | $						$ 800
Issuance of common stock, value | $		$ 30,967		$ 97,409
Class A [Member]
Organizational Structure [Line Items]
Common stock, shares issued		14,797,382		14,074,793		14,074,793
Class T [Member]
Organizational Structure [Line Items]
Common stock, shares issued		8,622,239		6,046,591		6,046,591
Common Stock [Member]
Organizational Structure [Line Items]
Shares, dividend reinvestment plan						95,253
Common Stock [Member] | Class A [Member]
Organizational Structure [Line Items]
Issuance of common stock, shares		674,881		4,104,345
Issuance of common stock, value | $		$ 7		$ 41
Common Stock [Member] | Class T [Member]
Organizational Structure [Line Items]
Issuance of common stock, shares		2,542,560		5,955,697
Issuance of common stock, value | $		$ 25		$ 60
Private Placement [Member]
Organizational Structure [Line Items]
Proceeds from issuance of common stock | $					$ 32,200
Private Placement [Member] | Common Stock [Member]
Organizational Structure [Line Items]
Issuance of common stock, shares					3,619,851
IPO [Member]
Organizational Structure [Line Items]
Proceeds from issuance of common stock | $						$ 177,300
Proceeds from issuance of common stock, dividend reinvestment plan | $						$ 2,700
IPO [Member] | Common Stock [Member]
Organizational Structure [Line Items]
Shares registered in primary offering							100,000,000
Shares registered for sale under dividend reinvestment plan							80,000,000
IPO [Member] | Common Stock [Member] | Class A [Member]
Organizational Structure [Line Items]
Issuance of common stock, shares						9,738,953
Shares, dividend reinvestment plan						249,702
IPO [Member] | Common Stock [Member] | Class T [Member]
Organizational Structure [Line Items]
Issuance of common stock, shares						8,498,257
Shares, dividend reinvestment plan						38,583
IPO [Member] | Common Stock [Member] | Maximum [Member]
Organizational Structure [Line Items]
Stock offering, shares authorized for issuance							180,000,000
Hotel [Member]
Organizational Structure [Line Items]
Number of real estate properties | property		2
Office Building [Member]
Organizational Structure [Line Items]
Number of real estate properties | property		2
Apartment Building [Member]
Organizational Structure [Line Items]
Number of real estate properties | property		1
Retail Property [Member]
Organizational Structure [Line Items]
Number of real estate properties | property		1
KBS Capital Advisors LLC [Member]
Organizational Structure [Line Items]
Common stock, shares issued								21,739
Common stock, purchase price per share | $ / shares								$ 9.20
Willowbrook Capital Group LLC [Member] | Private Placement [Member] | Common Stock [Member] | Class A [Member]
Organizational Structure [Line Items]
Issuance of common stock, shares	120,106
Issuance of common stock, value | $	$ 1,000

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock Dividends) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2017shares	Dec. 31, 2016shares	Mar. 16, 2017	Jan. 26, 2017
Accounting Policies [Abstract]
Amount Declared per Share Outstanding	0.005001	0.005000	0.001667	0.001667
Total Shares Issued	104,525	0

SUMMARY OF SIGNIFICANT ACCOUN33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (EPS Two-class Method) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (2,448)	$ (2,092)
Undistributed net loss	(3,300)	(2,185)
Class A [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	(1,535)	(2,062)
Less: Common Stock cash distributions declared	682	93
Undistributed net loss	$ (2,217)	$ (2,155)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.11)	$ (0.18)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	14,516,206	11,205,207
Class T [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (913)	$ (30)
Less: Common Stock cash distributions declared	170	0
Undistributed net loss	$ (1,083)	$ (30)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.13)	$ (0.19)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	7,095,818	156,112

SUMMARY OF SIGNIFICANT ACCOUN34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - $ / shares	1 Months Ended	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Summary of Significant Accounting Policies [Line Items]
Distribution rate per share per day, declared (in dollars per share)	$ 0.00026202
Class A [Member]
Summary of Significant Accounting Policies [Line Items]
Distributions declared per common share (in dollars per share)		$ 0.047	$ 0.008
Class T [Member]
Summary of Significant Accounting Policies [Line Items]
Distributions declared per common share (in dollars per share)		$ 0.024

REAL ESTATE (Narrative) (Detail

REAL ESTATE (Narrative) (Details)	Mar. 31, 2017property
Hotel [Member]
Real Estate Properties [Line Items]
Number of real estate properties	2
Office Building [Member]
Real Estate Properties [Line Items]
Number of real estate properties	2
Apartment Building [Member]
Real Estate Properties [Line Items]
Number of real estate properties	1
Retail Property [Member]
Real Estate Properties [Line Items]
Number of real estate properties	1

REAL ESTATE (Schedule of Real E

REAL ESTATE (Schedule of Real Estate Investments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Total real estate, cost	$ 327,523	$ 324,176
Accumulated depreciation and amortization	(9,474)	(6,853)
Total real estate, net	$ 318,049	317,323
Springmaid Beach Resort [Member]
Real Estate Properties [Line Items]
Date Originated	Dec. 30, 2014
Total real estate, cost	$ 55,791
Accumulated depreciation and amortization	(2,507)
Total real estate, net	$ 53,284
Ownership %	90.00%
Q and C Hotel [Member]
Real Estate Properties [Line Items]
Date Originated	Dec. 17, 2015
Total real estate, cost	$ 53,529
Accumulated depreciation and amortization	(2,282)
Total real estate, net	$ 51,247
Ownership %	90.00%
2200 Paseo Verde [Member]
Real Estate Properties [Line Items]
Date Originated	Dec. 23, 2015
Total real estate, cost	$ 13,285
Accumulated depreciation and amortization	(666)
Total real estate, net	$ 12,619
Ownership %	100.00%
Lincoln Court [Member]
Real Estate Properties [Line Items]
Date Originated	May 20, 2016
Total real estate, cost	$ 52,546
Accumulated depreciation and amortization	(2,489)
Total real estate, net	$ 50,057
Ownership %	100.00%
Lofts at NoHo Commons [Member]
Real Estate Properties [Line Items]
Date Originated	Nov. 16, 2016
Total real estate, cost	$ 100,437
Accumulated depreciation and amortization	(1,530)
Total real estate, net	$ 98,907
Ownership %	90.00%
210 West 31st Street [Member]
Real Estate Properties [Line Items]
Date Originated	Dec. 1, 2016
Total real estate, cost	$ 51,935
Accumulated depreciation and amortization	0
Total real estate, net	$ 51,935
Ownership %	80.00%
Land [Member]
Real Estate Properties [Line Items]
Total real estate, cost	$ 71,448	71,448
Land [Member] | Springmaid Beach Resort [Member]
Real Estate Properties [Line Items]
Total real estate, cost	27,438
Land [Member] | Q and C Hotel [Member]
Real Estate Properties [Line Items]
Total real estate, cost	1,232
Land [Member] | 2200 Paseo Verde [Member]
Real Estate Properties [Line Items]
Total real estate, cost	1,850
Land [Member] | Lincoln Court [Member]
Real Estate Properties [Line Items]
Total real estate, cost	14,706
Land [Member] | Lofts at NoHo Commons [Member]
Real Estate Properties [Line Items]
Total real estate, cost	26,222
Land [Member] | 210 West 31st Street [Member]
Real Estate Properties [Line Items]
Total real estate, cost	0
Buildings and Improvements [Member]
Real Estate Properties [Line Items]
Total real estate, cost	198,064	196,050
Construction in Progress [Member]
Real Estate Properties [Line Items]
Total real estate, cost	51,935	50,452
Buildings and Improvements [Member]
Real Estate Properties [Line Items]
Total real estate, cost	249,999
Buildings and Improvements [Member] | Springmaid Beach Resort [Member]
Real Estate Properties [Line Items]
Total real estate, cost	28,353
Buildings and Improvements [Member] | Q and C Hotel [Member]
Real Estate Properties [Line Items]
Total real estate, cost	52,297
Buildings and Improvements [Member] | 2200 Paseo Verde [Member]
Real Estate Properties [Line Items]
Total real estate, cost	10,832
Buildings and Improvements [Member] | Lincoln Court [Member]
Real Estate Properties [Line Items]
Total real estate, cost	33,466
Buildings and Improvements [Member] | Lofts at NoHo Commons [Member]
Real Estate Properties [Line Items]
Total real estate, cost	73,116
Buildings and Improvements [Member] | 210 West 31st Street [Member]
Real Estate Properties [Line Items]
Total real estate, cost	51,935
Tenant Origination and Absorption Costs [Member]
Real Estate Properties [Line Items]
Total real estate, cost	6,076	$ 6,226
Tenant Origination and Absorption Costs [Member] | Springmaid Beach Resort [Member]
Real Estate Properties [Line Items]
Total real estate, cost	0
Tenant Origination and Absorption Costs [Member] | Q and C Hotel [Member]
Real Estate Properties [Line Items]
Total real estate, cost	0
Tenant Origination and Absorption Costs [Member] | 2200 Paseo Verde [Member]
Real Estate Properties [Line Items]
Total real estate, cost	603
Tenant Origination and Absorption Costs [Member] | Lincoln Court [Member]
Real Estate Properties [Line Items]
Total real estate, cost	4,374
Tenant Origination and Absorption Costs [Member] | Lofts at NoHo Commons [Member]
Real Estate Properties [Line Items]
Total real estate, cost	1,099
Tenant Origination and Absorption Costs [Member] | 210 West 31st Street [Member]
Real Estate Properties [Line Items]
Total real estate, cost	$ 0

REAL ESTATE (Hotel Revenue and

REAL ESTATE (Hotel Revenue and Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Hotel revenues:
Hotel revenues	$ 4,843	$ 3,647
Hotel expenses:
General and administrative	566	698
Hotel expenses	4,244	3,367
Hotel [Member]
Hotel revenues:
Room	3,594	2,557
Food, beverage and convention services	753	494
Campground	272	262
Other	224	334
Hotel revenues	4,843	3,647
Hotel expenses:
Room	1,031	834
Food, beverage and convention services	677	526
General and administrative	566	468
Sales and marketing	604	392
Repairs and maintenance	442	404
Utilities	220	185
Property taxes and insurance	383	298
Other	321	260
Hotel expenses	$ 4,244	$ 3,367

REAL ESTATE (Springmaid Beach R

REAL ESTATE (Springmaid Beach Resort) (Details) - Springmaid Beach Resort [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Mar. 31, 2017
Real Estate [Line Items]
Loss due to property damages	$ 3.7
Insurance proceeds received for property damages	3.7
Property damages	2.5
Estimated insurance recoveries		$ 2
Prepaid Expenses and Other Assets [Member]
Real Estate [Line Items]
Estimated insurance recoveries	$ 6.2	$ 4.5
Maximum [Member]
Real Estate [Line Items]
Coverage for property damage and business interruption as percent of replacement cost per incident	3.00%

REAL ESTATE (Office Property) (

REAL ESTATE (Office Property) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)ft²property	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Office revenues	$ 8,505	$ 4,084
Office expenses	$ 11,292	6,339
Office Building [Member]
Real Estate Properties [Line Items]
Number of real estate properties | property	2
Square feet in conference center | ft²	183,347
Percentage of portfolio occupied	82.00%
Rental income	$ 1,750	329
Tenant reimbursements and other income	74	9
Office revenues	1,824	338
Operating, maintenance, and management	391	59
Real estate taxes and insurance	189	19
Office expenses	$ 580	$ 78

REAL ESTATE (Operating Leases)

REAL ESTATE (Operating Leases) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Other Liabilities [Member]
Real Estate Properties [Line Items]
Security deposit liability	$ 0.6	$ 0.7
Maximum [Member]
Real Estate Properties [Line Items]
Operating lease, term	8 years 1 month 6 days
Weighted Average [Member]
Real Estate Properties [Line Items]
Operating lease, term	2 years 6 months

REAL ESTATE (Future Minimum Ren

REAL ESTATE (Future Minimum Rental Income) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Real Estate [Abstract]
April 1, 2017 through December 31, 2017	$ 4,320
2,018	4,782
2,019	3,478
2,020	2,113
2,021	1,312
Thereafter	2,246
Future minimum rental income	$ 18,251

REAL ESTATE (Apartment Property

REAL ESTATE (Apartment Property) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)unitproperty	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Total revenues	$ 8,505	$ 4,084
Total expenses	$ 11,292	$ 6,339
Apartment Building [Member]
Real Estate Properties [Line Items]
Number of real estate properties | property	1
Number of units in real estate property | unit	292
Percentage of real estate portfolio occupied	89.00%
Rental income	$ 1,615
Tenant reimbursements and other income	124
Total revenues	1,739
Operating, maintenance, and management	487
Real estate taxes and insurance	349
Total expenses	$ 836

TENANT ORIGINATION AND ABSORP43

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination And Absorption Costs, Cost	$ 6,076		$ 6,226
Tenant Origination and Absorption Costs, Accumulated Amortization	(2,399)		(1,553)
Tenant Origination and Absorption Costs, Net Amount	3,677		4,673
Tenant Origination and Absorption Costs, Amortization expense	(997)	$ (67)
Above-Market Lease Assets, Cost	27		27
Above-Market Lease Assets, Accumulated Amortization	(8)		(6)
Above-Market Lease Assets, Net Amount	19		21
Above-Market Lease Assets, Amortization expense	(2)	(6)
Below-Market Lease Liabilities, Cost	(1,445)		(1,445)
Below-Market Lease Liabilities, Accumulated Amortization	670		496
Below-Market Lease Liabilities, Net Amount	(775)		$ (949)
Below-Market Lease Liabilities, Amortization expense	$ 174	$ 0

TENANT ORIGINATION AND ABSORP44

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Remaining amortization period	31 years 9 months 18 days
Depreciation and amortization	$ 2,853	$ 1,280
Housing Subsidy Intangible Asset [Member]
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Depreciation and amortization	20
Prepaid Expenses and Other Assets [Member]
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Intangible assets	$ 2,500

REAL ESTATE LOAN RECEIVABLE (Sc

REAL ESTATE LOAN RECEIVABLE (Schedule of Real Estate Loans Receivable) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Book Value	$ 3,461	$ 3,442
Retail Property [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate properties | property	1
Office Building [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate properties | property	2
Office Building [Member] | 655 Summer Street Mortgage Loan [Member] | Mortgages [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Date Originated	Sep. 4, 2014
Outstanding Principal Balance	$ 3,500
Book Value	$ 3,461	$ 3,442
Contractual Interest Rate	9.25%
Annualized Effective Interest Rate	11.68%
Maturity Date	Oct. 1, 2017

REAL ESTATE LOAN RECEIVABLE (46

REAL ESTATE LOAN RECEIVABLE (Schedule of Activity Related to Real Estate Loans Receivable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Real Estate Loans Receivable [Roll Forward]
Real estate loan receivable - December 31, 2016	$ 3,442
Amortization of closing costs and origination fees on real estate loan receivable	19	$ 17
Real estate loan receivable - March 31, 2017	$ 3,461

REAL ESTATE LOAN RECEIVABLE (47

REAL ESTATE LOAN RECEIVABLE (Schedule of Interest Income from Real Estate Loans Receivable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Receivables [Abstract]
Contractual interest income	$ 80	$ 82
Amortization of origination fees and costs and acquisition costs, net	19	17
Interest income from real estate loan receivable	$ 99	$ 99

INVESTMENT IN UNCONSOLIDATED 48

INVESTMENT IN UNCONSOLIDATED ENTITY (Details) $ in Thousands, € in Millions	Jun. 28, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Jun. 28, 2016EUR (€)
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated entity		$ 13	$ 0
Real Estate Joint Venture [Member] | Industrial [Member]
Schedule of Equity Method Investments [Line Items]
Current capacity	$ 2,900			€ 2.6
Amount outstanding	$ 2,300			€ 2.1
Ownership interest	5.00%			5.00%
Investments in unconsolidated joint ventures	$ 105,600			€ 95.5
Amortization of acquisition costs	$ 200

NOTE PAYABLE (Schedule of Notes

NOTE PAYABLE (Schedule of Notes Payable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 212,503	$ 212,010
Deferred financing costs, net	(3,083)	(3,429)
Total notes payable, net	209,420	208,581
Mortgages [Member] | Springmaid Beach Resort Mortgage Loan [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 38,000	38,000
Effective Interest Rate	3.78%
Mortgages [Member] | Springmaid Beach Resort Mortgage Loan [Member] | One-month LIBOR [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	3.00%
Mortgages [Member] | Q and C Hotel Mortgage Loan [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 28,330	28,330
Effective Interest Rate	4.03%
Mortgages [Member] | Q and C Hotel Mortgage Loan [Member] | Beginning February 1, 2018 [Member]
Debt Instrument [Line Items]
Periodic payment	$ 55
Mortgages [Member] | Q and C Hotel Mortgage Loan [Member] | One-month LIBOR [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	3.25%
Mortgages [Member] | 2200 Paseo Verde Mortgage Loan [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 7,430	7,430
Effective Interest Rate	3.03%
Mortgages [Member] | 2200 Paseo Verde Mortgage Loan [Member] | One-month LIBOR [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	2.25%
Mortgages [Member] | Lincoln Court Mortgage Loan [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 33,500	33,500
Effective Interest Rate	2.73%
Mortgages [Member] | Lincoln Court Mortgage Loan [Member] | One-month LIBOR [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	1.75%
Mortgages [Member] | Lofts at NoHo Commons Mortgage Loan [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 72,100	72,100
Effective Interest Rate	3.45%
Mortgages [Member] | Lofts at NoHo Commons Mortgage Loan [Member] | One-month LIBOR [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	2.66%
Mortgages [Member] | 210 West 31st Street Mortgage Loan [Member]
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 33,143	$ 32,650
Effective Interest Rate	6.28%
Mortgages [Member] | 210 West 31st Street Mortgage Loan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Amount outstanding	$ 33,100
Unused borrowing capacity, amount	$ 14,000
Mortgages [Member] | 210 West 31st Street Mortgage Loan [Member] | One-month LIBOR [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	5.50%

NOTE PAYABLE (Narrative) (Detai

NOTE PAYABLE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Interest expense	$ 1,709	$ 665
Amortization of deferred financing costs	300	100
Unrealized loss on derivative instruments	50	32
Interest capitalized	822	$ 31
Deferred finance costs	$ 3,100		$ 3,400
Interest payable			$ 700

NOTE PAYABLE (Schedule of Matur

NOTE PAYABLE (Schedule of Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
April 1, 2017 through December 31, 2017	$ 45,430
2,018	28,330
2,019	105,243
2,020	33,500
Total	$ 212,503	$ 212,010

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)instrument	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)instrument
Derivative [Line Items]
Fair Value of Asset	$ 45		$ 95
Unrealized loss on derivative instruments	$ 50	$ 32
Interest Rate Cap [Member]
Derivative [Line Items]
Number of Instruments Held | instrument	3		2
Interest Rate Cap [Member] | One-month LIBOR [Member]
Derivative [Line Items]
Reference Rate	3.00%
Interest Rate Cap [Member] | Prepaid Expenses and Other Assets [Member]
Derivative [Line Items]
Notional Value	$ 26,000
Fair Value of Asset	$ 0		$ 0
Interest Rate Cap 1 [Member] | One-month LIBOR [Member]
Derivative [Line Items]
Reference Rate	3.00%
Interest Rate Cap 1 [Member] | Prepaid Expenses and Other Assets [Member]
Derivative [Line Items]
Notional Value	$ 28,330
Fair Value of Asset	$ 2		6
Interest Rate Cap 2 [Member] | One-month LIBOR [Member]
Derivative [Line Items]
Reference Rate	3.00%
Interest Rate Cap 2 [Member] | Prepaid Expenses and Other Assets [Member]
Derivative [Line Items]
Notional Value	$ 47,110
Fair Value of Asset	$ 43		$ 89

FAIR VALUE DISCLOSURES (Schedul

FAIR VALUE DISCLOSURES (Schedule of Face Value, Carrying Amounts and Fair Value) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans receivable, Face Value	$ 3,500,000	$ 3,500,000
Notes payable, Face Value	212,503,000	212,010,000
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans receivable, Value	3,461,000	3,442,000
Notes payable, Value	209,420,000	208,581,000
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans receivable, Value	3,441,000	3,401,000
Notes payable, Value	$ 212,621,000	$ 211,565,000

FAIR VALUE DISCLOSURES (Sched54

FAIR VALUE DISCLOSURES (Schedule of Assets and Liabilities at Fair Value) (Details) - Recurring Basis [Member] $ in Thousands	Mar. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives - interest rate caps	$ 45
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives - interest rate caps	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives - interest rate caps	45
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives - interest rate caps	$ 0

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	45 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Term of advisory agreement	1 year
Period of termination notice	60 days
Due from affiliate	$ 21	$ 21	$ 0
Private Placement [Member]
Related Party Transaction [Line Items]
Offering costs (other than selling commissions and dealer manager fees)	1,000	1,000
Selling commissions and dealer manager fees	1,900
IPO [Member]
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees	11,400
Organization and offering costs incurred by related party		8,900
Due to officers or stockholders	600	600
Other organization and offering costs	$ 1,800	$ 1,800
IPO [Member] | KBS Capital Advisors LLC [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Percent of aggregate gross proceeds	15.00%	15.00%
Reimbursable offering costs determination, gross offering costs, percentage	1.00%	1.00%
KBS Capital Advisors LLC [Member] | Property Insurance Rebate [Member]
Related Party Transaction [Line Items]
Due from affiliate	$ 21	$ 21

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Related-party Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Payable as of	$ 1,107		$ 812
Payment for administrative fees	99	$ 132
Advisor and Dealer Manager [Member]
Related Party Transaction [Line Items]
Incurred	2,717	2,058
Payable as of	1,107		812
Advisor and Dealer Manager [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses	504	251
Payable as of	0		0
Advisor and Dealer Manager [Member] | Reimbursable Operating Expenses [Member]
Related Party Transaction [Line Items]
Expenses	103	132
Payable as of	22		37
Advisor and Dealer Manager [Member] | Acquisition Fee on Development Project [Member]
Related Party Transaction [Line Items]
Expenses	16	79
Payable as of	43		27
Advisor and Dealer Manager [Member] | Asset Management Fees on Development Project [Member]
Related Party Transaction [Line Items]
Expenses	67	0
Payable as of	23		0
Advisor and Dealer Manager [Member] | Sales Commissions [Member]
Related Party Transaction [Line Items]
Incurred	1,002	1,104
Payable as of	0		0
Advisor and Dealer Manager [Member] | Dealer Manager Fees [Member]
Related Party Transaction [Line Items]
Incurred	610	476
Payable as of	0		0
Advisor and Dealer Manager [Member] | Stockholder Servicing Fees [Member]
Related Party Transaction [Line Items]
Incurred	104	0
Payable as of	334		374
Advisor and Dealer Manager [Member] | Reimbursable Other Offering Costs [Member]
Related Party Transaction [Line Items]
Incurred	311	$ 16
Payable as of	$ 685		$ 374

COMMITMENTS AND CONTINGENCIES57

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Lease Obligations
April 1, 2017 through December 31, 2017	$ 270
2,018	360
2,019	360
2,020	360
2,021	360
Thereafter	54,036
Total	$ 55,746
Springmaid Beach Resort [Member] | Doubletree Management LLC [Member]
Loss Contingencies [Line Items]
Base fee as percentage of total operating revenue in year one	2.50%
Base fee as percentage of total operating revenue in year two	2.75%
Base fee as percentage of total operating revenue, thereafter	3.00%
Management fee as percent of any campground revenue	2.00%
Incentive fee as percent of operating cash flow	15.00%
Percent of total investments	12.00%
Brand services fee as percent of total room revenue	4.00%
Fees incurred to management agreement	$ 51	$ 43
Q and C Hotel [Member] | Encore Hospitality, LLC [Member]
Loss Contingencies [Line Items]
Base fee as percentage of gross revenue	4.00%
Q and C Hotel [Member] | Encore Hospitality, LLC [Member] | Direct Costs of Hotels [Member]
Loss Contingencies [Line Items]
Management agreement, fees accrued	$ 110	$ 75
Q and C Hotel [Member] | Marriott International [Member]
Loss Contingencies [Line Items]
Brand services fee as percent of total room revenue	2.00%
Fees incurred to management agreement	$ 177
Brand services fee as percent of total room revenue, after three years	5.00%
Monthly marketing fund contribution fees as percent of gross room sales	1.50%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands

May 03, 2017shares

May 02, 2017USD ($)

Apr. 04, 2017shares

Apr. 03, 2017USD ($)

Mar. 31, 2016$ / shares

Jul. 31, 2017$ / shares

Apr. 30, 2017$ / shares

Mar. 31, 2017USD ($)shares

Mar. 31, 2016USD ($)

Dec. 31, 2016USD ($)shares

Dec. 31, 2016USD ($)shares

May 05, 2017USD ($)shares

May 10, 2017

Mar. 16, 2017

Jan. 26, 2017

Subsequent Event [Line Items]

Proceeds from issuance of common stock | $

$ 30,466

$ 18,080

Proceeds from issuance of common stock, dividend reinvestment plan | $

$ 800

Dividends, common stock | $

$ 852

$ 2,961

Distribution rate per share per day, declared (in dollars per share) | $ / shares

$ 0.00026202

Amount declared per share outstanding

0.005001

0.005000

0.005000

0.001667

0.001667

Stock dividends issued, shares

104,525

0

Dividend Declared [Member] | Scenario, Forecast [Member]

Subsequent Event [Line Items]

Distribution rate per share per day, declared (in dollars per share) | $ / shares

$ 0.00052548

Common Stock [Member]

Subsequent Event [Line Items]

Shares, dividend reinvestment plan

95,253

Class A [Member] | Common Stock [Member]

Subsequent Event [Line Items]

Issuance of common stock, shares

674,881

4,104,345

Class T [Member] | Common Stock [Member]

Subsequent Event [Line Items]

Issuance of common stock, shares

2,542,560

5,955,697

Subsequent Event [Member]

Subsequent Event [Line Items]

Stock dividends issued, shares

40,485

39,051

Subsequent Event [Member] | Dividend Paid [Member]

Subsequent Event [Line Items]

Dividends, common stock | $

$ 300

$ 300

Distribution rate per share per day, declared (in dollars per share) | $ / shares

$ 0.00052548

Subsequent Event [Member] | Dividend Declared [Member]

Subsequent Event [Line Items]

Amount declared per share outstanding

0.001667

Subsequent Event [Member] | Common Stock [Member]

Subsequent Event [Line Items]

Proceeds from issuance of common stock | $

$ 186,400

Proceeds from issuance of common stock, dividend reinvestment plan | $

$ 3,100

Subsequent Event [Member] | Class A [Member]

Subsequent Event [Line Items]

Issuance of common stock, shares

9,972,904

Shares, dividend reinvestment plan

278,407

Subsequent Event [Member] | Class T [Member]

Subsequent Event [Line Items]

Issuance of common stock, shares

9,207,919

Shares, dividend reinvestment plan

50,177