Inland Residential Properties Trust 10-K 17 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 06, 2017	Jun. 30, 2016
Document And Entity Information [Line Items]
Entity Registrant Name	Inland Residential Properties Trust, Inc.
Entity Central Index Key	1,595,627
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 18,060,161
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016
Class A Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,204,405
Class T Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		329,797

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Real estate:
Land	$ 6,301,838	$ 6,301,838
Building and other improvements	38,889,177	38,824,096
Total real estate	45,191,015	45,125,934
Less accumulated depreciation	(1,822,971)	(364,520)
Net real estate	43,368,044	44,761,414
Cash and cash equivalents	9,038,642	5,281,172
Accounts and rent receivable	17,961	35,763
Acquired in place lease intangibles, net		343,785
Other assets	458,316	464,937
Total assets	52,882,963	50,887,071
Liabilities:
Mortgages payable, net	27,447,459	45,646,954
Accounts payable and accrued expenses	232,736	422,223
Distributions payable	137,207	23,738
Due to related parties	5,684,753	5,064,415
Other liabilities	67,287	49,655
Total liabilities	33,569,442	51,206,985
Commitments and contingencies
Stockholders’ equity (deficit):
Preferred stock, $.001 par value, 50,000,000 shares authorized, none outstanding
Additional paid in capital (net of offering costs of $8,268,768 and $4,597,765 as of December 31, 2016 and 2015, respectively)	25,539,970	2,398,277
Distributions and accumulated losses	(6,227,832)	(2,718,480)
Total stockholders’ equity (deficit)	19,313,521	(319,914)
Total liabilities and stockholders’ equity (deficit)	52,882,963	50,887,071
Class A Common Stock [Member]
Liabilities:
Distributions payable	903,035	36,567
Stockholders’ equity (deficit):
Common stock	1,099	274
Class T Common Stock [Member]
Liabilities:
Distributions payable	105,143	854
Stockholders’ equity (deficit):
Common stock	$ 284	$ 15

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Offering costs included as reduction to additional paid in capital	$ 8,268,768	$ 4,597,765
Class A Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	320,000,000	320,000,000
Common stock, shares issued	1,098,858	274,481
Common stock, shares outstanding	1,098,858	274,481
Class T Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	284,283	15,157
Common stock, shares outstanding	284,283	15,157

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income:
Rental income	$ 3,570,084	$ 865,899
Other property income	355,289	101,572
Total income	3,925,373	967,471
Expenses:
Property operating expenses	1,181,819	253,268
Real estate tax expense	353,212	87,003
General and administrative expenses	1,196,519	657,293	$ 154,710
Acquisition related costs	29,607	1,247,622	0
Business management fee	274,540	91,455
Depreciation and amortization	1,822,246	622,359
Total expenses	4,857,943	2,959,000	154,710
Operating loss	(932,570)	(1,991,529)	(154,710)
Interest expense	(1,379,761)	(501,073)
Interest and other income	4,912
Net loss	$ (2,307,419)	$ (2,492,602)	$ (154,710)
Net loss per common share, basic and diluted	$ (2.80)	$ (48.07)	$ (19.34)
Weighted average number of common shares outstanding, basic and diluted	824,457	51,851	8,000

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($)	Total	Common Stock [Member]	Common Stock [Member]Class A Common Stock [Member]	Common Stock [Member]Class T Common Stock [Member]	Additional Paid In Capital [Member]	Distributions and Accumulated Losses [Member]
Balance at Dec. 31, 2013	$ 169,689	$ 8			$ 199,992	$ (30,311)
Balance, shares at Dec. 31, 2013		8,000
Net loss	(154,710)					(154,710)
Balance at Dec. 31, 2014	14,979	$ 8			199,992	(185,021)
Balance, shares at Dec. 31, 2014		8,000
Proceeds from the offering	6,779,935		$ 266	$ 15	6,779,654
Proceeds from the offering, shares			266,283	15,156
Offering costs	(4,597,765)				(4,597,765)
Conversion of common into Class A		$ (8)	$ 8
Conversion of common into Class A, shares		(8,000)	8,000
Discount on shares to related parties	8,065				8,065
Issuance of shares from distribution reinvestment plan	1,457				1,457
Issuance of shares from distribution reinvestment plan, shares			61
Distributions declared	(37,421)					(37,421)
Stock dividends issued					3,436	(3,436)
Stock dividends issued, shares			137	1
Net loss	(2,492,602)					(2,492,602)
Equity based compensation	3,438				3,438
Balance at Dec. 31, 2015	(319,914)		$ 274	$ 15	2,398,277	(2,718,480)
Balance, shares at Dec. 31, 2015			274,481	15,157
Proceeds from the offering	26,152,992		$ 801	$ 266	26,151,925
Proceeds from the offering, shares			800,942	266,034
Offering costs	(3,671,003)				(3,671,003)
Discount on shares to related parties	19,356				19,356
Issuance of shares from distribution reinvestment plan	438,463		$ 17	$ 2	438,444
Issuance of shares from distribution reinvestment plan, shares			16,370	2,179
Distributions declared	(1,008,178)					(1,008,178)
Stock dividends issued			$ 7	$ 1	193,747	(193,755)
Stock dividends issued, shares			6,864	913
Net loss	(2,307,419)					(2,307,419)
Equity based compensation	9,224				9,224
Equity based compensation, shares			201
Balance at Dec. 31, 2016	$ 19,313,521		$ 1,099	$ 284	$ 25,539,970	$ (6,227,832)
Balance, shares at Dec. 31, 2016			1,098,858	284,283

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (2,307,419)	$ (2,492,602)	$ (154,710)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,822,246	622,359
Amortization of debt issuance costs	102,796	34,233
Amortization of equity based compensation	9,224	3,438
Discount on shares issued to related parties	19,356	8,065
Changes in assets and liabilities:
Accounts payable and accrued expenses	(45,053)	75,759	74,492
Accounts and rent receivable	17,802	(35,763)
Due to related parties	266,454	809,512	77,705
Other liabilities	17,632	49,655
Other assets	6,621	(280,140)
Net cash flows used in operating activities	(90,341)	(1,205,484)	(2,513)
Cash flows from investing activities:
Purchase of real estate		(45,901,562)
Capital expenditures	(85,091)
Net cash flows used in investing activities	(85,091)	(45,901,562)
Cash flows from financing activities:
Payment of mortgages payable	(18,300,000)
Proceeds from mortgages payable		45,750,000
Proceeds from offering	26,152,992	6,779,935
Payment of offering costs	(3,461,553)	(2,989,222)	(264,852)
Distributions paid	(456,246)	(12,226)
Advances from sponsor		2,650,000
Payment of debt issuance costs	(2,291)	(22,904)
Net cash flows provided by (used in) financing activities	3,932,902	52,155,583	(264,852)
Net increase (decrease) in cash and cash equivalents	3,757,470	5,048,537	(267,365)
Cash and cash equivalents at beginning of the period	5,281,172	232,635	500,000
Cash and cash equivalents at end of the period	9,038,642	5,281,172	232,635
Supplemental disclosure of cash flow information:
Land		6,301,838
Building and other improvements		37,591,342
Furniture, fixtures and equipment		1,232,754
Acquired in place lease intangibles		601,623
Assumed assets, net		174,005
Purchase of real estate		45,901,562
Supplemental schedule of non-cash investing and financing activities:
Cash paid for interest	1,281,454	476,881
Distributions payable	137,207	23,738
Accrued offering costs payable	541,723	332,272	$ 1,338,350
Stock dividends issued	193,755	3,436
Common stock issued through distribution reinvestment plan	$ 438,463	$ 1,457

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION Inland Residential Properties Trust, Inc. (the “Company”) was formed on December 19, 2013 to acquire and manage a portfolio of multi-family properties located primarily in the top 100 United States metropolitan statistical areas, which generally contain populations greater than 500,000 people. The Company entered into a business management agreement (as amended, the “Business Management Agreement”) with Inland Residential Business Manager & Advisor, Inc. (the “Business Manager”), an indirect wholly owned subsidiary of Inland Real Estate Investment Corporation (the “Sponsor”), to be the Business Manager to the Company. Substantially all of the Company’s business is conducted through Inland Residential Operating Partnership, L.P. (the “operating partnership”), of which the Company is the sole general partner. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), beginning with the tax year ended December 31, 2015. At December 31, 2016, the Company owned one 194,732 square foot 206 unit multi-family community. During the year ended December 31, 2016, the property’s daily average occupancy was 94.7% and at December 31, 2016, 197, or 95.6% residential units were leased.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation. Consolidation The accompanying consolidated financial statements include the accounts of the Company, as well as the operating partnership and the accounts of the Company’s indirect wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. The fiscal year-end of the Company is December 31. Information with respect to square footage and occupancy is unaudited. Acquisitions Upon acquisition, the Company determines the total purchase price of each property (see Note 4 – “Acquisitions”). The Company allocates the total purchase price of properties based on the fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. Such tangible assets include land, building improvements, furniture, fixtures and equipment and intangible assets include in-place lease value. Acquired in-place lease costs and other leasing costs are amortized on a straight-line basis over the weighted-average remaining lease term as a component of amortization expense. In January 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business Impairment of Investment Properties The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed the carrying value, the Company will be required to record an impairment loss to the extent that the carrying value exceeds fair value. The valuation and possible subsequent impairment of investment properties will be a significant estimate that can change based on the Company’s continuous process of analyzing each property and reviewing assumptions about uncertain factors, as well as the economic condition of the property at a particular point in time. REIT Status The Company has qualified and has elected to be taxed as a REIT beginning with the tax year ended December 31, 2015. In order to qualify as a REIT, the Company is required to distribute annually at least 90% of its taxable income, subject to certain adjustments, to its stockholders. The Company must also meet certain asset and income tests, as well as other requirements. The Company will monitor the business and transactions that may potentially impact its REIT status. If it fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, it will be subject to U.S. federal (including any applicable alternative minimum tax) and state income tax on its taxable income at regular corporate rates. Income Taxes Income taxes were accounted for under the asset and liability method during the year ended December 31, 2014. Deferred tax assets and liabilities were recognized for future tax consequences and were attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. A valuation allowance was established for uncertainties relating to realization of deferred tax assets. At December 31, 2014, the Company had a deferred tax asset of approximately $74,008 for which a valuation allowance was recorded in the same amount due to the uncertainty of realization. As a result of the REIT election at December 31, 2015, the Company reversed a deferred tax asset of $726,017 and associated valuation allowance related to its REIT activities. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The account balance may periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Valuation of Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant, which taken as a whole determines the valuation. Cost Capitalization and Depreciation Policies Real estate acquisitions are recorded at cost less accumulated depreciation. Improvements and betterment costs are capitalized and ordinary repairs and maintenance are expensed as incurred. Expenditures over $2,500, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. The threshold for capitalization does not apply to appliances as all appliances are capitalized. Depreciation expense is computed using the straight-line method. Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 3-15 years Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreement as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages payable. Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they will not necessarily be indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has established a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy will consist of three broad levels, which are described below: • Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Offering and Organization Costs Costs associated with the Offering (see Note 3 – “Equity”) are deferred and charged against the gross proceeds of the Offering upon the sale of shares. Formation and organizational costs were expensed as incurred. Distribution and Stockholder Servicing Fee The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of its estimated value per share) for each Class T Share and Class T-3 Share sold in its Offering. The aggregate amount of underwriting compensation for Class T Shares and Class T-3 Shares including the distribution and stockholder servicing fee cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The fee is on-going and is not paid at the time of purchase and is paid monthly in arrears. The Company originally adopted industry accounting guidance in the application of accounting for the distribution and stockholder servicing fee, which has been subsequently amended in 2016. In 2015, the Company accounted for this fee as a charge to equity on a periodic basis as it became contractually due and payable. Although no accrual for an estimate of the full amount of distribution and stockholder servicing fees was established at the time a Class T Share was sold, the Company concluded the impact of non-accrual was immaterial at December 31, 2015. In accordance with the new guidance in 2016, the Company accounted for the fee as a charge to equity at the time each Class T Share was sold in its Offering and recorded a corresponding payable in due to related parties. At December 31, 2016 the unpaid fee equal to $335,327 was recorded in due to related parties in the accompanying consolidated balance sheets. Revenue Recognition Residential properties are leased under operating leases with terms of generally one year or less. Rental revenues from residential leases are recognized on the straight-line method over the approximate life of the leases, which is generally one year. The recognition of rental revenues from residential leases when earned has historically not been materially different from rental revenues recognized on a straight-line basis. Under the terms of residential leases, the residents of the Company’s residential communities are obligated to reimburse the Company for certain utility usage, water and electricity, where the Company is the primary obligor to the public utility entity. These utility reimbursements from residents are reflected as other property income in the accompanying consolidated statements of operations. Equity Based Compensation The Company has restricted shares outstanding at December 31, 2016. The Company recognizes expense related to the fair value of equity based compensation awards as general and administrative expense in the accompanying consolidated statements of operations. The Company recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period. See Note 6 - "Equity Based Compensation" for further information. Recent Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
EQUITY	NOTE 3 – EQUITY The Company is authorized to sell up to $1,000,000,000 of shares of common stock which consist of Class A common stock, $.001 par value per share (“Class A Shares”), at a price of $25.00 per share, Class T common stock, $.001 par value per share (“Class T Shares”), at a price of $23.95 per share, and Class T-3 common stock, $.001 par value per share (“Class T-3 Shares” and, together with the Class A Shares and the Class T Shares, the “Shares”), at a price of $24.14 per share, in any combination, in an initial “reasonable best efforts” offering (the “Offering”). The Company is also authorized to issue up to $190,000,000 of Class A, Class T and Class T-3 Shares at a per share price of $23.75, $22.81 and $22.81, respectively, pursuant to the Company’s distribution reinvestment plan (as amended, the “DRP”). The Company commenced its Offering of Class A Shares and Class T Shares on February 17, 2015 and, effective February 2, 2017, the Company reallocated certain of the remaining shares being offered in the Offering to offer Class T-3 Shares. For more information, see Note 12 – “Subsequent Events” in the Notes to Consolidated Financial Statements. The Company generated gross proceeds of $19,781,482 from sales of its Class A Shares and $6,371,510 from sales of its Class T Shares during the year ended December 31, 2016. As of December 31, 2016, the Company had 1,098,858 Class A Shares outstanding and 284,283 Class T Shares outstanding. The Company provides the following programs to facilitate additional investment in the Company’s shares and to provide limited liquidity for stockholders. Distribution Reinvestment Plan The Company provides stockholders with the option to purchase additional shares from the Company by automatically reinvesting cash distributions through the DRP, subject to certain share ownership restrictions. For participants in the DRP, cash distributions paid on Class A Shares, Class T Shares and Class T-3 Shares, as applicable, are used to purchase Class A Shares, Class T Shares and Class T-3 Shares, respectively. Such purchases under the DRP are not subject to selling commissions, dealer manager fees, distribution and stockholder servicing fees or reimbursement of issuer costs in connection with shares of common stock issued through the DRP and are made initially at a price of $23.75, $22.81 and $22.81 per Class A Share, Class T Share and Class T-3 Share, respectively. The price is subject to change after the earlier of (1) the change of the public offering price in a public “reasonable best efforts” offering of the Company’s Class A Shares from $25.00 per Class A Share, Class T Shares from $23.95 per Class T Share or Class T-3 Shares from $24.14 per Class T-3 Share, as applicable, if there is a change, and (2) termination of all “reasonable best efforts” public offerings of the Company’s Class A Shares, Class T Shares or Class T-3 Shares, as applicable. Distributions reinvested through the DRP were $438,463 and $1,457 for the years ended December 31, 2016 and 2015, respectively. Share Repurchase Program Under the share repurchase program (as amended, the “SRP”), the Company is authorized, in its discretion, to purchase shares from stockholders who purchased their shares from the Company or received their shares through a non-cash transfer and who have held their shares for at least one year, if requested. Subject to funds being available, the Company limits the number of shares repurchased during any calendar year to 5% of the number of shares of common stock outstanding on December 31st of the previous calendar year. Funding for the SRP is limited to the proceeds that the Company receives from the DRP during the same period. In the case of repurchases made upon the death of a stockholder or qualifying disability, as defined in the SRP, neither the one year holding period, the limit regarding funds available from the DRP nor the 5% limit applies. The SRP will immediately terminate if the Company’s shares become listed for trading on a national securities exchange. In addition, the Company’s board of directors, in its sole direction, may, at any time, amend, suspend or terminate the SRP. There were no repurchases through the SRP for the years ended December 31, 2016 and 2015.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
ACQUISITIONS	NOTE 4 - ACQUISITIONS 2016 Acquisitions During the year ended December 31, 2016, the Company did not acquire any real estate properties. 2015 Acquisitions Date Acquired Property Name Location Total Number of Units Square Footage Purchase Price 9/30/15 The Retreat at Market Square Frederick, 206 194,732 $ 45,727,557 During the year ended December 31, 2015, the Company acquired, through its indirect wholly owned subsidiary, the real estate property above by borrowing $45,750,000 in mortgage debt that is secured by a first priority mortgage on the property. The Company incurred $29,607, $1,247,622 and $0 during the years ended December 31, 2016, 2015 and 2014, respectively, of acquisition, dead deal and transaction related costs. These costs include third party due diligence costs such as appraisals, environmental studies, and legal fees as well as acquisition fees and time and travel expense reimbursements to the Sponsor and its affiliates. The following table presents certain additional information regarding the Company’s acquisition during 2015. The amounts recognized for major assets acquired as of the acquisition date are as follows: Property Name Land Building and Improvements Furniture, Fixtures and Equipment Acquired Lease Intangibles The Retreat at Market Square $ 6,301,838 $ 37,591,342 $ 1,232,754 $ 601,623 Pro Forma Disclosures (unaudited) The following condensed pro forma consolidated financial statement for the year ended December 31, 2015 includes pro forma adjustments related to the acquisition and financing during 2015. The 2015 acquisition is presented assuming the acquisition occurred on January 1, 2014. Acquisition expenses for the year ended December 31, 2015 of $1,247,622, related to the acquisition, are not expected to have a continuing impact and, therefore, have been excluded from these pro forma results. There were no acquisitions in 2016. For the year ended December 31 2015 Pro forma total income $ 3,597,786 Pro forma net loss $ (3,286,645 ) Net loss per common share (a) $ (2.38 ) (a) Based on number of common shares outstanding as of December 31, 2016.

MORTGAGES PAYABLE

MORTGAGES PAYABLE	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	NOTE 5 – MORTGAGES PAYABLE As of December 31, 2016, the Company’s mortgage loan is secured by a first mortgage on the property. Effective September 30, 2016, the Company exercised its option to extend the maturity date for an additional seven year period to September 30, 2023. The loan extension requires monthly payments of interest only for the next five years and thereafter, requires monthly payments of principal and interest based upon a 30-year amortization until maturity. The interest rate on the loan was modified which lowered the fixed interest rate from 3.95% to 3.64% per annum. The loan modification released the Sponsor, and substituted the Company as the guarantor. As the substitute guarantor, the Company agreed to guarantee the payment of (a) all real estate taxes on the property which accrue or become due during the term of the loan, (b) all costs and expenses (as defined in the guaranty agreement) and (c) any and all losses, damages, costs or expenses of the lender, which arise in consequence of certain events specified in the guaranty agreement. The Company is in compliance with all financial covenants related to its mortgage payable. As of December 31, 2016 and 2015, the Company had the following mortgage payable: December 31, 2016 December 31, 2015 Mortgages Principal Amount Interest Rate Principal Amount Interest Rate Mortgage payable $ 27,450,000 3.64 % $ 45,750,000 3.95 % Unamortized debt issuance costs (2,541 ) (103,046 ) Total debt $ 27,447,459 $ 45,646,954

EQUITY BASED COMPENSATION

EQUITY BASED COMPENSATION	12 Months Ended
	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EQUITY BASED COMPENSATION	NOTE 6 – EQUITY BASED COMPENSATION In accordance with the Company’s Employee and Director Incentive Restricted Share Plan (the “RSP”), restricted shares are issued to non-employee directors as compensation. Under the RSP, restricted shares generally vest over a one to three year vesting period from the date of the grant based on the specific terms of the grant. The grant-date value of the restricted shares is amortized over the vesting period representing the requisite service period. At vesting, any restrictions on the shares lapse. The number of shares that may be issued under the RSP are limited to 5% of outstanding shares. Compensation expense associated with the director restricted shares was $9,224, $3,438 and $0 in 2016, 2015 and 2014, respectively. As of December 31, 2016, the Company had $10,255 of unrecognized compensation cost related to the unvested restricted share awards. The weighted average remaining period that compensation expense related to non-vested restricted shares will be recognized is 1.53 years. A summary of the status of the restricted shares is presented below: Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 1, 2016 822 $ 18,750 $ 18,750 Granted 658 15,000 15,000 Vested (201 ) (4,583 ) (4,583 ) Forfeited (475 ) (10,833 ) (10,833 ) Outstanding at December 31, 2016 804 18,334 18,334

INCOME TAX AND DISTRIBUTIONS

INCOME TAX AND DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAX AND DISTRIBUTIONS	NOTE 7 – INCOME TAX AND DISTRIBUTIONS The Company has qualified and has elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes commencing with the tax year ending December 31, 2015. As a result, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it annually distributes at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to its stockholders. Subsequently, if the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and U.S. federal income and excise taxes on its undistributed income. The Company had no uncertain tax positions as of December 31, 2016 and 2015. The Company expects no significant increases in uncertain tax positions due to changes in tax positions within one year of December 31, 2016. The Company has no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the years ended December 31, 2016, 2015 and 2014. As of December 31, 2016, the tax returns for the calendar years 2015 through 2013 remain subject to examination by U.S. and various state and local tax jurisdictions. As a result of the REIT election at December 31, 2015, the Company reversed a deferred tax asset of $726,017 and associated valuation allowance related to its REIT activities. Generally, as a REIT, the Company will not pay U.S. federal income tax at the REIT level (including its qualified For the years ended December 31, 2016 and 2015, the Company paid and declared the following cash distributions and issued the following stock dividends: Class A Class T Distributions Declared Distributions Paid Distributions Declared Distributions Paid Stock Dividends 2016 $ 903,035 $ 812,121 $ 105,143 $ 82,588 7,777 2015 $ 36,567 $ 13,673 $ 854 $ 10 138 For income tax purposes only, 100% of the cash distributions to the Class A stockholders and Class T stockholders will be treated as nondividend distributions (which are treated for income tax purposes as a return of capital to the extent of a stockholder’s basis in its shares and thereafter as capital gain) and none will be treated as ordinary dividends or capital gain. All stock dividends issued will be treated as non-taxable distributions to the recipient stockholder.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 8 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“EPS”) are computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net income (loss) by the common shares plus potential common shares issuable upon exercising options or other contracts. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted EPS. As a result of a net loss for the years ended December 31, 2016 and 2015, 419 and 486 shares were excluded from the computation of diluted EPS, respectively, because they would have been antidilutive. As of December 31, 2014, the Company did not have any dilutive common share equivalents outstanding.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 9 – SEGMENT REPORTING The Company has one reportable segment, multi-family real estate, as defined by U.S. GAAP for the years ended December 31, 2016, 2015 and 2014.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	NOTE 10 – TRANSACTIONS WITH RELATED PARTIES The Sponsor invested $200,000 by purchasing 8,000 shares of common stock which were subsequently converted into 8,000 Class A Shares. On September 9, 2015, the Company sold 87,680.842 Class A Shares to the Sponsor for an aggregate purchase price of $2,000,000, or $22.81 per share. The following table summarizes the Company’s related party transactions for the years ended December 31, 2016, 2015 and 2014. Year ended December 31, Unpaid amounts as of 2016 2015 2014 December 31, 2016 December 31, 2015 General and administrative reimbursements (a) $ 421,673 $ 198,095 $ 75,422 $ 80,386 $ 95,239 Affiliate share purchase discounts (b) 19,356 8,065 — — — Organization costs (c) — — 1,227 — — Total general and administrative costs 441,029 206,160 76,649 80,386 95,239 Acquisition related costs (d) 11,402 711,657 — 686,250 690,485 Offering costs (e) 2,588,020 611,128 999,396 1,476,746 1,104,314 Business management fee (f) 274,540 91,455 — 365,995 91,455 Mortgage financing fee (g) — 114,375 — 114,375 114,375 Sponsor non-interest bearing advances (h) — 2,650,000 — 2,950,000 2,950,000 Property management fee 157,757 37,699 — — — Property operating expenses 350,960 58,039 — 11,001 18,547 Total property operating expenses (i) 508,717 95,738 — 11,001 18,547 (a) The Business Manager and its affiliates are entitled to reimbursement for certain general and administrative expenses incurred relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (b) The Company established a discount stock purchase policy for affiliates and affiliates of the Business Manager that enable them to purchase shares of common stock at $22.81 per share. The Company sold 8,838 and 3,683 shares to affiliates during the years ended December 31, 2016 and 2015, respectively. (c) The Business Manager or its affiliates will pay or reimburse any organization or offering costs, including any issuer costs, that exceed 10.75% of the gross offering proceeds from Class A Shares, 6.75% of the gross offering proceeds from Class T Shares and 7.5% of the gross offering proceeds from Class T-3 Shares sold in the “reasonable best efforts” offering over the life of the Offering. (d) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates an acquisition fee equal to 1.5% of the “contract purchase price,” as defined in that agreement, of each property and real estate-related asset acquired. The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to transactions occurring on or after August 8, 2016. The Business Manager and its affiliates continue to be reimbursed for acquisition and transaction related costs of the Business Manager and its affiliates relating to the Company’s acquisition of properties and real estate assets, regardless of whether the Company acquires the properties or real estate assets, subject to the limits provided in the amended agreement. When such costs are incurred, they are included in acquisition related costs in the accompanying consolidated statements of operations. Acquisition fees earned prior to August 8, 2016, which have been previously accrued for and are owed to the Business Manager, are expected to be paid in the future and are included in due to related parties in the accompanying consolidated balance sheets. (e) The Company reimburses the Sponsor and its affiliates for costs and other expenses of the Offering. Offering costs are offset against the stockholders’ equity accounts. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. An affiliate of the Business Manager also receives selling commissions equal to 6.0% of the sale price for each Class A Share sold, 2.0% of the sale price for each Class T Share sold and 3.0% of the sale price for each Class T-3 Share sold and a dealer manager fee equal to 2.75% of the sale price for each Class A and Class T Share sold and 2.5% of the sale price for each Class T-3 Share sold, the majority of which is re-allowed (paid) to third party soliciting dealers. The Company does not pay selling commissions or the dealer manager fee in connection with shares issued through the DRP and pays no or reduced selling commissions and dealer manager fees in connection with certain special sales. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of the Company’s estimated value per share) for each Class T Share and Class T-3 Share sold in the Offering. The fee is not paid at the time of the purchase. The Company accounts for the total fee as a charge to equity at the time each Class T Share or Class T-3 Share is sold in the Offering and records a corresponding payable in due to related parties. The distribution and stockholder servicing fee is payable monthly in arrears as it becomes contractually due. At December 31, 2016 the unpaid fee equal to $335,327 was recorded in due to related parties in the accompanying consolidated balance sheets. (f) The Company pays the Business Manager an annual business management fee equal to 0.6% of its “average invested assets,” payable quarterly in an amount equal to 0.15% of the Company’s average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities or consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (g) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager, or its affiliates, a mortgage financing fee equal to 0.25% of the amount available or borrowed under the financing or the assumed debt if the Business Manager or its affiliates provided services in connection with the origination or refinancing of any debt that the Company obtained and used to finance properties or other assets, or that was assumed, directly or indirectly, in connection with the acquisition of properties or other assets. Pursuant to the amended Business Management Agreement, mortgage financing fees were eliminated with respect to transactions occurring on or after August 8, 2016. Mortgage financing fees earned prior to August 8, 2016, which have been previously accrued for and are owed to the Business Manager, are expected to be paid in the future and are included in due to related parties in the accompanying consolidated balance sheets. (h) This amount represents non-interest bearing advances made by the Sponsor which the Company intends to repay. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. ( i ) The Company pays Inland Residential Real Estate Services LLC (the “Real Estate Manager”) a monthly property management fee of up to 4% of the gross income from any property managed directly by the Real Estate Manager or its affiliates. The Real Estate Manager may reduce, in its sole discretion, the amount of the management fee payable in connection with a particular property, subject to these limits. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses, benefits and severance payments for persons performing services, including without limitation acquisition due diligence services, for the Real Estate Manager and its affiliates (excluding the executive officers of the Real Estate Manager and the Company’s executive officers).

QUARTERLY SUPPLEMENTAL FINANCIA

QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)	NOTE 11 – QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) The following represents the results of operations, for each quarterly period, during 2016 and 2015. 2016 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 995,686 $ 992,668 $ 1,005,772 $ 931,247 Net loss $ (490,644 ) $ (367,912 ) $ (606,864 ) $ (841,999 ) Net loss per common share, basic and diluted (1) $ (0.40 ) $ (0.39 ) $ (0.88 ) $ (1.98 ) Weighted average number of common shares outstanding, basic and diluted (1) 1,238,219 942,839 687,355 425,942 2015 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 957,030 $ 10,441 $ — $ — Net loss $ (862,580 ) $ (1,364,824 ) $ (111,807 ) $ (153,391 ) Net loss per common share, basic and diluted (1) $ (5.48 ) $ (43.30 ) $ (13.98 ) $ (19.17 ) Weighted average number of common shares outstanding, basic and diluted (1) 157,326 31,520 8,000 8,000 (1) Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS Cash distributions The Company’s board of directors declared cash distributions payable to stockholders of record of Class A and Class T Shares each day beginning on the close of business December 1, 2016 through the close of business June 30, 2017 and declared cash distributions payable to stockholders of record of Class T-3 Shares (defined below) each day beginning on the close of business March 1, 2017 through the close of business June 30, 2017. Distributions declared for 2016 were in an amount equal to $0.003415301 per day per Class A Share and $0.002760929 per day per Class T Share, based upon a 366-day period. Distributions declared for 2017 are in an amount equal to $0.003424658 per day per Class A Share, $0.002768493 per day per Class T Share and $0.003306849 per day per Class T-3 Share, based upon a 365-day period. Distributions were paid monthly in arrears as follows: Distribution Month Month Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through DRP Shares Issued Net Cash Distribution December 2016 January 2017 $ 137,207 $ 70,583 2,995 $ 66,624 January 2017 February 2017 $ 146,011 $ 76,213 3,237 $ 69,798 February 2017 March 2017 $ 137,565 $ 72,352 3,074 $ 65,213 Stock dividends The Company’s board of directors declared a monthly stock dividend of 0.000833333 Class A Shares and 0.000833333 Class T Shares per Class A Share and Class T Share owned, respectively, payable to stockholders of record at the close of business on December 31, 2016, January 31, 2017, February 28, 2017 and March 31, 2017. The Company’s board of directors also declared a special stock dividend of 0.01 Class A Shares, 0.01 Class T Shares and 0.01 Class T-3 Shares per Class A Share, Class T Share and Class T-3 Share owned, respectively, payable to stockholders of record at the close of business on May 31, 2017. There is no assurance that the board will declare stock dividends in the future. In general stock dividends are non-taxable distributions to stockholders and are not considered dividends for purposes of meeting our annual distribution requirements. Stock dividends were issued as follows: Distribution Month Month Distribution Issued Shares Issued December 2016 January 2017 1,150 January 2017 February 2017 1,229 February 2017 March 2017 1,268 Class T-3 Shares On February 2, 2017, Post-Effective Amendment No. 9 to the Company’s Registration Statement on Form S-11 (File No. 333-199129), which reallocates certain of the remaining shares being offered to offer a new class of common stock, Class T-3 common stock, $.001 par value per share (“Class T-3 Shares”), in the Offering and the DRP, was declared effective under the Securities Act of 1933, as amended. The Company is authorized to sell Class T-3 Shares at a price of $24.14 per share in the Offering and to issue Class T-3 Shares at a price of $22.81 per share pursuant to the DRP.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation	Schedule III Real Estate and Accumulated Depreciation December 31, 2016 Initial cost (A) Gross amount carried at end of period (B) Property Name Encum- brance Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land(C) Buildings Improve-ments (C) Total (C) Accumulated Depreciation (D) Date structed Date Acquired Depreciable Lives The Retreat at Market Square $ 27,450,000 $ 6,301,838 $ 38,824,096 $ 65,081 $ 6,301,838 $ 38,889,177 $ 45,191,015 $ (1,822,971 ) 2014 2015 5-30 Frederick, MD Notes: (A) The initial cost to the Company represents the original purchase price of the property. (B) The aggregate cost of real estate owned at December 31, 2016, 2015 and 2014 for U.S. federal income tax purposes was approximately $47,020,129, $46,975,000 and $0, respectively (unaudited). (C) Reconciliation of real estate owned: 2016 2015 2014 Balance at January 1, $ 45,125,934 $ — $ — Acquisitions — 45,125,934 — Improvements 65,081 — — Balance at December 31, $ 45,191,015 $ 45,125,934 $ — (D) Reconciliation of accumulated depreciation: Balance at January 1, $ 364,520 $ — $ — Depreciation expense 1,458,451 364,520 — Balance at December 31, $ 1,822,971 $ 364,520 $ —

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
General	General The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation.
Consolidation	Consolidation The accompanying consolidated financial statements include the accounts of the Company, as well as the operating partnership and the accounts of the Company’s indirect wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. The fiscal year-end of the Company is December 31. Information with respect to square footage and occupancy is unaudited.
Acquisitions	Acquisitions Upon acquisition, the Company determines the total purchase price of each property (see Note 4 – “Acquisitions”). The Company allocates the total purchase price of properties based on the fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. Such tangible assets include land, building improvements, furniture, fixtures and equipment and intangible assets include in-place lease value. Acquired in-place lease costs and other leasing costs are amortized on a straight-line basis over the weighted-average remaining lease term as a component of amortization expense. In January 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business
Impairment of Investment Properties	Impairment of Investment Properties The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed the carrying value, the Company will be required to record an impairment loss to the extent that the carrying value exceeds fair value. The valuation and possible subsequent impairment of investment properties will be a significant estimate that can change based on the Company’s continuous process of analyzing each property and reviewing assumptions about uncertain factors, as well as the economic condition of the property at a particular point in time.
REIT Status	REIT Status The Company has qualified and has elected to be taxed as a REIT beginning with the tax year ended December 31, 2015. In order to qualify as a REIT, the Company is required to distribute annually at least 90% of its taxable income, subject to certain adjustments, to its stockholders. The Company must also meet certain asset and income tests, as well as other requirements. The Company will monitor the business and transactions that may potentially impact its REIT status. If it fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, it will be subject to U.S. federal (including any applicable alternative minimum tax) and state income tax on its taxable income at regular corporate rates.
Income Taxes	Income Taxes Income taxes were accounted for under the asset and liability method during the year ended December 31, 2014. Deferred tax assets and liabilities were recognized for future tax consequences and were attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. A valuation allowance was established for uncertainties relating to realization of deferred tax assets. At December 31, 2014, the Company had a deferred tax asset of approximately $74,008 for which a valuation allowance was recorded in the same amount due to the uncertainty of realization. As a result of the REIT election at December 31, 2015, the Company reversed a deferred tax asset of $726,017 and associated valuation allowance related to its REIT activities.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The account balance may periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance.
Valuation of Accounts and Rents Receivable	Valuation of Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant, which taken as a whole determines the valuation.
Cost Capitalization and Depreciation Policies	Cost Capitalization and Depreciation Policies Real estate acquisitions are recorded at cost less accumulated depreciation. Improvements and betterment costs are capitalized and ordinary repairs and maintenance are expensed as incurred. Expenditures over $2,500, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. The threshold for capitalization does not apply to appliances as all appliances are capitalized. Depreciation expense is computed using the straight-line method. Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 3-15 years
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreement as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages payable.
Fair Value Measurements	Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they will not necessarily be indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has established a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy will consist of three broad levels, which are described below: • Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
Offering and Organization Costs	Offering and Organization Costs Costs associated with the Offering (see Note 3 – “Equity”) are deferred and charged against the gross proceeds of the Offering upon the sale of shares. Formation and organizational costs were expensed as incurred.
Distribution And Stockholder Servicing Fee	Distribution and Stockholder Servicing Fee The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of its estimated value per share) for each Class T Share and Class T-3 Share sold in its Offering. The aggregate amount of underwriting compensation for Class T Shares and Class T-3 Shares including the distribution and stockholder servicing fee cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The fee is on-going and is not paid at the time of purchase and is paid monthly in arrears. The Company originally adopted industry accounting guidance in the application of accounting for the distribution and stockholder servicing fee, which has been subsequently amended in 2016. In 2015, the Company accounted for this fee as a charge to equity on a periodic basis as it became contractually due and payable. Although no accrual for an estimate of the full amount of distribution and stockholder servicing fees was established at the time a Class T Share was sold, the Company concluded the impact of non-accrual was immaterial at December 31, 2015. In accordance with the new guidance in 2016, the Company accounted for the fee as a charge to equity at the time each Class T Share was sold in its Offering and recorded a corresponding payable in due to related parties. At December 31, 2016 the unpaid fee equal to $335,327 was recorded in due to related parties in the accompanying consolidated balance sheets.
Revenue Recognition	Revenue Recognition Residential properties are leased under operating leases with terms of generally one year or less. Rental revenues from residential leases are recognized on the straight-line method over the approximate life of the leases, which is generally one year. The recognition of rental revenues from residential leases when earned has historically not been materially different from rental revenues recognized on a straight-line basis. Under the terms of residential leases, the residents of the Company’s residential communities are obligated to reimburse the Company for certain utility usage, water and electricity, where the Company is the primary obligor to the public utility entity. These utility reimbursements from residents are reflected as other property income in the accompanying consolidated statements of operations.
Equity Based Compensation	Equity Based Compensation The Company has restricted shares outstanding at December 31, 2016. The Company recognizes expense related to the fair value of equity based compensation awards as general and administrative expense in the accompanying consolidated statements of operations. The Company recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period. See Note 6 - "Equity Based Compensation" for further information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Assets	The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 3-15 years

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Schedule of 2015 Acquisitions	2015 Acquisitions Date Acquired Property Name Location Total Number of Units Square Footage Purchase Price 9/30/15 The Retreat at Market Square Frederick, 206 194,732 $ 45,727,557
Schedule of Major Assets Acquired and Liabilities Assumed	The following table presents certain additional information regarding the Company’s acquisition during 2015. The amounts recognized for major assets acquired as of the acquisition date are as follows: Property Name Land Building and Improvements Furniture, Fixtures and Equipment Acquired Lease Intangibles The Retreat at Market Square $ 6,301,838 $ 37,591,342 $ 1,232,754 $ 601,623
Schedule of Pro Forma Financial Information for Acquisitions	The following condensed pro forma consolidated financial statement for the year ended December 31, 2015 includes pro forma adjustments related to the acquisition and financing during 2015. The 2015 acquisition is presented assuming the acquisition occurred on January 1, 2014. Acquisition expenses for the year ended December 31, 2015 of $1,247,622, related to the acquisition, are not expected to have a continuing impact and, therefore, have been excluded from these pro forma results. There were no acquisitions in 2016. For the year ended December 31 2015 Pro forma total income $ 3,597,786 Pro forma net loss $ (3,286,645 ) Net loss per common share (a) $ (2.38 ) (a) Based on number of common shares outstanding as of December 31, 2016.

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Mortgages Payable	As of December 31, 2016 and 2015, the Company had the following mortgage payable: December 31, 2016 December 31, 2015 Mortgages Principal Amount Interest Rate Principal Amount Interest Rate Mortgage payable $ 27,450,000 3.64 % $ 45,750,000 3.95 % Unamortized debt issuance costs (2,541 ) (103,046 ) Total debt $ 27,447,459 $ 45,646,954

EQUITY BASED COMPENSATION (Tabl

EQUITY BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of the Restricted Shares	A summary of the status of the restricted shares is presented below: Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 1, 2016 822 $ 18,750 $ 18,750 Granted 658 15,000 15,000 Vested (201 ) (4,583 ) (4,583 ) Forfeited (475 ) (10,833 ) (10,833 ) Outstanding at December 31, 2016 804 18,334 18,334

INCOME TAX AND DISTRIBUTIONS (T

INCOME TAX AND DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Dividends Distributions	For the years ended December 31, 2016 and 2015, the Company paid and declared the following cash distributions and issued the following stock dividends: Class A Class T Distributions Declared Distributions Paid Distributions Declared Distributions Paid Stock Dividends 2016 $ 903,035 $ 812,121 $ 105,143 $ 82,588 7,777 2015 $ 36,567 $ 13,673 $ 854 $ 10 138

TRANSACTIONS WITH RELATED PAR26

TRANSACTIONS WITH RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Schedule of Transactions with Related Parties	The following table summarizes the Company’s related party transactions for the years ended December 31, 2016, 2015 and 2014. Year ended December 31, Unpaid amounts as of 2016 2015 2014 December 31, 2016 December 31, 2015 General and administrative reimbursements (a) $ 421,673 $ 198,095 $ 75,422 $ 80,386 $ 95,239 Affiliate share purchase discounts (b) 19,356 8,065 — — — Organization costs (c) — — 1,227 — — Total general and administrative costs 441,029 206,160 76,649 80,386 95,239 Acquisition related costs (d) 11,402 711,657 — 686,250 690,485 Offering costs (e) 2,588,020 611,128 999,396 1,476,746 1,104,314 Business management fee (f) 274,540 91,455 — 365,995 91,455 Mortgage financing fee (g) — 114,375 — 114,375 114,375 Sponsor non-interest bearing advances (h) — 2,650,000 — 2,950,000 2,950,000 Property management fee 157,757 37,699 — — — Property operating expenses 350,960 58,039 — 11,001 18,547 Total property operating expenses (i) 508,717 95,738 — 11,001 18,547 (a) The Business Manager and its affiliates are entitled to reimbursement for certain general and administrative expenses incurred relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (b) The Company established a discount stock purchase policy for affiliates and affiliates of the Business Manager that enable them to purchase shares of common stock at $22.81 per share. The Company sold 8,838 and 3,683 shares to affiliates during the years ended December 31, 2016 and 2015, respectively. (c) The Business Manager or its affiliates will pay or reimburse any organization or offering costs, including any issuer costs, that exceed 10.75% of the gross offering proceeds from Class A Shares, 6.75% of the gross offering proceeds from Class T Shares and 7.5% of the gross offering proceeds from Class T-3 Shares sold in the “reasonable best efforts” offering over the life of the Offering. (d) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates an acquisition fee equal to 1.5% of the “contract purchase price,” as defined in that agreement, of each property and real estate-related asset acquired. The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to transactions occurring on or after August 8, 2016. The Business Manager and its affiliates continue to be reimbursed for acquisition and transaction related costs of the Business Manager and its affiliates relating to the Company’s acquisition of properties and real estate assets, regardless of whether the Company acquires the properties or real estate assets, subject to the limits provided in the amended agreement. When such costs are incurred, they are included in acquisition related costs in the accompanying consolidated statements of operations. Acquisition fees earned prior to August 8, 2016, which have been previously accrued for and are owed to the Business Manager, are expected to be paid in the future and are included in due to related parties in the accompanying consolidated balance sheets. (e) The Company reimburses the Sponsor and its affiliates for costs and other expenses of the Offering. Offering costs are offset against the stockholders’ equity accounts. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. An affiliate of the Business Manager also receives selling commissions equal to 6.0% of the sale price for each Class A Share sold, 2.0% of the sale price for each Class T Share sold and 3.0% of the sale price for each Class T-3 Share sold and a dealer manager fee equal to 2.75% of the sale price for each Class A and Class T Share sold and 2.5% of the sale price for each Class T-3 Share sold, the majority of which is re-allowed (paid) to third party soliciting dealers. The Company does not pay selling commissions or the dealer manager fee in connection with shares issued through the DRP and pays no or reduced selling commissions and dealer manager fees in connection with certain special sales. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of the Company’s estimated value per share) for each Class T Share and Class T-3 Share sold in the Offering. The fee is not paid at the time of the purchase. The Company accounts for the total fee as a charge to equity at the time each Class T Share or Class T-3 Share is sold in the Offering and records a corresponding payable in due to related parties. The distribution and stockholder servicing fee is payable monthly in arrears as it becomes contractually due. At December 31, 2016 the unpaid fee equal to $335,327 was recorded in due to related parties in the accompanying consolidated balance sheets. (f) The Company pays the Business Manager an annual business management fee equal to 0.6% of its “average invested assets,” payable quarterly in an amount equal to 0.15% of the Company’s average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities or consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (g) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager, or its affiliates, a mortgage financing fee equal to 0.25% of the amount available or borrowed under the financing or the assumed debt if the Business Manager or its affiliates provided services in connection with the origination or refinancing of any debt that the Company obtained and used to finance properties or other assets, or that was assumed, directly or indirectly, in connection with the acquisition of properties or other assets. Pursuant to the amended Business Management Agreement, mortgage financing fees were eliminated with respect to transactions occurring on or after August 8, 2016. Mortgage financing fees earned prior to August 8, 2016, which have been previously accrued for and are owed to the Business Manager, are expected to be paid in the future and are included in due to related parties in the accompanying consolidated balance sheets. (h) This amount represents non-interest bearing advances made by the Sponsor which the Company intends to repay. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. ( i ) The Company pays Inland Residential Real Estate Services LLC (the “Real Estate Manager”) a monthly property management fee of up to 4% of the gross income from any property managed directly by the Real Estate Manager or its affiliates. The Real Estate Manager may reduce, in its sole discretion, the amount of the management fee payable in connection with a particular property, subject to these limits. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses, benefits and severance payments for persons performing services, including without limitation acquisition due diligence services, for the Real Estate Manager and its affiliates (excluding the executive officers of the Real Estate Manager and the Company’s executive officers).

QUARTERLY SUPPLEMENTAL FINANC27

QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Supplemental Financial Information	The following represents the results of operations, for each quarterly period, during 2016 and 2015. 2016 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 995,686 $ 992,668 $ 1,005,772 $ 931,247 Net loss $ (490,644 ) $ (367,912 ) $ (606,864 ) $ (841,999 ) Net loss per common share, basic and diluted (1) $ (0.40 ) $ (0.39 ) $ (0.88 ) $ (1.98 ) Weighted average number of common shares outstanding, basic and diluted (1) 1,238,219 942,839 687,355 425,942 2015 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 957,030 $ 10,441 $ — $ — Net loss $ (862,580 ) $ (1,364,824 ) $ (111,807 ) $ (153,391 ) Net loss per common share, basic and diluted (1) $ (5.48 ) $ (43.30 ) $ (13.98 ) $ (19.17 ) Weighted average number of common shares outstanding, basic and diluted (1) 157,326 31,520 8,000 8,000 (1) Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding.

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Dividends Distributions	For the years ended December 31, 2016 and 2015, the Company paid and declared the following cash distributions and issued the following stock dividends: Class A Class T Distributions Declared Distributions Paid Distributions Declared Distributions Paid Stock Dividends 2016 $ 903,035 $ 812,121 $ 105,143 $ 82,588 7,777 2015 $ 36,567 $ 13,673 $ 854 $ 10 138
Stock Dividend [Member]
Schedule of Dividends Distributions	Distribution Month Month Distribution Issued Shares Issued December 2016 January 2017 1,150 January 2017 February 2017 1,229 February 2017 March 2017 1,268
Cash Distributions [Member]
Schedule of Dividends Distributions	Distribution Month Month Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through DRP Shares Issued Net Cash Distribution December 2016 January 2017 $ 137,207 $ 70,583 2,995 $ 66,624 January 2017 February 2017 $ 146,011 $ 76,213 3,237 $ 69,798 February 2017 March 2017 $ 137,565 $ 72,352 3,074 $ 65,213

ORGANIZATION (Narrative) (Detai

ORGANIZATION (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016ft²PropertyUnit
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of retail properties owned | Property	1
Square footage of real estate properties owned | ft²	194,732
Property acquisition, total number of units acquired	206
Residential property’s average occupancy rate	94.70%
Number of units leased	197
Real estate property, residential units leased percentage	95.60%

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Deferred tax asset, gross		$ 726,017	$ 74,008
Deferred tax asset valuation allowance		$ 726,017	$ 74,008
Capital improvements expenditures	$ 85,091
Class T Common Stock and Class T-3 Common Stock [Member]
Significant Accounting Policies [Line Items]
Percentage of distribution and stockholder servicing fee	1.00%
Cap on underwriting compensation allowed by Financial Industry Regulatory Authority	10.00%
Class T Common Stock [Member]
Significant Accounting Policies [Line Items]
Unpaid fee under distribution and servicing	$ 335,327
Asset [Member]
Significant Accounting Policies [Line Items]
Capital improvements expenditures	$ 2,500
Minimum [Member]
Significant Accounting Policies [Line Items]
REIT annual taxable income distribution requirement percentage	90.00%
Minimum [Member] | Asset [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	1 year

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Assets) (Details)	12 Months Ended
	Dec. 31, 2016
Building and Other Improvements [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	30 years
Minimum [Member] | Site Improvements [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	5 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	3 years
Maximum [Member] | Site Improvements [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	15 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	15 years

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($)	1 Months Ended			12 Months Ended
	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Feb. 02, 2017	Feb. 17, 2015
Class Of Stock [Line Items]
Total value of common stock company is authorized to sell through initial 'reasonable best efforts' offering							$ 1,000,000,000
Distribution reinvested through distribution reinvestment plan			$ 70,583	$ 438,463	$ 1,457
Limit on number of shares that can be repurchased each calendar year expressed as a percentage of common stock outstanding on December 31st of the previous calendar year				5.00%
Stock repurchase program, amount				$ 0	0
Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Distribution reinvested through distribution reinvestment plan				$ 438,463	$ 1,457
Subsequent Event [Member]
Class Of Stock [Line Items]
Distribution reinvested through distribution reinvestment plan	$ 72,352	$ 76,213
Class A Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value			$ 0.001	$ 0.001	$ 0.001
Gross proceeds from sale of shares				$ 19,781,482
Common stock, shares outstanding			1,098,858	1,098,858	274,481
Class A Common Stock [Member] | Reasonable Best Efforts Offering [Member]
Class Of Stock [Line Items]
Common stock, par value			$ 0.001	$ 0.001
Initial price of each common share authorized pursuant to distribution reinvestment plan							$ 25
Class A Common Stock [Member] | Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan			23.75	23.75
Class T Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value			$ 0.001	$ 0.001	$ 0.001
Gross proceeds from sale of shares				$ 6,371,510
Common stock, shares outstanding			284,283	284,283	15,157
Class T Common Stock [Member] | Reasonable Best Efforts Offering [Member]
Class Of Stock [Line Items]
Common stock, par value			$ 0.001	$ 0.001
Initial price of each common share authorized pursuant to distribution reinvestment plan							$ 23.95
Class T Common Stock [Member] | Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan			$ 22.81	$ 22.81
Class T-3 Common Stock [Member] | Subsequent Event [Member] | Reasonable Best Efforts Offering [Member]
Class Of Stock [Line Items]
Common stock, par value						$ 0.001
Initial price of each common share authorized pursuant to distribution reinvestment plan						24.14
Class T-3 Common Stock [Member] | Subsequent Event [Member] | Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan						$ 22.81
Class A, Class T and Class T-3 Common Stock [Member]
Class Of Stock [Line Items]
Total value of common stock company is authorized to sell through initial 'reasonable best efforts' offering			$ 190,000,000	$ 190,000,000

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)Unit	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Business Combinations [Abstract]
Real estate property acquisition, total number of units acquired | Unit	0
Proceeds from mortgages payable		$ 45,750,000
Acquisition related costs incurred during the period	$ 29,607	$ 1,247,622	$ 0

ACQUISITIONS (Schedule of 2015

ACQUISITIONS (Schedule of 2015 Acquisitions) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)ft²Unit
Business Acquisition [Line Items]
Property acquisition, total number of units acquired | Unit	0
Property acquisition, square footage | ft²	194,732
The Retreat at Market Square [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired	Sep. 30, 2015
Property acquisition, location	Frederick, MD
Property acquisition, total number of units acquired | Unit	206
Property acquisition, square footage | ft²	194,732
Property acquisition, purchase price | $	$ 45,727,557

ACQUISITIONS (Schedule of Major

ACQUISITIONS (Schedule of Major Assets Acquired and Liabilities Assumed) (Details) - The Retreat at Market Square [Member]	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
Property acquisition, land	$ 6,301,838
Property acquisition, buildings and improvements	37,591,342
Property acquisition, furniture, fixtures and equipment	1,232,754
Property acquisition, acquired lease intangibles	$ 601,623

ACQUISITIONS (Schedule of Pro F

ACQUISITIONS (Schedule of Pro Forma Financial Information for Acquisitions) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)$ / shares
Business Combinations [Abstract]
Pro forma total income	$ 3,597,786
Pro forma net loss	$ (3,286,645)
Net loss per common share | $ / shares	$ (2.38)	[1]
[1]	Based on number of common shares outstanding as of December 31, 2016.

MORTGAGES PAYABLE (Narrative) (

MORTGAGES PAYABLE (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Monthly interest payments for initial number of years	5 years
Monthly interest payments for number of years, thereafter	30 years
Interest rate on mortgage loan if maturity date is extended	3.95%
Interest rate on mortgage loan if maturity date is extended, reduced to	3.64%

MORTGAGES PAYABLE (Schedule of

MORTGAGES PAYABLE (Schedule of Mortgages Payable) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgage payable, Principal amount	$ 27,450,000	$ 45,750,000
Unamortized debt issuance costs	(2,541)	(103,046)
Total debt	$ 27,447,459	$ 45,646,954
Mortgage payable, Interest rate	3.64%	3.95%

EQUITY BASED COMPENSATION (Narr

EQUITY BASED COMPENSATION (Narrative) (Details) - Restricted Stock [Member] - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to the unvested restricted share awards	$ 10,255
Weighted average remaining contractual term related to non-vested restricted shares	1 year 6 months 11 days
Director [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 9,224	$ 3,438	$ 0
Employee and Director Incentive Restricted Share Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of outstanding shares that may be issued under RSP	5.00%
Employee and Director Incentive Restricted Share Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Employee and Director Incentive Restricted Share Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years

EQUITY BASED COMPENSATION (Summ

EQUITY BASED COMPENSATION (Summary of the Restricted Shares) (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2016USD ($)$ / sharesshares
Shares
Outstanding, Shares | shares	822
Granted, Shares | shares	658
Vested, Shares | shares	(201)
Forfeited, Shares | shares	(475)
Outstanding, Shares | shares	804
Weighted Average Grant Date Fair Value
Outstanding, Weighted Average Grant Date Fair Value | $ / shares	$ 18,750
Granted, Weighted Average Grant Date Fair Value | $ / shares	15,000
Vested, Weighted Average Grant Date Fair Value | $ / shares	(4,583)
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	(10,833)
Outstanding, Weighted Average Grant Date Fair Value | $ / shares	$ 18,334
Aggregate Intrinsic Value
Outstanding, Aggregate Intrinsic Value | $	$ 18,750
Granted, Aggregate Intrinsic Value | $	15,000
Vested, Aggregate Intrinsic Value | $	(4,583)
Forfeited, Aggregate Intrinsic Value | $	(10,833)
Outstanding, Aggregate Intrinsic Value | $	$ 18,334

INCOME TAX AND DISTRIBUTIONS (N

INCOME TAX AND DISTRIBUTIONS (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Uncertain tax positions	$ 0	$ 0
Interest or penalties relating to income taxes recognized in the consolidated statements of operations	$ 0	0	$ 0
Deferred tax asset, gross		726,017	74,008
Deferred tax asset valuation allowance		$ 726,017	$ 74,008
Class A Common Stock [Member]
Income Tax Contingency [Line Items]
Percentage of cash distributions to stockholders to be treated as non-dividend distributions	100.00%
Class T Common Stock [Member]
Income Tax Contingency [Line Items]
Percentage of cash distributions to stockholders to be treated as non-dividend distributions	100.00%
Latest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2,015
Earliest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2,013
Minimum [Member]
Income Tax Contingency [Line Items]
Percentage of REIT taxable income.	90.00%

INCOME TAX AND DISTRIBUTIONS (S

INCOME TAX AND DISTRIBUTIONS (Schedule of Dividends Distributions) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Income Tax Contingency [Line Items]
Distributions Declared	$ 137,207	$ 137,207	$ 23,738
Distributions Paid		$ 456,246	$ 12,226
Stock Dividends	1,150	7,777	138
Class A Common Stock [Member]
Income Tax Contingency [Line Items]
Distributions Declared	$ 903,035	$ 903,035	$ 36,567
Distributions Paid		812,121	13,673
Class T Common Stock [Member]
Income Tax Contingency [Line Items]
Distributions Declared	$ 105,143	105,143	854
Distributions Paid		$ 82,588	$ 10

EARNINGS (LOSS) PER SHARE - (Na

EARNINGS (LOSS) PER SHARE - (Narrative) (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of diluted EPS	419	486	0

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details) - Segment	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting [Abstract]
Number of reportable segments	1	1	1

TRANSACTIONS WITH RELATED PAR45

TRANSACTIONS WITH RELATED PARTIES (Narrative) (Details) - USD ($)	Aug. 07, 2016	Sep. 09, 2015	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Advances from sponsor				$ 2,650,000
Minimum percentage of gross offering proceeds from Class A Shares, requiring issuer cost reimbursement from the Business Manager or its affiliates			10.75%
Minimum percentage of gross offering proceeds from Class T Shares, requiring issuer cost reimbursement from the Business Manager or its affiliates			6.75%
Minimum percentage of gross offering proceeds from Class T-3 Shares, requiring issuer cost reimbursement from the Business Manager or its affiliates 6.75			7.50%
Class T Common Stock and Class T-3 Common Stock [Member]
Related Party Transaction [Line Items]
Percentage of distribution and stockholder servicing fee			1.00%
Class T Common Stock [Member]
Related Party Transaction [Line Items]
Unpaid fee under distribution and servicing			$ 335,327
Sponsor [Member]
Related Party Transaction [Line Items]
Capital invested by Sponsor for common stock shares			$ 200,000
Number of common shares Sponsor purchased, subsequently converted in Class A Shares			8,000
Number of Class A shares issued as result of Sponsor converting common shares			8,000
Sponsor [Member] | Class A Shares [Member]
Related Party Transaction [Line Items]
Shares sold during period		87,680.842
Advances from sponsor		$ 2,000,000
Equity issuance, price per share		$ 22.81
Business Manager [Member]
Related Party Transaction [Line Items]
Common stock shares sold to affiliates during period			8,838	3,683
Price per share of common stock sold to affiliates during period			$ 22.81
Fee required to pay the Business Manager or its affiliates expressed as a percentage of the 'contract purchase price' as defined, of each property and real estate-related asset acquired	1.50%
Selling commission paid to affiliate of the Business Manager expressed as a percentage of the sales price for each Class A Share sold			6.00%
Selling commission paid to affiliate of the Business Manager expressed as a percentage of the sales price for each Class T Share sold			2.00%
Selling commission paid to affiliate of the Business Manager expressed as a percentage of the sales price for each Class T-3 Share sold			3.00%
Dealer manager fee paid to affiliate of the Business Manager expressed as a percentage of the sales price for each Class A and Class T share sold			2.75%
Dealer manager fee paid to affiliate of the Business Manager expressed as a percentage of the sales price for each Class T-3 share sold			2.50%
Annual business management fee paid to the Business Manager expressed as a percentage of the Company’s “average invested assets”			0.60%
Fee paid to Business Manager or its affiliates expressed as a percentage of the 'average invested assets' as defined			0.15%
Mortgage financing fee required to pay Business Manager or its affiliates expressed as a percentage of the amount available or borrowed under financing or assumed debt	0.25%
Real Estate Manager Or Affiliates [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee percentage			4.00%

TRANSACTIONS WITH RELATED PAR46

TRANSACTIONS WITH RELATED PARTIES (Schedule of Transactions with Related Parties) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to related parties		$ 5,684,753	$ 5,064,415
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[1]	11,402	711,657
Due to related parties	[1]	686,250	690,485
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
Due to related parties	[2]	80,386	95,239
Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[3]	2,588,020	611,128	$ 999,396
Due to related parties	[3]	1,476,746	1,104,314
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[4]	274,540	91,455
Due to related parties	[4]	365,995	91,455
Mortgage Financing Fee [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[5]		114,375
Due to related parties	[5]	114,375	114,375
Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[6]		2,650,000
Due to related parties	[6]	2,950,000	2,950,000
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Due to related parties		11,001	18,547
Total General And Administrative Costs [Member]
Related Party Transaction [Line Items]
Due to related parties		80,386	95,239
Real Estate Manager Or Affiliates [Member]
Related Party Transaction [Line Items]
Due to related parties	[7]	11,001	18,547
Total General and Administrative Costs [Member]
Related Party Transaction [Line Items]
General and administrative expenses		441,029	206,160	76,649
Total General and Administrative Costs [Member] | General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[2]	421,673	198,095	75,422
Total General and Administrative Costs [Member] | Affiliate Share Purchase Discounts [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[8]	19,356	8,065
Total General and Administrative Costs [Member] | Organization Costs [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[9]			$ 1,227
Total Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses	[7]	508,717	95,738
Total Property Operating Expenses [Member] | Property Management Fee [Member]
Related Party Transaction [Line Items]
Operating property expenses		157,757	37,699
Total Property Operating Expenses [Member] | Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses		$ 350,960	$ 58,039
[1]	Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates an acquisition fee equal to 1.5% of the “contract purchase price,” as defined in that agreement, of each property and real estate-related asset acquired.  The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to transactions occurring on or after August 8, 2016. The Business Manager and its affiliates continue to be reimbursed for acquisition and transaction related costs of the Business Manager and its affiliates relating to the Company’s acquisition of properties and real estate assets, regardless of whether the Company acquires the properties or real estate assets, subject to the limits provided in the amended agreement. When such costs are incurred, they are included in acquisition related costs in the accompanying consolidated statements of operations. Acquisition fees earned prior to August 8, 2016, which have been previously accrued for and are owed to the Business Manager, are expected to be paid in the future and are included in due to related parties in the accompanying consolidated balance sheets.
[2]	The Business Manager and its affiliates are entitled to reimbursement for certain general and administrative expenses incurred relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
[3]	The Company reimburses the Sponsor and its affiliates for costs and other expenses of the Offering. Offering costs are offset against the stockholders’ equity accounts. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. An affiliate of the Business Manager also receives selling commissions equal to 6.0% of the sale price for each Class A Share sold, 2.0% of the sale price for each Class T Share sold and 3.0% of the sale price for each Class T-3 Share sold and a dealer manager fee equal to 2.75% of the sale price for each Class A and Class T Share sold and 2.5% of the sale price for each Class T-3 Share sold, the majority of which is re-allowed (paid) to third party soliciting dealers. The Company does not pay selling commissions or the dealer manager fee in connection with shares issued through the DRP and pays no or reduced selling commissions and dealer manager fees in connection with certain special sales. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of the Company’s estimated value per share) for each Class T Share and Class T-3 Share sold in the Offering. The fee is not paid at the time of the purchase. The Company accounts for the total fee as a charge to equity at the time each Class T Share or Class T-3 Share is sold in the Offering and records a corresponding payable in due to related parties. The distribution and stockholder servicing fee is payable monthly in arrears as it becomes contractually due. At December 31, 2016 the unpaid fee equal to $335,327 was recorded in due to related parties in the accompanying consolidated balance sheets.
[4]	The Company pays the Business Manager an annual business management fee equal to 0.6% of its “average invested assets,” payable quarterly in an amount equal to 0.15% of the Company’s average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities or consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
[5]	Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager, or its affiliates, a mortgage financing fee equal to 0.25% of the amount available or borrowed under the financing or the assumed debt if the Business Manager or its affiliates provided services in connection with the origination or refinancing of any debt that the Company obtained and used to finance properties or other assets, or that was assumed, directly or indirectly, in connection with the acquisition of properties or other assets. Pursuant to the amended Business Management Agreement, mortgage financing fees were eliminated with respect to transactions occurring on or after August 8, 2016. Mortgage financing fees earned prior to August 8, 2016, which have been previously accrued for and are owed to the Business Manager, are expected to be paid in the future and are included in due to related parties in the accompanying consolidated balance sheets.
[6]	This amount represents non-interest bearing advances made by the Sponsor which the Company intends to repay.  Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
[7]	The Company pays Inland Residential Real Estate Services LLC (the “Real Estate Manager”) a monthly property management fee of up to 4% of the gross income from any property managed directly by the Real Estate Manager or its affiliates. The Real Estate Manager may reduce, in its sole discretion, the amount of the management fee payable in connection with a particular property, subject to these limits. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses, benefits and severance payments for persons performing services, including without limitation acquisition due diligence services, for the Real Estate Manager and its affiliates (excluding the executive officers of the Real Estate Manager and the Company’s executive officers).
[8]	The Company established a discount stock purchase policy for affiliates and affiliates of the Business Manager that enable them to purchase shares of common stock at $22.81 per share. The Company sold 8,838 and 3,683 shares to affiliates during the years ended December 31, 2016 and 2015, respectively.
[9]	The Business Manager or its affiliates will pay or reimburse any organization or offering costs, including any issuer costs, that exceed 10.75% of the gross offering proceeds from Class A Shares, 6.75% of the gross offering proceeds from Class T Shares and 7.5% of the gross offering proceeds from Class T-3 Shares sold in the “reasonable best efforts” offering over the life of the Offering.

QUARTERLY SUPPLEMENTAL FINANC47

QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) (Schedule of Quarterly Supplemental Financial Information) (Details) - USD ($)	3 Months Ended																12 Months Ended
	Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total income	$ 995,686		$ 992,668		$ 1,005,772		$ 931,247		$ 957,030		$ 10,441						$ 3,925,373	$ 967,471
Net loss	$ (490,644)		$ (367,912)		$ (606,864)		$ (841,999)		$ (862,580)		$ (1,364,824)		$ (111,807)		$ (153,391)		$ (2,307,419)	$ (2,492,602)	$ (154,710)
Net loss per common share, basic and diluted	$ (0.40)	[1]	$ (0.39)	[1]	$ (0.88)	[1]	$ (1.98)	[1]	$ (5.48)	[1]	$ (43.30)	[1]	$ (13.98)	[1]	$ (19.17)	[1]	$ (2.80)	$ (48.07)	$ (19.34)
Weighted average number of common shares outstanding, basic and diluted	1,238,219	[1]	942,839	[1]	687,355	[1]	425,942	[1]	157,326	[1]	31,520	[1]	8,000	[1]	8,000	[1]	824,457	51,851	8,000
[1]	Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding.

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - $ / shares	May 31, 2017	Mar. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Feb. 02, 2017	Dec. 31, 2015	Feb. 17, 2015
Class A Common Stock [Member]
Subsequent Event [Line Items]
Common stock, par value				$ 0.001		$ 0.001
Class A Common Stock [Member] | Reasonable Best Efforts Offering [Member]
Subsequent Event [Line Items]
Common stock, par value				0.001
Initial price of each common share authorized pursuant to distribution reinvestment plan							$ 25
Class A Common Stock [Member] | Distribution Reinvestment Plan [Member]
Subsequent Event [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan				23.75
Class A Common Stock [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Amount per share of distributions				0.000833333
Class A Common Stock [Member] | Scenario Forecast [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Dividends payable, record date	May 31, 2017
Dividends per share, declared	$ 0.01
Class T Common Stock [Member]
Subsequent Event [Line Items]
Common stock, par value				0.001		$ 0.001
Class T Common Stock [Member] | Reasonable Best Efforts Offering [Member]
Subsequent Event [Line Items]
Common stock, par value				0.001
Initial price of each common share authorized pursuant to distribution reinvestment plan							$ 23.95
Class T Common Stock [Member] | Distribution Reinvestment Plan [Member]
Subsequent Event [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan				22.81
Class T Common Stock [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Amount per share of distributions				$ 0.000833333
Class T Common Stock [Member] | Scenario Forecast [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Dividends payable, record date	May 31, 2017
Dividends per share, declared	$ 0.01
Class T-3 Common Stock [Member] | Subsequent Event [Member] | Reasonable Best Efforts Offering [Member]
Subsequent Event [Line Items]
Common stock, par value					$ 0.001
Initial price of each common share authorized pursuant to distribution reinvestment plan					24.14
Class T-3 Common Stock [Member] | Subsequent Event [Member] | Distribution Reinvestment Plan [Member]
Subsequent Event [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan					$ 22.81
Class T-3 Common Stock [Member] | Scenario Forecast [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Dividends payable, record date	May 31, 2017
Dividends per share, declared	$ 0.01
Minimum [Member] | Class A Common Stock [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Dividends payable, record date				Dec. 31, 2016
Minimum [Member] | Class T Common Stock [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Dividends payable, record date				Dec. 31, 2016
Maximum [Member] | Class A Common Stock [Member] | Scenario Forecast [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Mar. 31, 2017
Maximum [Member] | Class T Common Stock [Member] | Scenario Forecast [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Mar. 31, 2017
Cash Distributions [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions				$ 0.003415301
Cash Distributions [Member] | Class A Common Stock [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Amount per share of distributions			$ 0.003424658
Cash Distributions [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions				$ 0.002760929
Cash Distributions [Member] | Class T Common Stock [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Amount per share of distributions			0.002768493
Cash Distributions [Member] | Class T-3 Common Stock [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Amount per share of distributions			$ 0.003306849
Cash Distributions [Member] | Minimum [Member] | Class A Common Stock [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Dec. 1, 2016
Cash Distributions [Member] | Minimum [Member] | Class T Common Stock [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Dec. 1, 2016
Cash Distributions [Member] | Minimum [Member] | Class T-3 Common Stock [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Mar. 1, 2017
Cash Distributions [Member] | Maximum [Member] | Class A Common Stock [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Jun. 30, 2017
Cash Distributions [Member] | Maximum [Member] | Class T Common Stock [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Jun. 30, 2017
Cash Distributions [Member] | Maximum [Member] | Class T-3 Common Stock [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Jun. 30, 2017

SUBSEQUENT EVENTS (Schedule of

SUBSEQUENT EVENTS (Schedule of Dividends Distributions) (Details) - USD ($)	1 Months Ended			12 Months Ended
	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan			$ 70,583	$ 438,463	$ 1,457
Shares Issued			1,150	7,777	138
Net Cash Distribution			$ 66,624
Stock Dividend [Member]
Subsequent Event [Line Items]
Distribution Month			2016-12	2016-12
Month Distribution Paid			2017-01	2017-01
Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan	$ 72,352	$ 76,213
Shares Issued	1,268	1,229
Net Cash Distribution	$ 65,213	$ 69,798
Subsequent Event [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Distribution Month	2017-02	2017-01
Month Distribution Paid	2017-03	2017-02
Cash Distributions [Member]
Subsequent Event [Line Items]
Distribution Month			2016-12	2016-12
Month Distribution Paid			2017-01	2017-01
Gross Amount of Distribution Paid			$ 137,207
Shares Issued			2,995
Cash Distributions [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution Month	2017-02	2017-01
Month Distribution Paid	2017-03	2017-02
Gross Amount of Distribution Paid	$ 137,565	$ 146,011
Shares Issued	3,074	3,237

Schedule III - (Real Estate and

Schedule III - (Real Estate and Accumulated Depreciation) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Real Estate And Accumulated Depreciation [Line Items]
Gross amount carried at end of period, Total		$ 45,191,015	$ 45,125,934
Accumulated Depreciation		(1,822,971)	$ (364,520)
The Retreat at Market Square [Member] | Frederick, MD [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrance		27,450,000
Initial cost, Land	[1]	6,301,838
Initial cost, Buildings and Improvements	[1]	38,824,096
Cost Capitalized Subsequent to Acquisitions		65,081
Gross amount carried at end of period, Land	[2],[3]	6,301,838
Gross amount carried at end of period, Buildings and Improvements	[2],[3]	38,889,177
Gross amount carried at end of period, Total	[2],[3]	45,191,015
Accumulated Depreciation	[4]	$ (1,822,971)
Date Constructed		2,014
Date Acquired		2,015
The Retreat at Market Square [Member] | Frederick, MD [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		5 years
The Retreat at Market Square [Member] | Frederick, MD [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
[1]	(A) The initial cost to the Company represents the original purchase price of the property.
[2]	(B) The aggregate cost of real estate owned at December 31, 2016, 2015 and 2014 for U.S. federal income tax purposes was approximately $47,020,129, $46,975,000 and $0, respectively (unaudited).
[3]	(C) Reconciliation of real estate owned: 2016 2015 2014 Balance at January 1, $45,125,934 $— $— Acquisitions — 45,125,934 — Improvements 65,081 — — Balance at December 31, $45,191,015 $45,125,934 $—
[4]	(D) Reconciliation of accumulated depreciation: Balance at January 1, $364,520 $— $— Depreciation expense 1,458,451 364,520 — Balance at December 31, $1,822,971 $364,520 $—

Schedule III - (Real Estate a51

Schedule III - (Real Estate and Accumulated Depreciation) (Parenthetical) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of real estate for U.S. federal income tax purpose	$ 47,020,129	$ 46,975,000	$ 0

Schedule III - (Summary of Reco

Schedule III - (Summary of Reconciliation of Real Estate Owned) (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Real estate owned, beginning balance	$ 45,125,934
Acquisitions		$ 45,125,934
Improvements	65,081
Real estate owned, ending balance	$ 45,191,015	$ 45,125,934

Schedule III - (Summary of Re53

Schedule III - (Summary of Reconciliation of Accumulated Depreciation) (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Accumulated depreciation, beginning balance	$ 364,520
Depreciation expense	1,458,451	$ 364,520
Accumulated depreciation, ending balance	$ 1,822,971	$ 364,520