Resource Apartment REIT III 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 06, 2020
Document Information [Line Items]
Entity Registrant Name	Resource Apartment REIT III, Inc.
Entity Central Index Key	0001652926
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	true
Title of 12(b) Security	n/a
Trading Symbol	n/a
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	000-55923
Entity Tax Identification Number	47-4608249
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1845 Walnut Street, 17th Floor,
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	(215)
Local Phone Number	231-7050
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		625,848
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,121,639
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,401,323

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments:
Rental properties, net	$ 191,077	$ 196,483
Identified intangible assets, net		173
Total investments	191,077	196,656
Cash	23,845	28,430
Restricted cash	1,924	1,916
Tenant receivables, net	92	31
Prepaid expenses and other assets	867	599
Total assets	217,805	227,632
Liabilities:
Mortgage notes payable, net	143,940	145,503
Accounts payable and accrued expenses	1,104	2,552
Accrued real estate taxes	1,242	601
Due to related parties	2,004	4,938
Tenant prepayments	132	194
Security deposits	426	382
Distributions payable		1,587
Total liabilities	148,848	155,757
Stockholders’ equity:
Additional paid-in capital	104,430	103,725
Accumulated other comprehensive loss	(19)	(32)
Accumulated deficit	(35,576)	(31,939)
Total stockholders’ equity	68,957	71,875
Total liabilities and stockholders’ equity	217,805	227,632
Convertible Stock
Stockholders’ equity:
Preferred stock	1	1
Class A Common Stock
Stockholders’ equity:
Common stock	6	6
Class T Common Stock
Stockholders’ equity:
Common stock	11	11
Class I Common Stock
Stockholders’ equity:
Common stock	$ 104	$ 103

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2020	Dec. 31, 2019	Jun. 28, 2017
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000		125,000,000
Convertible Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	50,000	50,000
Preferred stock, shares outstanding (in shares)	50,000	50,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	625,848	628,691
Common stock, shares outstanding (in shares)	625,848	628,691
Class T Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	1,121,639	1,115,458
Common stock, shares outstanding (in shares)	1,121,639	1,115,458
Class I Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	10,401,323	10,327,291
Common stock, shares outstanding (in shares)	10,401,323	10,327,291

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rental income	$ 5,132,000	$ 4,091,000	$ 10,221,000	$ 7,747,000
Total revenues	5,132,000	4,091,000	10,221,000	7,747,000
Expenses:
Rental operating - expenses	1,049,000	810,000	1,918,000	1,492,000
Rental operating - payroll	491,000	412,000	980,000	783,000
Rental operating - real estate taxes	705,000	579,000	1,435,000	1,076,000
Subtotal- rental operating	2,245,000	1,801,000	4,333,000	3,351,000
Property management fees		3,000		5,000
Management fees - related parties	793,000	631,000	1,573,000	1,205,000
General and administrative	355,000	602,000	771,000	1,395,000
Loss on disposal of assets	73,000	131,000	202,000	218,000
Depreciation and amortization expense	2,235,000	2,216,000	4,595,000	4,453,000
Total expenses	5,701,000	5,384,000	11,474,000	10,627,000
Loss before net gains on dispositions	(569,000)	(1,293,000)	(1,253,000)	(2,880,000)
Net gain on disposition of property			530,000
Loss before other income (expense)	(569,000)	(1,293,000)	(723,000)	(2,880,000)
Other income (expense):
Interest income	9,000	83,000	36,000	153,000
Interest expense	(1,376,000)	(1,392,000)	(2,919,000)	(2,660,000)
Total other income (expense)	(1,367,000)	(1,309,000)	(2,883,000)	(2,507,000)
Net loss	(1,936,000)	(2,602,000)	(3,606,000)	(5,387,000)
Other comprehensive income:
Designated derivatives, fair value adjustments	7,000	2,000	13,000
Total other comprehensive income	7,000	2,000	13,000
Comprehensive loss	(1,929,000)	(2,600,000)	(3,593,000)	(5,387,000)
Class A Common Stock
Other comprehensive income:
Net loss attributable to common stockholders	$ (100,000)	$ (138,000)	$ (188,000)	$ (306,000)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.16)	$ (0.22)	$ (0.30)	$ (0.48)
Weighted-average shares outstanding, basic and diluted (in shares)	626	636	627	636
Class T Common Stock
Other comprehensive income:
Net loss attributable to common stockholders	$ (178,000)	$ (269,000)	$ (309,000)	$ (591,000)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.16)	$ (0.24)	$ (0.28)	$ (0.53)
Weighted-average shares outstanding, basic and diluted (in shares)	1,122	1,118	1,120	1,116
Class R Common Stock
Other comprehensive income:
Net loss attributable to common stockholders		$ (2,089,000)		$ (4,291,000)
Net loss per common share, basic and diluted (in dollars per share)		$ (0.23)		$ (0.51)
Weighted-average shares outstanding, basic and diluted (in shares)		8,969		8,456
Class I Common Stock
Other comprehensive income:
Net loss attributable to common stockholders	$ (1,658,000)	$ (106,000)	$ (3,109,000)	$ (199,000)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.16)	$ (0.18)	$ (0.30)	$ (0.41)
Weighted-average shares outstanding, basic and diluted (in shares)	10,406	586	10,381	484

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class T Common Stock	Class R Common Stock	Class I Common Stock	Common StockClass A Common Stock	Common StockClass T Common Stock	Common StockClass R Common Stock	Common StockClass I Common Stock	Preferred StockConvertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2018	$ 62,490					$ 6	$ 11	$ 72	$ 3	$ 1	$ 77,896	$ (40)	$ (15,459)
Beginning balance (in shares) at Dec. 31, 2018						634	1,111	7,182	330	50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	22,018							$ 20	$ 3		21,995
Issuance of common stock (in shares)								1,999	283
Offering costs	(2,474)										(2,474)
Cash distributions declared	(2,611)	$ (169)	$ (244)	$ (2,035)	$ (162)								(2,611)
Common stock issued through distribution reinvestment plan	1,244							$ 1			1,243
Common stock issued through distribution reinvestment plan (in shares)						6	16	113	1
Net loss	(5,387)												(5,387)
Share redemptions	(388)										(388)
Share redemptions (in shares)						(17)	(28)
Ending balance at Jun. 30, 2019	74,892					$ 6	$ 11	$ 93	$ 6	$ 1	98,272	(40)	(23,457)
Ending balance (in shares) at Jun. 30, 2019						623	1,099	9,294	614	50
Beginning balance at Mar. 31, 2019	72,940					$ 6	$ 11	$ 87	$ 5	$ 1	92,374	(42)	(19,502)
Beginning balance (in shares) at Mar. 31, 2019						637	1,119	8,744	456	50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	6,224							$ 5	$ 1		6,218
Issuance of common stock (in shares)								489	157
Offering costs	(598)										(598)
Cash distributions declared	(1,353)	$ (84)	$ (122)	(1,048)	$ (99)								(1,353)
Common stock issued through distribution reinvestment plan	667							$ 1			666
Common stock issued through distribution reinvestment plan (in shares)						3	8	61	1
Other comprehensive income	2											2
Net loss	(2,602)												(2,602)
Share redemptions	(388)										(388)
Share redemptions (in shares)						(17)	(28)
Ending balance at Jun. 30, 2019	74,892					$ 6	$ 11	$ 93	$ 6	$ 1	98,272	(40)	(23,457)
Ending balance (in shares) at Jun. 30, 2019						623	1,099	9,294	614	50
Beginning balance at Dec. 31, 2019	71,875					$ 6	$ 11		$ 103	$ 1	103,725	(32)	(31,939)
Beginning balance (in shares) at Dec. 31, 2019		628,691	1,115,458		10,327,291	629	1,115		10,327	50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
True-up of prior year cash distributions declared	(31)	$ 0	$ (27)	0	$ (4)								(31)
Cash distributions declared			(27)		(4)
Common stock issued through distribution reinvestment plan	857	$ 24	$ 89	$ 0	$ 744				$ 1		856
Common stock issued through distribution reinvestment plan (in shares)						2	10		82
Other comprehensive income	13											13
Net loss	(3,606)												(3,606)
Share redemptions	(151)										(151)
Share redemptions (in shares)		(5,484)	(3,587)		(7,915)	(5)	(3)		(8)
Ending balance at Jun. 30, 2020	68,957					$ 6	$ 11		$ 104	$ 1	104,430	(19)	(35,576)
Ending balance (in shares) at Jun. 30, 2020		625,848	1,121,639	0	10,401,323	626	1,122		10,401	50
Beginning balance at Mar. 31, 2020	70,936					$ 6	$ 11		$ 104	$ 1	104,480	(26)	(33,640)
Beginning balance (in shares) at Mar. 31, 2020						626	1,122		10,407	50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income	7											7
Net loss	(1,936)												(1,936)
Share redemptions	(50)										(50)
Share redemptions (in shares)									(6)
Ending balance at Jun. 30, 2020	$ 68,957					$ 6	$ 11		$ 104	$ 1	$ 104,430	$ (19)	$ (35,576)
Ending balance (in shares) at Jun. 30, 2020		625,848	1,121,639	0	10,401,323	626	1,122		10,401	50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (3,606,000)	$ (5,387,000)
Adjustment to reconcile net loss to net cash used in operating activities:
Loss on disposal of assets	202,000	218,000
Depreciation and amortization expense	4,595,000	4,453,000
Amortization of deferred financing costs	147,000	117,000
Net gain on disposition of property	(530,000)
Realized loss on change in fair value of interest rate cap	13,177	2,962
Changes in operating assets and liabilities:
Tenant receivables, net	(63,000)	(9,000)
Due from related parties		8,000
Prepaid expenses and other assets	(271,000)	(218,000)
Due to related parties	(2,934,000)	(700,000)
Accounts payable and accrued expenses	367,000	1,165,000
Tenant prepayments	(62,000)	(75,000)
Security deposits	57,000	5,000
Net cash used in operating activities	(2,085,000)	(420,000)
Cash flows from investing activities:
Proceeds from disposal of properties, net of closing costs	1,340,000
Property acquisition		(17,335,000)
Capital expenditures	(2,701,000)	(2,812,000)
Net cash used in investing activities	(1,361,000)	(20,147,000)
Cash flows from financing activities:
Net proceeds from issuance of common stock		21,768,000
Redemptions of common stock	(151,000)	(388,000)
Payments on borrowings	(219,000)	(18,000)
Payment of deferred financing costs		(715,000)
Distributions paid on common stock	(761,000)	(1,089,000)
Net cash (used in) provided by financing activities	(1,131,000)	19,558,000
Net decrease in cash and restricted cash	(4,577,000)	(1,009,000)
Cash and restricted cash at beginning of period	30,346,000	33,711,000
Cash and restricted cash at end of period	$ 25,769,000	$ 32,702,000

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Reconciliation of cash and restricted cash
Cash	$ 23,845	$ 28,430	$ 30,338
Restricted Cash	1,924	1,916	2,364
Subtotal- cash and restricted cash	$ 25,769	$ 30,346	$ 32,702	$ 33,711

Nature of Business and Operatio

Nature of Business and Operations	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Operations	NOTE 1 - NATURE OF BUSINESS AND OPERATIONS Resource Apartment REIT III, Inc. (the "Company") was organized in Maryland on July 15, 2015. The Company launched an initial public offering on April 28, 2016 pursuant to which it offered up to $1.1 billion of shares of its common stock, consisting of up to $1.0 billion of shares in its primary offering and up to $100.0 million of shares pursuant to its distribution reinvestment plan (the "DRIP"). Through July 2, 2017, the Company offered shares of Class A and Class T common stock in the primary and DRIP offering. As of July 3, 2017, the Company ceased offering shares of Class A and Class T common stock in its primary offering and commenced offering shares of Class R and Class I common stock in both the primary and DRIP offering. The Company ceased offering shares in the primary offering on October 31, 2019 and ceased processing subscriptions in the offering on November 15, 2019. The Company continues to offer Class A, Class T and Class I shares pursuant to the DRIP. As of June 30, 2020, the Company has raised aggregate gross primary offering proceeds of approximately $111.4 million from the sale of 601,207 Class A shares, 1,049,996 Class T shares, 9,356,067 Class R shares and 624,325 Class I shares of common stock. On June 27, 2018, March 21, 2019, and March 19, 2020, the board of directors of the Company determined an estimated net asset value (“NAV”) per share of the common stock of $9.05, $9.12, and $9.01, respectively, based on the estimated market value of the portfolio of investments of the Company as of March 31, 2018, December 31, 2018, and December 31, 2019, respectively. Based on the estimated NAV per share, the board of directors established updated offering prices for shares of Class R and Class I common stock to be sold in the primary portion of the initial public offering by adding certain offering costs to the estimated NAV per share. Pursuant to the terms of the DRIP, following the establishment of an estimated NAV per share, shares of common stock are sold at the most recent estimated NAV per share. The prices per share for each class of shares of the Company's common stock through June 30, 2020 were as follows: Class A Class T Class R Class I Primary Offering Price Inception through July 2, 2017 $ 10.00 $ 9.47 n/a n/a July 3, 2017 through July 1, 2018 n/a n/a $ 9.52 $ 9.13 July 2, 2018 through March 24, 2019 n/a n/a $ 9.68 $ 9.28 March 25, 2019 through October 31, 2019 n/a n/a $ 9.75 $ 9.35 Offering Price under the DRIP Inception through July 2, 2017 $ 9.60 $ 9.09 n/a n/a July 3, 2017 through July 1, 2018 $ 9.60 $ 9.09 $ 9.14 $ 8.90 July 2, 2018 through March 24, 2019 (1) $ 9.05 $ 9.05 $ 9.05 $ 9.05 March 25, 2019 through March 30, 2020 (1) $ 9.12 $ 9.12 $ 9.12 $ 9.12 March 31, 2020 through June 30, 2020 (1) $ 9.01 $ 9.01 n/a $ 9.01 (1) Shares of common stock pursuant to the DRIP are sold at the Company’s most recent estimated NAV per share. Resource REIT Advisor, LLC (the "Advisor"), an indirect wholly-owned subsidiary of Resource America, Inc. ("RAI"), contributed $200,000 to the Company in exchange for 20,000 shares of Class A common stock on August 10, 2015. On June 29, 2016, RAI purchased 222,222 shares of Class A common stock for $2.0 million in the offering. On August 5, 2016, the Advisor exchanged 5,000 shares of common stock for 50,000 shares of convertible stock. Under limited circumstances, these shares may be converted into shares of the Company's Class A common stock satisfying its obligation to pay the Advisor an incentive fee and diluting its other stockholders’ interest in the Company. RAI is a wholly-owned subsidiary of C-III Capital Partners, LLC ("C-III"), a leading commercial real estate investment management and services company engaged in a broad range of activities. C-III controls the Advisor, Resource Securities LLC ("Resource Securities"), the Company's dealer manager, and Resource Apartment Manager III, LLC (the "Manager"), the Company's property manager. C-III also controls all of the shares of the Company's common stock held by RAI and the Advisor. The Company’s objective is to take advantage of the multifamily investing and lending platforms of Resource Real Estate, LLC (its "Sponsor") to invest in apartment communities in order to provide the investor with growing cash flow and increasing asset values. The Company has acquired underperforming apartments which it will renovate and stabilize in order to increase rents. The Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes under the provisions of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2017. As such, to maintain its REIT qualification for U.S. federal income tax purposes, the Company is generally required to distribute at least 90% of its net income (excluding net capital gains) to its stockholders as well as comply with certain other requirements. Accordingly, the Company generally will not be subject to U.S. federal income taxes to the extent that it annually distributes all of its REIT taxable income to its stockholders. The Company also operates its business in a manner that will permit it to maintain its exemption from registration under the Investment Company Act of 1940, as amended. The consolidated financial statements and the information and tables contained in the notes thereto are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), pertaining to interim financial statements in Form 10-Q. However, in the opinion of management, these interim financial statements include all the necessary adjustments to fairly present the results of the interim periods presented. The consolidated balance sheet as of December 31, 2019 was derived from the audited consolidated financial statements as of and for the year ended, December 31, 2019. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the six months ended June 30, 2020 may not necessarily be indicative of the results of operations for the full year ending December 31, 2020. COVID-19 Pandemic One of the most significant risks and uncertainties facing the Company and the real estate industry generally continues to be the effect of the ongoing public health crisis of the novel coronavirus disease (“COVID-19”) pandemic. The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business, including how the pandemic is impacting its tenants. The Company did not incur significant disruptions from the COVID-19 pandemic during the six months ended June 30, 2020; however, a small percentage of its tenants have requested rent deferral as a result of the pandemic. The Company is evaluating each tenant rent relief request on an individual basis, considering a number of factors. Not all tenant requests will ultimately result in modified agreements, nor is the Company forgoing its contractual rights under its lease agreements. Executed short-term rent relief plans that are outstanding at June 30, 2020 are not significant in terms of either number of requests or dollar value. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants depends on future developments, which cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows: Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with GAAP. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiaries Number of Units Property Location Resource Apartment REIT III Holdings, LLC N/A N/A Resource Apartment REIT III OP, LP N/A N/A RRE Payne Place Holdings, LLC N/A ( 1) N/A ( 1) RRE Bay Club Holdings, LLC 220 Jacksonville, FL RRE Tramore Village Holdings, LLC 324 Austell, GA RRE Matthews Reserve Holdings, LLC 212 Matthews, NC RRE Kensington Holdings, LLC 204 Riverview, FL RRE Wimbledon Oaks Holdings, LLC 248 Arlington, TX RRE Summit Holdings, LLC 141 Alexandria, VA 1,349 N/A - Not applicable (1) Property was sold on March 5, 2020. All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Concentration of Risk At June 30, 2020, the Company's real estate investments in Florida, Georgia, and Virginia represented 28%, 22%, and 19%, respectively, of the net book value of its rental property assets. Any adverse economic or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 "Financial Instruments - Credit Losses", which requires measurement and recognition of expected credit losses for financial assets held. On January 1, 2020, the Company adopted ASU No. 2016-13 and the adoption had no impact on its consolidated financial statements and disclosures since the Company did not have instruments subject to this guidance at the adoption or at June 30, 2020. In January 2017, FASB issued ASU No. 2017-04, "Intangibles- Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment", which alters the current goodwill impairment testing procedures. On January 1, 2020, the Company adopted ASU No. 2017-04 and the adoption did not have a significant impact on its consolidated financial statements due to the fact that the Company did not have any goodwill subject to this guidance at the adoption or at June 30, 2020. In August 2018, FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”. This update removes, modifies and adds certain disclosure requirements in the FASB Accounting Standards Codification ("ASC") 820, “Fair Value Measurement”. On January 1, 2020, the Company adopted ASU No. 2018-13 and the adoption did not have a significant impact on its consolidated financial statements due to the fact there were no required changes to the Company’s disclosures. In November 2018, FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases. On January 1, 2020, the Company adopted In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the six months ended , the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. On April 10, 2020, FASB issued a Staff Q&A to respond to some frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance to those leases. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company has not elected to apply the lease modification guidance to our leases. To date, the impact of lease concessions granted has not had a material effect on the financial statements. The Company will continue to evaluate the impact of lease concessions and the appropriate accounting for those concessions. Real Estate Investments The Company records acquired real estate at fair value on their respective acquisition dates. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the asset using the straight line method. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related leases Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. Construction management fees are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. Allocation of Purchase Price of Acquired Assets Acquisitions that do not meet the definition of a business under ASU No, 2017-01 are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered a business combination as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the set is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition including transaction costs to the assets acquired or liabilities assumed based on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price to tangible assets, consisting of land, building, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, other value of in-place leases and value of tenant relationships, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases, which the Company expects will range from one month to one year. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the weighted average remaining term of the underlying leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization periods for the intangible assets exceed the remaining depreciable life of the building. The determination of the fair value of the assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the fair value of these assets and liabilities, which could impact the amount of the Company’s reported net income. Revenue Recognition The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, where collection has been considered probable, on a straight-line basis over the term of the related lease. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $12.5 million and approximately $488,000 for the 12 month periods ending June 30, 2021 and 2022, respectively, and none thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments, amenities, and revenue sharing arrangements for cable income from contracts with cable providers at the Company's properties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records the utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized. Tenant Receivables Tenant receivables are stated in the consolidated financial statements as amounts due from tenants net of an allowance for uncollectible receivables. Payment terms vary and receivables outstanding longer than the payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, and the condition of the general economy and the industry as a whole. The Company writes off receivables when they become uncollectible. At June 30, 2020 and December 31, 2019, the Company recorded $4,123 and $3,927 of allowances for uncollectible receivables, respectively. Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ending December 31, 2017. As a REIT, the Company will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Taxable income, generally, differs from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as a taxable REIT subsidiary ("TRS"). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. At June 30, 2020 and December 31, 2019, the Company did not treat any of its subsidiaries as a TRS. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company’s taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. The Company is subject to examination by the U.S. Internal Revenue Service and by the taxing authorities in other states in which the Company has significant business operations. The Company is not currently undergoing any examinations by taxing authorities. The Company is not subject to IRS examination for the tax return years 2015 and prior. Earnings Per Share Basic earnings per share are computed by dividing net income (loss) attributable to common stockholders for each period by the weighted-average common shares outstanding during the period for each share class. Diluted net income (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the 50,000 shares of convertible stock (discussed in Note 10) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of June 30, 2020 (were such date to represent the end of the contingency period). For the purposes of calculating earnings per share, all common shares and per share information in the financial statements have been retroactively adjusted for the effect of any stock dividends and stock splits. For the three and six months ended June 30, 2020 and 2019, common shares potentially issuable to settle distributions payable are excluded from the calculation of diluted earnings per share calculations, as their inclusion would be anti-dilutive. In accordance with ASC 260-10-45, "Earnings Per Share", the Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on their relative percentage of each class of shares to the total number of outstanding shares. The Company did not have any participating securities outstanding other than Class A common stock, Class T common stock, Class R common stock and Class I common stock during the periods presented (see Note 10). Organization and Offering Costs Organization and offering costs (other than selling commissions, dealer manager fees, and distribution and shareholder servicing fees) of the Company were initially paid by the Advisor on behalf of the Company. Pursuant to the Advisory Agreement between the Company and the Advisor, the Company was obligated to reimburse the Advisor for organization and other offering costs paid by the Advisor on behalf of the Company, up to an amount equal to 4.0% of gross offering proceeds as of the termination of the initial public offering as the Company raised less than $500.0 million in the primary portion of the initial public offering. The Advisory Agreement provides that the Company is not responsible for the repayment of any unreimbursed organization and offering expenses or operational expenses incurred by the Advisor on the Company’s behalf through March 31, 2018 until after the termination of the primary portion of the Company’s ongoing initial public offering. Additionally, such unreimbursed organization and offering expenses or operational expenses incurred or paid by the Advisor on the Company’s behalf through March 31, 2018 are required to be reimbursed ratably starting after the termination of the primary portion of the Company’s ongoing initial public offering through April 30, 2021 for organization and offering expenses and through April 30, 2020 for operating expenses. These payments began on November 1, 2019. Organization costs, which included all expenses incurred by the Company in connection with its formation, including but not limited to legal fees and other costs to incorporate, were expensed as incurred. Prior to the Company breaking escrow, the Advisor incurred approximately $104,000 of formation and other operating expenses on the Company's behalf, which will not be reimbursed to the Advisor. Outstanding Class T shares issued in the Company's primary offering were subject to an annual distribution and shareholder servicing fee in the amount of 1% of the estimated NAV of the share (1% of purchase price prior to June 29, 2018) for up to five years from the date on which such share is issued. Effective November 1, 2019, the Company ceased accruing the distribution and shareholder servicing fee on each Class T share as the Company had reached certain underwriting compensation limits. Outstanding Class R shares issued in the Company's primary offering were also subject to an annual distribution and shareholder servicing fee in the amount of 1% of the estimated NAV of the share (1% of purchase price prior to June 29, 2018). Effective November 1, 2019, following the termination of the initial public offering, each of the outstanding Class R shares of common stock automatically converted into a Class I share of common stock pursuant to the terms of the Articles Supplementary for the Class R shares and the Company ceased accruing the distribution and shareholder servicing fee with respect to Class R shares as the Company no longer had any Class R shares outstanding. The Company initially recorded distribution and shareholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable in relation to the Class T and Class R shares on the date the shares were issued. The liability was relieved over time, as the fees were paid to the Dealer Manager. Upon termination of the offering, the fees were no longer payable as described above and the liability was adjusted accordingly.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 3 - SUPPLEMENTAL CASH FLOW INFORMATION The following table presents the Company's supplemental cash flow information (in thousands): Six Months Ended June 30, 2020 2019 Non-cash operating, financing and investing activities: Offering costs payable to related parties $ — $ 629 Distribution and shareholder servicing fee payable to related parties — 95 Cash distributions on common stock declared but not yet paid — 1,316 Stock issued from distribution reinvestment plan 857 1,244 Subscriptions receivable — 110 Escrow deposits funded directly by mortgage notes payable — 798 Non-cash activity related to acquisitions: Mortgage notes payable used to acquire real properties — 45,192 Non-cash activity related to sales: Mortgage notes payable settled directly with proceeds from sale of rental property 1,519 — Cash paid during the period for: Interest $ 2,848 $ 2,481

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2020
Cash And Cash Equivalents [Abstract]
Restricted Cash	NOTE 4 - RESTRICTED CASH Restricted cash represents escrow deposits with lenders to be used to pay real estate taxes, insurance, and capital improvements. The following table presents a summary of the components of the Company's restricted cash (in thousands): June 30, 2020 December 31, 2019 Real estate taxes $ 1,428 $ 979 Insurance 113 179 Capital improvements 383 758 Total $ 1,924 $ 1,916 In addition, the Company designated unrestricted cash for capital expenditures of $7.0 million and $8.1 million at June 30, 2020 and December 31, 2019,

Rental Properties, Net

Rental Properties, Net	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Rental Properties, Net	NOTE 5 - RENTAL PROPERTIES, NET The following table presents the Company's investment in rental properties (in thousands): June 30, 2020 December 31, 2019 Land $ 29,800 $ 31,220 Building and improvements 172,007 171,265 Furniture, fixtures, and equipment 4,622 4,014 Construction in progress 60 1,205 206,489 207,704 Less: accumulated depreciation (15,412 ) (11,221 ) Total rental property, net $ 191,077 $ 196,483 Depreciation expense for the three and six months ended June 30, 2020 was $2.2 million and $4.4 million respectively. Depreciation expense for the three and six months ended June 30, 2019 was $1.7 million and $3.3 million, respectively. Loss on disposal of assets: During the three and six months ended June 30, 2020, the Company recorded losses on the disposal of assets of approximately $73,000 and $202,000, respectively. During the three and six months ended June 30, 2019, the Company recorded losses on the disposal of assets of approximately $131,000 and $218,000, respectively. The Company’s losses on disposals were primarily due to the replacement of appliances at its rental properties in conjunction with unit upgrades.

Disposition of Property

Disposition of Property	6 Months Ended
	Jun. 30, 2020
Discontinued Operations And Disposal Groups [Abstract]
Disposition of Property	NOTE 6 – DISPOSITION OF PROPERTY The following table presents the Company’s disposition activity during the six months ended June 30, 2020 (in thousands): Net Gain on Disposition Multifamily Community Location Sale Date Contract Sales Price Three months ended June 30, 2020 Six months ended June 30, 2020 Payne Place Alexandria, Virginia March 5, 2020 $ 3,100 $ — $ 530 The following table presents the Company’s revenue and net income/(loss) attributable to the property sold, excluding gain on sale, during the three and six months ended June 30, 2020 (in thousands): Revenue Attributable to Property Sold Net Income/(Loss) Attributable to Property Sold Multifamily Community Three months ended June 30, 2020 Six months ended June 30, 2020 Three months ended June 30, 2020 Six months ended June 30, 2020 Payne Place $ — $ 32 $ (1 ) $ 2

Identified Intangible Assets, N

Identified Intangible Assets, Net	6 Months Ended
	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Identified Intangible Assets, Net	NOTE 7 - IDENTIFIED INTANGIBLE ASSETS, NET Identified intangible assets, net, consist of acquired in-place rental leases. The net carrying value of the leases at June 30, 2020 and December 31, 2019 was $0 and approximately $173,000, respectively, net of the accumulated amortization of $4.6 million and $4.4 million, respectively. At June 30, 2020, intangible assets were fully amortized. Amortization for the three and six months ended June 30, 2020 was $0 and approximately $173,000, respectively. Amortization for the three and six months ended June 30, 2019 was approximately $469,000 and $1.1 million, respectively.

Mortgage Notes Payable

Mortgage Notes Payable	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Mortgage Notes Payable	NOTE 8 - MORTGAGE NOTES PAYABLE The following table presents a summary of the Company's mortgage notes payable, net (in thousands): June 30, 2020 December 31, 2019 Collateral Outstanding Borrowings Deferred Financing Costs, net Carrying Value Outstanding borrowings Deferred Financing Costs, net Carrying Value Payne Place $ — $ — $ — $ 1,525 $ (28 ) $ 1,497 Bay Club 21,184 (184 ) 21,000 21,398 (208 ) 21,190 Tramore Village 32,625 (274 ) 32,351 32,625 (304 ) 32,321 Matthews Reserve 23,850 (243 ) 23,607 23,850 (267 ) 23,583 The Park at Kensington 21,760 (236 ) 21,524 21,760 (260 ) 21,500 Wimbledon Oaks 18,410 (216 ) 18,194 18,410 (235 ) 18,175 Summit 27,580 (316 ) 27,264 27,580 (343 ) 27,237 Total $ 145,409 $ (1,469 ) $ 143,940 $ 147,148 $ (1,645 ) $ 145,503 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages): Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Bay Club 8/1/2024 2.03 % (1)(4) $ 79 $ 56 Tramore Village 4/1/2025 1.96 % (2)(5) 65 59 Matthews Reserve 9/1/2025 4.47 % (3)(5) 90 43 The Park at Kensington 10/1/2025 4.36 % (3)(5) 80 53 Wimbledon Oaks 3/1/2026 4.33 % (3)(5) 67 63 Summit 7/1/2026 3.84 % (3)(5) 89 43 (1 ) Variable rate based on one-month LIBOR of 0.16% (at June 30, 2020) plus 1.87%, with a maximum interest rate of 5.75%. (2 ) Variable rate based on one-month LIBOR of 0.16% (at June 30, 2020) plus 1.80%, with a maximum interest rate of 6.25%. ( 3 ) Fixed rate. (4 ) Monthly payment of principal and interest required. ( 5) Monthly interest-only payment currently required. All of the mortgage notes are collateralized by a first mortgage lien on the assets of the respective property named in the table above. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty for a portion of the term. The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five years ending June 30, and thereafter (in thousands): 2021 $ 648 2022 1,922 2023 2,871 2024 2,994 2025 50,774 Thereafter 86,200 $ 145,409 Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the three and six months ended June 30, 2020, amortization of deferred financing costs of approximately $73,000 and $147,000, respectively, was included in interest expense. During the three and six months ended June 30, 2019, amortization of deferred financing costs of approximately $58,000 and $117,000, respectively, was included in interest expense. Accumulated amortization at June 30, 2020 and December 31, 2019 was approximately $556,000 The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five years ending June 30, and thereafter (in thousands): 2021 $ 294 2022 291 2023 287 2024 282 2025 223 Thereafter 92 $ 1,469

Certain Relationships and Relat

Certain Relationships and Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Certain Relationships and Related Party Transactions	NOTE 9 - CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS Relationship with the Advisor The Company is externally managed and advised by the Advisor. Pursuant to the terms of the Advisory Agreement, the Advisor provides the Company with its management team, including its officers, along with appropriate support personnel. The Advisor will be reimbursed for the Company’s allocable share of costs for Advisor personnel, including allocable personnel salaries and benefits. Each of the Company’s officers is an employee of the Sponsor or one of its affiliates. The Company does not expect to have any employees. The Advisor is not obligated to dedicate any specific portion of its time or its employees' time to the Company’s business. The Advisor and any employees of the Sponsor or its affiliates acting on behalf of the Advisor, are at all times subject to the supervision and oversight of the Company’s board of directors and have only such functions and authority as the Company delegates to it. Effective April 28, 2020, the Company renewed the Advisory Agreement with the Advisor through April 27, 2021. During the course of the offering, the Advisor provided offering-related services to the Company and advanced funds to the Company for both operating costs and organization and offering costs. These amounts were to be reimbursed to the Advisor from the proceeds from the offering, subject to the aforementioned limits on organization and offering expense reimbursements. As of June 30, 2020, the Company incurred a total of $9.2 million of organization and offering costs, of which the Advisor advanced $9.0 million on a cumulative basis on behalf of the Company. The Company paid the remaining amount of approximately $249,000 of these costs directly. The maximum liability of the Company was $4.4 million based on the limit on organization and offering expenses payable by the Company included in the Advisory Agreement, which was comprised of the $249,000 initially paid by the Company and $4.2 million of the advance from the Advisor. An adjustment was made during the year ended December 31, 2019 to relieve the Company from the remaining $4.8 million liability due to the Advisor. As of June 30, 2020, the Company has repaid $2.3 million to the Advisor for deferred organization and offering costs and $1.9 million of deferred organization and offering costs remain in related party payables. The Advisory Agreement has a one -year term and may be renewed for an unlimited number of successive one -year terms upon the approval of the Conflicts Committee of the Company's board of directors. Under the Advisory Agreement, the Advisor will receive fees and will be reimbursed for its expenses as set forth below: Acquisition fees. The Advisor earns an acquisition fee of 2.0% of the cost of investments acquired on behalf of the Company, plus any capital reserves allocated, or the amount funded by the Company to acquire or originate loans, including acquisition expenses and any debt attributable to such investments. Asset management fees. The Advisor earns a monthly asset management fee equal to 0.083% (one-twelfth of 1.0%) of the appraised asset value for all assets owned at the end of each month, without deduction for depreciation, bad debts or other non-cash reserves. The asset management fee is based only on the portion of the costs or value attributable to the Company’s investment in an asset if the Company does not own all of an asset and does not manage or control the asset. Disposition fees. The Advisor earns a disposition fee in connection with the sale of a property equal to the lesser of one-half of the aggregate brokerage commission paid, or if none is paid, 2.0% of the contract sales price. Debt financing fees. The Advisor will earn a debt financing fee equal to 0.5% of the amount available under any debt financing obtained. Expense reimbursements. The Company paid directly or reimbursed the Advisor for all of the expenses paid or incurred by the Advisor or its affiliates on behalf of the Company or in connection with the services provided to the Company in relation to its public offering, including its distribution reinvestment plan offering. This includes all organization and offering costs of up to 4.0% of gross offering proceeds as the Company raised less than $500.0 million in the primary offering. Reimbursements also include expenses the Advisor incurs in connection with providing services to the Company, including the Company’s allocable share of costs for Advisor personnel and overhead, out-of-pocket expenses incurred in connection with the selection and acquisition of properties or other real estate related debt investments, whether or not the Company ultimately acquires the investment. However, the Company will not reimburse the Advisor or its affiliates for employee costs in connection with services for which the Advisor earns acquisition or disposition fees. Prior to the Company breaking escrow, the Advisor incurred approximately $104,000 of formation and other operating expenses the Company's behalf, which will not be reimbursed to the Advisor. On April 13, 2018, the board of directors approved an amendment to the Advisory Agreement that provides that the Company is not responsible for the reimbursement of any unreimbursed organization and offering expenses or operational expenses incurred by the Advisor on the Company’s behalf through March 31, 2018 until after the termination of the primary portion of the Company’s ongoing initial public offering. Additionally, the amendment provides that such unreimbursed organization and offering expenses or operational expenses incurred or paid by the Advisor on the Company’s behalf through March 31, 2018 will be reimbursed ratably starting after the termination of the primary portion of the Company’s ongoing initial public offering through April 30, 2021 for organization and offering expenses and through April 30, 2020 for operating expenses. The payments commenced on November 1, 2019. Relationship with the Manager The Manager manages real estate properties and coordinates the leasing of, and manages construction activities related to, some of the Company’s real estate properties pursuant to the terms of the management agreement with the Manager. Property management fees. The Manager earns a property management fee equal to 4.5% of actual gross cash receipts from the operations of real property investments that it manages and an oversight fee in the same amount on any real property investments that are managed by third parties. Property management fees are deducted directly from the property's operating account by the property manager. The Manager subcontracts operational management of the properties to an unaffiliated third party and pays for those services from its property management fee. Any property management fees paid to unaffiliated third party property managers in excess of 4.5% of actual gross receipts will be reimbursed to the Company by the Advisor. Construction management fees . The Manager earns a construction management fee equal to 5.0% of actual aggregate costs to construct improvements to, or to repair, rehab, or reconstruct, a property. Debt servicing fees . The Manager will earn a debt servicing fee equal to 2.75% of gross receipts from real estate-related debt investments. Expense reimbursement . During the ordinary course of business, the Manager or other affiliates of RAI may pay certain shared operating expenses on behalf of the Company. The Company is obligated to reimburse the Manager or other affiliates for such shared operating expenses. Relationship with Resource Securities Resource Securities, an affiliate of the Advisor, serves as the Company’s dealer manager and was responsible for marketing the Company’s shares during the primary public offering. Dealer manager fee and selling commissions. Pursuant to the terms of the amended and restated dealer manager agreement with Resource Securities, the Company generally paid Resource Securities a selling commission of up to 3.0% of gross offering proceeds from the sale of Class R shares and a dealer manager fee of up to 3.5% of gross offering proceeds from the sale of Class R shares (but the aggregate of such fees shall not exceed 5.5% of gross offering proceeds). The Company generally paid Resource Securities a dealer manager fee of up to 1.5% of gross offering proceeds from the sale of the Class I shares. Resource Securities allowed all selling commissions earned and a portion of the dealer manager fee as a marketing fee to participating broker-dealers. No selling commissions or dealer manager fees were earned by Resource Securities in connection with sales under the distribution reinvestment plan. Additionally, the Company may reimburse Resource Securities for bona fide due diligence expenses. Distribution and shareholder servicing fee . Resource Securities was paid an annual fee of 1.0% of the NAV (purchase price prior to June 29, 2018) per share of Class T common stock sold in the primary offering for up to five years from the date on which each share was issued. Resource Securities was also paid an annual fee of 1.0% of the NAV (purchase price prior to June 29, 2018) per share of Class R common stock sold in the primary offering subject to the terms of the Class R shares as included in the Articles Supplementary. Effective November 1, 2019, pursuant to the terms of the Class T and Class R shares, no further distribution and shareholder servicing fees were payable to Resource Securities so the Company ceased to accrue the distribution and shareholder servicing fee. Relationship with RAI and C-III Property loss pool. Until February 28, 2019, the Company's properties participated in a property loss self-insurance pool with other properties directly and indirectly managed by RAI and C-III, which was backed by a catastrophic insurance policy. The pool covered losses up to $2.5 million, in aggregate, after a $25,000 deductible per incident. Claims beyond the insurance pool limits were covered by the catastrophic insurance policy, which covered claims up to $250.0 million, after either a $25,000 or a $100,000 deductible per incident, depending on location and/or type of loss. Therefore, unforeseen or catastrophic losses in excess of the Company's insured limits could have a material adverse effect on the Company's financial condition and operating results. Beginning March 1, 2019, the Company now participates (with other properties directly and indirectly managed by RAI and C-III) only in the catastrophic insurance policy, which covers claims up to $250.0 million, after either a $25,000 or a $100,000 deductible per incident, depending on location and/or type of loss. Therefore, unforeseen or catastrophic losses in excess of the Company's insured limits could have a material adverse effect on the Company's financial condition and operating results. General liability loss policy. The Company (with other properties directly managed by RAI) has an insured and dedicated limit for the general liability of $1.0 million per occurrence. Total claims are limited to $2.0 million per premium year. In excess of these limits, the Company participates (with other properties directly or indirectly managed by RAI and C-III) in a $50.0 million per occurrence excess liability program. Therefore, the total insured limit per occurrence is $51.0 million for the general and excess liability program, after a $25,000 deductible per incident. Internal audit fees. RAI performs internal audit services for the Company. Directors and officers liability insurance. The Company participates in a liability insurance program for directors and officers coverage with other C-III managed entities and subsidiaries for coverage up to $100.0 million. The following table presents the Company's amounts payable to such related parties (in thousands): June 30, 2020 December 31, 2019 Advisor Organization and offering costs $ 1,923 $ 3,076 Operating expense reimbursements (including prepaid expenses) 3 1,778 1,926 4,854 Manager Property management fees 78 81 Operating expense reimbursements — 3 78 84 $ 2,004 $ 4,938 The following table presents the Company's fees earned by and expenses incurred from such related parties (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fees earned / expenses incurred: Advisor: Acquisition fees and acquisition related reimbursements (1) $ — $ 846 $ — $ 1,456 Asset management fees (2) 566 459 1,121 874 Disposition fees (10) — — 62 — Debt financing fees (3) — 138 — 230 Organization and offering costs (4) — 305 — 629 Operating expense reimbursement (5)(9) 4 361 10 766 Manager: Property management fees (2) $ 227 $ 171 $ 452 $ 330 Construction management fees (1) 35 72 165 114 Operating expense reimbursements (6) — 8 — 38 RAI: Internal audit fee (5) $ — $ 13 $ — $ 25 Resource Securities: Selling commissions and dealer-manager fees (7) $ — $ 278 $ — $ 1,098 Distribution and shareholder servicing fee (7)(8) — 71 — 495 Other: The Planning & Zoning Resource Company (1) $ — $ 2 $ — $ 3 (1) Capitalized and included in Rental properties, net on the consolidated balance sheets. (2) Included in Management fees - related parties on the consolidated statements of operations and comprehensive loss. (3) Included in Mortgage notes payable on the consolidated balance sheets. (4) Organizational expenses were expensed when incurred and offering costs are included in Deferred offering costs until they are charged to Stockholders' equity on the consolidated balance sheets as proceeds are raised in the offering. (5) Included in General and administrative on the consolidated statements of operations and comprehensive loss and excludes third party costs that are advanced by the Advisor. (6) Included in Rental operating expenses on the consolidated statements of operations and comprehensive loss. (7) Included in Stockholders' equity on the consolidated balance sheets. (8) During the year ended December 31, 2019, there was an adjustment in conjunction with the termination of the primary offering; see Note 2. (9) During the year ended December 31, 2019, the Advisor suspended the allocation of rent and payroll costs to the Company. (10) Included in Net gain on disposition of property on the consolidated statements of operations and comprehensive loss.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 10 - EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted earnings/(loss) per share for the periods presented as follows (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net loss $ (1,936 ) $ (2,602 ) $ (3,606 ) $ (5,387 ) Less: Class A common stock cash distributions declared — 84 — 169 Less: Class T common stock cash distributions declared — 122 27 244 Less: Class R common stock cash distributions declared — 1,048 — 2,035 Less: Class I common stock cash distributions declared — 99 4 162 Undistributed net loss attributable to common stockholders $ (1,936 ) $ (3,955 ) $ (3,637 ) $ (7,997 ) Class A common stock: Undistributed net loss attributable to Class A common stockholders $ (100 ) $ (222 ) $ (188 ) $ (475 ) Class A common stock cash distributions declared — 84 — 169 Net loss attributable to Class A common stockholders $ (100 ) $ (138 ) $ (188 ) $ (306 ) Net loss per Class A common share, basic and diluted $ (0.16 ) $ (0.22 ) $ (0.30 ) $ (0.48 ) Weighted-average number of Class A common shares outstanding, basic and diluted (1) 626 636 627 636 Class T common stock: Undistributed net loss attributable to Class T common stockholders $ (178 ) $ (391 ) $ (336 ) $ (835 ) Class T common stock cash distributions declared — 122 27 244 Net loss attributable to Class T common stockholders $ (178 ) $ (269 ) $ (309 ) $ (591 ) Net loss per Class T common share, basic and diluted $ (0.16 ) $ (0.24 ) $ (0.28 ) $ (0.53 ) Weighted-average number of Class T common shares outstanding, basic and diluted 1,122 1,118 1,120 1,116 Class R common stock: Undistributed net loss attributable to Class R common stockholders $ — $ (3,137 ) $ — $ (6,326 ) Class R common stock cash distributions declared — 1,048 — 2,035 Net loss attributable to Class R common stockholders $ — $ (2,089 ) $ — $ (4,291 ) Net loss per Class R common share, basic and diluted $ — $ (0.23 ) $ — $ (0.51 ) Weighted-average number of Class R common shares outstanding, basic and diluted — 8,969 — 8,456 Class I common stock: Undistributed net loss attributable to Class I common stockholders $ (1,658 ) $ (205 ) $ (3,113 ) $ (361 ) Class I common stock cash distributions declared — 99 4 162 Net loss attributable to Class I common stockholders $ (1,658 ) $ (106 ) $ (3,109 ) $ (199 ) Net loss per Class I common share, basic and diluted $ (0.16 ) $ (0.18 ) $ (0.30 ) $ (0.41 ) Weighted-average number of Class I common shares outstanding, basic and diluted 10,406 586 10,381 484 (1) Weighted-average number of shares excludes the convertible stock as they are not participating securities.

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Equity	NOTE 11 - EQUITY Preferred Stock The Company’s charter authorizes the Company to issue 10 million shares of its $0.01 par value preferred stock. As of both June 30, 2020 and December 31, 2019, no shares of preferred stock were issued or outstanding. Convertible Stock The Company’s charter authorizes the Company to issue 50,000 shares of its $0.01 par value convertible stock. On August 5, 2016, the Company's board of directors approved the issuance of 50,000 convertible shares in exchange for 5,000 shares of Class A common stock. As of June 30, 2020, the Company had 50,000 shares of $0.01 par value convertible stock outstanding, which are owned by the Advisor. The convertible stock will convert into shares of the Company’s Class A common stock upon the occurrence of (a) the Company having paid distributions to common stockholders that in the aggregate equal 100% of the price at which the Company originally sold the shares plus an amount sufficient to produce a 6% cumulative, non-compounded annual return on the shares at that price; or (b) if the Company lists its common stock on a national securities exchange or the Company consummates a merger pursuant to which consideration received by the stockholders is securities of another issuer that are listed on a national securities exchange. Each of these two events is a "Triggering Event." Upon a Triggering Event, the Company's convertible stock will, unless its Advisory Agreement has been terminated or not renewed on account of a material breach by its Advisor, generally be converted into a number of shares of common stock equal to 1/50,000 of the quotient of: (A) 15% of the amount, if any, by which (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, divided by (B) the value of the Company divided by the number of outstanding shares of common stock, in each case, as of the date of the event triggering the conversion. No triggering events have occurred or were considered probable to occur as of June 30, 2020. Common Stock The Company’s charter authorizes the issuance of 1 billion shares of common stock with a par value of $0.01 per share, of which, the Company has allocated 750 million shares as Class R common stock; 75 million shares as Class I common stock; 25 million shares as Class A common stock; and 25 million shares as Class T common stock. 125 million shares of common stock remain undesignated. As of July 3, 2017, the Company ceased offering shares of Class A and Class T common stock and commenced the offering of Class R and Class I common stock in its primary offering. The Company ceased offering Class R and Class I shares in the primary offering on October 31, 2019 and ceased processing subscriptions in the offering on November 15, 2019. The Company continues to offer shares of Class A, Class T, and Class I common stock pursuant to the DRIP. On November 1, 2019, each Class R share of common stock of the Company automatically converted into a Class I share of common stock of the Company pursuant to the terms of the Articles Supplementary for the Class R shares. The Class R shares converted into Class I shares on a one-for-one basis, because the most recently approved estimated net asset value per share approved by its board of directors ($9.12 as of March 21, 2019) was the same for all classes of common stock. Stockholders who received Class I shares upon the conversion will no longer be subject to the class-specific expenses associated with Class R shares. As of November 1, 2019, the Company no longer has any shares of Class R common stock outstanding. At June 30, 2020, shares of the Company's $0.01 par value Class A, Class T, Class R, and Class I common stock have been issued as follows (dollars in thousands): Class A Class T Class R Class I Shares Issued Gross Proceeds Shares Issued Gross Proceeds Shares Issued Gross Proceeds Shares Issued Gross Proceeds Shared issued through primary offering (1) 586,207 $ 5,601 1,049,996 $ 9,943 9,356,068 $ 89,917 624,325 $ 5,760 Shares issued through stock dividends 12,860 — 15,495 — — — — — Shares issued through distribution reinvestment plan 34,179 318 91,763 834 356,453 3,244 115,513 1,050 Shares issued in conjunction with the Advisor's initial investment, net of 5,000 share conversion 15,000 200 — — — — — — Total 648,246 $ 6,119 1,157,254 $ 10,777 9,712,521 $ 93,161 739,838 $ 6,810 Shares redeemed and retired (22,398 ) (35,615 ) (32,122 ) (18,914 ) Class R share conversion (2) — — (9,680,399 ) 9,680,399 Total shares issued and outstanding at June 30, 2020 625,848 1,121,639 — 10,401,323 (1) Includes 222,222 of Class A shares issued to RAI. (2) On November 1, 2019, all outstanding Class R shares converted to Class I shares. Share Redemption Program During the six months ended June 30, 2020, the Company redeemed shares of its outstanding Class A, Class T, and Class I common stock, as follows: Class A Class T Class I Period Total Number of Shares Redeemed Average Price Paid per Share Total Number of Shares Redeemed Average Price Paid per Share Total Number of Shares Redeemed Average Price Paid per Share January 2020 — — — — — — February 2020 — — — — — — March 2020 5,484 $ 8.89 3,587 $ 8.89 2,416 $ 8.44 April 2020 — — — — — — May 2020 — — — — — — June 2020 — — — — 5,499 $ 9.01 5,484 3,587 7,915 The Company will not redeem in excess of 5% of the weighted-average number of shares of common stock outstanding during the 12-month period immediately prior to the effective date of redemption. The Company's board of directors will determine at least quarterly whether it has sufficient excess cash to repurchase shares. Generally, the cash available for redemptions will be limited to proceeds from the Company's distribution reinvestment plan plus, if the Company has positive operating cash flow from the previous fiscal year, 1% of all operating cash flow from the previous year. The Company's board of directors, in its sole discretion, may suspend, terminate or amend the Company's share redemption program without stockholder approval upon 30 days' notice if it determines that such suspension, termination or amendment is in the Company's best interest. The Company's board may also reduce the number of shares purchased under the share redemption program if it determines the funds otherwise available to fund the Company's share redemption program are needed for other purposes. These limitations apply to all redemptions, including redemptions sought upon a stockholder's death, qualifying disability or confinement to a long-term care facility. On March 27, 2020, the board of directors of the Company suspended the share redemption program with exceptions for redemptions sought upon a stockholder’s death, qualifying disability or confinement to a long-term care facility. The suspension was effective as of April 29, 2020. While the share redemption program is partially suspended, both pending and new redemption requests for redemptions submitted other than in connection with a stockholder’s death, qualifying disability or confinement to a long-term care facility will not be honored or retained, but will be cancelled with the ability to resubmit if the share redemption program is fully resumed. All redemption requests tendered related to a stockholder’s death, qualifying disability or confinement to a long-term care facility were honored during the three months ended June 30, 2020. Distributions During the year ended December 31, 2019, the Company’s board of directors declared cash distributions on the outstanding shares of all classes of its common stock based on daily record dates for the period from December 31, 2019 through March 30, 2020 which were paid on January 31, 2020, February 28, 2020, and March 31, 2020. The distributions were calculated based on the stockholders of record each day during the period at a rate of $0.001469178 per share per day. Distributions were generally paid to stockholders on the last business day of the month for which the distribution has accrued. Distributions reinvested pursuant to the distribution reinvestment plan are reinvested in shares of the same class as the shares on which distributions are made. The Company announced on March 30, 2020 that it was suspending distributions as of April 1, 2020 in order to preserve cash and offset any impact to the Company’s liquidity that may occur as a result of the COVID-19 pandemic on its operations. There were no distributions declared during the six months ended June 30, 2020. The following table presents information regarding the Company's distributions paid to stockholders during the six months ended June 30, 2020 (in thousands): Six Months Ended June 30, 2020 Class A Class T Class R Class I Total True-up of prior year cash distributions declared $ — $ 27 $ — $ 4 $ 31 Distributions reinvested in shares of common stock paid $ 24 $ 89 $ — $ 744 $ 857 Cash distributions paid 60 61 — 640 761 Total distributions paid $ 84 $ 150 $ — $ 1,384 $ 1,618

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measures and Disclosures	NOTE 12 - FAIR VALUE MEASURES AND DISCLOSURES In analyzing the fair value of its financial investments accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The fair value of cash, restricted cash, tenant receivables and accounts payable, approximate their carrying value due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. The fair value of rental properties is usually estimated based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities. The Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases and the value of tenant relationships, based in each case on their fair values. Derivatives are reported at fair value in the consolidated balance sheets and are valued by a third party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors. (Level 2). Level 1 Level 2 Level 3 Total June 30, 2020 Assets: Interest rate caps $ — $ — $ — $ — December 31, 2019 Assets: Interest rate caps $ — $ — $ — $ — The carrying and fair values of the Company’s mortgage notes payable-outstanding borrowings, which were not carried at fair value on the consolidated balance sheets at June 30, 2020 and December 31, 2019 were as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage notes payable- outstanding borrowings $ 145,409 $ 149,808 $ 147,148 $ 144,902 The carrying amount of the mortgage notes payable presented above is the outstanding borrowings excluding premium or discount and deferred finance costs, net. At June 30, 2020, the fair value of mortgage notes payable was estimated using a discounted cash flow model and rates available to the Company for debt with similar terms and remaining maturity.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	NOTE 13 - DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. As a condition to certain of the Company’s financing facilities, from time to time the Company may be required to enter into certain derivative transactions as may be required by the lender. These transactions would generally be in line with the Company’s own risk management objectives and also serve to protect the lender. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company entered into two interest rate caps that were designated as cash flow hedges. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended June 30, 2020, such derivatives were used to hedge the variable cash flows, indexed to USD-LIBOR, associated with existing variable-rate loan agreements. The ineffective portion of the change in fair value of the derivatives will be recognized directly in earnings. During the three and six months ended June 30, 2020, the Company recorded $7,518 and $13,177, respectively, of hedge ineffectiveness in earnings. During the three and six months ended June 30, 2019, the Company recorded $2,109 and $2,962, respectively, of hedge ineffectiveness in earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. At June 30, 2020, the Company estimates that an additional $19,238 will be reclassified as an increase to interest expense over the next 12 months. The following table presents the Company's outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk at June 30, 2020 and December 31, 2019 (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates June 30, 2020 Interest rate caps 2 $ 54,145 August 1, 2020 and April 1, 2021 December 31, 2019 Interest rate caps 2 $ 54,145 August 1, 2020 and April 1, 2021 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet Asset Derivatives Liability Derivatives June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ — Prepaid expenses and other assets $ — — $ — — $ —

Operating Expense Limitation

Operating Expense Limitation	6 Months Ended
	Jun. 30, 2020
Other Income And Expenses [Abstract]
Operating Expense Limitation	NOTE 14 - OPERATING EXPENSE LIMITATION Under its charter, the Company must limit its total operating expenses to the greater of 2% of its average invested assets or 25% of its net income for the four most recently completed fiscal quarters, unless the Conflicts Committee of the Company’s board of directors has determined that such excess expenses were justified based on unusual and non-recurring factors.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 15 - SUBSEQUENT EVENTS The Company has evaluated subsequent events and determined that no events have occurred, other than elsewhere in the financial statements, which would require an adjustment to or additional disclosure in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with GAAP.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiaries Number of Units Property Location Resource Apartment REIT III Holdings, LLC N/A N/A Resource Apartment REIT III OP, LP N/A N/A RRE Payne Place Holdings, LLC N/A ( 1) N/A ( 1) RRE Bay Club Holdings, LLC 220 Jacksonville, FL RRE Tramore Village Holdings, LLC 324 Austell, GA RRE Matthews Reserve Holdings, LLC 212 Matthews, NC RRE Kensington Holdings, LLC 204 Riverview, FL RRE Wimbledon Oaks Holdings, LLC 248 Arlington, TX RRE Summit Holdings, LLC 141 Alexandria, VA 1,349 N/A - Not applicable (1) Property was sold on March 5, 2020. All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Concentration of Risk	Concentration of Risk At June 30, 2020, the Company's real estate investments in Florida, Georgia, and Virginia represented 28%, 22%, and 19%, respectively, of the net book value of its rental property assets. Any adverse economic or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 "Financial Instruments - Credit Losses", which requires measurement and recognition of expected credit losses for financial assets held. On January 1, 2020, the Company adopted ASU No. 2016-13 and the adoption had no impact on its consolidated financial statements and disclosures since the Company did not have instruments subject to this guidance at the adoption or at June 30, 2020. In January 2017, FASB issued ASU No. 2017-04, "Intangibles- Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment", which alters the current goodwill impairment testing procedures. On January 1, 2020, the Company adopted ASU No. 2017-04 and the adoption did not have a significant impact on its consolidated financial statements due to the fact that the Company did not have any goodwill subject to this guidance at the adoption or at June 30, 2020. In August 2018, FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”. This update removes, modifies and adds certain disclosure requirements in the FASB Accounting Standards Codification ("ASC") 820, “Fair Value Measurement”. On January 1, 2020, the Company adopted ASU No. 2018-13 and the adoption did not have a significant impact on its consolidated financial statements due to the fact there were no required changes to the Company’s disclosures. In November 2018, FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases. On January 1, 2020, the Company adopted In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the six months ended , the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. On April 10, 2020, FASB issued a Staff Q&A to respond to some frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance to those leases. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company has not elected to apply the lease modification guidance to our leases. To date, the impact of lease concessions granted has not had a material effect on the financial statements. The Company will continue to evaluate the impact of lease concessions and the appropriate accounting for those concessions.
Real Estate Investments	Real Estate Investments The Company records acquired real estate at fair value on their respective acquisition dates. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the asset using the straight line method. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related leases Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. Construction management fees are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred.
Impairment of Long Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income.
Allocation of Purchase Price of Acquired Assets	Allocation of Purchase Price of Acquired Assets Acquisitions that do not meet the definition of a business under ASU No, 2017-01 are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered a business combination as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the set is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition including transaction costs to the assets acquired or liabilities assumed based on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price to tangible assets, consisting of land, building, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, other value of in-place leases and value of tenant relationships, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases, which the Company expects will range from one month to one year. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the weighted average remaining term of the underlying leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization periods for the intangible assets exceed the remaining depreciable life of the building. The determination of the fair value of the assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the fair value of these assets and liabilities, which could impact the amount of the Company’s reported net income.
Revenue Recognition	Revenue Recognition The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, where collection has been considered probable, on a straight-line basis over the term of the related lease. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $12.5 million and approximately $488,000 for the 12 month periods ending June 30, 2021 and 2022, respectively, and none thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments, amenities, and revenue sharing arrangements for cable income from contracts with cable providers at the Company's properties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records the utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized.
Tenant Receivables	Tenant Receivables Tenant receivables are stated in the consolidated financial statements as amounts due from tenants net of an allowance for uncollectible receivables. Payment terms vary and receivables outstanding longer than the payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, and the condition of the general economy and the industry as a whole. The Company writes off receivables when they become uncollectible. At June 30, 2020 and December 31, 2019, the Company recorded $4,123 and $3,927 of allowances for uncollectible receivables, respectively.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ending December 31, 2017. As a REIT, the Company will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Taxable income, generally, differs from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as a taxable REIT subsidiary ("TRS"). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. At June 30, 2020 and December 31, 2019, the Company did not treat any of its subsidiaries as a TRS. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company’s taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. The Company is subject to examination by the U.S. Internal Revenue Service and by the taxing authorities in other states in which the Company has significant business operations. The Company is not currently undergoing any examinations by taxing authorities. The Company is not subject to IRS examination for the tax return years 2015 and prior.
Earnings Per Share	Earnings Per Share Basic earnings per share are computed by dividing net income (loss) attributable to common stockholders for each period by the weighted-average common shares outstanding during the period for each share class. Diluted net income (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the 50,000 shares of convertible stock (discussed in Note 10) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of June 30, 2020 (were such date to represent the end of the contingency period). For the purposes of calculating earnings per share, all common shares and per share information in the financial statements have been retroactively adjusted for the effect of any stock dividends and stock splits. For the three and six months ended June 30, 2020 and 2019, common shares potentially issuable to settle distributions payable are excluded from the calculation of diluted earnings per share calculations, as their inclusion would be anti-dilutive. In accordance with ASC 260-10-45, "Earnings Per Share", the Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on their relative percentage of each class of shares to the total number of outstanding shares. The Company did not have any participating securities outstanding other than Class A common stock, Class T common stock, Class R common stock and Class I common stock during the periods presented (see Note 10).
Organization and Offering Costs	Organization and Offering Costs Organization and offering costs (other than selling commissions, dealer manager fees, and distribution and shareholder servicing fees) of the Company were initially paid by the Advisor on behalf of the Company. Pursuant to the Advisory Agreement between the Company and the Advisor, the Company was obligated to reimburse the Advisor for organization and other offering costs paid by the Advisor on behalf of the Company, up to an amount equal to 4.0% of gross offering proceeds as of the termination of the initial public offering as the Company raised less than $500.0 million in the primary portion of the initial public offering. The Advisory Agreement provides that the Company is not responsible for the repayment of any unreimbursed organization and offering expenses or operational expenses incurred by the Advisor on the Company’s behalf through March 31, 2018 until after the termination of the primary portion of the Company’s ongoing initial public offering. Additionally, such unreimbursed organization and offering expenses or operational expenses incurred or paid by the Advisor on the Company’s behalf through March 31, 2018 are required to be reimbursed ratably starting after the termination of the primary portion of the Company’s ongoing initial public offering through April 30, 2021 for organization and offering expenses and through April 30, 2020 for operating expenses. These payments began on November 1, 2019. Organization costs, which included all expenses incurred by the Company in connection with its formation, including but not limited to legal fees and other costs to incorporate, were expensed as incurred. Prior to the Company breaking escrow, the Advisor incurred approximately $104,000 of formation and other operating expenses on the Company's behalf, which will not be reimbursed to the Advisor. Outstanding Class T shares issued in the Company's primary offering were subject to an annual distribution and shareholder servicing fee in the amount of 1% of the estimated NAV of the share (1% of purchase price prior to June 29, 2018) for up to five years from the date on which such share is issued. Effective November 1, 2019, the Company ceased accruing the distribution and shareholder servicing fee on each Class T share as the Company had reached certain underwriting compensation limits. Outstanding Class R shares issued in the Company's primary offering were also subject to an annual distribution and shareholder servicing fee in the amount of 1% of the estimated NAV of the share (1% of purchase price prior to June 29, 2018). Effective November 1, 2019, following the termination of the initial public offering, each of the outstanding Class R shares of common stock automatically converted into a Class I share of common stock pursuant to the terms of the Articles Supplementary for the Class R shares and the Company ceased accruing the distribution and shareholder servicing fee with respect to Class R shares as the Company no longer had any Class R shares outstanding. The Company initially recorded distribution and shareholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable in relation to the Class T and Class R shares on the date the shares were issued. The liability was relieved over time, as the fees were paid to the Dealer Manager. Upon termination of the offering, the fees were no longer payable as described above and the liability was adjusted accordingly.

Nature of Business and Operat_2

Nature of Business and Operations (Tables)	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Initial Price Per Share for Each Stock Class	The prices per share for each class of shares of the Company's common stock through June 30, 2020 were as follows: Class A Class T Class R Class I Primary Offering Price Inception through July 2, 2017 $ 10.00 $ 9.47 n/a n/a July 3, 2017 through July 1, 2018 n/a n/a $ 9.52 $ 9.13 July 2, 2018 through March 24, 2019 n/a n/a $ 9.68 $ 9.28 March 25, 2019 through October 31, 2019 n/a n/a $ 9.75 $ 9.35 Offering Price under the DRIP Inception through July 2, 2017 $ 9.60 $ 9.09 n/a n/a July 3, 2017 through July 1, 2018 $ 9.60 $ 9.09 $ 9.14 $ 8.90 July 2, 2018 through March 24, 2019 (1) $ 9.05 $ 9.05 $ 9.05 $ 9.05 March 25, 2019 through March 30, 2020 (1) $ 9.12 $ 9.12 $ 9.12 $ 9.12 March 31, 2020 through June 30, 2020 (1) $ 9.01 $ 9.01 n/a $ 9.01 (1) Shares of common stock pursuant to the DRIP are sold at the Company’s most recent estimated NAV per share.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Subsidiaries	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiaries Number of Units Property Location Resource Apartment REIT III Holdings, LLC N/A N/A Resource Apartment REIT III OP, LP N/A N/A RRE Payne Place Holdings, LLC N/A ( 1) N/A ( 1) RRE Bay Club Holdings, LLC 220 Jacksonville, FL RRE Tramore Village Holdings, LLC 324 Austell, GA RRE Matthews Reserve Holdings, LLC 212 Matthews, NC RRE Kensington Holdings, LLC 204 Riverview, FL RRE Wimbledon Oaks Holdings, LLC 248 Arlington, TX RRE Summit Holdings, LLC 141 Alexandria, VA 1,349 N/A - Not applicable (1) Property was sold on March 5, 2020.
Estimated Useful Lives of Assets	The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related leases

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information (in thousands): Six Months Ended June 30, 2020 2019 Non-cash operating, financing and investing activities: Offering costs payable to related parties $ — $ 629 Distribution and shareholder servicing fee payable to related parties — 95 Cash distributions on common stock declared but not yet paid — 1,316 Stock issued from distribution reinvestment plan 857 1,244 Subscriptions receivable — 110 Escrow deposits funded directly by mortgage notes payable — 798 Non-cash activity related to acquisitions: Mortgage notes payable used to acquire real properties — 45,192 Non-cash activity related to sales: Mortgage notes payable settled directly with proceeds from sale of rental property 1,519 — Cash paid during the period for: Interest $ 2,848 $ 2,481

Restricted Cash (Tables)

Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2020
Cash And Cash Equivalents [Abstract]
Schedule of Restricted Cash	The following table presents a summary of the components of the Company's restricted cash (in thousands): June 30, 2020 December 31, 2019 Real estate taxes $ 1,428 $ 979 Insurance 113 179 Capital improvements 383 758 Total $ 1,924 $ 1,916

Rental Properties, Net (Tables)

Rental Properties, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Summary of Investment in Rental Property	The following table presents the Company's investment in rental properties (in thousands): June 30, 2020 December 31, 2019 Land $ 29,800 $ 31,220 Building and improvements 172,007 171,265 Furniture, fixtures, and equipment 4,622 4,014 Construction in progress 60 1,205 206,489 207,704 Less: accumulated depreciation (15,412 ) (11,221 ) Total rental property, net $ 191,077 $ 196,483

Disposition of Property (Tables

Disposition of Property (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations And Disposal Groups [Abstract]
Summary of Disposition Activity	The following table presents the Company’s disposition activity during the six months ended June 30, 2020 (in thousands): Net Gain on Disposition Multifamily Community Location Sale Date Contract Sales Price Three months ended June 30, 2020 Six months ended June 30, 2020 Payne Place Alexandria, Virginia March 5, 2020 $ 3,100 $ — $ 530 The following table presents the Company’s revenue and net income/(loss) attributable to the property sold, excluding gain on sale, during the three and six months ended June 30, 2020 (in thousands): Revenue Attributable to Property Sold Net Income/(Loss) Attributable to Property Sold Multifamily Community Three months ended June 30, 2020 Six months ended June 30, 2020 Three months ended June 30, 2020 Six months ended June 30, 2020 Payne Place $ — $ 32 $ (1 ) $ 2

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable, Net	The following table presents a summary of the Company's mortgage notes payable, net (in thousands): June 30, 2020 December 31, 2019 Collateral Outstanding Borrowings Deferred Financing Costs, net Carrying Value Outstanding borrowings Deferred Financing Costs, net Carrying Value Payne Place $ — $ — $ — $ 1,525 $ (28 ) $ 1,497 Bay Club 21,184 (184 ) 21,000 21,398 (208 ) 21,190 Tramore Village 32,625 (274 ) 32,351 32,625 (304 ) 32,321 Matthews Reserve 23,850 (243 ) 23,607 23,850 (267 ) 23,583 The Park at Kensington 21,760 (236 ) 21,524 21,760 (260 ) 21,500 Wimbledon Oaks 18,410 (216 ) 18,194 18,410 (235 ) 18,175 Summit 27,580 (316 ) 27,264 27,580 (343 ) 27,237 Total $ 145,409 $ (1,469 ) $ 143,940 $ 147,148 $ (1,645 ) $ 145,503 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages): Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Bay Club 8/1/2024 2.03 % (1)(4) $ 79 $ 56 Tramore Village 4/1/2025 1.96 % (2)(5) 65 59 Matthews Reserve 9/1/2025 4.47 % (3)(5) 90 43 The Park at Kensington 10/1/2025 4.36 % (3)(5) 80 53 Wimbledon Oaks 3/1/2026 4.33 % (3)(5) 67 63 Summit 7/1/2026 3.84 % (3)(5) 89 43 (1 ) Variable rate based on one-month LIBOR of 0.16% (at June 30, 2020) plus 1.87%, with a maximum interest rate of 5.75%. (2 ) Variable rate based on one-month LIBOR of 0.16% (at June 30, 2020) plus 1.80%, with a maximum interest rate of 6.25%. ( 3 ) Fixed rate. (4 ) Monthly payment of principal and interest required. ( 5) Monthly interest-only payment currently required.
Schedule of Annual Principal Payments	The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five years ending June 30, and thereafter (in thousands): 2021 $ 648 2022 1,922 2023 2,871 2024 2,994 2025 50,774 Thereafter 86,200 $ 145,409
Schedule of Estimated Amortization	The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five years ending June 30, and thereafter (in thousands): 2021 $ 294 2022 291 2023 287 2024 282 2025 223 Thereafter 92 $ 1,469

Certain Relationships and Rel_2

Certain Relationships and Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents the Company's amounts payable to such related parties (in thousands): June 30, 2020 December 31, 2019 Advisor Organization and offering costs $ 1,923 $ 3,076 Operating expense reimbursements (including prepaid expenses) 3 1,778 1,926 4,854 Manager Property management fees 78 81 Operating expense reimbursements — 3 78 84 $ 2,004 $ 4,938 The following table presents the Company's fees earned by and expenses incurred from such related parties (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fees earned / expenses incurred: Advisor: Acquisition fees and acquisition related reimbursements (1) $ — $ 846 $ — $ 1,456 Asset management fees (2) 566 459 1,121 874 Disposition fees (10) — — 62 — Debt financing fees (3) — 138 — 230 Organization and offering costs (4) — 305 — 629 Operating expense reimbursement (5)(9) 4 361 10 766 Manager: Property management fees (2) $ 227 $ 171 $ 452 $ 330 Construction management fees (1) 35 72 165 114 Operating expense reimbursements (6) — 8 — 38 RAI: Internal audit fee (5) $ — $ 13 $ — $ 25 Resource Securities: Selling commissions and dealer-manager fees (7) $ — $ 278 $ — $ 1,098 Distribution and shareholder servicing fee (7)(8) — 71 — 495 Other: The Planning & Zoning Resource Company (1) $ — $ 2 $ — $ 3 (1) Capitalized and included in Rental properties, net on the consolidated balance sheets. (2) Included in Management fees - related parties on the consolidated statements of operations and comprehensive loss. (3) Included in Mortgage notes payable on the consolidated balance sheets. (4) Organizational expenses were expensed when incurred and offering costs are included in Deferred offering costs until they are charged to Stockholders' equity on the consolidated balance sheets as proceeds are raised in the offering. (5) Included in General and administrative on the consolidated statements of operations and comprehensive loss and excludes third party costs that are advanced by the Advisor. (6) Included in Rental operating expenses on the consolidated statements of operations and comprehensive loss. (7) Included in Stockholders' equity on the consolidated balance sheets. (8) During the year ended December 31, 2019, there was an adjustment in conjunction with the termination of the primary offering; see Note 2. (9) During the year ended December 31, 2019, the Advisor suspended the allocation of rent and payroll costs to the Company. (10) Included in Net gain on disposition of property on the consolidated statements of operations and comprehensive loss.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of basic and diluted earnings/(loss) per share for the periods presented as follows (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net loss $ (1,936 ) $ (2,602 ) $ (3,606 ) $ (5,387 ) Less: Class A common stock cash distributions declared — 84 — 169 Less: Class T common stock cash distributions declared — 122 27 244 Less: Class R common stock cash distributions declared — 1,048 — 2,035 Less: Class I common stock cash distributions declared — 99 4 162 Undistributed net loss attributable to common stockholders $ (1,936 ) $ (3,955 ) $ (3,637 ) $ (7,997 ) Class A common stock: Undistributed net loss attributable to Class A common stockholders $ (100 ) $ (222 ) $ (188 ) $ (475 ) Class A common stock cash distributions declared — 84 — 169 Net loss attributable to Class A common stockholders $ (100 ) $ (138 ) $ (188 ) $ (306 ) Net loss per Class A common share, basic and diluted $ (0.16 ) $ (0.22 ) $ (0.30 ) $ (0.48 ) Weighted-average number of Class A common shares outstanding, basic and diluted (1) 626 636 627 636 Class T common stock: Undistributed net loss attributable to Class T common stockholders $ (178 ) $ (391 ) $ (336 ) $ (835 ) Class T common stock cash distributions declared — 122 27 244 Net loss attributable to Class T common stockholders $ (178 ) $ (269 ) $ (309 ) $ (591 ) Net loss per Class T common share, basic and diluted $ (0.16 ) $ (0.24 ) $ (0.28 ) $ (0.53 ) Weighted-average number of Class T common shares outstanding, basic and diluted 1,122 1,118 1,120 1,116 Class R common stock: Undistributed net loss attributable to Class R common stockholders $ — $ (3,137 ) $ — $ (6,326 ) Class R common stock cash distributions declared — 1,048 — 2,035 Net loss attributable to Class R common stockholders $ — $ (2,089 ) $ — $ (4,291 ) Net loss per Class R common share, basic and diluted $ — $ (0.23 ) $ — $ (0.51 ) Weighted-average number of Class R common shares outstanding, basic and diluted — 8,969 — 8,456 Class I common stock: Undistributed net loss attributable to Class I common stockholders $ (1,658 ) $ (205 ) $ (3,113 ) $ (361 ) Class I common stock cash distributions declared — 99 4 162 Net loss attributable to Class I common stockholders $ (1,658 ) $ (106 ) $ (3,109 ) $ (199 ) Net loss per Class I common share, basic and diluted $ (0.16 ) $ (0.18 ) $ (0.30 ) $ (0.41 ) Weighted-average number of Class I common shares outstanding, basic and diluted 10,406 586 10,381 484 (1) Weighted-average number of shares excludes the convertible stock as they are not participating securities.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Stock Issuances	At June 30, 2020, shares of the Company's $0.01 par value Class A, Class T, Class R, and Class I common stock have been issued as follows (dollars in thousands): Class A Class T Class R Class I Shares Issued Gross Proceeds Shares Issued Gross Proceeds Shares Issued Gross Proceeds Shares Issued Gross Proceeds Shared issued through primary offering (1) 586,207 $ 5,601 1,049,996 $ 9,943 9,356,068 $ 89,917 624,325 $ 5,760 Shares issued through stock dividends 12,860 — 15,495 — — — — — Shares issued through distribution reinvestment plan 34,179 318 91,763 834 356,453 3,244 115,513 1,050 Shares issued in conjunction with the Advisor's initial investment, net of 5,000 share conversion 15,000 200 — — — — — — Total 648,246 $ 6,119 1,157,254 $ 10,777 9,712,521 $ 93,161 739,838 $ 6,810 Shares redeemed and retired (22,398 ) (35,615 ) (32,122 ) (18,914 ) Class R share conversion (2) — — (9,680,399 ) 9,680,399 Total shares issued and outstanding at June 30, 2020 625,848 1,121,639 — 10,401,323 (1) Includes 222,222 of Class A shares issued to RAI. (2) On November 1, 2019, all outstanding Class R shares converted to Class I shares.
Schedule of Stock Redemptions	During the six months ended June 30, 2020, the Company redeemed shares of its outstanding Class A, Class T, and Class I common stock, as follows: Class A Class T Class I Period Total Number of Shares Redeemed Average Price Paid per Share Total Number of Shares Redeemed Average Price Paid per Share Total Number of Shares Redeemed Average Price Paid per Share January 2020 — — — — — — February 2020 — — — — — — March 2020 5,484 $ 8.89 3,587 $ 8.89 2,416 $ 8.44 April 2020 — — — — — — May 2020 — — — — — — June 2020 — — — — 5,499 $ 9.01 5,484 3,587 7,915
Dividends Declared	The following table presents information regarding the Company's distributions paid to stockholders during the six months ended June 30, 2020 (in thousands): Six Months Ended June 30, 2020 Class A Class T Class R Class I Total True-up of prior year cash distributions declared $ — $ 27 $ — $ 4 $ 31 Distributions reinvested in shares of common stock paid $ 24 $ 89 $ — $ 744 $ 857 Cash distributions paid 60 61 — 640 761 Total distributions paid $ 84 $ 150 $ — $ 1,384 $ 1,618

Fair Value Measures and Discl_2

Fair Value Measures and Disclosures (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	Level 1 Level 2 Level 3 Total June 30, 2020 Assets: Interest rate caps $ — $ — $ — $ — December 31, 2019 Assets: Interest rate caps $ — $ — $ — $ —
Schedule of Carrying and Fair Values	The carrying and fair values of the Company’s mortgage notes payable-outstanding borrowings, which were not carried at fair value on the consolidated balance sheets at June 30, 2020 and December 31, 2019 were as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage notes payable- outstanding borrowings $ 145,409 $ 149,808 $ 147,148 $ 144,902

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table presents the Company's outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk at June 30, 2020 and December 31, 2019 (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates June 30, 2020 Interest rate caps 2 $ 54,145 August 1, 2020 and April 1, 2021 December 31, 2019 Interest rate caps 2 $ 54,145 August 1, 2020 and April 1, 2021
Schedule of Fair Values of Derivative Instruments on the Balance Sheet	Asset Derivatives Liability Derivatives June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ — Prepaid expenses and other assets $ — — $ — — $ —

Nature of Business and Operat_3

Nature of Business and Operations (Details) - USD ($)	Aug. 05, 2016	Jun. 29, 2016	Aug. 10, 2015	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2020
Class of Stock [Line Items]
Value of shares of common stock offered						$ 1,100,000,000
Consideration received on to date						$ 111,400,000
Issuance of common stock				$ 6,224,000	$ 22,018,000
Advisor
Class of Stock [Line Items]
Issuance of common stock			$ 200,000
Issuance of stock (in shares)			20,000
Common stock exchanged (in shares)	5,000
Class A Common Stock
Class of Stock [Line Items]
Number of shares issued in transaction to date (in shares)						601,207
Class A Common Stock | Resource America, Inc.
Class of Stock [Line Items]
Issuance of common stock		$ 2,000,000
Issuance of stock (in shares)		222,222
Class T Common Stock
Class of Stock [Line Items]
Number of shares issued in transaction to date (in shares)						1,049,996
Class R Common Stock
Class of Stock [Line Items]
Number of shares issued in transaction to date (in shares)						9,356,067
Class I Common Stock
Class of Stock [Line Items]
Number of shares issued in transaction to date (in shares)						624,325
Convertible Common Stock | Advisor
Class of Stock [Line Items]
Issuance of stock (in shares)	50,000
Primary Offering Price
Class of Stock [Line Items]
Value of shares of common stock offered						$ 1,000,000,000
Shares issued through distribution reinvestment plan
Class of Stock [Line Items]
Value of shares of common stock offered						$ 100,000,000

Nature of Business and Operat_4

Nature of Business and Operations - Initial Offering Price (Details) - $ / shares	Jun. 30, 2020	Mar. 19, 2020	Mar. 21, 2019	Jun. 27, 2018
Class of Stock [Line Items]
Net asset value		$ 9.01	$ 9.12	$ 9.05
Class A
Class of Stock [Line Items]
Net asset value			9.12
Class A | Primary Offering Price | Inception through July 2, 2017
Class of Stock [Line Items]
Primary Offering Price	$ 10
Class A | Shares issued through distribution reinvestment plan | Inception through July 2, 2017
Class of Stock [Line Items]
Primary Offering Price	9.60
Class A | Shares issued through distribution reinvestment plan | July 3, 2017 through July 1, 2018
Class of Stock [Line Items]
Primary Offering Price	9.60
Class A | Shares issued through distribution reinvestment plan | July 2, 2018 through March 24, 2019
Class of Stock [Line Items]
Primary Offering Price	9.05
Class A | Shares issued through distribution reinvestment plan | March 25, 2019 through March 30, 2020
Class of Stock [Line Items]
Primary Offering Price	9.12
Class A | Shares issued through distribution reinvestment plan | March 31, 2020 through June 30, 2020
Class of Stock [Line Items]
Primary Offering Price	9.01
Class T Common Stock
Class of Stock [Line Items]
Net asset value			9.12
Class T Common Stock | Primary Offering Price | Inception through July 2, 2017
Class of Stock [Line Items]
Primary Offering Price	9.47
Class T Common Stock | Shares issued through distribution reinvestment plan | Inception through July 2, 2017
Class of Stock [Line Items]
Primary Offering Price	9.09
Class T Common Stock | Shares issued through distribution reinvestment plan | July 3, 2017 through July 1, 2018
Class of Stock [Line Items]
Primary Offering Price	9.09
Class T Common Stock | Shares issued through distribution reinvestment plan | July 2, 2018 through March 24, 2019
Class of Stock [Line Items]
Primary Offering Price	9.05
Class T Common Stock | Shares issued through distribution reinvestment plan | March 25, 2019 through March 30, 2020
Class of Stock [Line Items]
Primary Offering Price	9.12
Class T Common Stock | Shares issued through distribution reinvestment plan | March 31, 2020 through June 30, 2020
Class of Stock [Line Items]
Primary Offering Price	9.01
Class R Common Stock
Class of Stock [Line Items]
Net asset value			9.12
Class R Common Stock | Primary Offering Price | July 3, 2017 through July 1, 2018
Class of Stock [Line Items]
Primary Offering Price	9.52
Class R Common Stock | Primary Offering Price | July 2, 2018 through March 24, 2019
Class of Stock [Line Items]
Primary Offering Price	9.68
Class R Common Stock | Primary Offering Price | March 25, 2019 through October 31, 2019
Class of Stock [Line Items]
Primary Offering Price	9.75
Class R Common Stock | Shares issued through distribution reinvestment plan | July 3, 2017 through July 1, 2018
Class of Stock [Line Items]
Primary Offering Price	9.14
Class R Common Stock | Shares issued through distribution reinvestment plan | July 2, 2018 through March 24, 2019
Class of Stock [Line Items]
Primary Offering Price	9.05
Class R Common Stock | Shares issued through distribution reinvestment plan | March 25, 2019 through March 30, 2020
Class of Stock [Line Items]
Primary Offering Price	9.12
Class I Common Stock
Class of Stock [Line Items]
Net asset value			$ 9.12
Class I Common Stock | Primary Offering Price | July 3, 2017 through July 1, 2018
Class of Stock [Line Items]
Primary Offering Price	9.13
Class I Common Stock | Primary Offering Price | July 2, 2018 through March 24, 2019
Class of Stock [Line Items]
Primary Offering Price	9.28
Class I Common Stock | Primary Offering Price | March 25, 2019 through October 31, 2019
Class of Stock [Line Items]
Primary Offering Price	9.35
Class I Common Stock | Shares issued through distribution reinvestment plan | July 3, 2017 through July 1, 2018
Class of Stock [Line Items]
Primary Offering Price	8.90
Class I Common Stock | Shares issued through distribution reinvestment plan | July 2, 2018 through March 24, 2019
Class of Stock [Line Items]
Primary Offering Price	9.05
Class I Common Stock | Shares issued through distribution reinvestment plan | March 25, 2019 through March 30, 2020
Class of Stock [Line Items]
Primary Offering Price	9.12
Class I Common Stock | Shares issued through distribution reinvestment plan | March 31, 2020 through June 30, 2020
Class of Stock [Line Items]
Primary Offering Price	$ 9.01

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Subsidiaries (Details)	Jun. 30, 2020unit
Property, Plant and Equipment [Line Items]
Number of Units	1,349
RRE Bay Club Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units	220
RRE Tramore Village Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units	324
RRE Matthews Reserve Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units	212
RRE Kensington Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units	204
RRE Wimbledon Oaks Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units	248
RRE Summit Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units	141

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details)	Aug. 05, 2016shares	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Property, Plant and Equipment [Line Items]
Number of operating segments | segment				1
Improvements and replacements in excess of threshold, capitalized amount (as percent)		$ 1,000,000		$ 1,000,000
Improvements and replacements, useful life greater than or equal to one year, capitalization threshold (in years)				1 year
Impairment of long-lived assets		0	$ 0	$ 0	$ 0
Future minimum payments receivable, current		12,500,000		12,500,000
Future minimum payments receivable, in two years		488,000		488,000
Future minimum payments receivable, thereafter		0		0
Allowance for uncollectible receivables		$ 4,123		4,123		$ 3,927
Advisor
Property, Plant and Equipment [Line Items]
Formation and other operating expenses				$ 104,000
Primary Offering Price | Advisor
Property, Plant and Equipment [Line Items]
Approximate reimbursement of organization and offering expenses to be reimbursed, option one (as percent)				4.00%
Offering proceeds, threshold, option one (less than)				$ 500,000,000
Convertible Stock
Property, Plant and Equipment [Line Items]
Issuance of convertible shares (in shares) | shares	50,000
Class T Common Stock
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)				1.00%
Class T Common Stock | Resource Securities
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)				1.00%
Class R Common Stock
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)				1.00%
Class R Common Stock | Resource Securities
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)				1.00%
Percentage of shares outstanding held by related party				0.00%
Minimum
Property, Plant and Equipment [Line Items]
Remaining term of lease		1 month		1 month
Maximum
Property, Plant and Equipment [Line Items]
Remaining term of lease		1 year		1 year
Maximum | Class T Common Stock
Property, Plant and Equipment [Line Items]
Annual distribution and shareholder servicing fee, term				5 years
Net Assets, Geographic Area | FL
Property, Plant and Equipment [Line Items]
Concentration risk (as percent)				28.00%
Net Assets, Geographic Area | GA
Property, Plant and Equipment [Line Items]
Concentration risk (as percent)				22.00%
Net Assets, Geographic Area | VA
Property, Plant and Equipment [Line Items]
Concentration risk (as percent)				19.00%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	6 Months Ended
	Jun. 30, 2020
Buildings
Property, Plant and Equipment [Line Items]
Real estate investments, useful life (in years)	27 years 6 months
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life (in years)	5 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life (in years)	27 years 6 months
Furniture, fixtures, and equipment | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life (in years)	3 years
Furniture, fixtures, and equipment | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life (in years)	5 years

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Non-cash operating, financing and investing activities:
Offering costs payable to related parties		$ 629
Distribution and shareholder servicing fee payable to related parties		95
Cash distributions on common stock declared but not yet paid		1,316	$ 1,587
Stock issued from distribution reinvestment plan	$ 857	1,244
Subscriptions receivable		110
Escrow deposits funded directly by mortgage notes payable		798
Non-cash activity related to acquisitions:
Mortgage notes payable used to acquire real properties		45,192
Non-cash activity related to sales:
Mortgage notes payable settled directly with proceeds from sale of rental property	1,519
Cash paid during the period for:
Interest	$ 2,848	$ 2,481

Restricted Cash - Schedule of R

Restricted Cash - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,924	$ 1,916
Real Estate Taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,428	979
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	113	179
Capital Improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 383	$ 758

Restricted Cash - Narrative (De

Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Unrestricted cash designated for capital expenditures	$ 7	$ 8.1

Rental Properties, Net (Details

Rental Properties, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 29,800	$ 31,220
Building and improvements	172,007	171,265
Furniture, fixtures, and equipment	4,622	4,014
Construction in progress	60	1,205
Rental property, at cost	206,489	207,704
Less: accumulated depreciation	(15,412)	(11,221)
Total rental property, net	$ 191,077	$ 196,483

Rental Properties, Net - Narrat

Rental Properties, Net - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Real Estate [Abstract]
Depreciation expense	$ 2,200,000	$ 1,700,000	$ 4,400,000	$ 3,300,000
Loss on disposal of assets	$ 73,000	$ 131,000	$ 202,000	$ 218,000

Disposition of Property - Summa

Disposition of Property - Summary of Disposition Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net gain on disposition of property	$ 530
Disposed of by Sale | Payne Place | Alexandria, Virginia
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Sale Date	Mar. 5, 2020
Contract Sales Price	$ 3,100
Net gain on disposition of property	$ 530

Disposition of Property - Sum_2

Disposition of Property - Summary Of Company Revenue And Net Income (Loss) Attributable To The Property Sold (Details) - Disposed of by Sale - Payne Place - Alexandria, Virginia - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revenue Attributable to Property Sold		$ 32
Net Income/(Loss) Attributable to Property Sold	$ (1)	$ 2

Identified Intangible Assets,_2

Identified Intangible Assets, Net - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Value of leases, net of accumulated amortization					$ 173,000
Amortization of intangible assets	$ 0	$ 469,000	$ 173,000	$ 1,100,000
In-place leases
Finite Lived Intangible Assets [Line Items]
Value of leases, net of accumulated amortization	0		0		173,000
Accumulated amortization	$ 4,600,000		$ 4,600,000		$ 4,400,000

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Mortgage Notes Payable, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding Borrowings	$ 145,409
Deferred Financing Costs, net	(1,469)
Mortgages
Debt Instrument [Line Items]
Outstanding Borrowings	145,409	$ 147,148
Deferred Financing Costs, net	(1,469)	(1,645)
Carrying Value	143,940	145,503
Mortgages | Payne Place
Debt Instrument [Line Items]
Outstanding Borrowings		1,525
Deferred Financing Costs, net		(28)
Carrying Value		1,497
Mortgages | Bay Club
Debt Instrument [Line Items]
Outstanding Borrowings	21,184	21,398
Deferred Financing Costs, net	(184)	(208)
Carrying Value	$ 21,000	21,190
Maturity Date	Aug. 1, 2024
Annual Interest Rate (as percent)	2.03%
Average Monthly Debt Service	$ 79
Average Monthly Escrow	56
Mortgages | Tramore Village
Debt Instrument [Line Items]
Outstanding Borrowings	32,625	32,625
Deferred Financing Costs, net	(274)	(304)
Carrying Value	$ 32,351	32,321
Maturity Date	Apr. 1, 2025
Annual Interest Rate (as percent)	1.96%
Average Monthly Debt Service	$ 65
Average Monthly Escrow	59
Mortgages | Matthews Reserve
Debt Instrument [Line Items]
Outstanding Borrowings	23,850	23,850
Deferred Financing Costs, net	(243)	(267)
Carrying Value	$ 23,607	23,583
Maturity Date	Sep. 1, 2025
Annual Interest Rate (as percent)	4.47%
Average Monthly Debt Service	$ 90
Average Monthly Escrow	43
Mortgages | The Park at Kensington
Debt Instrument [Line Items]
Outstanding Borrowings	21,760	21,760
Deferred Financing Costs, net	(236)	(260)
Carrying Value	$ 21,524	21,500
Maturity Date	Oct. 1, 2025
Annual Interest Rate (as percent)	4.36%
Average Monthly Debt Service	$ 80
Average Monthly Escrow	53
Mortgages | Wimbledon Oaks
Debt Instrument [Line Items]
Outstanding Borrowings	18,410	18,410
Deferred Financing Costs, net	(216)	(235)
Carrying Value	$ 18,194	18,175
Maturity Date	Mar. 1, 2026
Annual Interest Rate (as percent)	4.33%
Average Monthly Debt Service	$ 67
Average Monthly Escrow	63
Mortgages | Summit
Debt Instrument [Line Items]
Outstanding Borrowings	27,580	27,580
Deferred Financing Costs, net	(316)	(343)
Carrying Value	$ 27,264	$ 27,237
Maturity Date	Jul. 1, 2026
Annual Interest Rate (as percent)	3.84%
Average Monthly Debt Service	$ 89
Average Monthly Escrow	$ 43

Mortgage Notes Payable - Sche_2

Mortgage Notes Payable - Schedule of Mortgage Notes Payable, Net (Parenthetical) (Details) - Mortgages	6 Months Ended
	Jun. 30, 2020
Bay Club
Debt Instrument [Line Items]
Basis spread (as percent)	1.87%
Effective rate (as percent)	5.75%
Bay Club | LIBOR
Debt Instrument [Line Items]
Basis spread (as percent)	0.16%
Tramore Village
Debt Instrument [Line Items]
Basis spread (as percent)	1.80%
Effective rate (as percent)	6.25%
Tramore Village | LIBOR
Debt Instrument [Line Items]
Basis spread (as percent)	0.16%

Mortgage Notes Payable - Annual

Mortgage Notes Payable - Annual Principal Payments on Mortgage Notes Payable (Details) $ in Thousands	Jun. 30, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 648
2022	1,922
2023	2,871
2024	2,994
2025	50,774
Thereafter	86,200
Total principal payments	$ 145,409

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Amortization of deferred financing costs			$ 147,000	$ 117,000
Accumulated amortization of deferred financing costs	$ 556,000		556,000		$ 415,000
Interest Expense
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 73,000	$ 58,000	$ 147,000	$ 117,000

Mortgage Notes Payable - Amorti

Mortgage Notes Payable - Amortization of Deferred Financing Costs (Details) $ in Thousands	Jun. 30, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 294
2022	291
2023	287
2024	282
2025	223
Thereafter	92
Deferred financing costs	$ 1,469

Certain Relationships and Rel_3

Certain Relationships and Related Party Transactions - Narrative (Details) - USD ($)	Mar. 01, 2019	Feb. 28, 2019	Apr. 23, 2017	Jun. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Liability				$ 2,004,000	$ 4,938,000
Insurance pool (up to)		$ 2,500,000
Property loss pool, deductible amount per incident		25,000
Catastrophic insurance (up to)	$ 250,000,000	250,000,000
General liability, insured and dedicated limit amount per occurrence			$ 1,000,000
General liability, claims limited amount per premium year			2,000,000
General liability, insured amount per occurrence excess liability program			50,000,000
General liability pool, deductible amount per incident			25,000
General liability insurance, insured limit for general liability policy (up to)			$ 51,000,000
Class R Common Stock
Related Party Transaction [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)				1.00%
Class T Common Stock
Related Party Transaction [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)				1.00%
Maximum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident	100,000	100,000
Minimum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident	$ 25,000	$ 25,000
Advisor
Related Party Transaction [Line Items]
Cumulative advances from related party				$ 9,000,000
Total revenue incurred from related party				9,200,000
Liability				1,926,000	4,854,000
Related party costs				249,000
Advance from related party				4,200,000
Remaining liability					4,800,000
Deferred organization and offering costs repaid				2,300,000
Deferred organization and offering costs repayable				$ 1,900,000
Term of advisory agreement				1 year
Acquisition fee (as a percent)				2.00%
Monthly asset management fee (as a percent)				0.083%
Disposition fee, as a percentage of the aggregate brokerage commission paid (as percent)				50.00%
Disposition fee (as percent)				2.00%
Debt financing fee (as percent)				0.50%
Formation and other operating expenses				$ 104,000
Advisor | Primary Offering Price
Related Party Transaction [Line Items]
Approximate reimbursement of organization and offering expenses to be reimbursed, option one (as percent)				4.00%
Offering proceeds, threshold, option one (less than)				$ 500,000,000
Advisor | Maximum
Related Party Transaction [Line Items]
Liability				4,400,000
Manager
Related Party Transaction [Line Items]
Liability				$ 78,000	$ 84,000
Property management fee (as percent)				4.50%
Construction management fee (as percent)				5.00%
Debt servicing fee (as percent)				2.75%
Resource Securities | Class R Common Stock
Related Party Transaction [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)				1.00%
Resource Securities | Class T Common Stock
Related Party Transaction [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)				1.00%
Resource Securities | Maximum | Class R Common Stock
Related Party Transaction [Line Items]
Selling commission (as percent)				3.00%
Dealer manager fee (as percent)				3.50%
Selling commission (as percent)				5.50%
Resource Securities | Maximum | Class I Common Stock
Related Party Transaction [Line Items]
Dealer manager fee (as percent)				1.50%
Resource Securities | Maximum | Class T Common Stock
Related Party Transaction [Line Items]
Period of time to receive annual fee from the date each share is issued				5 years
Resource America, Inc. and Affiliates
Related Party Transaction [Line Items]
Maximum amount covered for liability insurance program				$ 100,000,000

Certain Relationships and Rel_4

Certain Relationships and Related Party Transactions - Schedule of Fees Earned and Expenses Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to related parties	$ 2,004		$ 2,004		$ 4,938
Advisor
Related Party Transaction [Line Items]
Due to related parties	1,926		1,926		4,854
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred		$ 138		$ 230
Advisor | Organization and offering costs
Related Party Transaction [Line Items]
Due to related parties	1,923		1,923		3,076
Fees earned / expenses incurred		305		629
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	3		3		1,778
Fees earned / expenses incurred	4	361	10	766
Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	566	459	1,121	874
Advisor | Related Party Acquisition Fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred		846		1,456
Advisor | Disposition fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred			62
Manager
Related Party Transaction [Line Items]
Due to related parties	78		78		84
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties					3
Manager | Asset management fees
Related Party Transaction [Line Items]
Due to related parties	78		78		$ 81
Fees earned / expenses incurred	227	171	452	330
Manager | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	$ 35	72	$ 165	114
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses incurred		8		38
RAI | Internal audit fee
Related Party Transaction [Line Items]
Fees earned / expenses incurred		13		25
Resource Securities | Selling commissions and dealer-manager fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred		278		1,098
Resource Securities | Distribution and shareholder servicing fee
Related Party Transaction [Line Items]
Fees earned / expenses incurred		71		495
The Planning and Zoning Resource Company
Related Party Transaction [Line Items]
Fees earned / expenses incurred		$ 2		$ 3

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (1,936)	$ (2,602)	$ (3,606)	$ (5,387)
Undistributed net loss attributable to common stockholders	(1,936)	(3,955)	(3,637)	(7,997)
Common stock cash distributions declared		1,353		2,611
Class A Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Undistributed net loss attributable to common stockholders	(100)	(222)	(188)	(475)
Common stock cash distributions declared		84		169
Net loss attributable to common stockholders	$ (100)	$ (138)	$ (188)	$ (306)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.16)	$ (0.22)	$ (0.30)	$ (0.48)
Weighted-average shares outstanding, basic and diluted (in shares)	626	636	627	636
Class T Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Undistributed net loss attributable to common stockholders	$ (178)	$ (391)	$ (336)	$ (835)
Common stock cash distributions declared		122	27	244
Net loss attributable to common stockholders	$ (178)	$ (269)	$ (309)	$ (591)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.16)	$ (0.24)	$ (0.28)	$ (0.53)
Weighted-average shares outstanding, basic and diluted (in shares)	1,122	1,118	1,120	1,116
Class R Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Undistributed net loss attributable to common stockholders		$ (3,137)		$ (6,326)
Common stock cash distributions declared		1,048		2,035
Net loss attributable to common stockholders		$ (2,089)		$ (4,291)
Net loss per common share, basic and diluted (in dollars per share)		$ (0.23)		$ (0.51)
Weighted-average shares outstanding, basic and diluted (in shares)		8,969		8,456
Class I Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Undistributed net loss attributable to common stockholders	$ (1,658)	$ (205)	$ (3,113)	$ (361)
Common stock cash distributions declared		99	4	162
Net loss attributable to common stockholders	$ (1,658)	$ (106)	$ (3,109)	$ (199)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.16)	$ (0.18)	$ (0.30)	$ (0.41)
Weighted-average shares outstanding, basic and diluted (in shares)	10,406	586	10,381	484

Equity - Narrative (Details)

Equity - Narrative (Details)	Nov. 01, 2019	Aug. 05, 2016shares	Jun. 30, 2020USD ($)event$ / sharesshares	Mar. 19, 2020$ / shares	Dec. 31, 2019$ / sharesshares	Mar. 21, 2019$ / shares	Jun. 27, 2018$ / shares	Jun. 28, 2017shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares			10,000,000		10,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Preferred stock, shares issued (in shares) | shares			0		0
Preferred stock, shares outstanding (in shares) | shares			0		0
Common stock, conversion terms, percent of paid distributions equal to price at which shares were originally sold (as percent)			100.00%
Percent of annual return on shares at price equal to distributions paid (as percent)			6.00%
Number of possible triggering events | event			2
Conversion basis			0.00002
Triggering event, option one (as percent)			15.00%
Percentage of non-compounded annual return, option one (as percent)			6.00%
Convertible stock number of triggering events | event			0
Common stock, shares authorized (in shares) | shares			1,000,000,000					125,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01
Net asset value | $ / shares				$ 9.01		$ 9.12	$ 9.05
Maximum shares redeemable as percent of the weighted-average common stock outstanding (as percent)			5.00%
Percent of operating cash flow (as percent)			1.00%
Notice period for amending share redemption program			30 days
Dividends declared, daily accrual amount (in dollars per share) | $ / shares			$ 0.001469178
Distributions declared | $			$ 0
Convertible Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares			50,000		50,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Preferred stock, shares issued (in shares) | shares			50,000		50,000
Preferred stock, shares outstanding (in shares) | shares			50,000		50,000
Issuance of convertible shares (in shares) | shares		50,000
Class A
Class of Stock [Line Items]
Number of shares exchanged (in shares) | shares		5,000
Common stock, shares authorized (in shares) | shares			25,000,000		25,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Net asset value | $ / shares						9.12
Class T
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares			25,000,000		25,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Net asset value | $ / shares						9.12
Class R
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares			750,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01
Net asset value | $ / shares						9.12
Class I
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares			75,000,000		75,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Common stock conversion ratio	1
Net asset value | $ / shares						$ 9.12

Equity - Schedule of Stock Issu

Equity - Schedule of Stock Issuances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Class A
Class of Stock [Line Items]
Total shares issued (in shares)	625,848	628,691
Gross Proceeds	$ 6,119
Total	648,246
Shares redeemed and retired	(22,398)
Share conversion	0
Total shares outstanding (in shares)	625,848	628,691
Class T
Class of Stock [Line Items]
Total shares issued (in shares)	1,121,639	1,115,458
Gross Proceeds	$ 10,777
Total	1,157,254
Shares redeemed and retired	(35,615)
Share conversion	0
Total shares outstanding (in shares)	1,121,639	1,115,458
Class R
Class of Stock [Line Items]
Total shares issued (in shares)	0
Gross Proceeds	$ 93,161
Total	9,712,521
Shares redeemed and retired	(32,122)
Share conversion	(9,680,399)
Total shares outstanding (in shares)	0
Class I
Class of Stock [Line Items]
Total shares issued (in shares)	10,401,323	10,327,291
Gross Proceeds	$ 6,810
Total	739,838
Shares redeemed and retired	(18,914)
Share conversion	9,680,399
Total shares outstanding (in shares)	10,401,323	10,327,291
Shared issued through primary offering | Class A
Class of Stock [Line Items]
Total shares issued (in shares)	586,207
Gross Proceeds	$ 5,601
Shared issued through primary offering | Class T
Class of Stock [Line Items]
Total shares issued (in shares)	1,049,996
Gross Proceeds	$ 9,943
Shared issued through primary offering | Class R
Class of Stock [Line Items]
Total shares issued (in shares)	9,356,068
Gross Proceeds	$ 89,917
Shared issued through primary offering | Class I
Class of Stock [Line Items]
Total shares issued (in shares)	624,325
Gross Proceeds	$ 5,760
Shares issued through stock dividends | Class A
Class of Stock [Line Items]
Total shares issued (in shares)	12,860
Gross Proceeds	$ 0
Shares issued through stock dividends | Class T
Class of Stock [Line Items]
Total shares issued (in shares)	15,495
Gross Proceeds	$ 0
Shares issued through stock dividends | Class R
Class of Stock [Line Items]
Total shares issued (in shares)	0
Gross Proceeds	$ 0
Shares issued through stock dividends | Class I
Class of Stock [Line Items]
Total shares issued (in shares)	0
Gross Proceeds	$ 0
Shares issued through distribution reinvestment plan | Class A
Class of Stock [Line Items]
Total shares issued (in shares)	34,179
Gross Proceeds	$ 318
Shares issued through distribution reinvestment plan | Class T
Class of Stock [Line Items]
Total shares issued (in shares)	91,763
Gross Proceeds	$ 834
Shares issued through distribution reinvestment plan | Class R
Class of Stock [Line Items]
Total shares issued (in shares)	356,453
Gross Proceeds	$ 3,244
Shares issued through distribution reinvestment plan | Class I
Class of Stock [Line Items]
Total shares issued (in shares)	115,513
Gross Proceeds	$ 1,050
Advisor | Class A
Class of Stock [Line Items]
Total shares issued (in shares)	15,000
Gross Proceeds	$ 200
Advisor | Class T
Class of Stock [Line Items]
Total shares issued (in shares)	0
Gross Proceeds	$ 0
Advisor | Class R
Class of Stock [Line Items]
Total shares issued (in shares)	0
Gross Proceeds	$ 0
Advisor | Class I
Class of Stock [Line Items]
Total shares issued (in shares)	0
Gross Proceeds	$ 0

Equity - Schedule of Stock Is_2

Equity - Schedule of Stock Issuances (Parenthetical) (Details) - shares	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Class A
Class of Stock [Line Items]
Total shares issued (in shares)	625,848	628,691
Advisor
Class of Stock [Line Items]
Issuance of convertible shares (in shares)	5,000
Advisor | Class A
Class of Stock [Line Items]
Total shares issued (in shares)	15,000
Shared issued through primary offering | Class A
Class of Stock [Line Items]
Total shares issued (in shares)	586,207
Advisor | Shared issued through primary offering | Class A
Class of Stock [Line Items]
Total shares issued (in shares)	222,222

Equity - Schedule of Stock Rede

Equity - Schedule of Stock Redemptions (Details) - $ / shares	1 Months Ended						6 Months Ended
	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Jun. 30, 2020
Class A
Class of Stock [Line Items]
Total Number of Shares Redeemed (in shares)	0	0	0	5,484	0	0	5,484
Average Price Paid per Share (in dollars per share)	$ 0	$ 0	$ 0	$ 8.89	$ 0	$ 0	$ 0
Class T
Class of Stock [Line Items]
Total Number of Shares Redeemed (in shares)	0	0	0	3,587	0	0	3,587
Average Price Paid per Share (in dollars per share)	$ 0	$ 0	$ 0	$ 8.89	$ 0	$ 0	$ 0
Class I
Class of Stock [Line Items]
Total Number of Shares Redeemed (in shares)	5,499	0	0	2,416	0	0	7,915
Average Price Paid per Share (in dollars per share)	$ 9.01	$ 0	$ 0	$ 8.44	$ 0	$ 0	$ 0

Equity - Schedule of Distributi

Equity - Schedule of Distributions (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
True-up of prior year cash distributions declared		$ 31
Distributions reinvested in shares of common stock paid	$ 667	857	$ 1,244
Cash distributions paid		761
Total distributions paid		1,618
Class A Common Stock
Class of Stock [Line Items]
True-up of prior year cash distributions declared		0
Distributions reinvested in shares of common stock paid		24
Cash distributions paid		60
Total distributions paid		84
Class T Common Stock
Class of Stock [Line Items]
True-up of prior year cash distributions declared		27
Distributions reinvested in shares of common stock paid		89
Cash distributions paid		61
Total distributions paid		150
Class R Common Stock
Class of Stock [Line Items]
True-up of prior year cash distributions declared		0
Distributions reinvested in shares of common stock paid		0
Cash distributions paid		0
Total distributions paid		0
Class I Common Stock
Class of Stock [Line Items]
True-up of prior year cash distributions declared		4
Distributions reinvested in shares of common stock paid		744
Cash distributions paid		640
Total distributions paid		$ 1,384

Fair Value Measures and Discl_3

Fair Value Measures and Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	$ 0	$ 0
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	0	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	$ 0	$ 0

Fair Value Measures and Discl_4

Fair Value Measures and Disclosures - Schedule of Carrying and Fair Values (Details) - Payne Place - Mortgages - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mortgage notes payable- outstanding borrowings	$ 145,409	$ 147,148
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mortgage notes payable- outstanding borrowings	$ 149,808	$ 144,902

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Hedge ineffectiveness in earnings	$ 7,518	$ 2,109	$ 13,177	$ 2,962
Amount estimated to be reclassified	$ 19,238		$ 19,238

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of Derivative Instruments (Details) - Cash Flow Hedging - Interest Rate Cap	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)instrument	Dec. 31, 2019USD ($)instrument
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	2	2
Notional Amount | $	$ 54,145	$ 54,145
Maturity Dates, Earliest	Aug. 1, 2020	Aug. 1, 2020
Maturity Dates, Latest	Apr. 1, 2021	Apr. 1, 2021

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Schedule of Fair Values of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 0	$ 0
Prepaid Expenses And Other Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 0

Operating Expense Limitation -

Operating Expense Limitation - Narrative (Details)	6 Months Ended
	Jun. 30, 2020
Other Income And Expenses [Abstract]
Limitation on total operating expenses, percentage of average invested assets for the four most recently completed fiscal quarters	2.00%
Limitation on total operating expenses, percentage of net income for the four most recently completed fiscal quarters	25.00%