Resource Apartment REIT III 10-Q 13 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 06, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Resource Apartment REIT III, Inc.
Entity Central Index Key	1,652,926
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding, Class A		619,684
Class T common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding, Class A		1,076,030
Class R Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding, Class A		1,133,064
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding, Class A		34,108

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Investments:
Rental properties, net	$ 29,654,938	$ 2,445,835
Identified intangible assets, net	562,568	27,870
Total investments	30,217,506	2,473,705
Cash	10,914,545	3,351,536
Restricted cash	427,116	7,733
Tenant receivables, net	721	788
Due from related parties	4,553	2,352
Subscriptions receivable	676,851	210,000
Prepaid expense	147,562	100,485
Deferred offering costs	4,933,424	2,848,199
Total assets	47,322,278	8,994,798
Liabilities:
Mortgage notes payable, net of unamortized deferred financing costs of $353,061 and $34,166	22,769,848	1,590,834
Accounts payable and accrued expenses	253,350	214,284
Accrued real estate taxes	236,986	0
Due to related parties	7,594,906	3,616,713
Tenant prepayments	19,644	0
Security deposits	64,066	3,300
Distributions payable	91,561	25,174
Total liabilities	31,030,361	5,450,305
Stockholder's equity:
Preferred stock	0	0
Additional paid-in capital	19,922,440	4,380,126
Accumulated other comprehensive loss	(9,396)	0
Accumulated deficit	(3,645,003)	(841,115)
Total stockholder's equity	16,291,917	3,544,493
Total liabilities and stockholder's equity	47,322,278	8,994,798
Convertible Stock
Stockholder's equity:
Preferred stock	500	500
Class A common stock
Stockholder's equity:
Common stock	6,186	3,842
Class T common stock
Stockholder's equity:
Common stock	10,732	1,140
Class R Common Stock
Stockholder's equity:
Common stock	6,172	0
Class I Common Stock
Stockholder's equity:
Common stock	$ 286	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2017	Jun. 28, 2017	Dec. 31, 2016
Deferred financing costs	$ 353,061		$ 34,166
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000		10,000,000
Preferred stock, shares issued (in shares)	0		0
Preferred stock, shares outstanding (in shares)	0		0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	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	$ 0.01
Common stock, shares authorized (in shares)	25,000,000	25,000,000	250,000,000
Shares Issued	618,569		384,195
Common stock, shares outstanding (in shares)	618,569		384,195
Class T common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	25,000,000	25,000,000	750,000,000
Shares Issued	1,073,229		114,037
Common stock, shares outstanding (in shares)	1,073,229		114,037
Class R Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0
Common stock, shares authorized (in shares)	750,000,000	750,000,000	0
Shares Issued	617,186		0
Common stock, shares outstanding (in shares)	617,186		0
Class I Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0
Common stock, shares authorized (in shares)	75,000,000	75,000,000	0
Shares Issued	28,602		0
Common stock, shares outstanding (in shares)	28,602		0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Rental income	$ 544,431	$ 25,178	$ 645,585	$ 25,178
Total revenues	544,431	25,178	645,585	25,178
Expenses:
Rental operating	236,562	3,249	277,163	3,249
Acquisition costs	823,411	112,711	906,644	112,711
Property management fees	2,776	1,501	7,538	1,501
Management fees - related parties	82,938	3,110	96,395	3,110
General and administrative	342,956	322,765	883,360	349,223
Loss on disposal of assets	185,114	0	185,114	0
Depreciation and amortization expense	345,352	10,376	394,050	10,376
Total expenses	2,019,109	453,712	2,750,264	480,170
Loss before other income (expense)	(1,474,678)	(428,534)	(2,104,679)	(454,992)
Other income (expense):
Other income	0	0	1,500	0
Interest income	3,902	432	9,386	432
Interest expense	(132,007)	(2,989)	(157,987)	(2,989)
Net loss	(1,602,783)	(431,091)	(2,251,780)	(457,549)
Designated derivatives, fair value adjustments	(9,396)	0	(9,396)	0
Total other comprehensive loss	(9,396)	0	(9,396)	0
Comprehensive loss	(1,612,179)	(431,091)	(2,261,176)	(457,549)
Class A common stock
Other income (expense):
Net loss attributable to common stockholders	$ (524,863)	$ (428,286)	$ (952,550)	$ (455,028)
Basic and diluted net loss per common share (in dollars per share)	$ (0.85)	$ (1.72)	$ (1.76)	$ (4.60)
Weighted-average number of shares outstanding, basic and diluted (in shares)	616,733	249,051	540,022	98,905
Class T common stock
Other income (expense):
Net loss attributable to common stockholders	$ (935,090)	$ (2,805)	$ (1,214,317)	$ (2,521)
Basic and diluted net loss per common share (in dollars per share)	$ (0.87)	$ (1.72)	$ (1.78)	$ (4.60)
Weighted-average number of shares outstanding, basic and diluted (in shares)	1,068,753	1,631	682,945	548
Class R Common Stock
Other income (expense):
Net loss attributable to common stockholders	$ (130,032)	$ 0	$ (77,304)	$ 0
Basic and diluted net loss per common share (in dollars per share)	$ (0.77)	$ 0	$ (1.37)	$ 0
Weighted-average number of shares outstanding, basic and diluted (in shares)	167,935	0	56,594	0
Class I Common Stock
Other income (expense):
Net loss attributable to common stockholders	$ (12,798)	$ 0	$ (7,609)	$ 0
Basic and diluted net loss per common share (in dollars per share)	$ (0.77)	$ 0	$ (1.37)	$ 0
Weighted-average number of shares outstanding, basic and diluted (in shares)	16,527	0	5,570	0

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity (unaudited) - 9 months ended Sep. 30, 2017 - USD ($)	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	Convertible StockConvertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2016	$ 3,544,493					$ 3,842	$ 1,140			$ 500	$ 4,380,126	$ 0	$ (841,115)
Beginning balance (in shares) at Dec. 31, 2016		384,195	114,037	0	0	384,195	114,037			50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	17,164,473					$ 2,192	$ 9,366	$ 6,165	$ 286		17,146,464
Issuance of common stock (in shares)						219,259	936,581	616,508	28,557
Offering costs	(1,971,106)										(1,971,106)
Cash distributions declared	(300,541)	$ (119,955)	$ (142,039)	$ (35,094)	$ (3,453)								(300,541)
Stock dividends (in shares)						10,956	14,993
Stock dividends	0					$ 110	$ 150				251,307		(251,567)
Common stock issued through distribution reinvestment plan (in shares)						4,159	7,618	678	45
Common stock issued through distribution reinvestment plan	115,774	$ 39,923	$ 69,246	$ 6,198	$ 407	$ 42	$ 76	$ 7			115,649
Other comprehensive loss	(9,396)											(9,396)
Net loss	(2,251,780)												(2,251,780)
Ending balance at Sep. 30, 2017	$ 16,291,917					$ 6,186	$ 10,732	$ 6,172	$ 286	$ 500	$ 19,922,440	$ (9,396)	$ (3,645,003)
Ending balance (in shares) at Sep. 30, 2017		618,569	1,073,229	617,186	28,602	618,569	1,073,229	617,186	28,602	50,000

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net loss	$ (2,251,780)	$ (457,549)
Adjustment to reconcile net loss to net cash (used in) provided by operating activities:
Loss on disposal of assets	185,114	0
Depreciation and amortization expense	394,050	10,376
Amortization of deferred financing costs	5,390	651
Changes in operating assets and liabilities:
Restricted cash	(38,443)	0
Tenant receivable, net	67	(3,800)
Due from related parties	4,971	(1,489)
Prepaid expenses and other assets	285,774	(241,402)
Due to related parties	982,779	494,154
Accounts payable and accrued expenses	13,040	204,886
Tenant prepayments	16,912	0
Security deposits	7,222	0
Net cash (used in) provided by operating activities	(394,904)	5,827
Cash flows from investing activities:
Property acquisitions	(7,591,828)	(2,493,672)
Capital expenditures	(22,965)	(1,979)
Restricted cash	(6,056)	0
Net cash used in investing activities	(7,620,849)	(2,495,651)
Cash flows from financing activities:
Net proceeds from issuance of common stock	15,719,233	2,254,961
Proceeds from borrowings	0	555,000
Payments on borrowings	(22,091)	(250,000)
Distributions paid on common stock	(118,380)	0
Net cash provided by financing activities	15,578,762	2,559,961
Net increase in cash	7,563,009	70,137
Cash at beginning of period	3,351,536	200,000
Cash at end of period	$ 10,914,545	$ 270,137

Nature of Business and Operatio

Nature of Business and Operations	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Operations	NATURE OF BUSINESS AND OPERATIONS Resource Apartment REIT III, Inc. (the "Company") was organized in Maryland on July 15, 2015 . The Company is offering 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 at prices of $10.00 per share and $9.47 per share, respectively. 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 at prices of $9.52 per share and $9.13 per share, respectively. The initial offering price for shares offered pursuant to the DRIP is $9.60 per share for Class A, $9.09 per share for Class T, $9.14 per share for Class R and $8.90 per share for Class I. The Company will determine its net asset value ("NAV") per share on a date no later than June 30, 2018 (the "NAV Pricing Date"). Commencing on the NAV Pricing Date, if the primary offering is ongoing, the Company will offer Class R and Class I shares in the primary offering at a price equal to the NAV per share for Class R and Class I shares, respectively, plus applicable selling commissions and dealer manager fees, and pursuant to the DRIP at a price equal to 96% of the new primary offering price. If the Company’s primary offering is not ongoing on the NAV Pricing Date, or on the date of any subsequent NAV pricing, it will offer Class A, Class T, Class R and Class I shares pursuant to the DRIP at a price equal to 96% of the most recently determined NAV per share. The Company will update its NAV at least annually following the NAV Pricing Date and further adjust the per share price in the primary offering and DRIP accordingly. The Company qualifies as an emerging growth company. As of September 30, 2017 , the Company has raised aggregated offering proceeds of approximately $21.9 million from the sale of 601,207 Class A shares, 1,049,996 Class T shares, 616,508 Class R shares and 28,557 Class I shares of common stock. On June 29, 2016 , the Company satisfied the $2.0 million minimum offering amount for its initial public offering, excluding shares purchased by residents of Pennsylvania, New York and Washington. As a result, the Company broke escrow and issued shares of common stock in the offering. The Company broke escrow in New York on October 11, 2016 and in Washington on September 18, 2017. Having raised the minimum offerings, the offering proceeds were released by the escrow agent to the Company and available for acquisition of properties and other purposes. Subscription payments received from residents of Pennsylvania will continue to be held in escrow until the Company has received aggregate subscriptions of at least $50.0 million . Resource REIT Advisor, LLC (formerly known as Resource Apartment Advisor III, LLC) (the "Advisor"), which is 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 Class A 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 the Company's obligation to pay the Advisor an incentive fee and diluting the 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 Resource Real Estate, Inc.’s (the "Sponsor") multifamily investing and lending platforms to invest in apartment communities in order to provide the investor with growing cash flow and increasing asset values. The Company intends to acquire underperforming apartments which it will renovate and stabilize in order to increase rents. To a lesser extent, the Company will also seek to originate and acquire commercial real estate debt secured by apartments having the same characteristics. The Company believes multiple opportunities exist within the apartment industry today and will continue to present themselves over the next few years to real estate investors who possess the following characteristics: (i) extensive experience in multifamily investing, (ii) strong management platforms specializing in operational and financial performance optimization, (iii) financial sophistication allowing them to benefit from complex opportunities, and (iv) the overall scale and breadth of a national real estate platform in both the equity and debt markets. At September 30, 2017 , the Company owned two apartment properties located in Alexandria, Virginia and Jacksonville, Florida. The Company intends to elect and qualify 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, once qualified as a REIT, 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 intends to operate 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, 2016 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2016 . 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, 2016 . The results of operations for the nine months ended September 30, 2017 may not necessarily be indicative of the results of operations for the full year ending December 31, 2017 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows: Basis of Presentation The consolidated financial statements have been prepared in conformity with GAAP. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary 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 11 Alexandria, VA RRE Bay Club Holdings, LLC 220 Jacksonville, FL 231 All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 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 3.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Lease intangibles Weighted average remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. 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. There were no impairment losses recorded on long lived assets during the three and nine months ended September 30, 2017 and 2016 . Loans Held for Investment The Company records acquired real estate loans at cost and reviews them for potential impairment at each balance sheet date. A loan receivable is considered impaired when it becomes probable, based on current information, that the Company will be unable to collect all amounts due according to the loan’s contractual terms. The amount of impairment, if any, is measured by comparing the recorded amount of the loan to the present value of the expected cash flows or the fair value of the collateral. If a loan is deemed to be impaired, the Company will record a reserve for loan losses through a charge to income for any shortfall. Failure to recognize impairment would result in the overstatement of the carrying values of the Company’s real estate loans receivable and an overstatement of the Company’s net income. The Company may acquire real estate loans at a discount due to credit quality. Revenues from these loans are recorded under the effective interest method. Under this method an effective interest rate ("EIR") is applied to the cost basis of the real estate loan receivable. The EIR that is calculated when the real estate loan is acquired remains constant and is the basis for subsequent impairment testing and income recognition. If the amount and timing of future cash collections are not reasonably estimable, the Company accounts for the real estate loan receivable on the cost recovery method. Under the cost recovery method of accounting, no income is recognized until the basis of the real estate loan receivable has been fully recovered. Interest income from loans receivable will be recognized based on the contractual terms of the debt instrument. Fees related to any buydown of the interest rate will be deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income. Closing costs related to the purchase of a loan receivable will be amortized over the term of the loan and accreted as an adjustment against interest income. Allocation of Purchase Price of Acquired Assets 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 expected to be made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered by management in its 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, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, management also 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 initial term of the respective 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. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period. 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. These estimates are subject to change until all information is finalized, which is generally within one year of the acquisition date. Revenue Recognition The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and includes amounts expected to be received in later years in deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs in the period the related expenses are incurred. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are approximately $1.8 million and $27,158 for the 12 month periods ending September 30, 2018 and 2019 , respectively, and none thereafter. Revenue is primarily derived from the rental of residential housing units, however, included within rental income is other income such as pet fees, parking fees, and late fees, as well as property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs. The Company records the ancillary charges in the period in which they are earned or received and records the reimbursements in the period in which the related expenses are incurred. Total other income included within rental income was $35,162 and $0 for the three months ended September 30, 2017 and 2016 , respectively. Total other income included within rental income was $42,957 and $0 for the nine months ended September 30, 2017 and 2016 , respectively. 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, the condition of the general economy and the industry as a whole. The Company writes off receivables when they become uncollectible. At September 30, 2017 and December 31, 2016 , there were no allowances for uncollectible receivables. Income Taxes The Company intends to elect and qualify to be taxed as a REIT, commencing with its taxable year ending December 31, 2017. Accordingly, once qualified 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 taxable REIT subsidiaries ("TRSs"). 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 September 30, 2017 , the Company did not have 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. 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. 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. In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 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 and dealer manager fees) of the Company are initially being paid by the Advisor on behalf of the Company. Pursuant to the advisory agreement between the Company and the Advisor, the Company is 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 if the Company raises less than $500 million in the primary portion of the initial public offering and 2.5% of gross offering proceeds as of the termination of the initial public offering if the Company raises $500 million or more in the primary portion of the initial public offering. Through September 30, 2017 , the Company has charged $501,303 to equity for the payment of offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal, printing and similar costs. At September 30, 2017 , the Advisor has advanced approximately $5.4 million of these costs on behalf of the Company, of which approximately $4.9 million has been deferred at September 30, 2017 . A portion of deferred offering costs will be charged to equity upon the sale of each share of common stock sold under the public offering. Such deferred costs will only become a liability of the Advisor to the extent that organization and offering costs incurred by us exceed 4% of the gross proceeds of the initial public offering. However, if the Company raises the maximum offering amount in the primary offering, organization and offering expenses (excluding selling commissions, the dealer manager fee and the distribution and stockholder servicing fee) are estimated to be approximately 1.0% of the gross proceeds of the initial public offering. When recorded by the Company, organization costs are expensed as incurred, which include all expenses incurred by the Company in connection with its formation, including but not limited to legal fees and other costs to incorporate. There can be no assurance that the Company's plans to raise capital will be successful. Prior to the Company breaking escrow, the Advisor incurred $104,266 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 are subject to a 1% annual distribution and shareholder servicing fee for five years from the date on which such shares were issued. The Company will cease paying the distribution and shareholder servicing fee on each Class T share prior to the fifth anniversary of its issuance on the earliest of the following, should any of these events occur: (i) the date at which, in the aggregate, underwriting compensation from all sources equals 10% of the gross proceeds from the Company's primary offering (i.e., excluding proceeds from sales pursuant to the DRIP); (ii) the date on which the Company lists its common stock on a national securities exchange; and (iii) the date of a merger or other extraordinary transaction in which the Company is a party and in which the common stock is exchanged for cash or other securities. The Company cannot predict if or when any of these events will occur. Outstanding Class R shares issued in the Company's primary offering are also subject to a 1% annual distribution and shareholder servicing fee. The Company will cease paying the distribution and shareholder servicing fee with respect to Class R shares held in any particular account, and those Class R shares will convert into a number of Class I shares determined by multiplying each Class R share to be converted by the applicable "Conversion Rate," on the earlier of (i) the date after the termination of the primary offering at which, in the aggregate, underwriting compensation from all sources equals 10% of the gross proceeds from its primary offering; (ii) a listing of the Class I shares on a national securities exchange; (iii) a merger or consolidation of the company with or into another entity, or the sale or other disposition of all or substantially all of its assets; and (iv) the end of the month in which the total underwriting compensation (which consists of selling commissions, dealer manager fees and distribution and shareholder servicing fees) paid with respect to such Class R shares purchased in a primary offering is not less than 8.5% (or a lower limit, provided that, in the case of a lower limit, the agreement between the Resource Securities and the broker-dealer in effect at the time Class R shares were first issued to such account sets forth the lower limit and Resource Securities advises the Company's transfer agent of the lower limit in writing) of the gross offering price of those Class R shares purchased in such primary offering (excluding shares purchased through its distribution reinvestment plan). The Company records 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 are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or adjusted if the fees are no longer payable pursuant to the conditions described above. For issued Class T shares, the Company has accrued an estimate of the total distribution and shareholder servicing fee of $497,173 for the full five year period at September 30, 2017 based on a total of 5% of the gross proceeds from all Class T shares sold, of which the Company paid $40,491 cumulatively through September 30, 2017 . For issued Class R shares, the Company has accrued an estimate of the total distribution and shareholder servicing fee of $176,075 at September 30, 2017 based on a total of 3% of the gross proceeds from all Class R shares sold, of which the Company paid $713 cumulatively through September 30, 2017 . The remaining payable of $632,044 is included in due to related parties on the consolidated balance sheets. Reclassifications Certain amounts in the prior year financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net loss. Adoption of New Accounting Standards In November 2016, FASB issued Accounting Standards Update ("ASU") No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," which provides guidance on the classification of restricted cash in the statement of cash flows. On July 1, 2017, the Company adopted ASU No. 2016-18 and the adoption of ASU No. 2016-18 did not have a material effect on its consolidated financial statements and disclosures. Accounting Standards Issued But Not Yet Effective In May 2014, FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers", which will replace most existing revenue recognition guidance in GAAP. The core principle of ASU No. 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU No. 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU No. 2014-09 will be effective for the Company beginning January 1, 2018, including interim periods in 2018, and allows for both retrospective and prospective methods of adoption. In accordance with the Company’s plan for the adoption of ASU 2014-09, the Company has identified revenue streams and is performing an in-depth review to identify the related performance obligations and to evaluate the impact on the Company’s consolidated financial statements and internal accounting processes and controls. As the majority of the Company’s revenue is derived from lease contracts, the Company does not expect that the adoption of ASU 2014-09 or related amendments and modifications issued by the FASB will have a material impact on its consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, "Leases", which is intended to improve financial reporting about leasing transactions and requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. In September 2017, the FASB issued ASU 2017-13, "Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842)", which provides additional implementation guidance on the previously issued ASU No. 2016-02 Leases (Topic 842). ASU No. 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is continuing to evaluate this guidance, however, the Company expects that its operating leases where it is the lessor will be accounted for on its balance sheet similar to its current accounting with the underlying leased asset recognized as real estate. The Company expects that executory costs and certain other non-lease components will need to be accounted for separately from the lease component of the lease with the lease component continuing to be recognized on a straight-line basis over the lease term and the executory costs and certain other non-lease components being accounted for under the new revenue recognition guidance in ASU 2014-09. For leases in which the Company is the lessee, primarily consisting of office equipment leases, the Company expects to recognize a right-of-use asset and a lease liability equal to the present value of the minimum lease payments with rental payments being applied to the lease liability and to interest expense and the right-of-use asset being amortized to expense on a straight-line basis over the term of the lease. In June 2016, FASB issued ASU No. 2016-03 "Financial Instruments - Credit Losses", which requires measurement and recognition of expected credit losses for financial assets held. The standard update is effective for the Company beginning January 1, 2019. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2016-03 to have a significant impact on its consolidated financial statements. In August 2016, FASB issued ASU No. 2016-15 "Classification of Certain Cash Receipts and Cash Payments", which addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. The guidance is effective for the Company as of January 1, 2018. Early application is permitted. The adoption of the new requirements is not expected to have a material impact on the Company's consolidated statement of cash flows. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 850): Clarifying the Definition of Business," which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. ASU No. 2017-01 is effective for the Company beginning January 1, 2018 but early adoption is allowed. The Company is currently evaluating the impact the adoption of ASU No. 2017-01 may have on its consolidated financial statements. 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. ASU No. 2017-04 will be effective for the Company beginning December 15, 2019. Early application is permitted. The Company is evaluating this guidance and assessing the impact of this guidance on its consolidated financial statements. In August 2017, FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The update to the standard is effective for the Company on January 1, 2019, with early adoption permitted in any interim period. The Company is continuing to evaluate this guidance and assessing the impact of this guidance on its consolidated financial statements.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION The following table presents the Company's supplemental cash flow information: Nine Months Ended September 30, 2017 2016 Non-cash operating, financing and investing activities: Offering costs payable $ 2,474,799 $ 2,324,925 Cash distributions on common stock declared but not yet paid 91,561 — Stock issued from distribution reinvestment plan 115,774 — Stock dividend issued 251,567 — Subscriptions receivable 676,851 — Exchange of common stock for convertible stock — 500 Deferred financing costs and escrow deposits funded directly by mortgage notes payable 454,918 — Non-cash activity related to acquisitions: Mortgage notes payable used to acquire real property 21,520,000 — Cash paid during the year for: Interest $ 92,819 $ —

Restricted Cash

Restricted Cash	9 Months Ended
	Sep. 30, 2017
Cash and Cash Equivalents [Abstract]
Restricted Cash	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: September 30, 2017 December 31, 2016 Real Estate Taxes $ 226,529 $ 7,733 Insurance 67,031 — Capital Improvements 133,556 — Total $ 427,116 $ 7,733 In addition, the Company had unrestricted cash earmarked for capital expenditures of approximately $1.96 million and $84,702 at September 30, 2017 and December 31, 2016 , respectively.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS At September 30, 2017 , the Company owned interests in two properties. The Company estimated the fair values of certain of the acquired assets and liabilities based on preliminary valuations at the date of purchase. The Company has up to 12 months from the date of acquisition to finalize the valuation for each property. The valuation for Payne Place was finalized at December 31, 2016 . The initial purchase price allocation for Bay Club (as defined below) has not been finalized at September 30, 2017 . On July 31, 2017, the Company, through its wholly-owned subsidiary, purchased a multifamily community located in Jacksonville, Florida ("Bay Club"). Bay Club, constructed in 1990, contains 220 units and amenities, including private garages for each unit, a clubhouse, pool, fitness center and business center. Bay Club encompasses 223,568 rentable square feet. At September 30, 2017 , Bay Club was 96% leased. The following table presents the Company's wholly-owned acquisition during the three and nine months ended September 30, 2017 and the respective fair values assigned: Fair Value Assigned Multifamily Community Name City and State Date of Acquisition Contractual Purchase Price (1) Land Building and Improvements Furniture, Fixtures and Equipment Intangible Assets Other Liabilities Bay Club Jacksonville, Florida 7/31/2017 $ 28,300,000 $ 3,321,081 $ 23,879,553 $ 376,064 $ 723,302 $ (232,980 ) (1) Contractual purchase price excludes closing costs, acquisition expenses, and other immaterial settlement date adjustments and pro-rations. The following table presents the total revenues, net loss, and acquisition costs of Bay Club, the Company's wholly-owned acquisition during the three and nine months ended September 30, 2017 : Three months ended September 30, 2017 Nine Months Ended September 30, 2017 Total Revenues $ 489,521 $ 489,521 Net Loss (707,429 ) (707,429 ) Acquisition Costs 211,080 294,313 Acquisition Fee 612,331 612,331

Rental Properties, Net

Rental Properties, Net	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Rental Properties, Net	RENTAL PROPERTIES, NET The following table presents the Company's investment in rental properties: September 30, 2017 December 31, 2016 Land $ 4,740,979 $ 1,419,898 Building and improvements 24,901,228 1,018,051 Furniture, fixtures, and equipment 227,243 21,317 Construction in progress 4,365 — 29,873,815 2,459,266 Less: accumulated depreciation (218,877 ) (13,431 ) Total rental property, net $ 29,654,938 $ 2,445,835 Depreciation expense for the three and nine months ended September 30, 2017 was $184,618 and $205,446 , respectively. Depreciation expense for both the three and nine months ended September 30, 2016 was $3,288 . Loss on disposal of assets: During the three and nine months ended September 30, 2017 , the Company had losses of $185,114 on the disposal of assets, due to the replacement of appliances at its rental properties in conjunction with unit upgrades.

Identified Intangible Assets, N

Identified Intangible Assets, Net	9 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Identified Intangible Assets, Net	IDENTIFIED INTANGIBLE ASSETS, NET Identified intangible assets, net, consist of in-place rental leases. The net carrying value of the acquired in-place leases at September 30, 2017 and December 31, 2016 was $562,568 and $27,870 , respectively, net of the accumulated amortization of $210,675 and $22,071 , respectively. At September 30, 2017 , the weighted average remaining life of the rental leases was seven months. Amortization for the three months ended September 30, 2017 and 2016 was $160,734 and $7,088 , respectively. Amortization for the nine months ended September 30, 2017 and 2016 was $188,604 and $7,088 , respectively. At September 30, 2017 , expected amortization for the in-place rental leases for the next 12 months is $562,568 and none thereafter.

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt Disclosure	MORTGAGE NOTES PAYABLE, NET The following table presents a summary of the Company's mortgage notes payable, net at September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 Collateral Outstanding Borrowings Deferred Financing Costs, net Carrying Value Outstanding borrowings Deferred Financing Costs, net Carrying Value Payne Place $ 1,602,909 $ (32,860 ) $ 1,570,049 $ 1,625,000 $ (34,166 ) $ 1,590,834 Bay Club 21,520,000 (320,201 ) 21,199,799 — — — Total $ 23,122,909 $ (353,061 ) $ 22,769,848 $ 1,625,000 $ (34,166 ) $ 1,590,834 The following table presents additional information about the Company's mortgage notes payable, net: Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Payne Place 1/1/2047 3.11% (1)(4) $ 6,948 $ 1,933 Bay Club 8/1/2024 3.10% (2)(3) 56,479 40,667 (1) Fixed rate. (2) Variable rate based on one-month LIBOR plus 1.87% , with a maximum interest rate of 5.75% . (3) Monthly interest-only payment currently required. (4) RAI co-guarantees this loan with the Company. See Note 9 for more details. On July 31, 2017, the Company, through a wholly owned subsidiary, entered into a seven years , $21.5 million secured mortgage loan with CBRE Capital Markets, Inc., an unaffiliated lender, secured by Bay Club (the "Bay Club Mortgage Loan"). The Bay Club Mortgage Loan matures on August 1, 2024 . The Bay Club Mortgage Loan bears interest at a rate of LIBOR plus 1.87% , with a maximum interest rate of 5.75% . Monthly payments are interest only for the first 24 months . Beginning on September 1, 2019, the Company will pay both principal and interest based on 30 year amortization. Any remaining principal balance and all accrued and unpaid interest and fees will be due at maturity. The Company may prepay the Bay Club Mortgage Loan in full at any time (1) after July 31, 2019 and until April 30, 2024 upon payment of a prepayment premium equal to 1% of the principal amount prepaid; and (2) after April 30, 2024 with no prepayment premium. The non-recourse carveouts under the loan documents for the Bay Club Mortgage Loan are guaranteed by the Company. The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five 12-month periods ending September 30, and thereafter: 2018 $ 34,006 2019 70,044 2020 474,335 2021 491,320 2022 506,982 Thereafter 21,546,222 $ 23,122,909 Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the three months ended September 30, 2017 and 2016 , amortization of deferred financing costs of $4,572 and $651 , respectively, was included in interest expense. During the nine months ended September 30, 2017 and 2016 , amortization of deferred financing costs of $5,390 and $651 , respectively, was included in interest expense. Accumulated amortization at September 30, 2017 and December 31, 2016 was $5,390 and $2,775 , respectively. The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five 12-month periods ending September 30, and thereafter: 2018 $ 49,998 2019 49,956 2020 49,517 2021 48,346 2022 47,271 Thereafter 107,973 $ 353,061

Certain Relationships and Relat

Certain Relationships and Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	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, 2017 , the Company renewed the advisory agreement with the Advisor through April 27, 2018 . The terms of the agreement are identical to those of the advisory agreement in effect through April 27, 2017 . During the course of the offering, the Advisor will provide offering-related services to the Company and will advance funds to the Company for both operating costs and organization and offering costs. These amounts will be reimbursed to the Advisor from the proceeds from the offering, subject to the aforementioned limits on organization and offering expense reimbursements, although there can be no assurance that the Company’s plans to raise capital will be successful. At September 30, 2017 , the Advisor has advanced organization and offering costs on a cumulative basis on behalf of the Company of approximately $5.4 million . 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 expenditure reserves allocated, or the amount funded by the Company to acquire loans, including acquisition expenses and any debt attributable to such investments. Asset management fees. The Advisor earns a monthly asset management fee equal to 0.083% (one-twelfth of 1.0% ) of the cost of each asset 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 will earn 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 earns a debt financing fee equal to 0.5% of the amount available under any debt financing obtained for which it provided substantial services. Expense reimbursements. The Company also will pay directly or reimburse 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 if the Company raises less than $500 million in the primary offering and 2.5% of gross offering proceeds if the Company raises more than $500 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 $104,266 of formation and other operating expenses the Company's behalf, which will not be reimbursed to the Advisor. On August 18, 2016 , the Advisor provided a $555,000 bridge loan (the "Bridge Loan") to the Company. The Company used the proceeds of the Bridge Loan to partially finance the acquisition of Payne Place. The Bridge Loan incurred interest at an annual rate of LIBOR plus 3.00% . On November 1, 2016, the Company repaid the outstanding balance of the Bridge Loan and accrued interest before its scheduled maturity date of February 18, 2017. Interest expense associated with Bridge Loan for the year ended December 31, 2016 was $2,921 . Relationship with Resource Apartment Manager III, LLC The Manager manages real estate properties and real estate-related debt investments 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 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. 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. At September 30, 2017 and December 31, 2016 , the Advisor owed the Company $3,086 and $1,041 , respectively, for property management fees in excess of the 4.5% cap paid to the unaffiliated third party property manager. Construction management fees . The Manager earns a construction management fee equal to 5.0% of actual aggregate costs to construct improvements to 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 is responsible for marketing the Company’s shares during the 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 pays 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 pays Resource Securities a dealer manager fee of up to 1.5% of gross offering proceeds from the sale of the Class I shares. Prior to July 3, 2017, the Company paid Resource Securities of selling commissions up to 7.0% of gross primary offering proceeds from the sale of Class A shares and up to 2.0% of gross primary offering proceeds from the sale of Class T shares and a dealer manager fee of up to 3.0% of gross primary offering proceeds from the sale of either Class A or Class T shares. Resource Securities allows 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 are 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. No selling commissions or dealer manager fees were paid in connection with the sales of Class A shares to the Advisor or RAI. Distribution and shareholder servicing fee . Resource Securities is paid an annual fee of 1.0% of the purchase price (or, once reported, the NAV) per share of Class T common stock sold in the primary offering for five years from the date on which each share is issued up to a total of 5.0% . Resource Securities is also paid an annual fee of 1.0% of the purchase price (or, once reported, the NAV) per share of Class R common stock sold in the primary offering. The Company will cease paying the distribution and shareholder servicing fee with respect to Class R shares held in any particular account, and those Class R shares will convert into a number of Class I shares determined by multiplying each Class R share to be converted by the applicable "Conversion Rate," on the earlier of (i) the date after the termination of the primary offering at which, in the aggregate, underwriting compensation from all sources equals 10.0% of the gross proceeds from the primary offering; (ii) a listing of the Class I shares on a national securities exchange; (iii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iv) the end of the month in which the total underwriting compensation (which consists of selling commissions, dealer manager fees and distribution and shareholder servicing fees) paid with respect to such Class R shares purchased in a primary offering is not less than 8.5% (or a lower limit, provided that, in the case of a lower limit, the agreement between Resource Securities and the broker-dealer in effect at the time Class R shares were first issued to such account sets forth the lower limit and Resource Securities advises the Company’s transfer agent of the lower limit in writing) of the gross offering price of those Class R shares purchased in such primary offering (excluding shares purchased through the distribution reinvestment plan). The differences between the Class A, Class T, Class R and Class I shares relate to the fees and selling commissions payable with respect to each class and the differing distribution amounts and expense allocations due to differing ongoing fees and expenses. The per share amount of distributions on Class T and Class R shares will likely be lower than the distributions on the Class A and Class I shares for so long as the distribution and shareholder servicing fee applies because this fee is a class-specific expense. The following table summarizes the differences in fees and selling commissions between the classes of common stock: Class A Share Class T Share Class R Share Class I Share Initial Offering Price $10.00 $9.47 $9.52 $9.13 Selling Commissions Paid by Company (per shares) 7.0% 2.0% 3.0% (1) None Dealer Manager Fee (per share) 3.0% 3.0% 3.5% (1) 1.5% Annual Distributions and Shareholder Servicing Fee None 1.0% (2) 1.0% (3) None Initial Offering Price Under the DRIP $9.60 $9.09 $9.14 $8.90 (1) The aggregate amount paid to Resource Securities for selling commissions and dealer manager fees shall not exceed 5.5% of gross offering proceeds. (2) Each outstanding Class T share issued in the primary offering is subject to an annual distribution and shareholder servicing fee for five years from the date on which such share is issued. The Company will cease paying the distribution and shareholder servicing fee on each Class T share prior to the fifth anniversary of its issuance on the earliest of the following, should any of these events occur: (i) the date at which, in the aggregate, underwriting compensation from all sources equals 10% of the gross proceeds from the Company's primary offering (i.e., excluding proceeds from sales pursuant to the DRIP); (ii) the date on which the Company lists its common stock on a national securities exchange; and (iii) the date of a merger or other extraordinary transaction in which the Company is a party and in which the common stock is exchanged for cash or other securities. The Company cannot predict if or when any of these events will occur. (3) The Company will cease paying the distribution and shareholder servicing fee with respect to Class R shares held in any particular account, and those Class R shares will convert into a number of Class I shares determined by multiplying each Class R share to be converted by the applicable "Conversion Rate," on the earlier of (i) the date after the termination of the primary offering at which, in the aggregate, underwriting compensation from all sources equals 10.0% of the gross proceeds from the primary offering; (ii) a listing of the Class I shares on a national securities exchange; (iii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iv) the end of the month in which the total underwriting compensation (which consists of selling commissions, dealer manager fees and distribution and shareholder servicing fees) paid with respect to such Class R shares purchased in a primary offering is not less than 8.5% (or a lower limit, provided that, in the case of a lower limit, the agreement between Resource Securities and the broker-dealer in effect at the time Class R shares were first issued to such account sets forth the lower limit and Resource Securities advises the Company’s transfer agent of the lower limit in writing) of the gross offering price of those Class R shares purchased in such primary offering (excluding shares purchased through the distribution reinvestment plan). The Company cannot predict if or when any of these events will occur. Relationship with RAI and C-III Property loss pool. The Company's properties participate in a property loss self-insurance pool with other properties directly and indirectly managed by RAI and C-III, which is backed by a catastrophic insurance policy. Substantially all of the receivables from related parties represent insurance deposits held in escrow by RAI and C-III related to the self-insurance pool which, if unused, will be returned to the Company. The pool covers losses up to $2.5 million , in aggregate, after a $25,000 deductible per incident. Claims beyond the insurance pool limits will be covered by the catastrophic insurance policy, which covers claims up to $250 million , after a $100,000 deductible per incident. Therefore, unforeseen or catastrophic losses in excess of the Company's insured limited could have a material adverse effect on the Company's financial condition and operating results. During the three and nine months ended September 30, 2017 , the Company paid $7,172 and $7,591 into the property loss insurance pool. General liability loss pool. The Company's properties also participated in a general liability pool with other properties directly and indirectly managed by RAI and C-III until April 22, 2017. The pool covers claims up to $50,000 per incident through April 22, 2017. Effective April 23, 2017, the loss pool was eliminated and the Company now participates (with other properties directly and indirectly managed by RAI and C-III) in a general liability policy. The insured limit for the general liability policy is $76 million in total claims, after a $25,000 deductible per incident. Internal audit fees. RAI performs internal audit services for the Company. The 2017 annual fee for the services provided is $12,500 . Other transactions. RAI co-guarantees the mortgage on Payne Place with the Company until such time as the Company achieves the following: (a) owns a minimum of five apartment complexes; (b) has a minimum net worth of $50 million ; (c) has liquidity of no less than $5 million ; and (d) has an aggregate portfolio leverage of no more than 65% ( see Note 8 for further details). The Company paid The Planning & Zoning Resource Company, an affiliate of C-III, $1,079 for a zoning report in connection with its acquisition of Bay Club. The following table presents the Company's amounts receivable from and amounts payable to such related parties: September 30, 2017 December 31, 2016 Due from related parties: Advisor $ 3,086 $ 1,041 RAI and affiliate - insurance funds held in escrow 1,467 1,311 $ 4,553 $ 2,352 Due to related parties: Advisor: Acquisition related reimbursements $ 6,533 $ 14,050 Asset management fees — 2 Organization and offering costs 5,382,494 2,848,317 Operating expense reimbursements (including prepaid expenses) 1,517,776 682,661 $ 6,906,803 $ 3,545,030 Manager: Property management fees $ 10,946 $ — Operating expense reimbursements 8,514 — $ 19,460 $ — RAI: Internal audit fee $ 750 $ 8,250 Operating expense reimbursements 1,372 — $ 2,122 $ 8,250 Resource Securities: Selling commissions and dealer-manager fees $ 34,477 $ 10,363 Distribution and shareholder servicing fee 632,044 53,015 $ 666,521 $ 63,378 Other: $ — $ 55 $ 7,594,906 $ 3,616,713 The following table presents the Company's fees earned by and expenses incurred from such related parties: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Fees earned / expenses incurred: Advisor: Acquisition fees and acquisition related reimbursements (1) $ 641,193 $ 51,505 $ 641,193 $ 51,505 Asset management fees (2) 60,396 3,110 73,853 3,110 Debt financing fees (3) 107,600 2,775 107,600 2,775 Interest expense (4) — 2,337 — 2,337 Organization and offering costs (5) 676,441 999,096 2,534,177 2,286,011 Operating expense reimbursement (6) 173,729 210,351 487,934 210,351 Manager: Property management fees (2) $ 22,542 $ — $ 22,542 $ — Construction management fees (7) 336 — 336 — RAI: Internal audit fees (6) $ 3,500 $ — $ 9,750 $ — Resource Securities: Selling commissions and dealer-manager fees (8) $ 325,954 $ 32,700 $ 961,987 $ 32,700 Distribution and shareholder servicing fee (8) 176,075 5,200 619,546 5,200 Other: The Planning & Zoning Resource Company (1) $ 1,079 $ 1,495 $ 1,079 $ 1,495 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive loss. (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) Included in Interest expense on the consolidated statements of operations and comprehensive loss. (5) Organizational expenses were expensed when incurred and offering costs are included in Deferred offering costs and Stockholders' equity on the consolidated balance sheets. (6) 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. (7) Included in Rental properties, net on the consolidated balance sheets. (8) Included in Stockholders' equity on the consolidated balance sheets.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table presents a reconciliation of the Company's basic and diluted earnings per share for the periods presented: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Net loss $ (1,602,783 ) $ (431,091 ) $ (2,251,780 ) $ (457,549 ) Less: Class A common stock cash distributions declared 81,555 — 119,955 — Less: Class T common stock cash distributions declared 115,789 — 142,039 — Less: Class R common stock cash distributions declared 35,094 — 35,094 — Less: Class I common stock cash distributions declared 3,453 — 3,453 — Undistributed net loss attributable to common stockholders $ (1,838,674 ) $ (431,091 ) $ (2,552,321 ) $ (457,549 ) Class A common stock: Undistributed net loss attributable to Class A common stockholders $ (606,418 ) $ (428,286 ) $ (1,072,505 ) $ (455,028 ) Class A common stock cash distributions declared 81,555 — 119,955 — Net loss attributable to Class A common stockholders $ (524,863 ) $ (428,286 ) $ (952,550 ) $ (455,028 ) Net loss per Class A common share, basic and diluted $ (0.85 ) $ (1.72 ) $ (1.76 ) $ (4.60 ) Weighted-average number of Class A common shares outstanding, basic and diluted 616,733 249,051 540,022 98,905 Class T common stock: Undistributed net loss attributable to Class T common stockholders $ (1,050,879 ) $ (2,805 ) $ (1,356,356 ) $ (2,521 ) Class T common stock cash distributions declared 115,789 — 142,039 — Net loss attributable to Class T common stockholders $ (935,090 ) $ (2,805 ) $ (1,214,317 ) $ (2,521 ) Net loss per Class T common share, basic and diluted $ (0.87 ) $ (1.72 ) $ (1.78 ) $ (4.60 ) Weighted-average number of Class T common shares outstanding, basic and diluted 1,068,753 1,631 682,945 548 Class R common stock: Undistributed net loss attributable to Class R common stockholders $ (165,126 ) $ — $ (112,398 ) $ — Class R common stock cash distributions declared 35,094 — 35,094 — Net loss attributable to Class R common stockholders $ (130,032 ) $ — $ (77,304 ) — $ — Net loss per Class R common share, basic and diluted $ (0.77 ) $ — $ (1.37 ) $ — Weighted-average number of Class R common shares outstanding, basic and diluted 167,935 — 56,594 — Class I common stock: Undistributed net loss attributable to Class I common stockholders $ (16,251 ) $ — $ (11,062 ) $ — Class I common stock cash distributions declared 3,453 — 3,453 — Net loss attributable to Class I common stockholders $ (12,798 ) $ — $ (7,609 ) $ — Net loss per Class I common share, basic and diluted $ (0.77 ) $ — $ (1.37 ) $ — Weighted-average number of Class I common shares outstanding, basic and diluted 16,527 — 5,570 — Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the 50,000 shares of convertible stock ( see Note 11 ) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of September 30, 2017 (were such date to represent the end of the contingency period). Due to reported losses for the three and nine ended September 30, 2017 , common shares potentially issuable to settle accrued distributions are excluded from the calculation of diluted earnings per share calculations, as their inclusion would be anti-dilutive.

Equity

Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity	EQUITY Preferred Stock The Company’s charter authorizes the Company to issue 10 million shares of its $0.01 par value preferred stock. At September 30, 2017 , 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 board of directors approved the issuance of 50,000 convertible shares in exchange of 5,000 shares of Class A common stock. At September 30, 2017 , 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 as of the date of the event triggering the conversion. 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 initially allocated 250 million shares of its $0.01 par value common stock as Class A common stock and 750 million shares of its $0.01 par value common stock as Class T common stock. On June 28, 2017 , the Company amended its charter to authorize 750 million shares of its $0.01 par value common stock as Class R common stock, 75 million shares of its $0.01 par value common stock as Class I common stock, 25 million shares of its $0.01 par value common stock as Class A common stock and 25 million shares of its $0.01 par value common stock as Class T common stock. 125 million shares of the Company's $0.01 par value 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. At September 30, 2017 , there were 618,569 shares of Class A common stock, 1,073,229 shares of Class T common stock, 617,186 shares of Class R common stock and 28,602 shares of Class I common stock issued and outstanding as follows: 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 $ 5,601,476 1,049,996 $ 9,943,465 616,508 $ 5,869,158 28,557 $ 260,000 Shares issued through stock dividends 12,860 — 15,495 — — — — — Shares issued through distribution reinvestment plan 4,502 43,216 7,738 70,333 678 6,198 45 407 Shares issued in conjunction with the Advisor's initial investment, net of 5,000 share conversion 15,000 200,000 — — — — — — Total at September 30, 2017 618,569 $ 5,844,692 1,073,229 $ 10,013,798 617,186 $ 5,875,356 28,602 $ 260,407 (1) Includes 222,222 of Class A shares issued to the Advisor Distributions Cash Distributions During the nine months ended September 30, 2017 , the Company's board of directors declared a cash distribution on the outstanding shares of all classes of its common stock based on daily record dates for the period from March 31, 2017 through October 30, 2017 , which were paid on April 28, 2017, May 31, 2017, June 30, 2017 , July 31, 2017 , August 31, 2017 , September 29, 2017 and October 31, 2017 . The distributions declared for the periods from March 31, 2017 through July 30, 2017 were calculated based on stockholders of record each day during these periods at a rate of (i) $0.000547945 per share per day less (ii) the applicable daily distribution and shareholder servicing fees accrued for and allocable to any class of common stock. The distributions declared for the periods from July 31, 2017 through October 30, 2017 were calculated based on stockholders of record each day during these periods at a rate of (i) $0.001434521 per share per day less (ii) the applicable daily distribution and shareholder servicing fees accrued for and allocable to any class of common stock. Distributions are 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 following tables present information regarding the Company's distributions declared and paid to stockholders during the three and nine ended September 30, 2017 : Three Months Ended September 30, 2017 Class A Class T Class R Class I Total Distributions declared $ 81,555 $ 115,789 $ 35,094 $ 3,453 $ 235,891 Distributions reinvested in shares of common stock paid $ 23,836 $ 53,027 $ 6,198 $ 407 $ 83,468 Cash distributions paid 39,686 30,906 7,399 1,733 79,724 Total distributions paid $ 63,522 $ 83,933 $ 13,597 $ 2,140 $ 163,192 Nine Months Ended September 30, 2017 Class A Class T Class R Class I Total Distributions declared $ 119,955 $ 142,039 $ 35,094 $ 3,453 $ 300,541 Distributions reinvested in shares of common stock paid $ 39,923 $ 69,246 $ 6,198 $ 407 115,774 Cash distributions paid 72,248 37,000 7,399 1,733 118,380 Total distributions paid $ 112,171 $ 106,246 $ 13,597 $ 2,140 $ 234,154 At September 30, 2017 , the Company had accrued $ 91,561 for the cash distributions paid on October 31, 2017 , which is reported in distributions payable in the consolidated balance sheet. Stock Dividends On April 25, 2017 , the Company's board of directors authorized a stock dividend in the amount of 0.01 shares of common stock, on each outstanding share of common stock to all common stockholders of record as of the close of business on July 1, 2017 . The stock dividend was issued in the same class of shares as the shares for which such stockholder received the stock dividend. The Company issued this stock dividend on July 14, 2017 .

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures	FAIR VALUE MEASURES AND DISCLOSURES In analyzing the fair value of its financial instruments accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The fair value of cash, tenant receivables and accounts payable, approximate their carrying value due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. The fair value of rental properties is usually estimated based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities. The Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases and the value of tenant relationships, based in each case on their fair values. Derivatives (interest rate caps) were acquired in conjunction with the acquisition of Bay Club for $14,600 . Derivatives are reported at fair value in the consolidated balance sheets, are valued by a third party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors. (Level 2) The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Level 1 Level 2 Level 3 Total September 30, 2017 Assets: Interest rate caps $ — $ 5,204 $ — $ 5,204 December 31, 2016 Assets: Interest rate caps $ — $ — $ — $ — The carrying and fair values of the Company’s mortgage notes payable - outstanding borrowings, which was not carried at fair value on the consolidated balance sheets at September 30, 2017 and December 31, 2016 , were as follows: September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage notes payable - outstanding borrowings $ 23,122,909 $ 21,335,161 $ 1,625,000 $ 1,625,000 The carrying amount of the mortgage notes payable presented is the outstanding borrowings excluding premium or discount and deferred finance costs, net. At September 30, 2017 , 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. At December 31, 2016 , the carrying value of the mortgage note payable was estimated to be the fair value due to the recent issuance of the mortgage obtained (Level 3).

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities Disclosure	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 one interest rate cap that was designated as a cash flow hedge. 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 and nine months ended September 30, 2017 , such derivatives were used to hedge the variable cash flows, indexed to USD-LIBOR, associated with the Bay Club Mortgage Loan. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and nine months ended September 30, 2017 and 2016 , the Company recorded no hedge ineffectiveness in earnings. At September 30, 2017 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates Interest rate cap 1 $ 21,520,000 August 1, 2020 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The following table presents the fair value of the Company’s derivative financial instrument, an interest rate cap, as well as its classification on the consolidated balance sheets at September 30, 2017 and December 31, 2016 : Asset Derivatives Liability Derivatives September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 5,204 N/A $ — — $ — N/A $ —

Operating Expense Limitation

Operating Expense Limitation	9 Months Ended
	Sep. 30, 2017
Other Income and Expenses [Abstract]
Operating Expense Limitation	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. Operating expenses for the four fiscal quarters ended September 30, 2017 exceeded the charter imposed limitation; however, the conflicts committee determined that the relationship of the Company's operating expenses to its average invested assets was justified for these periods given the costs of operating a public company and the early stage of the Company's operations.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On October 30, 2017 , the Company's board of directors declared cash distributions on the outstanding shares of all classes of the Company's common stock based on daily record dates from October 31, 2017 through December 28, 2017 , which distributions the Company expects to pay on November 30, 2017 and December 29, 2017 , respectively. Distributions for these periods have been or will be calculated based on stockholders of record each day during these periods at a rate of (i) $0.001434521 per share per day less (ii) the applicable daily distribution and shareholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business of each respective record date. The Company has evaluated subsequent events through the filing of these financial statements and determined no events have occurred, other than those discussed above that would require adjustments to or additional disclosure in the consolidated financial statements.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in conformity with GAAP.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary 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 11 Alexandria, VA RRE Bay Club Holdings, LLC 220 Jacksonville, FL 231 All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates
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 3.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Lease intangibles Weighted average remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred.
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. There were no impairment losses recorded on long lived assets during the three and nine months ended September 30, 2017 and 2016 .
Loans Held for Investment	Loans Held for Investment The Company records acquired real estate loans at cost and reviews them for potential impairment at each balance sheet date. A loan receivable is considered impaired when it becomes probable, based on current information, that the Company will be unable to collect all amounts due according to the loan’s contractual terms. The amount of impairment, if any, is measured by comparing the recorded amount of the loan to the present value of the expected cash flows or the fair value of the collateral. If a loan is deemed to be impaired, the Company will record a reserve for loan losses through a charge to income for any shortfall. Failure to recognize impairment would result in the overstatement of the carrying values of the Company’s real estate loans receivable and an overstatement of the Company’s net income. The Company may acquire real estate loans at a discount due to credit quality. Revenues from these loans are recorded under the effective interest method. Under this method an effective interest rate ("EIR") is applied to the cost basis of the real estate loan receivable. The EIR that is calculated when the real estate loan is acquired remains constant and is the basis for subsequent impairment testing and income recognition. If the amount and timing of future cash collections are not reasonably estimable, the Company accounts for the real estate loan receivable on the cost recovery method. Under the cost recovery method of accounting, no income is recognized until the basis of the real estate loan receivable has been fully recovered. Interest income from loans receivable will be recognized based on the contractual terms of the debt instrument. Fees related to any buydown of the interest rate will be deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income. Closing costs related to the purchase of a loan receivable will be amortized over the term of the loan and accreted as an adjustment against interest income.
Allocation of Purchase Price of Acquired Assets	Allocation of Purchase Price of Acquired Assets 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 expected to be made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered by management in its 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, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, management also 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 initial term of the respective 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. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period. 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. These estimates are subject to change until all information is finalized, which is generally within one year of the acquisition date.
Revenue Recognition	Revenue Recognition The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and includes amounts expected to be received in later years in deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs in the period the related expenses are incurred. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are approximately $1.8 million and $27,158 for the 12 month periods ending September 30, 2018 and 2019 , respectively, and none thereafter. Revenue is primarily derived from the rental of residential housing units, however, included within rental income is other income such as pet fees, parking fees, and late fees, as well as property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs. The Company records the ancillary charges in the period in which they are earned or received and records the reimbursements in the period in which the related expenses are incurred. Total other income included within rental income was $35,162 and $0 for the three months ended September 30, 2017 and 2016 , respectively. Total other income included within rental income was $42,957 and $0 for the nine months ended September 30, 2017 and 2016 , respectively.
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, the condition of the general economy and the industry as a whole. The Company writes off receivables when they become uncollectible. At September 30, 2017 and December 31, 2016 , there were no allowances for uncollectible receivables.
Income Taxes	Income Taxes The Company intends to elect and qualify to be taxed as a REIT, commencing with its taxable year ending December 31, 2017. Accordingly, once qualified 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 taxable REIT subsidiaries ("TRSs"). 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 September 30, 2017 , the Company did not have 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.
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. 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. In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 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 and dealer manager fees) of the Company are initially being paid by the Advisor on behalf of the Company. Pursuant to the advisory agreement between the Company and the Advisor, the Company is 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 if the Company raises less than $500 million in the primary portion of the initial public offering and 2.5% of gross offering proceeds as of the termination of the initial public offering if the Company raises $500 million or more in the primary portion of the initial public offering. Through September 30, 2017 , the Company has charged $501,303 to equity for the payment of offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal, printing and similar costs. At September 30, 2017 , the Advisor has advanced approximately $5.4 million of these costs on behalf of the Company, of which approximately $4.9 million has been deferred at September 30, 2017 . A portion of deferred offering costs will be charged to equity upon the sale of each share of common stock sold under the public offering. Such deferred costs will only become a liability of the Advisor to the extent that organization and offering costs incurred by us exceed 4% of the gross proceeds of the initial public offering. However, if the Company raises the maximum offering amount in the primary offering, organization and offering expenses (excluding selling commissions, the dealer manager fee and the distribution and stockholder servicing fee) are estimated to be approximately 1.0% of the gross proceeds of the initial public offering. When recorded by the Company, organization costs are expensed as incurred, which include all expenses incurred by the Company in connection with its formation, including but not limited to legal fees and other costs to incorporate. There can be no assurance that the Company's plans to raise capital will be successful. Prior to the Company breaking escrow, the Advisor incurred $104,266 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 are subject to a 1% annual distribution and shareholder servicing fee for five years from the date on which such shares were issued. The Company will cease paying the distribution and shareholder servicing fee on each Class T share prior to the fifth anniversary of its issuance on the earliest of the following, should any of these events occur: (i) the date at which, in the aggregate, underwriting compensation from all sources equals 10% of the gross proceeds from the Company's primary offering (i.e., excluding proceeds from sales pursuant to the DRIP); (ii) the date on which the Company lists its common stock on a national securities exchange; and (iii) the date of a merger or other extraordinary transaction in which the Company is a party and in which the common stock is exchanged for cash or other securities. The Company cannot predict if or when any of these events will occur. Outstanding Class R shares issued in the Company's primary offering are also subject to a 1% annual distribution and shareholder servicing fee. The Company will cease paying the distribution and shareholder servicing fee with respect to Class R shares held in any particular account, and those Class R shares will convert into a number of Class I shares determined by multiplying each Class R share to be converted by the applicable "Conversion Rate," on the earlier of (i) the date after the termination of the primary offering at which, in the aggregate, underwriting compensation from all sources equals 10% of the gross proceeds from its primary offering; (ii) a listing of the Class I shares on a national securities exchange; (iii) a merger or consolidation of the company with or into another entity, or the sale or other disposition of all or substantially all of its assets; and (iv) the end of the month in which the total underwriting compensation (which consists of selling commissions, dealer manager fees and distribution and shareholder servicing fees) paid with respect to such Class R shares purchased in a primary offering is not less than 8.5% (or a lower limit, provided that, in the case of a lower limit, the agreement between the Resource Securities and the broker-dealer in effect at the time Class R shares were first issued to such account sets forth the lower limit and Resource Securities advises the Company's transfer agent of the lower limit in writing) of the gross offering price of those Class R shares purchased in such primary offering (excluding shares purchased through its distribution reinvestment plan). The Company records 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 are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or adjusted if the fees are no longer payable pursuant to the conditions described above. For issued Class T shares, the Company has accrued an estimate of the total distribution and shareholder servicing fee of $497,173 for the full five year period at September 30, 2017 based on a total of 5% of the gross proceeds from all Class T shares sold, of which the Company paid $40,491 cumulatively through September 30, 2017 . For issued Class R shares, the Company has accrued an estimate of the total distribution and shareholder servicing fee of $176,075 at September 30, 2017 based on a total of 3% of the gross proceeds from all Class R shares sold, of which the Company paid $713 cumulatively through September 30, 2017 . The remaining payable of $632,044 is included in due to related parties on the consolidated balance sheets.
Reclassifications	Reclassifications Certain amounts in the prior year financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net loss.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In November 2016, FASB issued Accounting Standards Update ("ASU") No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," which provides guidance on the classification of restricted cash in the statement of cash flows. On July 1, 2017, the Company adopted ASU No. 2016-18 and the adoption of ASU No. 2016-18 did not have a material effect on its consolidated financial statements and disclosures. Accounting Standards Issued But Not Yet Effective In May 2014, FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers", which will replace most existing revenue recognition guidance in GAAP. The core principle of ASU No. 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU No. 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU No. 2014-09 will be effective for the Company beginning January 1, 2018, including interim periods in 2018, and allows for both retrospective and prospective methods of adoption. In accordance with the Company’s plan for the adoption of ASU 2014-09, the Company has identified revenue streams and is performing an in-depth review to identify the related performance obligations and to evaluate the impact on the Company’s consolidated financial statements and internal accounting processes and controls. As the majority of the Company’s revenue is derived from lease contracts, the Company does not expect that the adoption of ASU 2014-09 or related amendments and modifications issued by the FASB will have a material impact on its consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, "Leases", which is intended to improve financial reporting about leasing transactions and requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. In September 2017, the FASB issued ASU 2017-13, "Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842)", which provides additional implementation guidance on the previously issued ASU No. 2016-02 Leases (Topic 842). ASU No. 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is continuing to evaluate this guidance, however, the Company expects that its operating leases where it is the lessor will be accounted for on its balance sheet similar to its current accounting with the underlying leased asset recognized as real estate. The Company expects that executory costs and certain other non-lease components will need to be accounted for separately from the lease component of the lease with the lease component continuing to be recognized on a straight-line basis over the lease term and the executory costs and certain other non-lease components being accounted for under the new revenue recognition guidance in ASU 2014-09. For leases in which the Company is the lessee, primarily consisting of office equipment leases, the Company expects to recognize a right-of-use asset and a lease liability equal to the present value of the minimum lease payments with rental payments being applied to the lease liability and to interest expense and the right-of-use asset being amortized to expense on a straight-line basis over the term of the lease. In June 2016, FASB issued ASU No. 2016-03 "Financial Instruments - Credit Losses", which requires measurement and recognition of expected credit losses for financial assets held. The standard update is effective for the Company beginning January 1, 2019. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2016-03 to have a significant impact on its consolidated financial statements. In August 2016, FASB issued ASU No. 2016-15 "Classification of Certain Cash Receipts and Cash Payments", which addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. The guidance is effective for the Company as of January 1, 2018. Early application is permitted. The adoption of the new requirements is not expected to have a material impact on the Company's consolidated statement of cash flows. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 850): Clarifying the Definition of Business," which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. ASU No. 2017-01 is effective for the Company beginning January 1, 2018 but early adoption is allowed. The Company is currently evaluating the impact the adoption of ASU No. 2017-01 may have on its consolidated financial statements. 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. ASU No. 2017-04 will be effective for the Company beginning December 15, 2019. Early application is permitted. The Company is evaluating this guidance and assessing the impact of this guidance on its consolidated financial statements. In August 2017, FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The update to the standard is effective for the Company on January 1, 2019, with early adoption permitted in any interim period. The Company is continuing to evaluate this guidance and assessing the impact of this guidance on its consolidated financial statements.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Schedule of Subsidiaries	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary 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 11 Alexandria, VA RRE Bay Club Holdings, LLC 220 Jacksonville, FL 231
Estimated Useful Life of Assets	The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 3.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Lease intangibles Weighted average remaining term of related lease

Supplemental Cash Flow Inform24

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information: Nine Months Ended September 30, 2017 2016 Non-cash operating, financing and investing activities: Offering costs payable $ 2,474,799 $ 2,324,925 Cash distributions on common stock declared but not yet paid 91,561 — Stock issued from distribution reinvestment plan 115,774 — Stock dividend issued 251,567 — Subscriptions receivable 676,851 — Exchange of common stock for convertible stock — 500 Deferred financing costs and escrow deposits funded directly by mortgage notes payable 454,918 — Non-cash activity related to acquisitions: Mortgage notes payable used to acquire real property 21,520,000 — Cash paid during the year for: Interest $ 92,819 $ —

Restricted Cash (Tables)

Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2017
Cash and Cash Equivalents [Abstract]
Schedule of Restricted Cash	The following table presents a summary of the components of the Company's restricted cash: September 30, 2017 December 31, 2016 Real Estate Taxes $ 226,529 $ 7,733 Insurance 67,031 — Capital Improvements 133,556 — Total $ 427,116 $ 7,733

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Summary of Acquisitions and Fair Value Assigned	The following table presents the Company's wholly-owned acquisition during the three and nine months ended September 30, 2017 and the respective fair values assigned: Fair Value Assigned Multifamily Community Name City and State Date of Acquisition Contractual Purchase Price (1) Land Building and Improvements Furniture, Fixtures and Equipment Intangible Assets Other Liabilities Bay Club Jacksonville, Florida 7/31/2017 $ 28,300,000 $ 3,321,081 $ 23,879,553 $ 376,064 $ 723,302 $ (232,980 ) (1) Contractual purchase price excludes closing costs, acquisition expenses, and other immaterial settlement date adjustments and pro-rations.
Schedule of Business Acquisitions	The following table presents the total revenues, net loss, and acquisition costs of Bay Club, the Company's wholly-owned acquisition during the three and nine months ended September 30, 2017 : Three months ended September 30, 2017 Nine Months Ended September 30, 2017 Total Revenues $ 489,521 $ 489,521 Net Loss (707,429 ) (707,429 ) Acquisition Costs 211,080 294,313 Acquisition Fee 612,331 612,331

Rental Properties, Net (Tables)

Rental Properties, Net (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Summary of Investment in Rental Property	The following table presents the Company's investment in rental properties: September 30, 2017 December 31, 2016 Land $ 4,740,979 $ 1,419,898 Building and improvements 24,901,228 1,018,051 Furniture, fixtures, and equipment 227,243 21,317 Construction in progress 4,365 — 29,873,815 2,459,266 Less: accumulated depreciation (218,877 ) (13,431 ) Total rental property, net $ 29,654,938 $ 2,445,835

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table presents a summary of the Company's mortgage notes payable, net at September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 Collateral Outstanding Borrowings Deferred Financing Costs, net Carrying Value Outstanding borrowings Deferred Financing Costs, net Carrying Value Payne Place $ 1,602,909 $ (32,860 ) $ 1,570,049 $ 1,625,000 $ (34,166 ) $ 1,590,834 Bay Club 21,520,000 (320,201 ) 21,199,799 — — — Total $ 23,122,909 $ (353,061 ) $ 22,769,848 $ 1,625,000 $ (34,166 ) $ 1,590,834 The following table presents additional information about the Company's mortgage notes payable, net: Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Payne Place 1/1/2047 3.11% (1)(4) $ 6,948 $ 1,933 Bay Club 8/1/2024 3.10% (2)(3) 56,479 40,667 (1) Fixed rate. (2) Variable rate based on one-month LIBOR plus 1.87% , with a maximum interest rate of 5.75% . (3) Monthly interest-only payment currently required. (4) RAI co-guarantees this loan with the Company. See Note 9 for more details.
Schedule of Maturities of Long-term Debt	The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five 12-month periods ending September 30, and thereafter: 2018 $ 34,006 2019 70,044 2020 474,335 2021 491,320 2022 506,982 Thereafter 21,546,222 $ 23,122,909
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five 12-month periods ending September 30, and thereafter: 2018 $ 49,998 2019 49,956 2020 49,517 2021 48,346 2022 47,271 Thereafter 107,973 $ 353,061

Certain Relationships and Rel29

Certain Relationships and Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents the Company's amounts receivable from and amounts payable to such related parties: September 30, 2017 December 31, 2016 Due from related parties: Advisor $ 3,086 $ 1,041 RAI and affiliate - insurance funds held in escrow 1,467 1,311 $ 4,553 $ 2,352 Due to related parties: Advisor: Acquisition related reimbursements $ 6,533 $ 14,050 Asset management fees — 2 Organization and offering costs 5,382,494 2,848,317 Operating expense reimbursements (including prepaid expenses) 1,517,776 682,661 $ 6,906,803 $ 3,545,030 Manager: Property management fees $ 10,946 $ — Operating expense reimbursements 8,514 — $ 19,460 $ — RAI: Internal audit fee $ 750 $ 8,250 Operating expense reimbursements 1,372 — $ 2,122 $ 8,250 Resource Securities: Selling commissions and dealer-manager fees $ 34,477 $ 10,363 Distribution and shareholder servicing fee 632,044 53,015 $ 666,521 $ 63,378 Other: $ — $ 55 $ 7,594,906 $ 3,616,713 The following table presents the Company's fees earned by and expenses incurred from such related parties: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Fees earned / expenses incurred: Advisor: Acquisition fees and acquisition related reimbursements (1) $ 641,193 $ 51,505 $ 641,193 $ 51,505 Asset management fees (2) 60,396 3,110 73,853 3,110 Debt financing fees (3) 107,600 2,775 107,600 2,775 Interest expense (4) — 2,337 — 2,337 Organization and offering costs (5) 676,441 999,096 2,534,177 2,286,011 Operating expense reimbursement (6) 173,729 210,351 487,934 210,351 Manager: Property management fees (2) $ 22,542 $ — $ 22,542 $ — Construction management fees (7) 336 — 336 — RAI: Internal audit fees (6) $ 3,500 $ — $ 9,750 $ — Resource Securities: Selling commissions and dealer-manager fees (8) $ 325,954 $ 32,700 $ 961,987 $ 32,700 Distribution and shareholder servicing fee (8) 176,075 5,200 619,546 5,200 Other: The Planning & Zoning Resource Company (1) $ 1,079 $ 1,495 $ 1,079 $ 1,495 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive loss. (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) Included in Interest expense on the consolidated statements of operations and comprehensive loss. (5) Organizational expenses were expensed when incurred and offering costs are included in Deferred offering costs and Stockholders' equity on the consolidated balance sheets. (6) 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. (7) Included in Rental properties, net on the consolidated balance sheets. (8) Included in Stockholders' equity on the consolidated balance sheets. The following table summarizes the differences in fees and selling commissions between the classes of common stock: Class A Share Class T Share Class R Share Class I Share Initial Offering Price $10.00 $9.47 $9.52 $9.13 Selling Commissions Paid by Company (per shares) 7.0% 2.0% 3.0% (1) None Dealer Manager Fee (per share) 3.0% 3.0% 3.5% (1) 1.5% Annual Distributions and Shareholder Servicing Fee None 1.0% (2) 1.0% (3) None Initial Offering Price Under the DRIP $9.60 $9.09 $9.14 $8.90 (1) The aggregate amount paid to Resource Securities for selling commissions and dealer manager fees shall not exceed 5.5% of gross offering proceeds. (2) Each outstanding Class T share issued in the primary offering is subject to an annual distribution and shareholder servicing fee for five years from the date on which such share is issued. The Company will cease paying the distribution and shareholder servicing fee on each Class T share prior to the fifth anniversary of its issuance on the earliest of the following, should any of these events occur: (i) the date at which, in the aggregate, underwriting compensation from all sources equals 10% of the gross proceeds from the Company's primary offering (i.e., excluding proceeds from sales pursuant to the DRIP); (ii) the date on which the Company lists its common stock on a national securities exchange; and (iii) the date of a merger or other extraordinary transaction in which the Company is a party and in which the common stock is exchanged for cash or other securities. The Company cannot predict if or when any of these events will occur. (3) The Company will cease paying the distribution and shareholder servicing fee with respect to Class R shares held in any particular account, and those Class R shares will convert into a number of Class I shares determined by multiplying each Class R share to be converted by the applicable "Conversion Rate," on the earlier of (i) the date after the termination of the primary offering at which, in the aggregate, underwriting compensation from all sources equals 10.0% of the gross proceeds from the primary offering; (ii) a listing of the Class I shares on a national securities exchange; (iii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iv) the end of the month in which the total underwriting compensation (which consists of selling commissions, dealer manager fees and distribution and shareholder servicing fees) paid with respect to such Class R shares purchased in a primary offering is not less than 8.5% (or a lower limit, provided that, in the case of a lower limit, the agreement between Resource Securities and the broker-dealer in effect at the time Class R shares were first issued to such account sets forth the lower limit and Resource Securities advises the Company’s transfer agent of the lower limit in writing) of the gross offering price of those Class R shares purchased in such primary offering (excluding shares purchased through the distribution reinvestment plan). The Company cannot predict if or when any of these events will occur.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of the Company's basic and diluted earnings per share for the periods presented: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Net loss $ (1,602,783 ) $ (431,091 ) $ (2,251,780 ) $ (457,549 ) Less: Class A common stock cash distributions declared 81,555 — 119,955 — Less: Class T common stock cash distributions declared 115,789 — 142,039 — Less: Class R common stock cash distributions declared 35,094 — 35,094 — Less: Class I common stock cash distributions declared 3,453 — 3,453 — Undistributed net loss attributable to common stockholders $ (1,838,674 ) $ (431,091 ) $ (2,552,321 ) $ (457,549 ) Class A common stock: Undistributed net loss attributable to Class A common stockholders $ (606,418 ) $ (428,286 ) $ (1,072,505 ) $ (455,028 ) Class A common stock cash distributions declared 81,555 — 119,955 — Net loss attributable to Class A common stockholders $ (524,863 ) $ (428,286 ) $ (952,550 ) $ (455,028 ) Net loss per Class A common share, basic and diluted $ (0.85 ) $ (1.72 ) $ (1.76 ) $ (4.60 ) Weighted-average number of Class A common shares outstanding, basic and diluted 616,733 249,051 540,022 98,905 Class T common stock: Undistributed net loss attributable to Class T common stockholders $ (1,050,879 ) $ (2,805 ) $ (1,356,356 ) $ (2,521 ) Class T common stock cash distributions declared 115,789 — 142,039 — Net loss attributable to Class T common stockholders $ (935,090 ) $ (2,805 ) $ (1,214,317 ) $ (2,521 ) Net loss per Class T common share, basic and diluted $ (0.87 ) $ (1.72 ) $ (1.78 ) $ (4.60 ) Weighted-average number of Class T common shares outstanding, basic and diluted 1,068,753 1,631 682,945 548 Class R common stock: Undistributed net loss attributable to Class R common stockholders $ (165,126 ) $ — $ (112,398 ) $ — Class R common stock cash distributions declared 35,094 — 35,094 — Net loss attributable to Class R common stockholders $ (130,032 ) $ — $ (77,304 ) — $ — Net loss per Class R common share, basic and diluted $ (0.77 ) $ — $ (1.37 ) $ — Weighted-average number of Class R common shares outstanding, basic and diluted 167,935 — 56,594 — Class I common stock: Undistributed net loss attributable to Class I common stockholders $ (16,251 ) $ — $ (11,062 ) $ — Class I common stock cash distributions declared 3,453 — 3,453 — Net loss attributable to Class I common stockholders $ (12,798 ) $ — $ (7,609 ) $ — Net loss per Class I common share, basic and diluted $ (0.77 ) $ — $ (1.37 ) $ — Weighted-average number of Class I common shares outstanding, basic and diluted 16,527 — 5,570 —

Equity Equity (Tables)

Equity Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of Stock Issuances	At September 30, 2017 , there were 618,569 shares of Class A common stock, 1,073,229 shares of Class T common stock, 617,186 shares of Class R common stock and 28,602 shares of Class I common stock issued and outstanding as follows: 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 $ 5,601,476 1,049,996 $ 9,943,465 616,508 $ 5,869,158 28,557 $ 260,000 Shares issued through stock dividends 12,860 — 15,495 — — — — — Shares issued through distribution reinvestment plan 4,502 43,216 7,738 70,333 678 6,198 45 407 Shares issued in conjunction with the Advisor's initial investment, net of 5,000 share conversion 15,000 200,000 — — — — — — Total at September 30, 2017 618,569 $ 5,844,692 1,073,229 $ 10,013,798 617,186 $ 5,875,356 28,602 $ 260,407 (1) Includes 222,222 of Class A shares issued to the Advisor
Dividends Declared	The following tables present information regarding the Company's distributions declared and paid to stockholders during the three and nine ended September 30, 2017 : Three Months Ended September 30, 2017 Class A Class T Class R Class I Total Distributions declared $ 81,555 $ 115,789 $ 35,094 $ 3,453 $ 235,891 Distributions reinvested in shares of common stock paid $ 23,836 $ 53,027 $ 6,198 $ 407 $ 83,468 Cash distributions paid 39,686 30,906 7,399 1,733 79,724 Total distributions paid $ 63,522 $ 83,933 $ 13,597 $ 2,140 $ 163,192 Nine Months Ended September 30, 2017 Class A Class T Class R Class I Total Distributions declared $ 119,955 $ 142,039 $ 35,094 $ 3,453 $ 300,541 Distributions reinvested in shares of common stock paid $ 39,923 $ 69,246 $ 6,198 $ 407 115,774 Cash distributions paid 72,248 37,000 7,399 1,733 118,380 Total distributions paid $ 112,171 $ 106,246 $ 13,597 $ 2,140 $ 234,154

Fair Value Measures and Discl32

Fair Value Measures and Disclosures (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Level 1 Level 2 Level 3 Total September 30, 2017 Assets: Interest rate caps $ — $ 5,204 $ — $ 5,204 December 31, 2016 Assets: Interest rate caps $ — $ — $ — $ —
Fair Value, by Balance Sheet Grouping	he carrying and fair values of the Company’s mortgage notes payable - outstanding borrowings, which was not carried at fair value on the consolidated balance sheets at September 30, 2017 and December 31, 2016 , were as follows: September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage notes payable - outstanding borrowings $ 23,122,909 $ 21,335,161 $ 1,625,000 $ 1,625,000

Derivatives and Hedging Activ33

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	At September 30, 2017 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates Interest rate cap 1 $ 21,520,000 August 1, 2020
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table presents the fair value of the Company’s derivative financial instrument, an interest rate cap, as well as its classification on the consolidated balance sheets at September 30, 2017 and December 31, 2016 : Asset Derivatives Liability Derivatives September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 5,204 N/A $ — — $ — N/A $ —

Nature of Business and Operat34

Nature of Business and Operations (Details)	Aug. 05, 2016shares	Jun. 29, 2016USD ($)shares	Aug. 10, 2015USD ($)shares	Sep. 30, 2017USD ($)property$ / sharesshares	Jul. 03, 2017$ / shares	Sep. 30, 2016USD ($)
Class of Stock [Line Items]
Value of shares of common stock offered				$ 1,100,000,000
Percentage of the new primary offering price				96.00%
Consideration received on to date				$ 21,900,000
Gross offering proceeds threshold for commencement of operations		$ 2,000,000
Subscriptions receivable				676,851		$ 0
Issuance of common stock				$ 17,164,473
Number of properties owned | property				2
Alexandria, Virginia and Jacksonville, Florida
Class of Stock [Line Items]
Number of properties owned | property				2
Advisor
Class of Stock [Line Items]
Issuance of common stock			$ 200,000
Issuance of stock (in shares) | shares			20,000
Common stock exchanged (in shares) | shares	5,000
Class A common stock
Class of Stock [Line Items]
Number of shares issued in transaction to date | shares				601,206.55
Class A common stock | Resource America, Inc.
Class of Stock [Line Items]
Issuance of common stock		$ 2,000,000
Issuance of stock (in shares) | shares		222,222
Class A common stock | PENNSYLVANIA
Class of Stock [Line Items]
Subscriptions receivable				$ 50,000,000
Class T common stock
Class of Stock [Line Items]
Number of shares issued in transaction to date | shares				1,049,996.30
Class R Common Stock
Class of Stock [Line Items]
Number of shares issued in transaction to date | shares				616,508.19
Class I Common Stock
Class of Stock [Line Items]
Number of shares issued in transaction to date | shares				28,556.65
Convertible Common Stock | Advisor
Class of Stock [Line Items]
Issuance of stock (in shares) | shares	50,000
Initial public offering
Class of Stock [Line Items]
Value of shares of common stock offered				$ 1,000,000,000
Initial public offering | Class A common stock
Class of Stock [Line Items]
Common stock, initial offering price (in dollars per share) | $ / shares				$ 10
Initial public offering | Class T common stock
Class of Stock [Line Items]
Common stock, initial offering price (in dollars per share) | $ / shares				9.47
Initial public offering | Class R Common Stock
Class of Stock [Line Items]
Common stock, initial offering price (in dollars per share) | $ / shares				9.52	$ 9.52
Initial public offering | Class I Common Stock
Class of Stock [Line Items]
Common stock, initial offering price (in dollars per share) | $ / shares				$ 9.13	$ 9.13
Distribution reinvestment plan
Class of Stock [Line Items]
Value of shares of common stock offered				$ 100,000,000
Distribution reinvestment plan | Class A common stock
Class of Stock [Line Items]
Common stock, initial offering price (in dollars per share) | $ / shares				$ 9.60
Distribution reinvestment plan | Class T common stock
Class of Stock [Line Items]
Common stock, initial offering price (in dollars per share) | $ / shares				9.09
Distribution reinvestment plan | Class R Common Stock
Class of Stock [Line Items]
Common stock, initial offering price (in dollars per share) | $ / shares				9.14
Distribution reinvestment plan | Class I Common Stock
Class of Stock [Line Items]
Common stock, initial offering price (in dollars per share) | $ / shares				$ 8.90

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Details)	Jun. 29, 2016USD ($)	Sep. 30, 2017USD ($)unit	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)unit	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Property, Plant and Equipment [Line Items]
Number of Units | unit		231		231
Improvements and replacements in excess of threshold, capitalized amount		$ 1,000		$ 1,000
Improvements and replacements, useful life greater than or equal to one year, capitalization threshold (in years)				1 year
Construction management fee (as a percentage)				5.00%
Impairment of long-lived assets		0	$ 0	$ 0	$ 0
Future minimum payments receivable, current		1,800,000		1,800,000
Future minimum payments receivable, in two years		27,158		27,158
Future minimum payments receivable, thereafter		0		0
Other income		0	0	1,500	0
Allowance for uncollectible receivables		0		0		$ 0
Offering costs charged to APIC, accumulated		501,303		501,303
Due to related parties		7,594,906		7,594,906		3,616,713
Resource Securities
Property, Plant and Equipment [Line Items]
Due to related parties		666,521		666,521		63,378
Advisor
Property, Plant and Equipment [Line Items]
Cumulative advances from related party		5,400,000		5,400,000
Deferred cash or noncash				4,900,000
Formation and other operating expenses	$ 104,266			104,266
Due to related parties		6,906,803		6,906,803		3,545,030
Distribution and shareholder servicing fee | Resource Securities
Property, Plant and Equipment [Line Items]
Accrued estimate of distribution and shareholder servicing fee		176,075	5,200	619,546	5,200
Due to related parties		632,044		632,044		$ 53,015
Rental Income
Property, Plant and Equipment [Line Items]
Other income		$ 35,162	$ 0	$ 42,957	$ 0
Class T common stock
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold				1.00%
Annual distribution and shareholder servicing fee, term				5 years
Triggering event to cease payment, percentage of gross proceeds		10.00%		10.00%
Class T common stock | Resource Securities
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold				1.00%
Class T common stock | Distribution and shareholder servicing fee | Resource Securities
Property, Plant and Equipment [Line Items]
Accrued estimate of distribution and shareholder servicing fee				$ 497,173
Percentage of shares sold				5.00%
Payment of distribution and shareholder service fee				$ 40,491
Class R Common Stock
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold				1.00%
Triggering event to cease payment, percentage of gross proceeds		10.00%		10.00%
Underwriting compensation as percentage of Class R gross offering price (as a percentage)				8.50%
Class R Common Stock | Resource Securities
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold				1.00%
Triggering event to cease payment, percentage of gross proceeds		10.00%		10.00%
Underwriting compensation as percentage of Class R gross offering price (as a percentage)				8.50%
Class R Common Stock | Distribution and shareholder servicing fee | Resource Securities
Property, Plant and Equipment [Line Items]
Accrued estimate of distribution and shareholder servicing fee				$ 176,075
Percentage of shares sold				3.00%
Payment of distribution and shareholder service fee				$ 713
Advisor
Property, Plant and Equipment [Line Items]
Cumulative advances from related party		$ 5,400,000		$ 5,400,000
Initial public offering | Advisor
Property, Plant and Equipment [Line Items]
Approximate reimbursement of organization and offering expenses to be reimbursed, option one				4.00%
Offering proceeds, threshold, option one (less than)				$ 500,000,000
Approximate reimbursement of organization and offering expenses to be reimbursed, option two				2.50%
Offering proceeds, threshold, option two (more than)				$ 500,000,000
Initial public offering and DRIP | Advisor
Property, Plant and Equipment [Line Items]
Approximate reimbursement of organization and offering expenses to be reimbursed, option two				1.00%
Minimum
Property, Plant and Equipment [Line Items]
Remaining term of lease				1 month
Maximum
Property, Plant and Equipment [Line Items]
Remaining term of lease				1 year
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)				3 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
RRE Payne Place Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units | unit		11		11
RRE Bay Club Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units | unit		220		220

Supplemental Cash Flow Inform36

Supplemental Cash Flow Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Non-cash operating, financing and investing activities:
Offering costs payable	$ (2,474,799)	$ (2,324,925)
Cash distributions on common stock declared but not yet paid	91,561	0	$ 25,174
Stock issued from distribution reinvestment plan	115,774	0
Stock dividend issued	251,567	0
Subscriptions receivable	676,851	0
Exchange of common stock for convertible stock	0	500
Deferred financing costs and escrow deposits funded directly by mortgage notes payable	454,918	0
Mortgage notes payable used to acquire real property	21,520,000	0
Interest	$ 92,819	$ 0

Restricted Cash - Schedule of R

Restricted Cash - Schedule of Restricted Cash (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 427,116	$ 7,733
Real Estate Taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	226,529	7,733
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	67,031	0
Capital Improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 133,556	$ 0

Restricted Cash - Narrative (De

Restricted Cash - Narrative (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Unrestricted cash designated for capital expenditures	$ 1,960,000	$ 84,702

Acquisitions - Summary and Narr

Acquisitions - Summary and Narrative (Details)	9 Months Ended
	Sep. 30, 2017USD ($)property	Jul. 31, 2017ft²property
Business Acquisition [Line Items]
Number of properties owned | property	2
Bay Club | Jacksonville, Florida
Business Acquisition [Line Items]
Number of properties owned | property		220
Area of land (in square footage) | ft²		223,568
Percentage of area leased	96.00%
Contractual Purchase Price	$ 28,300,000
Land	3,321,081
Building and Improvements	23,879,553
Furniture, Fixtures and Equipment	376,064
Intangible Assets	723,302
Other Liabilities	$ (232,980)

Acquisitions - Schedule of Tota

Acquisitions - Schedule of Total Revenues, Losses, and Acquisition Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition [Line Items]
Acquisition Costs	$ 823,411	$ 112,711	$ 906,644	$ 112,711
Bay Club
Business Acquisition [Line Items]
Total Revenues	489,521		489,521
Net Loss	(707,429)		(707,429)
Acquisition Costs	211,080		294,313
Acquisition Fee	$ 612,331		$ 612,331

Rental Properties, Net (Details

Rental Properties, Net (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 4,740,979		$ 4,740,979		$ 1,419,898
Building and improvements	24,901,228		24,901,228		1,018,051
Furniture, fixtures, and equipment	227,243		227,243		21,317
Construction in progress	4,365		4,365		0
Rental property, at cost	29,873,815		29,873,815		2,459,266
Less: accumulated depreciation	(218,877)		(218,877)		(13,431)
Total rental property, net	29,654,938		29,654,938		$ 2,445,835
Depreciation expense	184,618	$ 3,288	205,446	$ 3,288
Loss on disposal of assets	$ 185,114	$ 0	$ 185,114	$ 0

Identified Intangible Assets,42

Identified Intangible Assets, Net (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 160,734	$ 7,088	$ 188,604	$ 7,088
In-place leases
Finite-Lived Intangible Assets [Line Items]
Value of in-place leases, net of accumulated amortization	562,568		562,568		$ 27,870
Accumulated amortization	$ 210,675		$ 210,675		$ 22,071
Weighted average remaining life of rental leases			7 months

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary of Mortgage Notes Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Jul. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding Borrowings	$ 23,122,909
Deferred Financing Costs, net	(353,061)		$ (34,166)
Mortgages
Debt Instrument [Line Items]
Outstanding Borrowings	23,122,909		1,625,000
Deferred Financing Costs, net	(353,061)		(34,166)
Carrying Value	22,769,848		1,590,834
Mortgages | Payne Place
Debt Instrument [Line Items]
Outstanding Borrowings	1,602,909		1,625,000
Deferred Financing Costs, net	(32,860)		(34,166)
Carrying Value	$ 1,570,049		1,590,834
Annual Interest Rate	3.11%
Average Monthly Debt Service	$ 6,948
Average Monthly Escrow	1,933
Mortgages | Bay Club
Debt Instrument [Line Items]
Outstanding Borrowings	21,520,000	$ 21,500,000	0
Deferred Financing Costs, net	(320,201)		0
Carrying Value	$ 21,199,799		$ 0
Annual Interest Rate	3.10%
Average Monthly Debt Service	$ 56,479
Average Monthly Escrow	$ 40,667
Mortgages | Bay Club | Maximum
Debt Instrument [Line Items]
Effective rate	5.75%
Mortgages | Bay Club | LIBOR
Debt Instrument [Line Items]
Interest rate	1.87%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($)	Jul. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding borrowings		$ 23,122,909		$ 23,122,909
Amortization of deferred financing costs				5,390	$ 651
Accumulated amortization of deferred financing costs		5,390		5,390		$ 2,775
Interest Expense
Debt Instrument [Line Items]
Amortization of deferred financing costs		4,572	$ 651	5,390	$ 651
Mortgages
Debt Instrument [Line Items]
Outstanding borrowings		23,122,909		23,122,909		1,625,000
Mortgages | Bay Club
Debt Instrument [Line Items]
Outstanding borrowings	$ 21,500,000	$ 21,520,000		$ 21,520,000		$ 0
Debt term (in years)	7 years
Periodic interest payments, period	24 months
Periodic principal and interest payments, period	30 years
Mortgages | Bay Club | LIBOR
Debt Instrument [Line Items]
Interest rate				1.87%
Prepayment premium if loan prepayed within first five years (as a percentage)	1.00%
Mortgages | Bay Club | Maximum
Debt Instrument [Line Items]
Effective rate		5.75%		5.75%

Mortgage Notes Payable - Annual

Mortgage Notes Payable - Annual Principal Payments on Mortgage Notes Payable (Details)	Sep. 30, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 34,006
2,019	70,044
2,020	474,335
2,021	491,320
2,022	506,982
Thereafter	21,546,222
Total principal payments	$ 23,122,909

Mortgage Notes Payable - Amorti

Mortgage Notes Payable - Amortization of Deferred Financing Costs (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2,018	$ 49,998
2,019	49,956
2,020	49,517
2,021	48,346
2,022	47,271
Thereafter	107,973
Deferred financing costs	$ 353,061	$ 34,166

Certain Relationships and Rel47

Certain Relationships and Related Party Transactions - Narrative (Details)	Aug. 18, 2016USD ($)	Jun. 29, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)apartment_complex	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Apr. 23, 2017USD ($)	Apr. 22, 2017USD ($)
Related Party Transaction [Line Items]
Due from related parties			$ 4,553		$ 4,553		$ 2,352
Insurance pool (up to)					2,500,000
Property loss pool, deductible amount per incident			25,000		25,000
Catastrophic insurance (up to)					250,000,000
Catastrophic insurance, deductible amount per incident			100,000		100,000
General liability pool, deductible amount per incident								$ 25,000	$ 50,000
General liability insurance, insured limit for general liability policy (up to)					$ 76,000,000
Class R Common Stock
Related Party Transaction [Line Items]
Annual fee, percentage of purchase price of common stock sold					1.00%
Underwriting compensation as percentage of Class R gross offering price (as a percentage)					8.50%
Class T common stock
Related Party Transaction [Line Items]
Annual fee, percentage of purchase price of common stock sold					1.00%
Advisor
Related Party Transaction [Line Items]
Cumulative advances from related party			5,400,000		$ 5,400,000
Term of advisory agreement					1 year
Acquisition fee					2.00%
Monthly asset management fee (as a percentage)					0.083%
Disposition fee, as a percentage of the aggregate brokerage commission paid					50.00%
Disposition fee					2.00%
Debt financing fee					0.50%
Formation and other operating expenses		$ 104,266			$ 104,266
Due from related parties			3,086		$ 3,086		1,041
Advisor | Bridge Loan
Related Party Transaction [Line Items]
Mortgage note payable, net of deferred financing costs of $33,838 and $34,166	$ 555,000
Interest expense							2,921
Advisor | Bridge Loan | LIBOR
Related Party Transaction [Line Items]
Interest rate	3.00%
Advisor | Initial public offering
Related Party Transaction [Line Items]
Approximate reimbursement of organization and offering expenses to be reimbursed, option one					4.00%
Offering proceeds, threshold, option one (less than)					$ 500,000,000
Approximate reimbursement of organization and offering expenses to be reimbursed, option two					2.50%
Manager
Related Party Transaction [Line Items]
Property management fee					4.50%
Due from related parties							$ 1,041
Construction management fee					5.00%
Debt servicing fee					2.75%
Resource Securities | Class R Common Stock
Related Party Transaction [Line Items]
Selling commission					3.00%
Dealer manager fee					3.50%
Annual fee, percentage of purchase price of common stock sold					1.00%
Underwriting compensation as percentage of Class R gross offering price (as a percentage)					8.50%
Resource Securities | Class I Common Stock
Related Party Transaction [Line Items]
Dealer manager fee					1.50%
Resource Securities | Class A common stock
Related Party Transaction [Line Items]
Selling commission					7.00%
Dealer manager fee					3.00%
Resource Securities | Class T common stock
Related Party Transaction [Line Items]
Selling commission					2.00%
Dealer manager fee					3.00%
Annual fee, percentage of purchase price of common stock sold					1.00%
Period of time to receive annual fee from the date each share is issued					5 years
Percentage of purchase price of common stock sold, total					5.00%
Resource Securities | Maximum | Class R Common Stock
Related Party Transaction [Line Items]
Selling commission					5.50%
Resource America, Inc.
Related Party Transaction [Line Items]
Payment into the insurance pools			7,172		$ 7,591
Resource America, Inc. | Internal Audit Fee
Related Party Transaction [Line Items]
Professional fees					12,500
Payment for zoning report			3,500	$ 0	$ 9,750	$ 0
Resource America, Inc. | Mortgages | Payne Place
Related Party Transaction [Line Items]
Number of apartment complexes owned | apartment_complex					5
Minimum net worth			50,000,000		$ 50,000,000
Liquidity (no less than)			5,000,000		$ 5,000,000
Aggregate portfolio leverage, percentage (no more than)					65.00%
The Planning and Zoning Resource Company | Affiliated Entity
Related Party Transaction [Line Items]
Payment for zoning report			$ 1,079

Certain Relationships and Rel48

Certain Relationships and Related Party Transactions - Differences in Fees and Selling Commissions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2017	Jul. 03, 2017
Class T common stock
Related Party Transaction [Line Items]
Annual fee, percentage of purchase price of common stock sold	1.00%
Triggering event to cease payment, percentage of gross proceeds	10.00%
Class R Common Stock
Related Party Transaction [Line Items]
Annual fee, percentage of purchase price of common stock sold	1.00%
Triggering event to cease payment, percentage of gross proceeds	10.00%
Initial public offering | Class A common stock
Related Party Transaction [Line Items]
Common stock, initial offering price (in dollars per share)	$ 10
Initial public offering | Class T common stock
Related Party Transaction [Line Items]
Common stock, initial offering price (in dollars per share)	9.47
Initial public offering | Class R Common Stock
Related Party Transaction [Line Items]
Common stock, initial offering price (in dollars per share)	9.52	$ 9.52
Initial public offering | Class I Common Stock
Related Party Transaction [Line Items]
Common stock, initial offering price (in dollars per share)	9.13	$ 9.13
Distribution reinvestment plan | Class A common stock
Related Party Transaction [Line Items]
Common stock, initial offering price (in dollars per share)	9.60
Distribution reinvestment plan | Class T common stock
Related Party Transaction [Line Items]
Common stock, initial offering price (in dollars per share)	9.09
Distribution reinvestment plan | Class R Common Stock
Related Party Transaction [Line Items]
Common stock, initial offering price (in dollars per share)	9.14
Distribution reinvestment plan | Class I Common Stock
Related Party Transaction [Line Items]
Common stock, initial offering price (in dollars per share)	$ 8.90
Resource Securities | Class A common stock
Related Party Transaction [Line Items]
Selling Commissions Paid by Company (per shares)	7.00%
Dealer Manager Fee (per share)	3.00%
Resource Securities | Class T common stock
Related Party Transaction [Line Items]
Selling Commissions Paid by Company (per shares)	2.00%
Dealer Manager Fee (per share)	3.00%
Annual fee, percentage of purchase price of common stock sold	1.00%
Resource Securities | Class R Common Stock
Related Party Transaction [Line Items]
Selling Commissions Paid by Company (per shares)	3.00%
Dealer Manager Fee (per share)	3.50%
Annual fee, percentage of purchase price of common stock sold	1.00%
Triggering event to cease payment, percentage of gross proceeds	10.00%
Resource Securities | Class I Common Stock
Related Party Transaction [Line Items]
Dealer Manager Fee (per share)	1.50%
Maximum | Resource Securities | Class R Common Stock
Related Party Transaction [Line Items]
Selling Commissions Paid by Company (per shares)	5.50%

Certain Relationships and Rel49

Certain Relationships and Related Party Transactions - Schedule of Fees Earned and Expenses Incurred (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from related parties	$ 4,553		$ 4,553		$ 2,352
Due to related parties	7,594,906		7,594,906		3,616,713
Other
Related Party Transaction [Line Items]
Due to related parties	0		0		55
Advisor
Related Party Transaction [Line Items]
Due from related parties	3,086		3,086		1,041
Due to related parties	6,906,803		6,906,803		3,545,030
Advisor | Acquisition related reimbursements
Related Party Transaction [Line Items]
Due to related parties	6,533		6,533		14,050
Fees earned / expenses incurred:	641,193	$ 51,505	641,193	$ 51,505
Advisor | Asset management fees
Related Party Transaction [Line Items]
Due to related parties	0		0		2
Fees earned / expenses incurred:	60,396	3,110	73,853	3,110
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	107,600	2,775	107,600	2,775
Advisor | Interest expense
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	0	2,337	0	2,337
Advisor | Organization and offering costs
Related Party Transaction [Line Items]
Due to related parties	5,382,494		5,382,494		2,848,317
Fees earned / expenses incurred:	676,441	999,096	2,534,177	2,286,011
Advisor | Operating expense reimbursement
Related Party Transaction [Line Items]
Due to related parties	1,517,776		1,517,776		682,661
Fees earned / expenses incurred:	173,729	210,351	487,934	210,351
RAI
Related Party Transaction [Line Items]
Due to related parties	2,122		2,122		8,250
RAI | RAI - insurance funds held in escrow
Related Party Transaction [Line Items]
Due from related parties	1,467		1,467		1,311
RAI | Internal Audit Fee
Related Party Transaction [Line Items]
Due to related parties	750		750		8,250
Fees earned / expenses incurred:	3,500	0	9,750	0
RAI | RCP Expense Reimbursements
Related Party Transaction [Line Items]
Due to related parties	1,372		1,372		0
Manager
Related Party Transaction [Line Items]
Due from related parties					1,041
Due to related parties	19,460		19,460		0
Manager | Asset management fees
Related Party Transaction [Line Items]
Due to related parties	10,946		10,946		0
Fees earned / expenses incurred:	22,542	0	22,542	0
Manager | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	336	0	336	0
Manager | Operating expense reimbursement
Related Party Transaction [Line Items]
Due to related parties	8,514		8,514		0
Resource Securities
Related Party Transaction [Line Items]
Due to related parties	666,521		666,521		63,378
Resource Securities | Selling commissions and dealer-manager fees
Related Party Transaction [Line Items]
Due to related parties	34,477		34,477		10,363
Fees earned / expenses incurred:	325,954	32,700	961,987	32,700
Resource Securities | Distribution and shareholder servicing fee
Related Party Transaction [Line Items]
Due to related parties	632,044		632,044		$ 53,015
Fees earned / expenses incurred:	$ 176,075	5,200	619,546	5,200
The Planning and Zoning Resource Company
Related Party Transaction [Line Items]
Fees earned / expenses incurred:		$ 1,495	$ 1,079	$ 1,495

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (1,602,783)	$ (431,091)	$ (2,251,780)	$ (457,549)
Undistributed net loss attributable to common stockholders	$ (1,838,674)	(431,091)	(2,552,321)	(457,549)
Common stock cash distributions declared (in shares)			$ 300,541
Incremental common shares attributable to dilutive effect of conversion of preferred stock (in shares)			0
Preferred stock, shares issued (in shares)	0		0		0
Class A common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Undistributed net loss attributable to common stockholders	$ (606,418)	(428,286)	$ (1,072,505)	(455,028)
Common stock cash distributions declared (in shares)	81,555	0	119,955	0
Net loss attributable to common stockholders	$ (524,863)	$ (428,286)	$ (952,550)	$ (455,028)
Net los per common share, basic and diluted (USD per share)	$ (0.85)	$ (1.72)	$ (1.76)	$ (4.60)
Weighted-average number of shares outstanding, basic and diluted (in shares)	616,733	249,051	540,022	98,905
Class T common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Undistributed net loss attributable to common stockholders	$ (1,050,879)	$ (2,805)	$ (1,356,356)	$ (2,521)
Common stock cash distributions declared (in shares)	115,789	0	142,039	0
Net loss attributable to common stockholders	$ (935,090)	$ (2,805)	$ (1,214,317)	$ (2,521)
Net los per common share, basic and diluted (USD per share)	$ (0.87)	$ (1.72)	$ (1.78)	$ (4.60)
Weighted-average number of shares outstanding, basic and diluted (in shares)	1,068,753	1,631	682,945	548
Class R Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Undistributed net loss attributable to common stockholders	$ (165,126)	$ 0	$ (112,398)	$ 0
Common stock cash distributions declared (in shares)	35,094	0	35,094	0
Net loss attributable to common stockholders	$ (130,032)	$ 0	$ (77,304)	$ 0
Net los per common share, basic and diluted (USD per share)	$ (0.77)	$ 0	$ (1.37)	$ 0
Weighted-average number of shares outstanding, basic and diluted (in shares)	167,935	0	56,594	0
Class I Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Undistributed net loss attributable to common stockholders	$ (16,251)	$ 0	$ (11,062)	$ 0
Common stock cash distributions declared (in shares)	3,453	0	3,453	0
Net loss attributable to common stockholders	$ (12,798)	$ 0	$ (7,609)	$ 0
Net los per common share, basic and diluted (USD per share)	$ (0.77)	$ 0	$ (1.37)	$ 0
Weighted-average number of shares outstanding, basic and diluted (in shares)	16,527	0	5,570	0
Convertible Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Preferred stock, shares issued (in shares)	50,000		50,000		50,000

Equity - Narrative (Details)

Equity - Narrative (Details)	Oct. 30, 2017$ / shares	Jul. 30, 2017$ / shares	Apr. 25, 2017shares	Aug. 05, 2016shares	Sep. 30, 2017USD ($)event$ / sharesshares	Jun. 28, 2017$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Sep. 30, 2016USD ($)
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					10,000,000		10,000,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)					0		0
Preferred stock, shares outstanding (in shares)					0		0
Common stock, conversion terms, percent of paid distributions equal to price at which shares were originally sold					100.00%
Percent of annual return on shares at price equal to distributions paid					6.00%
Number of triggering events | event					2
Conversion basis					0.00002
Triggering event, option one					15.00%
Percentage of non-compounded annual return, option one					6.00%
Common stock, shares authorized (in shares)					1,000,000,000	125,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Dividends declared, daily accrual amount (in dollars per share) | $ / shares		$ 0.000547945
Distributions payable | $					$ 91,561		$ 25,174	$ 0
Convertible Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					50,000		50,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)					50,000		50,000
Issuance of convertible shares (in shares)				50,000
Preferred stock, shares outstanding (in shares)					50,000		50,000
Class A common stock
Class of Stock [Line Items]
Number of shares exchanged				5,000
Common stock, shares authorized (in shares)					25,000,000	25,000,000	250,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01	$ 0.01
Shares Issued					618,569		384,195
Class T common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					25,000,000	25,000,000	750,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01	$ 0.01
Shares Issued					1,073,229		114,037
Class R Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					750,000,000	750,000,000	0
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01	$ 0
Shares Issued					617,186		0
Class I Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					75,000,000	75,000,000	0
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01	$ 0
Shares Issued					28,602		0
Common Stock
Class of Stock [Line Items]
Authorized stock dividend of common stock (in shares)			0.01
Subsequent event
Class of Stock [Line Items]
Dividends declared, daily accrual amount (in dollars per share) | $ / shares	$ 0.001434521

Equity - Schedule of Stock Issu

Equity - Schedule of Stock Issuances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Class A
Class of Stock [Line Items]
Shares Issued	618,569	384,195
Gross Proceeds	$ 5,845
Class T
Class of Stock [Line Items]
Shares Issued	1,073,229	114,037
Gross Proceeds	$ 10,014
Class R
Class of Stock [Line Items]
Shares Issued	617,186	0
Gross Proceeds	$ 5,875
Class I
Class of Stock [Line Items]
Shares Issued	28,602	0
Gross Proceeds	$ 260
Primary Offering | Class A
Class of Stock [Line Items]
Shares Issued	586,207
Gross Proceeds	$ 5,601
Primary Offering | Class T
Class of Stock [Line Items]
Shares Issued	1,049,996
Gross Proceeds	$ 9,943
Primary Offering | Class R
Class of Stock [Line Items]
Shares Issued	616,508
Gross Proceeds	$ 5,869
Primary Offering | Class I
Class of Stock [Line Items]
Shares Issued	28,557
Gross Proceeds	$ 260
Stock Distributions | Class A
Class of Stock [Line Items]
Shares Issued	12,860
Gross Proceeds	$ 0
Stock Distributions | Class T
Class of Stock [Line Items]
Shares Issued	15,495
Gross Proceeds	$ 0
Stock Distributions | Class R
Class of Stock [Line Items]
Shares Issued	0
Gross Proceeds	$ 0
Stock Distributions | Class I
Class of Stock [Line Items]
Shares Issued	0
Gross Proceeds	$ 0
Distribution reinvestment plan | Class A
Class of Stock [Line Items]
Shares Issued	4,502
Proceeds from shares issued through distribution reinvestment plan	$ 43
Distribution reinvestment plan | Class T
Class of Stock [Line Items]
Shares Issued	7,738
Proceeds from shares issued through distribution reinvestment plan	$ 70
Distribution reinvestment plan | Class R
Class of Stock [Line Items]
Shares Issued	678
Proceeds from shares issued through distribution reinvestment plan	$ 6
Distribution reinvestment plan | Class I
Class of Stock [Line Items]
Shares Issued	45
Proceeds from shares issued through distribution reinvestment plan	$ 0
Advisor
Class of Stock [Line Items]
Converted shares (in shares)	5,000
Advisor | Class A
Class of Stock [Line Items]
Shares Issued	15,000
Gross Proceeds	$ 200
Advisor | Class T
Class of Stock [Line Items]
Shares Issued	0
Gross Proceeds	$ 0
Advisor | Class R
Class of Stock [Line Items]
Shares Issued	0
Gross Proceeds	$ 0
Advisor | Class I
Class of Stock [Line Items]
Shares Issued	0
Gross Proceeds	$ 0
Advisor | Primary Offering | Class A
Class of Stock [Line Items]
Shares Issued	222,222

Equity - Schedule of Distributi

Equity - Schedule of Distributions (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Class of Stock [Line Items]
Distributions declared	$ 235,891	$ 300,541
Distributions reinvested in shares of common stock paid	83,468	115,774
Cash distributions paid	79,724	118,380
Total distributions paid	163,192	234,154
Class A common stock
Class of Stock [Line Items]
Distributions declared	81,555	119,955
Distributions reinvested in shares of common stock paid	23,836	39,923
Cash distributions paid	39,686	72,248
Total distributions paid	63,522	112,171
Class T common stock
Class of Stock [Line Items]
Distributions declared	115,789	142,039
Distributions reinvested in shares of common stock paid	53,027	69,246
Cash distributions paid	30,906	37,000
Total distributions paid	83,933	106,246
Class R Common Stock
Class of Stock [Line Items]
Distributions declared	35,094	35,094
Distributions reinvested in shares of common stock paid	6,198	6,198
Cash distributions paid	7,399	7,399
Total distributions paid	13,597	13,597
Class I Common Stock
Class of Stock [Line Items]
Distributions declared	3,453	3,453
Distributions reinvested in shares of common stock paid	407	407
Cash distributions paid	1,733	1,733
Total distributions paid	$ 2,140	$ 2,140

Fair Value Measures and Discl54

Fair Value Measures and Disclosures - Narrative (Details) - Fair Value, Measurements, Recurring - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 5,204	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	5,204	$ 0
Bay Club | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 14,600

Fair Value Measures and Discl55

Fair Value Measures and Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 5,204	$ 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	5,204	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 Discl56

Fair Value Measures and Disclosures - Schedule of Carrying and Fair Values (Details) - Payne Place - Mortgages - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 23,122,909	$ 1,625,000
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 21,335,161	$ 1,625,000

Derivatives and Hedging Activ57

Derivatives and Hedging Activities - Schedule of Derivative Instruments (Details) - Cash Flow Hedging - Interest Rate Cap $ in Thousands	Sep. 30, 2017USD ($)instrument
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	1
Notional Amount | $	$ 21,520

Derivatives and Hedging Activ58

Derivatives and Hedging Activities - Schedule of Fair Values of Derivative Instruments on the Balance Sheet (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 0	$ 0
Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 5,204	$ 0

Operating Expense Limitation (D

Operating Expense Limitation (Details)	9 Months Ended
	Sep. 30, 2017
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%

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Oct. 30, 2017	Jul. 30, 2017
Subsequent Event [Line Items]
Distribution per share per day		$ 0.000547945
Subsequent event
Subsequent Event [Line Items]
Distribution per share per day	$ 0.001434521