Resource Apartment REIT III 10-K 29 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 23, 2018	Jun. 30, 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	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Information [Line Items]
Entity Public Float			$ 0
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		624,078
Class T common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,086,639
Class R common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,249,706
Class I common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		61,380

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Investments:
Rental properties, net	$ 29,443,089	$ 2,445,835
Identified intangible assets, net	321,468	27,870
Investments	29,764,557	2,473,705
Cash	23,752,810	3,351,536
Restricted cash	192,064	7,733
Tenant receivables, net	2,138	788
Due from related parties	4,571	2,352
Subscriptions receivable	413,084	210,000
Prepaid expense	188,332	100,485
Deferred offering costs	5,409,942	2,848,199
Total assets	59,727,498	8,994,798
Liabilities:
Mortgage notes payable, net	22,778,370	1,590,834
Accounts payable and accrued expenses	257,060	214,284
Due to related parties	9,021,884	3,616,713
Tenant prepayments	21,078	0
Security deposits	62,724	3,300
Distributions payable	453,877	25,174
Total liabilities	32,594,993	5,450,305
Stockholder's equity:
Preferred stock	0	0
Additional paid-in capital	32,323,424	4,380,126
Accumulated other comprehensive loss	(11,192)	0
Accumulated deficit	(5,218,198)	(841,115)
Total stockholder's equity	27,132,505	3,544,493
Total liabilities and stockholder's equity	59,727,498	8,994,798
Convertible Stock
Stockholder's equity:
Preferred stock	500	500
Class A common stock
Stockholder's equity:
Common stock	6,218	3,842
Class T common stock
Stockholder's equity:
Common stock	10,812	1,140
Class R common stock
Stockholder's equity:
Common stock	20,580	0
Class I common stock
Stockholder's equity:
Common stock	$ 361	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2017	Jun. 28, 2017	Jun. 27, 2017	Dec. 31, 2016
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)		125,000,000	1,000,000,000
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	$ 0.01
Common stock, shares authorized (in shares)	25,000,000	25,000,000	250,000,000	250,000,000
Common stock, shares issued (in shares)	621,754			384,195
Common stock, shares outstanding (in shares)	621,754			384,195
Class T common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	25,000,000	25,000,000	750,000,000	750,000,000
Common stock, shares issued (in shares)	1,081,226			114,037
Common stock, shares outstanding (in shares)	1,081,226			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
Common stock, shares issued (in shares)	2,058,008			0
Common stock, shares outstanding (in shares)	2,058,008			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
Common stock, shares issued (in shares)	36,118			0
Common stock, shares outstanding (in shares)	36,118			0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Rental income	$ 1,443,863	$ 72,119
Total revenues	1,443,863	72,119
Expenses:
Rental operating - expenses	400,432	14,898
Rental operating - payroll	165,558	0
Rental operating - real estate taxes	182,166	8,021
Subtotal - rental operating	748,156	22,919
Acquisition costs	906,644	128,119
Property management fees	9,505	3,123
Management fees - related parties	215,433	9,844
General and administrative	1,258,682	641,538
Loss on disposal of assets	186,078	0
Depreciation and amortization expense	908,624	35,502
Total expenses	4,233,122	841,045
Loss before other income (expense)	(2,789,259)	(768,926)
Other income (expense):
Other income	1,500	0
Interest income	16,639	762
Interest expense	(360,725)	(8,083)
Net loss	(3,131,845)	(776,247)
Designated derivatives, fair value adjustments	(11,192)	0
Total other comprehensive loss	(11,192)	0
Comprehensive loss	(3,143,037)	(776,247)
Class A common stock
Other income (expense):
Net loss attributable to common stockholders	$ (1,003,994)	$ (709,398)
Basic and diluted net loss per common share (in dollars per share)	$ (1.79)	$ (4.50)
Weighted average common shares outstanding (in shares)	560,110	157,726
Class T common stock
Other income (expense):
Net loss attributable to common stockholders	$ (1,423,508)	$ (66,849)
Basic and diluted net loss per common share (in dollars per share)	$ (1.82)	$ (4.34)
Weighted average common shares outstanding (in shares)	782,047	15,411
Class R common stock
Other income (expense):
Net loss attributable to common stockholders	$ (677,323)	$ 0
Basic and diluted net loss per common share (in dollars per share)	$ (1.42)	$ 0
Weighted average common shares outstanding (in shares)	478,037	0
Class I common stock
Other income (expense):
Net loss attributable to common stockholders	$ (27,020)	$ 0
Basic and diluted net loss per common share (in dollars per share)	$ (1.58)	$ 0
Weighted average common shares outstanding (in shares)	17,079	0

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - 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	Preferred StockConvertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2015	$ 200,000					$ 200	$ 0			$ 0	$ 199,800		$ 0
Beginning balance (in shares) at Dec. 31, 2015						20,000	0			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	4,509,626					$ 3,669	$ 1,134				4,504,823
Issuance of common stock (in shares)						366,948	113,415
Exchange of common stock for convertible stock						$ (50)				$ 500	(450)
Exchange of common stock to convertible stock (in shares)						(5,000)				50,000
Offering costs	(352,188)										(352,188)
Cash distributions declared	(41,078)	$ (35,177)	$ (5,901)	$ 0	$ 0								(41,078)
Stock dividends						$ 19	$ 5				23,766		(23,790)
Stock dividends (in shares)						1,904	502
Common stock issued through distribution reinvestment plan	4,380					$ 4	$ 1				4,375
Common stock issued through distribution reinvestment plan (in shares)						343	120
Other comprehensive loss	0
Net loss	(776,247)												(776,247)
Ending balance at Dec. 31, 2016	3,544,493					$ 3,842	$ 1,140			$ 500	4,380,126	$ 0	(841,115)
Ending 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	30,871,700					$ 2,192	$ 9,366	$ 20,497	$ 360		30,839,285		0
Issuance of common stock (in shares)		601,206.55	1,049,996.30	2,049,712.70	35,984.89	219,259	936,581	2,049,713	35,985
Offering costs	(3,436,423)										(3,436,423)
Cash distributions declared	(993,671)	$ (253,708)	$ (332,545)	$ (396,088)	$ (11,330)								(993,671)
Stock dividends						$ 110	$ 150				251,307		(251,567)
Stock dividends (in shares)						10,956	14,993
Common stock issued through distribution reinvestment plan	289,443	$ 70,500	$ 141,933	$ 75,823	$ 1,187	$ 74	$ 156	$ 83	$ 1		289,129
Common stock issued through distribution reinvestment plan (in shares)						7,344	15,615	8,295	133
Other comprehensive loss	(11,192)											(11,192)
Net loss	(3,131,845)												(3,131,845)
Ending balance at Dec. 31, 2017	$ 27,132,505					$ 6,218	$ 10,812	$ 20,580	$ 361	$ 500	$ 32,323,424	$ (11,192)	$ (5,218,198)
Ending balance (in shares) at Dec. 31, 2017		621,754	1,081,226	2,058,008	36,118	621,754	1,081,226	2,058,008	36,118	50,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (3,131,845)	$ (776,247)
Adjustment to reconcile net loss to net cash provided by (used in) operating activities:
Loss on disposal of assets	186,078	0
Depreciation and amortization expense	908,624	35,502
Amortization of deferred financing costs	22,314	2,775
Changes in operating assets and liabilities:
Restricted cash	214,775	(7,733)
Tenant receivable, net	(1,350)	(788)
Due from related parties	4,953	(2,352)
Prepaid expenses and other assets	(13,016)	(100,115)
Due to related parties	1,127,499	702,213
Accounts payable and accrued expenses	(93,819)	99,306
Tenant prepayments	18,346	0
Security deposits	5,880	0
Net cash used in operating activities	(751,561)	(47,439)
Cash flows from investing activities:
Property acquisitions	(6,967,828)	(2,493,673)
Capital expenditures	(66,234)	(9,207)
Restricted cash	(68,237)	0
Net cash used in investing activities	(7,102,299)	(2,502,880)
Cash flows from financing activities:
Net proceeds from issuance of common stock	28,885,437	4,122,545
Proceeds from borrowings	0	2,180,000
Payments on borrowings	(30,493)	(555,000)
Payment of deferred financing costs	(324,285)	(34,166)
Distributions paid on common stock	(275,525)	(11,524)
Net cash provided by financing activities	28,255,134	5,701,855
Net increase in cash	20,401,274	3,151,536
Cash at beginning of year	3,351,536	200,000
Cash at end of year	$ 23,752,810	$ 3,351,536

Nature of Business and Operatio

Nature of Business and Operations	12 Months Ended
	Dec. 31, 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 at $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. As of December 31, 2017 , the Company has raised aggregated gross primary offering proceeds of $35.6 million from the sale of 601,207 Class A shares, 1,049,996 Class T shares, 2,049,713 Class R shares, and 35,985 Class I shares of common stock. Resource REIT Advisor, LLC (formerly known as Resource Apartment Advisor III, LLC) (the "Advisor"), an indirect wholly-owned subsidiary of Resource America, Inc. ("RAI"), contributed $200,000 to the Company in exchange for 20,000 shares of Class A common stock on August 10, 2015 . On June 29, 2016 , RAI purchased 222,222 shares of Class A common stock for $2.0 million in the offering. On August 5, 2016, the Advisor exchanged 5,000 shares of common stock for 50,000 shares of convertible stock. Under limited circumstances, these shares may be converted into shares of the Company's Class A common stock satisfying its obligation to pay the Advisor an incentive fee and diluting its other stockholders’ interest in the Company. RAI is a wholly-owned subsidiary of C-III Capital Partners, LLC ("C-III"), a leading commercial real estate investment management and services company engaged in a broad range of activities. C-III controls the Advisor, Resource Securities LLC (formerly known as Resource Securities, Inc.) ("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, LLC’s (formerly known as Resource Real Estate, Inc.) (its "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 may also seek to originate and acquire commercial real estate debt secured by apartments having the same characteristics. At December 31, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 accompanying consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("GAAP"). Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiaries Number of Units Property Location Resource Apartment REIT III Holdings, LLC N/A N/A Resource Apartment REIT III OP, LP N/A N/A RRE Payne Place Holdings, LLC 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. Concentration of Concentration Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic temporary deposits of cash. At December 31, 2017 , the Company had approximately $23.9 million of deposits at various banks, of which approximately $23.1 million were over the insurance limit of the Federal Deposit Insurance Corporation. The Company has not experienced any loss on such deposits. At December 31, 2017 , the Company’s real estate investment in Florida represented 92% of the Company’s real estate assets. As a result, the geographic concentration of the Company's portfolio makes it particularly susceptible to adverse economic developments in the Florida real estate market. Any adverse economic or real estate developments in this market, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Real Estate Investments The Company records acquired real estate at fair value on their respective acquisition dates. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the asset using the straight line method. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related leases Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. The Manager earns a construction management fee of 5% 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 years ended December 31, 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. There were no loans held for investment on the Company's consolidated balance sheets as of both December 31, 2017 and 2016 . Allocation of Purchase Price of Acquired Assets The Company records the acquisition of real properties as business combinations. Upon the acquisition of real properties, the Company allocates the purchase price of properties 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. The Company has up to 12 months from the date of acquisition to finalize the valuation for each property. 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. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are approximately $1.6 million and $27,106 for the years ending December 31, 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 $119,668 and $211 for the years ended December 31, 2017 and 2016 , respectively. Tenant Receivables The Company makes estimates of the collectability of its tenant receivables related to base rents, including straight-line rentals, expense reimbursements and other revenue or income. The Company specifically analyzes accounts receivable and historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company will make estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. These estimates have a direct impact on the Company’s net income because a higher bad debt reserve results in less net income. At December 31, 2017 and 2016 , the Company recorded $370 and $0 of allowances for uncollectible receivables, respectively. Income Taxes The Company intends to elect and qualify to be taxed as a REIT, commencing with the filing of the tax return for 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, will differ from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as a taxable REIT subsidiary ("TRS"). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. 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. At December 31, 2017 and 2016 , the Company did not treat any of its subsidiaries as a TRS. Legislation commonly known as the Tax Cuts and Jobs Act ("TCJA") was signed into law on December 22, 2017. The TCJA makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations (including REITs), generally effective for taxable years beginning after December 31, 2017. The Company is continuing to evaluate this legislation but it does not expect it to have a significant impact. 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") 260-10-45, "Earnings Per Share", the Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on their relative percentage of each class of shares to the total number of outstanding shares. The Company did not have any participating securities outstanding other than Class A common stock, Class T common stock, Class R common stock, and Class I common stock during the periods presented ( see Note 10 ). Organization and Offering Costs Organization and offering costs (other than selling commissions, dealer manager fees, and distribution and shareholder servicing fees) of the Company 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 $500.0 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 $500.0 million or more in the primary portion of the initial public offering. 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. Through December 31, 2017 , the Company has charged approximately $816,000 to equity for the payment of offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal, printing and similar costs. At December 31, 2017 , the Advisor has advanced approximately $6.2 million of these costs on behalf of the Company, of which $5.4 million has been deferred at December 31, 2017 . Organization costs, 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, are expensed as incurred. 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 approximately $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 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. 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 as the fees are 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 total distribution and shareholder servicing fees for the full five year period of $490,492 at December 31, 2017 based on a total of 5% of the gross proceeds from all Class T shares sold, of which the Company paid $64,951 cumulatively through December 31, 2017 . For issued Class R shares, the Company has accrued an estimate of total distribution and shareholder servicing fees of $585,257 at December 31, 2017 based on a total of 5% of the gross proceeds from all Class R shares sold, of which the Company paid $21,283 cumulatively through December 31, 2017 . The total accrual of $989,515 is included in due to related parties on the Company's consolidated balance sheets at December 31, 2017 . 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 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. Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. 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. The Company will adopt ASU 2014-09 as of January 1, 2018 using the modified retrospective approach. The majority of the Company’s revenue is derived from residential rental income and other lease income, which are scoped out from this standard and included in the current lease accounting framework, and will be accounted for under ASU No. 2016-02, "Leases", as discussed below. Revenue streams that are in the scope of the new standards include (but are not limited to) administrative and late fees and revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. Due to the nature and timing of its identified revenue streams as of December 31, 2017, the Company does not anticipate the adoption of the new standards will have a material impact on its financial position or results of operations. 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, 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 due to the fact the Company did not have investments subject to this guidance at December 31, 2017 . 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 November 2016, FASB issued 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. ASU No. 2016-18 is effective for the Company's fiscal year beginning January 1, 2018 and the Company does not expect the adoption of ASU No. 2016-18 to have a material effect on its consolidated financial statements and disclosures. 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 believes all future acquisitions will be accounted for as asset acquisitions, not business acquisitions. 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	12 Months Ended
	Dec. 31, 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: Years Ended December 31, 2017 2016 Non-cash operating, financing and investing activities: Offering costs payable to related parties $ 3,319,624 $ 2,848,317 Offering costs payable to third parties 48,897 111,581 Cash distributions on common stock declared but not yet paid 453,877 25,174 Stock issued from distribution reinvestment plan 289,443 4,380 Stock dividend issued 251,567 23,790 Subscriptions receivable 413,084 210,000 Exchange of common stock for convertible stock — 500 Escrow deposits funded directly by mortgage notes payable 347,318 — Non-cash activity related to acquisitions: Mortgage notes payable used to acquire real property 21,172,682 — Cash paid during the year for: Interest $ 274,203 $ 5,307

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 31, 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 improvement. The following table presents a summary of the components of the Company's restricted cash: December 31, 2017 2016 Real estate taxes $ 32,115 $ 7,733 Insurance 8,227 — Capital improvements 151,722 — Total $ 192,064 $ 7,733 In addition, the Company designated unrestricted cash for capital expenditures of approximately $1.9 million and $84,702 at December 31, 2017 and 2016 , respectively.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS On August 19, 2016, the Company, through its wholly-owned subsidiary, purchased a multifamily community located in Alexandria, Virgina ("Payne Place"). Payne Place, constructed in 1950, contains 11 units and amenities, including but not limited to storage lockers and a patio with a barbeque area. Payne Place encompasses 6,650 rentable square feet. At December 31, 2017 , Payne Place was 100% leased. 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 December 31, 2017 , Bay Club was 92.27% leased. 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 and the valuation for Bay Club was finalized at December 31, 2017 . The following table summarizes the Company's acquisitions 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 Payne Place Alexandria, Virginia 8/19/2016 $ 2,500,000 $ 1,419,898 $ 1,016,451 $ 13,710 $ 49,941 $ (6,327 ) 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 year ended December 31, 2017 : Year Ended December 31, 2017 Total revenues $ 1,231,893 Net loss (1,158,609 ) Acquisition costs 294,313 Acquisition fee 612,331 The following table presents the total revenues, net loss, and acquisition costs of Payne Place, the Company's wholly-owned acquisition during the year ended December 31, 2016 : Year Ended December 31, 2016 Total revenues $ 72,119 Net loss (58,495 ) Acquisition costs 75,255 Acquisition fee 52,864

Rental Properties, Net

Rental Properties, Net	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Rental Properties, Net	RENTAL PROPERTIES, NET The following table presents the Company's investment in rental properties: December 31, 2017 2016 Land 4,740,979 $ 1,419,898 Building and improvements 24,923,994 1,018,051 Furniture, fixtures and equipment 256,992 21,317 Construction in progress 13,395 — 29,935,360 2,459,266 Less: accumulated depreciation (492,271 ) (13,431 ) Total rental property, net $ 29,443,089 $ 2,445,835 Depreciation expense for the year ended December 31, 2017 and 2016 was $478,920 and $13,431 , respectively. Loss on disposal of assets: During the year ended December 31, 2017 , the Company recorded losses of $186,078 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	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Identified Intangible Assets, Net	IDENTIFIED INTANGIBLE ASSETS, NET Identified intangible assets, net, consist of acquired in-place rental leases. The net carrying value of the leases at December 31, 2017 and 2016 was $321,468 and $27,870 , respectively, net of accumulated amortization of $451,775 and $22,071 , respectively. The weighted average remaining life of the leases is four months at December 31, 2017 . Amortization for the years ended December 31, 2017 and 2016 was $429,704 and $22,071 , respectively. At December 31, 2017 , expected amortization for the in-place rental leases for the next 12 months is $321,468 and none thereafter.

Mortgage Notes Payable

Mortgage Notes Payable	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Mortgage Notes Payable	MORTGAGE NOTES PAYABLE The following table presents a summary of the Company's mortgage notes payable, net: December 31, 2017 December 31, 2016 Collateral Outstanding Borrowings Deferred Financing Costs, net Carrying Value Outstanding borrowings Deferred Financing Costs, net Carrying Value Payne Place $ 1,594,507 $ (32,126 ) $ 1,562,381 $ 1,625,000 $ (34,166 ) $ 1,590,834 Bay Club 21,520,000 (304,011 ) 21,215,989 — — — Total $ 23,114,507 $ (336,137 ) $ 22,778,370 $ 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 3.43% (2)(3) 61,929 40,667 (1) Fixed rate until January 1, 2020, when the fixed rate of the note changes to variable rate based on six-month LIBOR plus 2.25% , with an all-in interest rate floor of 2.50% and ceiling of 9.50% . (2) Variable rate based on one-month LIBOR of 1.56% (at December 31, 2017 ) 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. Both mortgage notes are collateralized by a first mortgage lien on the assets of the respective property named in the table above. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty for a period of the term. The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five years ending December 31, and thereafter: 2018 $ 34,271 2019 171,282 2020 453,885 2021 471,891 2022 488,442 Thereafter 21,494,736 $ 23,114,507 Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the year ended December 31, 2017 and 2016 , amortization of deferred financing costs of $22,314 and $2,775 , respectively, was included in interest expense. The amortization during the year ended December 31, 2016 related to the fully repaid bridge loan to the Advisor. Accumulated amortization at December 31, 2017 and 2016 was $22,314 and $2,775 , respectively. The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five years ending December 31, and thereafter: 2018 $ 49,960 2019 49,851 2020 49,149 2021 47,967 2022 46,882 Thereafter 92,328 $ 336,137

Certain Relationships and Relat

Certain Relationships and Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Certain Relationships and 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. As of December 31, 2017 , the Advisor has advanced organization and offering costs on a cumulative basis on behalf of the Company of approximately $6.2 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 reserves allocated, or the amount funded by the Company to acquire or originate loans, including acquisition expenses and any debt attributable to such investments. Asset management fees. The Advisor earns a monthly asset management fee equal to 0.083% (one-twelfth of 1.0% ) of the 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 will earn 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 $500.0 million in the primary offering and 2.5% of gross offering proceeds if the Company raises $500.0 million or more in the primary offering. Reimbursements also include expenses the Advisor incurs in connection with providing services to the Company, including the Company’s allocable share of costs for Advisor personnel and overhead, out-of-pocket expenses incurred in connection with the selection and acquisition of properties or other real estate related debt investments, whether or not the Company ultimately acquires the investment. However, the Company will not reimburse the Advisor or its affiliates for employee costs in connection with services for which the Advisor earns acquisition or disposition fees. Prior to the Company breaking escrow, the Advisor incurred approximately $104,266 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. Interest expense associated with Bridge Loan for the year ended December 31, 2016 was $2,921 . Relationship with the Manager 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 December 31, 2017 and 2016 , the Advisor owes the Company $4,192 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 generally paid the Dealer Manager a selling commission of 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. The Dealer Manager reallows 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 the Dealer Manager in connection with sales under the distribution reinvestment plan. Additionally, the Company may reimburse the Dealer Manager 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% 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). 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 $250.0 million , after a $25,000 deductible per incident. Therefore, unforeseen or catastrophic losses in excess of the Company's insured limits could have a material adverse effect on the Company's financial condition and operating results. During the year ended December 31, 2017 , the Company paid $7,591 into the insurance pools. 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 covered 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 $76.0 million in total claims, after a $25,000 deductible per incident. Internal audit fees. RAI performs internal audit services for the Company. 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 $50.0 million ; (c) has liquidity of no less than $5.0 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, a subsidiary of C-III, $1,079 for a zoning report in connection with its acquisition of Bay Club during the year ended December 31, 2017 . The Company participates in a liability insurance program for directors and officers coverage with other C-III managed entities and subsidiaries for coverage up to $100.0 million . The Company paid $70,000 in insurance premiums during the year ended December 31, 2017 . The following table presents the Company's amounts receivable from and amounts payable to such related parties: December 31, 2017 2016 Due from related parties: Advisor $ 4,192 $ 1,041 RAI and affiliate - insurance funds held in escrow 379 1,311 $ 4,571 $ 2,352 Due to related parties: Advisor: Acquisition-related reimbursements 6,533 14,050 Asset management fees — 2 Organization and offering costs 6,167,941 2,848,317 Operating expense reimbursements (including prepaid expenses) 1,810,658 682,661 7,985,132 3,545,030 Manager: Property management fees 10,800 — Operating expense reimbursements 3,592 — 14,392 — RAI: Internal audit fee 3,500 8,250 Operating expense reimbursements 6,625 — 10,125 8,250 Resource Securities: Selling commissions and dealer-manager fees 22,720 10,363 Distribution and shareholder servicing fee 989,515 53,015 1,012,235 63,378 Other: — 55 $ 9,021,884 $ 3,616,713 The following table presents the Company's fees earned by and expenses incurred from such related parties: Years Ended December 31, 2017 2016 Fees earned / expenses incurred: Advisor: Acquisition fees and acquisition related reimbursements (1) $ 641,193 $ 67,064 Asset management fees (2) 159,803 9,844 Debt financing fees (3) 107,600 10,900 Interest expense (4) — 2,921 Organization and offering costs (5) 3,319,624 2,848,317 Operating expense reimbursement (6) 660,219 196,292 Manager: Property management fees (2) $ 55,630 $ — Construction management fees (7) 1,517 — Operating expense reimbursements (8) 24,858 — RAI: Internal audit fee (6) $ 13,250 $ 8,250 Resource Securities: Selling commissions and dealer-manager fees (9) $ 1,709,990 $ 186,757 Distribution and shareholder servicing fee (9) 1,022,047 53,702 Other: The Planning & Zoning Resource Company (1) $ 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 Rental operating expenses on the consolidated statements of operations and comprehensive loss. (9) Included in Stockholders' equity on the consolidated balance sheets.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted earnings/(loss) per share for the periods presented as follows: Years Ended December 31, 2017 2016 Net loss $ (3,131,845 ) $ (776,247 ) Less: Class A common stock cash distributions declared 253,708 35,177 Less: Class T common stock cash distributions declared 332,545 5,901 Less: Class R common stock cash distributions declared 396,088 — Less: Class I common stock cash distributions declared 11,330 — Undistributed net loss attributable to common stockholders $ (4,125,516 ) $ (817,325 ) Class A common stock: Undistributed net loss attributable to Class A common stockholders $ (1,257,702 ) $ (744,575 ) Class A common stock cash distributions declared 253,708 35,177 Net loss attributable to Class A common stockholders $ (1,003,994 ) $ (709,398 ) Net loss per Class A common share, basic and diluted $ (1.79 ) $ (4.50 ) Weighted-average number of Class A common shares outstanding, basic and diluted (1) 560,110 157,726 Class T common stock: Undistributed net loss attributable to Class T common stockholders $ (1,756,053 ) $ (72,750 ) Class T common stock cash distributions declared 332,545 5,901 Net loss attributable to Class T common stockholders $ (1,423,508 ) $ (66,849 ) Net loss per Class T common share, basic and diluted $ (1.82 ) $ (4.34 ) Weighted-average number of Class T common shares outstanding, basic and diluted 782,047 15,411 Class R common stock: Undistributed net loss attributable to Class R common stockholders $ (1,073,411 ) $ — Class R common stock cash distributions declared 396,088 — Net loss attributable to Class R common stockholders $ (677,323 ) $ — Net loss per Class R common share, basic and diluted $ (1.42 ) $ — Weighted-average number of Class R common shares outstanding, basic and diluted 478,037 — Class I common stock: Undistributed net loss attributable to Class I common stockholders $ (38,350 ) $ — Class I common stock cash distributions declared 11,330 — Net loss attributable to Class I common stockholders $ (27,020 ) $ — Net loss per Class I common share, basic and diluted $ (1.58 ) $ — Weighted-average number of Class I common shares outstanding, basic and diluted 17,079 — (1) Weighted-average number of shares excludes the convertible stock as they are not participating securities.

Equity

Equity	12 Months Ended
	Dec. 31, 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. As of December 31, 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 Company's board of directors approved the issuance of 50,000 convertible shares in exchange for 5,000 shares of Class A common stock. As of December 31, 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 December 31, 2017 , shares of the company's $0.01 par value Class A, Class T, Class R, and Class I common stock have been issued as follows: 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 2,049,713 $ 19,508,566 35,985 $ 327,820 Shares issued through stock dividends 12,860 — 15,495 — — — — — Shares issued through distribution reinvestment plan 7,687 73,793 15,735 143,020 8,295 75,823 133 1,187 Shares issued in conjunction with the Advisor's initial investment, net of 5,000 share conversion 15,000 200,000 — — — — — — Total at December 31, 2017 621,754 $ 5,875,269 1,081,226 $ 10,086,485 2,058,008 $ 19,584,389 36,118 $ 329,007 (1) Includes 222,222 of Class A shares issued to RAI. Distributions Cash Distributions During the year ended December 31, 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 March 29, 2018 , which were paid or will be paid on April 28, 2017 , May 31, 2017 , June 30, 2017 , July 31, 2017 , August 31, 2017 , September 29, 2017 , October 31, 2017 , November 30, 2017 , December 29, 2017 , January 31, 2018 , February 28, 2018 , and April 2, 2018 . 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 March 29, 2018 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 table presents information regarding the Company's distributions declared and paid to stockholders during the year ended December 31, 2017 : Class A Class T Class R Class I Total Distributions declared $ 253,708 $ 332,545 $ 396,088 $ 11,330 $ 993,671 Distributions reinvested in shares of common stock paid 70,500 141,933 75,823 1,187 289,443 Cash distributions paid 122,557 79,359 68,184 5,425 275,525 Total distributions paid $ 193,057 $ 221,292 $ 144,007 $ 6,612 $ 564,968 At December 31, 2017 , the Company had accrued $453,877 for the cash distributions paid on January 31, 2018 , February 28, 2018 , and April 2, 2018 , which is reported in distributions payable in the consolidated balance sheet. Stock Dividends On February 22, 2017 , the Company's board of directors authorized a stock dividend, in the amount of 0.01 shares of common stock to all common stockholders of record as of the close of business on March 31, 2017 . On April 25, 2017 , the Company's board of directors authorized a stock dividend, in the amount of 0.01 shares of common stock to all common stockholders of record as of the close of business on July 1, 2017 . The stock dividends were issued in the same class of shares as the shares for which such stockholder received the stock dividend. The Company issued the stock dividends on April 13, 2017 and July 14, 2017 , respectively.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measures and Disclosures	FAIR VALUE MEASURES AND DISCLOSURES In analyzing the fair value of its financial investments accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The fair value of cash, 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. During the year ended December 31, 2017 , derivatives (interest rate caps) of $14,600 were acquired in conjunction with the acquisition of Bay Club. Derivatives are reported at fair value in the consolidated balance sheets and are valued by a third party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors. (Level 2). 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 December 31, 2017 Assets: Interest rate caps $ — $ 3,408 $ — $ 3,408 December 31, 2016 Assets: Interest rate caps $ — $ — $ — $ — The carrying and fair values of the Company’s mortgage notes payable- outstanding borrowings, which were not carried at fair value on the consolidated balance sheets at December 31, 2017 and 2016 , were as follows: December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage notes payable- outstanding borrowings $ 23,114,507 $ 22,236,396 $ 1,625,000 $ 1,625,000 The carrying amount of the mortgage notes payable presented above is the outstanding borrowings excluding premium or discount and deferred finance costs, net. At December 31, 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 Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	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 year ended December 31, 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 year ended December 31, 2017 , the Company recorded no hedge ineffectiveness in earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. At December 31, 2017 , the Company estimates that an additional $143 will be reclassified as an increase to interest expense over the next 12 months. At December 31, 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 Date 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 December 31, 2017 and 2016 : Asset Derivatives Liability Derivatives December 31, 2017 December 31, 2016 December 31, 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 $3,408 N/A $ — N/A $ — N/A $ —

Operating Expense Limitation

Operating Expense Limitation	12 Months Ended
	Dec. 31, 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 December 31, 2017 exceeded the charter imposed limitation; however, the Conflicts Committee of the Company's board of directors determined that the relationship of the Company's operating expenses to its average invested assets was justified for these periods given the costs of operating a public company and the early stage of the Company's operations.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this report and determined that there have been any events that have occurred that would require adjustments to or disclosures in the consolidated financial statements, except for the following: On March 22, 2018 , the Company purchased Tramore Village Apartments, a 324 unit multifamily apartment complex in Austell, Georgia for $44.4 million . The seller was an unaffiliated third party. In conjunction with the purchase, the Company entered into a $32.6 million mortgage on the property. On March 28, 2018, the Company's board of directors authorized a cash distribution on the outstanding shares of all classes of common stock based on daily record dates for the period from March 30, 2018 through June 28, 2018, which the Company expects to pay on April 30, 2018, May 31, 2018, and June 29, 2018. The distribution will be calculated based on the stockholders of record each day during the period 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 on the record date. On March 28, 2018, the Company's board of directors made the determination to extend the primary portion of this offering to April 27, 2019.

Schedule III, Real Estate and A

Schedule III, Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III, Real Estate and Accumulated Depreciation	Description Encumbrances Initial cost to Company Cost capitalized subsequent to acquisition Gross Amount at which carried at close of period Accumulated Depreciation Date of Construction Date Acquired Life on which depreciation in latest income is computed Building and Land Improvements Improvements Carrying Costs Building and Land Improvements, Total Real estate owned: Residential Alexandria, Virginia $ 1,594,507 $ 2,450,059 $ 25,376 $ 2,475,435 $ (56,144 ) 1950 8/19/2016 3 - 27.5 years Residential Jacksonville, Florida 21,520,000 27,576,698 (116,773 ) (1) 27,459,925 $ (436,127 ) 1990 7/31/2017 3 - 27.5 years $ 23,114,507 $ 30,026,757 $ (91,397 ) $ 29,935,360 $ (492,271 ) December 31, 2017 2016 Investments in real estate: Balance, beginning of period $ 2,459,266 $ — Acquisitions 27,576,698 2,450,059 Improvements, etc. 85,554 9,207 Disposals during the period (186,158 ) — Balance, end of period $ 29,935,360 $ 2,459,266 Accumulated Depreciation: Balance, beginning of period $ (13,431 ) $ — Depreciation (478,920 ) (13,431 ) Disposals during the period 80 — Balance, end of period $ (492,271 ) $ (13,431 ) (1) Due to recorded losses on the disposal of appliances that exceeded additions.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("GAAP").
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiaries Number of Units Property Location Resource Apartment REIT III Holdings, LLC N/A N/A Resource Apartment REIT III OP, LP N/A N/A RRE Payne Place Holdings, LLC 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.
Concentration of Credit Risk	Concentration of Concentration Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic temporary deposits of cash. At December 31, 2017 , the Company had approximately $23.9 million of deposits at various banks, of which approximately $23.1 million were over the insurance limit of the Federal Deposit Insurance Corporation. The Company has not experienced any loss on such deposits. At December 31, 2017 , the Company’s real estate investment in Florida represented 92% of the Company’s real estate assets. As a result, the geographic concentration of the Company's portfolio makes it particularly susceptible to adverse economic developments in the Florida real estate market. Any adverse economic or real estate developments in this market, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates
Real Estate Investments	Real Estate Investments The Company records acquired real estate at fair value on their respective acquisition dates. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the asset using the straight line method. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related leases Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. The Manager earns a construction management fee of 5% 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 years ended December 31, 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. There were no loans held for investment on the Company's consolidated balance sheets as of both December 31, 2017 and 2016 .
Allocation of Purchase Price of Acquired Assets	Allocation of Purchase Price of Acquired Assets The Company records the acquisition of real properties as business combinations. Upon the acquisition of real properties, the Company allocates the purchase price of properties 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. The Company has up to 12 months from the date of acquisition to finalize the valuation for each property.
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. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are approximately $1.6 million and $27,106 for the years ending December 31, 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 $119,668 and $211 for the years ended December 31, 2017 and 2016 , respectively.
Tenant Receivables	Tenant Receivables The Company makes estimates of the collectability of its tenant receivables related to base rents, including straight-line rentals, expense reimbursements and other revenue or income. The Company specifically analyzes accounts receivable and historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company will make estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. These estimates have a direct impact on the Company’s net income because a higher bad debt reserve results in less net income. At December 31, 2017 and 2016 , the Company recorded $370 and $0 of allowances for uncollectible receivables, respectively.
Income Taxes	Income Taxes The Company intends to elect and qualify to be taxed as a REIT, commencing with the filing of the tax return for 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, will differ from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as a taxable REIT subsidiary ("TRS"). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. 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. At December 31, 2017 and 2016 , the Company did not treat any of its subsidiaries as a TRS. Legislation commonly known as the Tax Cuts and Jobs Act ("TCJA") was signed into law on December 22, 2017. The TCJA makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations (including REITs), generally effective for taxable years beginning after December 31, 2017. The Company is continuing to evaluate this legislation but it does not expect it to have a significant impact.
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") 260-10-45, "Earnings Per Share", the Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on their relative percentage of each class of shares to the total number of outstanding shares. The Company did not have any participating securities outstanding other than Class A common stock, Class T common stock, Class R common stock, and Class I common stock during the periods presented ( see Note 10 ).
Organization and Offering Costs	Organization and Offering Costs Organization and offering costs (other than selling commissions, dealer manager fees, and distribution and shareholder servicing fees) of the Company 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 $500.0 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 $500.0 million or more in the primary portion of the initial public offering. 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. Through December 31, 2017 , the Company has charged approximately $816,000 to equity for the payment of offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal, printing and similar costs. At December 31, 2017 , the Advisor has advanced approximately $6.2 million of these costs on behalf of the Company, of which $5.4 million has been deferred at December 31, 2017 . Organization costs, 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, are expensed as incurred. 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 approximately $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 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. 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 as the fees are 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 total distribution and shareholder servicing fees for the full five year period of $490,492 at December 31, 2017 based on a total of 5% of the gross proceeds from all Class T shares sold, of which the Company paid $64,951 cumulatively through December 31, 2017 . For issued Class R shares, the Company has accrued an estimate of total distribution and shareholder servicing fees of $585,257 at December 31, 2017 based on a total of 5% of the gross proceeds from all Class R shares sold, of which the Company paid $21,283 cumulatively through December 31, 2017 . The total accrual of $989,515 is included in due to related parties on the Company's consolidated balance sheets at December 31, 2017 .
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 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. Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. 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. The Company will adopt ASU 2014-09 as of January 1, 2018 using the modified retrospective approach. The majority of the Company’s revenue is derived from residential rental income and other lease income, which are scoped out from this standard and included in the current lease accounting framework, and will be accounted for under ASU No. 2016-02, "Leases", as discussed below. Revenue streams that are in the scope of the new standards include (but are not limited to) administrative and late fees and revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. Due to the nature and timing of its identified revenue streams as of December 31, 2017, the Company does not anticipate the adoption of the new standards will have a material impact on its financial position or results of operations. 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, 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 due to the fact the Company did not have investments subject to this guidance at December 31, 2017 . 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 November 2016, FASB issued 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. ASU No. 2016-18 is effective for the Company's fiscal year beginning January 1, 2018 and the Company does not expect the adoption of ASU No. 2016-18 to have a material effect on its consolidated financial statements and disclosures. 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 believes all future acquisitions will be accounted for as asset acquisitions, not business acquisitions. 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 Accoun24

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Subsidiaries	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiaries Number of Units Property Location Resource Apartment REIT III Holdings, LLC N/A N/A Resource Apartment REIT III OP, LP N/A N/A RRE Payne Place Holdings, LLC 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 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related leases

Supplemental Cash Flow Inform25

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information: Years Ended December 31, 2017 2016 Non-cash operating, financing and investing activities: Offering costs payable to related parties $ 3,319,624 $ 2,848,317 Offering costs payable to third parties 48,897 111,581 Cash distributions on common stock declared but not yet paid 453,877 25,174 Stock issued from distribution reinvestment plan 289,443 4,380 Stock dividend issued 251,567 23,790 Subscriptions receivable 413,084 210,000 Exchange of common stock for convertible stock — 500 Escrow deposits funded directly by mortgage notes payable 347,318 — Non-cash activity related to acquisitions: Mortgage notes payable used to acquire real property 21,172,682 — Cash paid during the year for: Interest $ 274,203 $ 5,307

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Summary of Components of Restricted Cash	The following table presents a summary of the components of the Company's restricted cash: December 31, 2017 2016 Real estate taxes $ 32,115 $ 7,733 Insurance 8,227 — Capital improvements 151,722 — Total $ 192,064 $ 7,733

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Summary of Acquisitions and Fair Value Assigned	The following table summarizes the Company's acquisitions 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 Payne Place Alexandria, Virginia 8/19/2016 $ 2,500,000 $ 1,419,898 $ 1,016,451 $ 13,710 $ 49,941 $ (6,327 ) 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, by Acquisition	The following table presents the total revenues, net loss, and acquisition costs of Bay Club, the Company's wholly-owned acquisition during the year ended December 31, 2017 : Year Ended December 31, 2017 Total revenues $ 1,231,893 Net loss (1,158,609 ) Acquisition costs 294,313 Acquisition fee 612,331 The following table presents the total revenues, net loss, and acquisition costs of Payne Place, the Company's wholly-owned acquisition during the year ended December 31, 2016 : Year Ended December 31, 2016 Total revenues $ 72,119 Net loss (58,495 ) Acquisition costs 75,255 Acquisition fee 52,864

Rental Properties, Net (Tables)

Rental Properties, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Summary of Investment in Rental Property	The following table presents the Company's investment in rental properties: December 31, 2017 2016 Land 4,740,979 $ 1,419,898 Building and improvements 24,923,994 1,018,051 Furniture, fixtures and equipment 256,992 21,317 Construction in progress 13,395 — 29,935,360 2,459,266 Less: accumulated depreciation (492,271 ) (13,431 ) Total rental property, net $ 29,443,089 $ 2,445,835

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following table presents a summary of the Company's mortgage notes payable, net: December 31, 2017 December 31, 2016 Collateral Outstanding Borrowings Deferred Financing Costs, net Carrying Value Outstanding borrowings Deferred Financing Costs, net Carrying Value Payne Place $ 1,594,507 $ (32,126 ) $ 1,562,381 $ 1,625,000 $ (34,166 ) $ 1,590,834 Bay Club 21,520,000 (304,011 ) 21,215,989 — — — Total $ 23,114,507 $ (336,137 ) $ 22,778,370 $ 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 3.43% (2)(3) 61,929 40,667 (1) Fixed rate until January 1, 2020, when the fixed rate of the note changes to variable rate based on six-month LIBOR plus 2.25% , with an all-in interest rate floor of 2.50% and ceiling of 9.50% . (2) Variable rate based on one-month LIBOR of 1.56% (at December 31, 2017 ) 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 Annual Principal Payments	The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five years ending December 31, and thereafter: 2018 $ 34,271 2019 171,282 2020 453,885 2021 471,891 2022 488,442 Thereafter 21,494,736 $ 23,114,507
Amortization of Deferred Financing Costs	The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five years ending December 31, and thereafter: 2018 $ 49,960 2019 49,851 2020 49,149 2021 47,967 2022 46,882 Thereafter 92,328 $ 336,137

Certain Relationships and Rel30

Certain Relationships and Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2017 2016 Due from related parties: Advisor $ 4,192 $ 1,041 RAI and affiliate - insurance funds held in escrow 379 1,311 $ 4,571 $ 2,352 Due to related parties: Advisor: Acquisition-related reimbursements 6,533 14,050 Asset management fees — 2 Organization and offering costs 6,167,941 2,848,317 Operating expense reimbursements (including prepaid expenses) 1,810,658 682,661 7,985,132 3,545,030 Manager: Property management fees 10,800 — Operating expense reimbursements 3,592 — 14,392 — RAI: Internal audit fee 3,500 8,250 Operating expense reimbursements 6,625 — 10,125 8,250 Resource Securities: Selling commissions and dealer-manager fees 22,720 10,363 Distribution and shareholder servicing fee 989,515 53,015 1,012,235 63,378 Other: — 55 $ 9,021,884 $ 3,616,713 The following table presents the Company's fees earned by and expenses incurred from such related parties: Years Ended December 31, 2017 2016 Fees earned / expenses incurred: Advisor: Acquisition fees and acquisition related reimbursements (1) $ 641,193 $ 67,064 Asset management fees (2) 159,803 9,844 Debt financing fees (3) 107,600 10,900 Interest expense (4) — 2,921 Organization and offering costs (5) 3,319,624 2,848,317 Operating expense reimbursement (6) 660,219 196,292 Manager: Property management fees (2) $ 55,630 $ — Construction management fees (7) 1,517 — Operating expense reimbursements (8) 24,858 — RAI: Internal audit fee (6) $ 13,250 $ 8,250 Resource Securities: Selling commissions and dealer-manager fees (9) $ 1,709,990 $ 186,757 Distribution and shareholder servicing fee (9) 1,022,047 53,702 Other: The Planning & Zoning Resource Company (1) $ 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 Rental operating expenses on the consolidated statements of operations and comprehensive loss. (9) Included in Stockholders' equity on the consolidated balance sheets.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of basic and diluted earnings/(loss) per share for the periods presented as follows: Years Ended December 31, 2017 2016 Net loss $ (3,131,845 ) $ (776,247 ) Less: Class A common stock cash distributions declared 253,708 35,177 Less: Class T common stock cash distributions declared 332,545 5,901 Less: Class R common stock cash distributions declared 396,088 — Less: Class I common stock cash distributions declared 11,330 — Undistributed net loss attributable to common stockholders $ (4,125,516 ) $ (817,325 ) Class A common stock: Undistributed net loss attributable to Class A common stockholders $ (1,257,702 ) $ (744,575 ) Class A common stock cash distributions declared 253,708 35,177 Net loss attributable to Class A common stockholders $ (1,003,994 ) $ (709,398 ) Net loss per Class A common share, basic and diluted $ (1.79 ) $ (4.50 ) Weighted-average number of Class A common shares outstanding, basic and diluted (1) 560,110 157,726 Class T common stock: Undistributed net loss attributable to Class T common stockholders $ (1,756,053 ) $ (72,750 ) Class T common stock cash distributions declared 332,545 5,901 Net loss attributable to Class T common stockholders $ (1,423,508 ) $ (66,849 ) Net loss per Class T common share, basic and diluted $ (1.82 ) $ (4.34 ) Weighted-average number of Class T common shares outstanding, basic and diluted 782,047 15,411 Class R common stock: Undistributed net loss attributable to Class R common stockholders $ (1,073,411 ) $ — Class R common stock cash distributions declared 396,088 — Net loss attributable to Class R common stockholders $ (677,323 ) $ — Net loss per Class R common share, basic and diluted $ (1.42 ) $ — Weighted-average number of Class R common shares outstanding, basic and diluted 478,037 — Class I common stock: Undistributed net loss attributable to Class I common stockholders $ (38,350 ) $ — Class I common stock cash distributions declared 11,330 — Net loss attributable to Class I common stockholders $ (27,020 ) $ — Net loss per Class I common share, basic and diluted $ (1.58 ) $ — Weighted-average number of Class I common shares outstanding, basic and diluted 17,079 — (1) Weighted-average number of shares excludes the convertible stock as they are not participating securities.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of Stock Issuances	At December 31, 2017 , shares of the company's $0.01 par value Class A, Class T, Class R, and Class I common stock have been issued as follows: 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 2,049,713 $ 19,508,566 35,985 $ 327,820 Shares issued through stock dividends 12,860 — 15,495 — — — — — Shares issued through distribution reinvestment plan 7,687 73,793 15,735 143,020 8,295 75,823 133 1,187 Shares issued in conjunction with the Advisor's initial investment, net of 5,000 share conversion 15,000 200,000 — — — — — — Total at December 31, 2017 621,754 $ 5,875,269 1,081,226 $ 10,086,485 2,058,008 $ 19,584,389 36,118 $ 329,007 (1) Includes 222,222 of Class A shares issued to RAI.
Schedule of Distributions	The following table presents information regarding the Company's distributions declared and paid to stockholders during the year ended December 31, 2017 : Class A Class T Class R Class I Total Distributions declared $ 253,708 $ 332,545 $ 396,088 $ 11,330 $ 993,671 Distributions reinvested in shares of common stock paid 70,500 141,933 75,823 1,187 289,443 Cash distributions paid 122,557 79,359 68,184 5,425 275,525 Total distributions paid $ 193,057 $ 221,292 $ 144,007 $ 6,612 $ 564,968

Fair Value Measures and Discl33

Fair Value Measures and Disclosures (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2017 Assets: Interest rate caps $ — $ 3,408 $ — $ 3,408 December 31, 2016 Assets: Interest rate caps $ — $ — $ — $ —
Fair Value, by Balance Sheet Grouping	The carrying and fair values of the Company’s mortgage notes payable- outstanding borrowings, which were not carried at fair value on the consolidated balance sheets at December 31, 2017 and 2016 , were as follows: December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage notes payable- outstanding borrowings $ 23,114,507 $ 22,236,396 $ 1,625,000 $ 1,625,000

Derivatives and Hedging Activ34

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	At December 31, 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 Date 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 December 31, 2017 and 2016 : Asset Derivatives Liability Derivatives December 31, 2017 December 31, 2016 December 31, 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 $3,408 N/A $ — N/A $ — N/A $ —

Nature of Business and Operat35

Nature of Business and Operations - Narrative (Details)	Aug. 05, 2016shares	Jun. 29, 2016USD ($)shares	Aug. 10, 2015USD ($)shares	Dec. 31, 2017USD ($)property$ / sharesshares	Dec. 31, 2016USD ($)	Jul. 03, 2017$ / shares	Jul. 02, 2017$ / shares
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%
Issuance of common stock | $				$ 30,871,700	$ 4,509,626
Resource America, Inc.
Class of Stock [Line Items]
Issuance of common stock | $		$ 2,000,000
Issuance of stock (in shares) | shares		222,222
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
Common Class A and Common Class T
Class of Stock [Line Items]
Issuance of common stock | $				$ 35,600,000
Class A common stock
Class of Stock [Line Items]
Issuance of stock (in shares) | shares				601,206.55
Class T common stock
Class of Stock [Line Items]
Issuance of stock (in shares) | shares				1,049,996.30
Class R common stock
Class of Stock [Line Items]
Issuance of stock (in shares) | shares				2,049,712.70
Class I common stock
Class of Stock [Line Items]
Issuance of stock (in shares) | shares				35,984.89
Convertible stock | Advisor
Class of Stock [Line Items]
Issuance of stock (in shares) | shares	50,000
Initial public offering | Common Class A and Common Class T
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
Initial public offering | Class I common stock
Class of Stock [Line Items]
Common stock, initial offering price (in dollars per share) | $ / shares						$ 9.13
Distribution reinvestment plan | Common Class A and Common Class T
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 Accoun36

Summary of Significant Accounting Policies - Schedule of Subsidiaries (Details)	Dec. 31, 2017unit
Property, Plant and Equipment [Line Items]
Number of Units	231
RRE Payne Place Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units	11
RRE Bay Club Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units	220

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Deposits at various banks	$ 23,900,000
Cash, uninsured amount	23,100,000
Improvements and replacements in excess of threshold, capitalized amount	$ 1,000
Improvements and replacements, useful life greater than or equal to one year, capitalization threshold (in years)	1 year
Construction management fee (as a percentage)	5.00%
Impairment of long-lived assets	$ 0	$ 0
Operating leases, current future minimum payments receivable	1,600,000
Operating leases, future minimum payments receivable, in two years	27,106
Operating leases, future minimum payments receivable, after two years	0
Other income	1,500	0
Allowance for doubtful accounts receivable	370	0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs, Accumulated	816,000
Due to related parties	$ 9,021,884	3,616,713
Class T common stock
Property, Plant and Equipment [Line Items]
Annual distribution and shareholder servicing fee, term	5 years
Triggering event to cease payment, percentage of gross proceeds	10.00%
Percentage of shares sold	5.00%
Class R common stock
Property, Plant and Equipment [Line Items]
Triggering event to cease payment, percentage of gross proceeds	10.00%
Related party, fees termination terms, maximum aggregate fees as percent of gross proceeds from sale of stock	8.50%
Advisor
Property, Plant and Equipment [Line Items]
Due to related parties	$ 6,200,000
Offering costs payable to related party, deferred	5,400,000
Formation and other operating expenses	104,266
Due to related parties	$ 7,985,132	3,545,030
Advisor | Initial public offering
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
Resource Securities
Property, Plant and Equipment [Line Items]
Due to related parties	$ 1,012,235	63,378
Resource Securities | Class T common stock
Property, Plant and Equipment [Line Items]
Annual distributions and shareholder servicing fee (percentage)	1.00%
Resource Securities | Class R common stock
Property, Plant and Equipment [Line Items]
Annual distributions and shareholder servicing fee (percentage)	1.00%
Related party, fees termination terms, maximum aggregate fees as percent of gross proceeds from sale of stock	8.50%
Resource Securities | Distribution and shareholder servicing fee
Property, Plant and Equipment [Line Items]
Fees earned / expenses incurred:	$ 1,022,047	53,702
Due to related parties	989,515	53,015
Resource Securities | Distribution and shareholder servicing fee | Class T common stock
Property, Plant and Equipment [Line Items]
Fees earned / expenses incurred:	490,492
Payment of distribution and shareholder service fee	64,951
Resource Securities | Distribution and shareholder servicing fee | Class R common stock
Property, Plant and Equipment [Line Items]
Fees earned / expenses incurred:	585,257
Payment of distribution and shareholder service fee	21,283
Rental income
Property, Plant and Equipment [Line Items]
Other income	$ 119,668	$ 211
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
Florida
Property, Plant and Equipment [Line Items]
Percentage of real estate assets	92.00%

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2017
Buildings
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years

Supplemental Cash Flow Inform39

Supplemental Cash Flow Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Non-cash operating, financing and investing activities:
Offering costs payable to related parties	$ 3,319,624	$ 2,848,317
Offering costs payable to third parties	48,897	111,581
Cash distributions on common stock declared but not yet paid	453,877	25,174
Stock issued from distribution reinvestment plan	289,443	4,380
Stock dividend issued	251,567	23,790
Subscriptions receivable	413,084	210,000
Exchange of common stock for convertible stock	0	500
Escrow deposits funded directly by mortgage notes payable	347,318	0
Mortgage notes payable used to acquire real property	21,172,682	0
Cash paid during the year for:
Interest	$ 274,203	$ 5,307

Restricted Cash (Details)

Restricted Cash (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 192,064	$ 7,733
Unrestricted cash designated for capital expenditures	1,900,000	84,702
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	32,115	7,733
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,227	0
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 151,722	$ 0

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details)	12 Months Ended
	Dec. 31, 2017	Jul. 31, 2017ft²property	Aug. 19, 2016ft²property
Alexandria, Virginia | Payne Place
Business Acquisition [Line Items]
Number of properties owned | property			11
Area of rentable square feet | ft²			6,650
Percentage of area leased	100.00%
Jacksonville, Florida | Bay Club
Business Acquisition [Line Items]
Number of properties owned | property		220
Area of rentable square feet | ft²		223,568
Percentage of area leased	92.27%

Acquisitions - Summary (Details

Acquisitions - Summary (Details) - USD ($)	Jul. 31, 2017	Aug. 19, 2016
Payne Place | Alexandria, Virginia
Business Acquisition [Line Items]
Contractual Purchase Price		$ 2,500,000
Land		1,419,898
Building and Improvements		1,016,451
Furniture, Fixtures and Equipment		13,710
Intangible Assets		49,941
Other Liabilities		$ (6,327)
Bay Club | Jacksonville, Florida
Business Acquisition [Line Items]
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 ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Acquisition costs	$ 906,644	$ 128,119
Bay Club
Business Acquisition [Line Items]
Total revenues	1,231,893
Net loss	(1,158,609)
Acquisition costs	294,313
Acquisition fee	$ 612,331
Payne Place
Business Acquisition [Line Items]
Total revenues		72,119
Net loss		(58,495)
Acquisition costs		75,255
Acquisition fee		$ 52,864

Rental Properties, Net (Details

Rental Properties, Net (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 4,740,979	$ 1,419,898
Building and improvements	24,923,994	1,018,051
Furniture, fixtures and equipment	256,992	21,317
Construction in progress	13,395	0
Rental property, at cost	29,935,360	2,459,266
Less: accumulated depreciation	(492,271)	(13,431)
Total rental property, net	$ 29,443,089	$ 2,445,835

Rental Properties, Net - Narrat

Rental Properties, Net - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Depreciation expense	$ 478,920	$ 13,431
Loss on disposal of assets	$ 186,078	$ 0

Identified Intangible Assets,46

Identified Intangible Assets, Net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 429,704	$ 22,071
In-place leases
Finite-Lived Intangible Assets [Line Items]
Value of in-place leases, net of accumulated amortization	321,468	27,870
Accumulated amortization	$ 451,775	$ 22,071
Weighted average remaining life of rental leases	4 months
Expected amortization for in-place leases during the next 12 months	$ 321,468
Expected amortization for in-place leases, thereafter	$ 0

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary of Mortgage Notes Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding borrowings	$ 23,114,507
Deferred Financing Costs, net	(336,137)
Mortgage notes payable
Debt Instrument [Line Items]
Outstanding borrowings	23,114,507	$ 1,625,000
Deferred Financing Costs, net	(336,137)	(34,166)
Carrying Value	$ 22,778,370	1,590,834
LIBOR
Debt Instrument [Line Items]
Interest rate	2.25%
LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate	2.50%
LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate	9.50%
Payne Place | Mortgage notes payable
Debt Instrument [Line Items]
Outstanding borrowings	$ 1,594,507	1,625,000
Deferred Financing Costs, net	(32,126)	(34,166)
Carrying Value	$ 1,562,381	1,590,834
Annual Interest Rate	3.11%
Average Monthly Debt Service	$ 6,948
Average Monthly Escrow	1,933
Bay Club | Mortgage notes payable
Debt Instrument [Line Items]
Outstanding borrowings	21,520,000	0
Deferred Financing Costs, net	(304,011)	0
Carrying Value	$ 21,215,989	$ 0
Annual Interest Rate	3.43%
Average Monthly Debt Service	$ 61,929
Average Monthly Escrow	$ 40,667
Interest rate	1.87%
Bay Club | Maximum | Mortgage notes payable
Debt Instrument [Line Items]
Effective rate	5.75%
Bay Club | LIBOR | Mortgage notes payable
Debt Instrument [Line Items]
Interest rate	1.56%

Mortgage Notes Payable - Annual

Mortgage Notes Payable - Annual Principal Payments on Mortgage Notes Payable (Details)	Dec. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 34,271
2,019	171,282
2,020	453,885
2,021	471,891
2,022	488,442
Thereafter	21,494,736
Total principal payments	$ 23,114,507

Mortgage Notes Payable - Amorti

Mortgage Notes Payable - Amortization of Deferred Financing Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Amortization of deferred financing costs	$ 22,314	$ 2,775
Accumulated amortization, deferred finance costs	22,314	2,775
2,018	49,960
2,019	49,851
2,020	49,149
2,021	47,967
2,022	46,882
Thereafter	92,328
Deferred financing costs	336,137
Interest Expense
Related Party Transaction [Line Items]
Amortization of deferred financing costs	$ 22,314	$ 2,775

Certain Relationships and Rel50

Certain Relationships and Related Party Transactions - Narrative (Details)	Aug. 18, 2016USD ($)	Dec. 31, 2017USD ($)apartment_complex	Dec. 31, 2016USD ($)	Apr. 23, 2017USD ($)	Apr. 22, 2017USD ($)
Related Party Transaction [Line Items]
Mortgage note payable		$ 22,778,370	$ 1,590,834
Due from related parties		4,571	2,352
Property loss pool, deductible amount per incident				$ 25,000
Catastrophic insurance, deductible amount per incident		25,000
Payment into the insurance pools		7,591
General liability insurance, insured limit for general liability policy (up to)		$ 76,000,000
Class R common stock
Related Party Transaction [Line Items]
Related party, fees termination terms, maximum aggregate fees as percent of gross proceeds from sale of stock		8.50%
LIBOR
Related Party Transaction [Line Items]
Interest rate		2.25%
LIBOR | Maximum
Related Party Transaction [Line Items]
Interest rate		9.50%
Advisor
Related Party Transaction [Line Items]
Due to related parties		$ 6,200,000
Term of advisory agreement		1 year
Advisory agreement, renewal period		1 year
Acquisition fee		2.00%
Monthly asset management fee		0.083%
Disposition fee		2.00%
Disposition fee, as a percentage of the brokerage commission paid		50.00%
Debt financing fee		0.50%
Formation and other operating expenses		$ 104,266
Due from related parties		$ 4,192	1,041
Advisor | Bridge Loan
Related Party Transaction [Line Items]
Mortgage note payable	$ 555,000
Interest expense			2,921
Advisor | LIBOR | Bridge Loan
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%
Offering proceeds, threshold, option two (more than)		$ 500,000,000
Manager
Related Party Transaction [Line Items]
Property management fee		4.50%
Due from related parties		$ 4,192	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 (percentage)		3.00%
Dealer manager fee (percentage)		3.50%
Annual distributions and shareholder servicing fee (percentage)		1.00%
Triggering event to cease payment, percentage of gross proceeds		10.00%
Related party, fees termination terms, maximum aggregate fees as percent of gross proceeds from sale of stock		8.50%
Resource Securities | Class R common stock | Maximum
Related Party Transaction [Line Items]
Selling commission (percentage)		5.50%
Resource Securities | Class I common stock
Related Party Transaction [Line Items]
Dealer manager fee (percentage)		1.50%
Resource Securities | Class A common stock
Related Party Transaction [Line Items]
Selling commission (percentage)		7.00%
Resource Securities | Class T common stock
Related Party Transaction [Line Items]
Selling commission (percentage)		2.00%
Annual distributions and shareholder servicing fee (percentage)		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 | Common Class A and Common Class T
Related Party Transaction [Line Items]
Dealer manager fee (percentage)		3.00%
Resource America, Inc.
Related Party Transaction [Line Items]
Insurance pool (up to)		$ 2,500,000
Catastrophic insurance (up to)		250,000,000
General liability coverage (up to)					$ 50,000
Resource America, Inc. | Internal audit fee
Related Party Transaction [Line Items]
Payment for internal audit fees		$ 13,250	8,250
Resource America, Inc. | Mortgage notes payable | Payne Place
Related Party Transaction [Line Items]
Number of apartment complexes owned | apartment_complex		5
Minimum net worth		$ 50,000,000
Liquidity (no less than)		$ 5,000,000
Aggregate portfolio leverage, percentage (no more than)		65.00%
The Planning & Zoning Resource Company | Other:
Related Party Transaction [Line Items]
Payment for internal audit fees		$ 1,079	$ 1,495
Resource America, Inc. and Affiliates
Related Party Transaction [Line Items]
Liability insurance program, maximum amount covered		100,000,000
Liability insurance program, amount paid		$ 70,000

Certain Relationships and Rel51

Certain Relationships and Related Party Transactions - Schedule of Fees Earned and Expenses Incurred (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from related parties	$ 4,571	$ 2,352
Due to related parties	9,021,884	3,616,713
Other:
Related Party Transaction [Line Items]
Due to related parties	0	55
Advisor:
Related Party Transaction [Line Items]
Due from related parties	4,192	1,041
Due to related parties	7,985,132	3,545,030
Advisor: | Acquisition-related reimbursements
Related Party Transaction [Line Items]
Due to related parties	6,533	14,050
Fees earned / expenses incurred:	641,193	67,064
Advisor: | Asset management fees
Related Party Transaction [Line Items]
Due to related parties	0	2
Fees earned / expenses incurred:	159,803	9,844
Advisor: | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	107,600	10,900
Advisor: | Interest expense
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	0	2,921
Advisor: | Organization and offering costs
Related Party Transaction [Line Items]
Due to related parties	6,167,941	2,848,317
Fees earned / expenses incurred:	3,319,624	2,848,317
Advisor: | Operating expense reimbursements (including prepaid expenses)
Related Party Transaction [Line Items]
Due to related parties	1,810,658	682,661
Fees earned / expenses incurred:	660,219	196,292
Manager
Related Party Transaction [Line Items]
Due from related parties	4,192	1,041
Due to related parties	14,392	0
Manager | Asset management fees
Related Party Transaction [Line Items]
Due to related parties	10,800	0
Fees earned / expenses incurred:	55,630	0
Manager | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	1,517	0
Manager | Operating expense reimbursements (including prepaid expenses)
Related Party Transaction [Line Items]
Due to related parties	3,592	0
Fees earned / expenses incurred:	24,858	0
Resource America, Inc.
Related Party Transaction [Line Items]
Due to related parties	10,125	8,250
Resource America, Inc. | RAI and affiliate - insurance funds held in escrow
Related Party Transaction [Line Items]
Due from related parties	379	1,311
Resource America, Inc. | Internal audit fee
Related Party Transaction [Line Items]
Due to related parties	3,500	8,250
Fees earned / expenses incurred:	13,250	8,250
Resource America, Inc. | Operating expense reimbursements (including prepaid expenses)
Related Party Transaction [Line Items]
Due to related parties	6,625	0
Resource Securities
Related Party Transaction [Line Items]
Due to related parties	1,012,235	63,378
Resource Securities | Selling commissions and dealer-manager fees
Related Party Transaction [Line Items]
Due to related parties	22,720	10,363
Fees earned / expenses incurred:	1,709,990	186,757
Resource Securities | Distribution and shareholder servicing fee
Related Party Transaction [Line Items]
Due to related parties	989,515	53,015
Fees earned / expenses incurred:	1,022,047	53,702
The Planning & Zoning Resource Company | Other:
Related Party Transaction [Line Items]
Fees earned / expenses incurred:	$ 1,079	$ 1,495

Earnings Per Share Reconciliati

Earnings Per Share Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (3,131,845)	$ (776,247)
Distributions declared	993,671	41,078
Undistributed net loss attributable to common stockholders	(4,125,516)	(817,325)
Class A common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Distributions declared	253,708	35,177
Undistributed net loss attributable to common stockholders	(1,257,702)	(744,575)
Net loss attributable to common stockholders	$ (1,003,994)	$ (709,398)
Net loss per common share, basic and diluted (in dollars per share)	$ (1.79)	$ (4.50)
Weighted average common shares outstanding (in shares)	560,110	157,726
Class T common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Distributions declared	$ 332,545	$ 5,901
Undistributed net loss attributable to common stockholders	(1,756,053)	(72,750)
Net loss attributable to common stockholders	$ (1,423,508)	$ (66,849)
Net loss per common share, basic and diluted (in dollars per share)	$ (1.82)	$ (4.34)
Weighted average common shares outstanding (in shares)	782,047	15,411
Class R common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Distributions declared	$ 396,088	$ 0
Undistributed net loss attributable to common stockholders	(1,073,411)	0
Net loss attributable to common stockholders	$ (677,323)	$ 0
Net loss per common share, basic and diluted (in dollars per share)	$ (1.42)	$ 0
Weighted average common shares outstanding (in shares)	478,037	0
Class I common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Distributions declared	$ 11,330	$ 0
Undistributed net loss attributable to common stockholders	(38,350)	0
Net loss attributable to common stockholders	$ (27,020)	$ 0
Net loss per common share, basic and diluted (in dollars per share)	$ (1.58)	$ 0
Weighted average common shares outstanding (in shares)	17,079	0

Equity - Narrative (Details)

Equity - Narrative (Details)	Mar. 28, 2018$ / shares	Jul. 30, 2017$ / shares	Apr. 25, 2017shares	Feb. 22, 2017shares	Aug. 05, 2016shares	Dec. 31, 2017USD ($)event$ / sharesshares	Jun. 28, 2017$ / sharesshares	Jun. 27, 2017$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
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)							125,000,000	1,000,000,000
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 | $						$ 453,877			$ 25,174
Subsequent event
Class of Stock [Line Items]
Dividends declared, daily accrual amount (in dollars per share) | $ / shares	$ 0.001434521
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
Preferred stock, shares outstanding (in shares)						50,000			50,000
Issuance of convertible shares (in shares)					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	250,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.01	$ 0.01	$ 0.01	$ 0.01
Class T common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						25,000,000	25,000,000	750,000,000	750,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.01	$ 0.01	$ 0.01	$ 0.01
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
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
Common Stock
Class of Stock [Line Items]
Authorized stock dividend of common stock (in shares)			0.01	0.01

Equity - Schedule of Stock Issu

Equity - Schedule of Stock Issuances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Class A common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	621,754	384,195
Proceeds from issuance of common stock, cumulative	$ 5,875
Class T common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	1,081,226	114,037
Proceeds from issuance of common stock, cumulative	$ 10,086
Class R common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	2,058,008	0
Proceeds from issuance of common stock, cumulative	$ 19,584
Class I common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	36,118	0
Proceeds from issuance of common stock, cumulative	$ 329
Primary Offering | Class A common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	586,207
Proceeds from issuance of common stock, cumulative	$ 5,601
Primary Offering | Class T common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	1,049,996
Proceeds from issuance of common stock, cumulative	$ 9,943
Primary Offering | Class R common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	2,049,713
Proceeds from issuance of common stock, cumulative	$ 19,509
Primary Offering | Class I common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	35,985
Proceeds from issuance of common stock, cumulative	$ 328
Stock Dividends | Class A common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	12,860
Proceeds from issuance of common stock, cumulative	$ 0
Stock Dividends | Class T common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	15,495
Proceeds from issuance of common stock, cumulative	$ 0
Stock Dividends | Class R common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	0
Proceeds from issuance of common stock, cumulative	$ 0
Stock Dividends | Class I common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	0
Proceeds from issuance of common stock, cumulative	$ 0
Distribution reinvestment plan | Class A common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	7,687
Proceeds from issuance of common stock, dividend reinvestment plan, cumulative	$ 74
Distribution reinvestment plan | Class T common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	15,735
Proceeds from issuance of common stock, dividend reinvestment plan, cumulative	$ 143
Distribution reinvestment plan | Class R common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	8,295
Proceeds from issuance of common stock, dividend reinvestment plan, cumulative	$ 76
Distribution reinvestment plan | Class I common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	133
Proceeds from issuance of common stock, dividend reinvestment plan, cumulative	$ 1
Advisor
Class of Stock [Line Items]
Issuance of convertible shares (in shares)	5,000
Advisor | Class A common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	15,000
Proceeds from issuance of common stock, cumulative	$ 200
Advisor | Class T common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	0
Proceeds from issuance of common stock, cumulative	$ 0
Advisor | Class R common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	0
Proceeds from issuance of common stock, cumulative	$ 0
Advisor | Class I common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	0
Proceeds from issuance of common stock, cumulative	$ 0
Advisor | Primary Offering | Class A common stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	222,222

Equity - Schedule of Distributi

Equity - Schedule of Distributions Declared and Paid (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Distributions declared	$ 993,671
Distributions reinvested in shares of common stock paid	289,443	$ 4,380
Cash distributions paid	275,525
Total distributions paid	564,968
Class A common stock
Class of Stock [Line Items]
Distributions declared	253,708
Distributions reinvested in shares of common stock paid	70,500
Cash distributions paid	122,557
Total distributions paid	193,057
Class T common stock
Class of Stock [Line Items]
Distributions declared	332,545
Distributions reinvested in shares of common stock paid	141,933
Cash distributions paid	79,359
Total distributions paid	221,292
Class R common stock
Class of Stock [Line Items]
Distributions declared	396,088
Distributions reinvested in shares of common stock paid	75,823
Cash distributions paid	68,184
Total distributions paid	144,007
Class I common stock
Class of Stock [Line Items]
Distributions declared	11,330
Distributions reinvested in shares of common stock paid	1,187
Cash distributions paid	5,425
Total distributions paid	$ 6,612

Fair Value Measures and Discl56

Fair Value Measures and Disclosures - Narrative (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		$ 0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 3,408	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	3,408	$ 0
Bay Club | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 14,600

Fair Value Measures and Discl57

Fair Value Measures and Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		$ 0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 3,408	0
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	3,408	0
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 0	$ 0

Fair Value Measures and Discl58

Fair Value Measures and Disclosures - Schedule of Carrying and Fair Values (Details) - Mortgage notes payable - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage notes payable- outstanding borrowings	$ 23,114,507	$ 1,625,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage notes payable- outstanding borrowings	$ 22,236,396	$ 1,625,000

Derivatives and Hedging Activ59

Derivatives and Hedging Activities - Narrative (Details)	12 Months Ended
	Dec. 31, 2017USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedge ineffectiveness in earnings	$ 0
Amount of interest expense to be reclassified during next 12 months	$ 143

Derivatives and Hedging Activ60

Derivatives and Hedging Activities - Schedule of Derivative Instruments (Details) - Cash Flow Hedging - Interest Rate Cap $ in Thousands	Dec. 31, 2017USD ($)instrument
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	1
Notional Amount | $	$ 21,520

Derivatives and Hedging Activ61

Derivatives and Hedging Activities - Schedule of Fair Values of Derivative Instruments on the Balance Sheet (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative asset		$ 0
Derivative liability	$ 0	$ 0
Prepaid Expenses and Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset	$ 3,408

Operating Expense Limitation -

Operating Expense Limitation - Narrative (Details)	12 Months Ended
	Dec. 31, 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 in Units, $ in Millions	Mar. 28, 2018$ / shares	Mar. 22, 2018USD ($)property	Jul. 30, 2017$ / shares
Subsequent Event [Line Items]
Distribution per share per day | $ / shares			$ 0.000547945
Subsequent event
Subsequent Event [Line Items]
Distribution per share per day | $ / shares	$ 0.001434521
Austell, Georgia | Tramore Village Apartments | Subsequent event
Subsequent Event [Line Items]
Number of properties owned | property		324
Acquisition price | $		$ 44.4
Mortgage on property | $		$ 32.6

Schedule III, Real Estate and64

Schedule III, Real Estate and Accumulated Depreciation - Schedule of Real Estate Owned (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 23,114,507
Initial cost to Company	30,026,757
Cost capitalized subsequent to acquisition	(91,397)
Gross Amount at which carried at close of period	29,935,360	$ 2,459,266	$ 0
Accumulated Depreciation	(492,271)	$ (13,431)	$ 0
Residential, Alexandria, Virginia
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,594,507
Initial cost to Company	2,450,059
Cost capitalized subsequent to acquisition	25,376
Gross Amount at which carried at close of period	2,475,435
Accumulated Depreciation	(56,144)
Residential, Jacksonville, Florida
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,520,000
Initial cost to Company	27,576,698
Cost capitalized subsequent to acquisition	(116,773)
Gross Amount at which carried at close of period	27,459,925
Accumulated Depreciation	$ (436,127)

Schedule III, Real Estate and65

Schedule III, Real Estate and Accumulated Depreciation - Reconciliations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Investments in real estate:
Balance, beginning of period	$ 2,459,266	$ 0
Acquisitions	27,576,698	2,450,059
Improvements, etc.	85,554	9,207
Disposals during the period	(186,158)	0
Balance, end of period	29,935,360	2,459,266
Accumulated Depreciation:
Balance, beginning of period	(13,431)	0
Depreciation	(478,920)	(13,431)
Disposals during the period	80	0
Balance, end of period	$ (492,271)	$ (13,431)