Resource Apartment REIT III 10-Q 9 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 08, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Resource Apartment REIT III, Inc.
Entity Central Index Key	1,652,926
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	true
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		632,499
Class T common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,106,347
Class R Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,045,704
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		203,100

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Investments:
Rental properties, net	$ 136,516,203	$ 29,443,089
Identified intangible assets, net	1,416,819	321,468
Total investments	137,933,022	29,764,557
Cash	20,305,468	23,752,810
Restricted cash	1,683,013	192,064
Tenant receivables, net	63,135	2,138
Due from related parties	2,729	4,571
Subscriptions receivable	696,500	413,084
Prepaid expenses and other assets	444,325	188,332
Deferred offering costs	5,556,588	5,409,942
Total assets	166,684,780	59,727,498
Liabilities:
Mortgage notes payable, net	100,001,925	22,778,370
Accounts payable and accrued expenses	935,665	257,060
Accrued real estate taxes	933,793	0
Due to related parties	12,061,726	9,021,884
Tenant prepayments	83,125	21,078
Security deposits	263,406	62,724
Distributions payable	862,507	453,877
Total liabilities	115,142,147	32,594,993
Stockholder's equity:
Preferred stock	0	0
Additional paid-in capital	63,143,857	32,323,424
Accumulated other comprehensive loss	(30,970)	(11,192)
Accumulated deficit	(11,645,841)	(5,218,198)
Total stockholder's equity	51,542,633	27,132,505
Total liabilities and stockholder's equity	166,684,780	59,727,498
Convertible Stock
Stockholder's equity:
Preferred stock	500	500
Class A common stock
Stockholder's equity:
Common stock	6,314	6,218
Class T common stock
Stockholder's equity:
Common stock	11,034	10,812
Class R Common Stock
Stockholder's equity:
Common stock	55,827	20,580
Class I Common Stock
Stockholder's equity:
Common stock	$ 1,912	$ 361

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2018	Dec. 31, 2017	Jun. 28, 2017
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000		125,000,000
Convertible Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	50,000	50,000
Preferred stock, shares outstanding (in shares)	50,000	50,000
Class A common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	25,000,000	25,000,000	25,000,000
Common stock, shares issued (in shares)	631,414	621,754
Common stock, shares outstanding (in shares)	631,414	621,754
Class T common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	25,000,000	25,000,000	25,000,000
Common stock, shares issued (in shares)	1,103,386	1,081,226
Common stock, shares outstanding (in shares)	1,103,386	1,081,226
Class R Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000	750,000,000
Common stock, shares issued (in shares)	5,582,690	2,058,008
Common stock, shares outstanding (in shares)	5,582,690	2,058,008
Class I Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000	75,000,000
Common stock, shares issued (in shares)	191,190	36,118
Common stock, shares outstanding (in shares)	191,190	36,118

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Rental income	$ 2,101,119	$ 521,581	$ 4,645,983	$ 622,735
Total revenues	2,226,524	544,431	4,916,839	645,585
Expenses:
Rental operating - expenses	422,733	104,687	906,013	133,653
Rental operating - payroll	224,508	74,326	503,040	74,326
Rental operating - real estate taxes	382,050	57,550	689,242	69,184
Subtotal- rental operating	1,029,291	236,563	2,098,295	277,163
Acquisition costs	0	823,411	0	906,644
Property management fees	2,575	2,776	6,936	7,538
Management fees - related parties	338,741	82,938	765,232	96,395
General and administrative	636,156	342,956	1,591,276	883,360
Loss on disposal of assets	38,196	185,114	44,684	185,114
Depreciation and amortization expense	1,435,935	345,351	3,150,881	394,050
Total expenses	3,480,894	2,019,109	7,657,304	2,750,264
Loss before other income (expense)	(1,254,370)	(1,474,678)	(2,740,465)	(2,104,679)
Other income (expense):
Other income	0	0	0	1,500
Interest income	51,621	3,902	121,835	9,386
Interest expense	(734,763)	(132,007)	(1,533,487)	(157,987)
Net loss	(1,937,512)	(1,602,783)	(4,152,117)	(2,251,780)
Other comprehensive loss:
Designated derivatives, fair value adjustments	(2,508)	(9,396)	(19,778)	(9,396)
Total other comprehensive loss	(2,508)	(9,396)	(19,778)	(9,396)
Comprehensive loss	(1,940,020)	(1,612,179)	(4,171,895)	(2,261,176)
Class A common stock
Other comprehensive loss:
Net loss attributable to common stockholders	$ (173,925)	$ (524,863)	$ (454,122)	$ (952,550)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.28)	$ (0.85)	$ (0.73)	$ (1.76)
Weighted-average shares outstanding, basic and diluted (in shares)	629,450	616,733	626,180	540,022
Class T common stock
Other comprehensive loss:
Net loss attributable to common stockholders	$ (330,529)	$ (935,090)	$ (869,726)	$ (1,214,317)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.30)	$ (0.87)	$ (0.80)	$ (1.78)
Weighted-average shares outstanding, basic and diluted (in shares)	1,098,193	1,068,753	1,090,752	682,945
Class R Common Stock
Other comprehensive loss:
Net loss attributable to common stockholders	$ (1,399,996)	$ (130,032)	$ (2,770,590)	$ (77,304)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.28)	$ (0.77)	$ (0.72)	$ (1.37)
Weighted-average shares outstanding, basic and diluted (in shares)	5,043,308	167,935	3,874,540	56,594
Class I Common Stock
Other comprehensive loss:
Net loss attributable to common stockholders	$ (33,062)	$ (12,798)	$ (57,679)	$ (7,609)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.21)	$ (0.77)	$ (0.52)	$ (1.37)
Weighted-average shares outstanding, basic and diluted (in shares)	155,389	16,527	110,174	5,570
Utilities
Revenues:
Utilities income	$ 90,218	$ 19,603	$ 204,423	$ 19,603
Ancillary tenant fees
Revenues:
Utilities income	$ 35,187	$ 3,247	$ 66,433	$ 3,247

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity (unaudited) - 9 months ended Sep. 30, 2018 - USD ($)	Total	Class A common stock	Class T common stock	Class R Common Stock	Class I Common Stock	Common StockClass A common stock	Common StockClass T common stock	Common StockClass R Common Stock	Common StockClass I Common Stock	Convertible StockConvertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2017	$ 27,132,505					$ 6,218	$ 10,812	$ 20,580	$ 361	$ 500	$ 32,323,424	$ (11,192)	$ (5,218,198)
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	34,409,749					$ 0	$ 0	$ 34,481	$ 1,548		34,373,720
Issuance of common stock (in shares)						0	0	3,448,192	154,721
Offering costs	(4,545,256)										(4,545,256)
Cash distributions declared	(2,275,526)	$ (251,790)	$ (359,912)	$ (1,597,300)	$ (66,524)								(2,275,526)
Common stock issued through distribution reinvestment plan	1,019,484	$ 90,985	$ 220,696	$ 704,667	$ 3,136	$ 96	$ 243	$ 775	$ 3		1,018,367
Common stock issued through distribution reinvestment plan (in shares)						9,660	24,314	77,435	351
Other comprehensive loss	(19,778)											(19,778)
Net loss	(4,152,117)												(4,152,117)
Share redemptions	(26,428)						$ (21)	$ (9)			(26,398)
Share redemptions (in shares)		0	(2,154)	(945)	0		(2,154)	(945)
Ending balance at Sep. 30, 2018	$ 51,542,633					$ 6,314	$ 11,034	$ 55,827	$ 1,912	$ 500	$ 63,143,857	$ (30,970)	$ (11,645,841)
Ending balance (in shares) at Sep. 30, 2018		631,414	1,103,386	5,582,690	191,190	631,414	1,103,386	5,582,690	191,190	50,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net loss	$ (4,152,117)	$ (2,251,780)
Adjustment to reconcile net loss to net cash provided by (used in) operating activities:
Loss on disposal of assets	44,684	185,114
Depreciation and amortization expense	3,150,881	394,050
Amortization of deferred financing costs	75,474	5,390
Realized loss on change in fair value of interest rate cap	10	0
Changes in operating assets and liabilities:
Tenant receivable, net	(60,997)	67
Due from related parties	1,842	4,971
Prepaid expenses and other assets	(133,296)	285,774
Due to related parties	454,906	982,779
Accounts payable and accrued expenses	927,583	13,040
Tenant prepayments	47,804	16,912
Security deposits	85,239	7,222
Net cash provided by (used in) operating activities	442,013	(356,461)
Cash flows from investing activities:
Property acquisitions	(31,473,100)	(6,892,659)
Capital expenditures	(965,824)	(22,965)
Net cash used in investing activities	(32,438,924)	(6,915,624)
Cash flows from financing activities:
Net proceeds from issuance of common stock	32,001,277	15,719,233
Redemptions of common stock	(26,428)	0
Payments on borrowings	(25,604)	(22,091)
Payment of deferred financing costs	(1,061,315)	(324,285)
Distributions paid on common stock	(847,412)	(118,380)
Net cash provided by financing activities	30,040,518	15,254,477
Net (decrease) increase in cash and restricted cash	(1,956,393)	7,982,392
Cash and restricted cash at beginning of period	23,944,874	3,359,269
Cash and restricted cash at end of period	$ 21,988,481	$ 11,341,661

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (unaudited) (Parentheticals) - USD ($)	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Reconciliation to consolidated balance sheets:
Cash	$ 20,305,468	$ 23,752,810	$ 10,914,545
Restricted Cash	1,683,013	192,064	427,116
Subtotal- cash and restricted cash	$ 21,988,481	$ 23,944,874	$ 11,341,661	$ 3,359,269

Nature of Business and Operatio

Nature of Business and Operations	9 Months Ended
	Sep. 30, 2018
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"). The Company’s primary offering will close on April 27, 2019. Through July 2, 2017 , the Company offered shares of Class A and Class T common stock at prices of $10.00 per share and $9.47 per share, respectively. As of July 3, 2017 , the Company ceased offering shares of Class A and Class T common stock in its primary offering and commenced offering shares of Class R and Class I common stock. The initial prices per share for each class of shares of the Company's common stock through June 30, 2018 were as follows: Class A Class T Class R Class I Primary Offering Price $ — $ — $ 9.52 $ 9.13 Offering Price under the DRIP $ 9.60 $ 9.09 $ 9.14 $ 8.90 On June 29, 2018, the Company determined its net asset value ("NAV") per share. Effective July 2, 2018, the price per share for each class of shares of the Company's common stock became: Class A Class T Class R Class I Primary Offering Price $ — $ — $ 9.68 $ 9.28 Offering Price under the DRIP $ 9.05 $ 9.05 $ 9.05 $ 9.05 As of September 30, 2018 , the Company has raised aggregate gross offering proceeds (excluding the DRIP) of approximately $70.0 million from the sale of 601,207 Class A shares, 1,049,996 Class T shares, 5,497,905 Class R shares and 190,706 Class I shares of common stock. Resource REIT Advisor, LLC (the "Advisor"), an indirect wholly-owned subsidiary of Resource America, Inc. ("RAI"), contributed $200,000 to the Company in exchange for 20,000 shares of Class A common stock on August 10, 2015 . On June 29, 2016 , RAI purchased 222,222 shares of Class A common stock for $2.0 million in the offering. On August 5, 2016 , the Advisor exchanged 5,000 shares of Class A common stock for 50,000 shares of convertible stock. Under limited circumstances, these shares may be converted into shares of the Company's Class A common stock satisfying the Company's obligation to pay the Advisor an incentive fee and diluting its other stockholders’ interest in the Company. RAI is a wholly-owned subsidiary of C-III Capital Partners, LLC ("C-III"), a leading commercial real estate investment management and services company engaged in a broad range of activities. C-III controls the Advisor, Resource Securities LLC ("Resource Securities"), the Company's dealer manager, and Resource Apartment Manager III, LLC (the "Manager"), the Company's property manager. C-III also controls all of the shares of the Company's common stock held by RAI and the Advisor. The Company’s objective is to take advantage of Resource Real Estate, LLC’s (the "Sponsor") multifamily investing and lending platforms to invest in apartment communities in order to provide the investor with growing cash flow and increasing asset values. The Company intends to acquire underperforming apartments which it will renovate and stabilize in order to increase rents. To a lesser extent, the Company may also seek to originate and acquire commercial real estate debt secured by apartments having the same characteristics. The Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes under the provisions of the Internal Revenue Code of 1986, as amended, for the year ended December 31, 2017. As such, to maintain its REIT qualification for U.S. federal income tax purposes, the Company is generally required to distribute at least 90% of its net income (excluding net capital gains) to its stockholders as well as comply with certain other requirements. Accordingly, the Company generally will not be subject to U.S. federal income taxes to the extent that it annually distributes all of its REIT taxable income to its stockholders. The Company also operates its business in a manner that will permit it to maintain its exemption from registration under the Investment Company Act of 1940, as amended. The consolidated financial statements and the information and tables contained in the notes thereto are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), pertaining to interim financial statements in Form 10-Q. However, in the opinion of management, these interim financial statements include all the necessary adjustments to fairly present the results of the interim periods presented. The consolidated balance sheet as of December 31, 2017 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2017 . The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . The results of operations for the nine months ended September 30, 2018 may not necessarily be indicative of the results of operations for the full year ending December 31, 2018 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
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 GAAP. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Number of Units Property Location Resource Apartment REIT III Holdings, LLC N/A N/A Resource Apartment REIT III OP, LP N/A N/A RRE Payne Place Holdings, LLC 11 Alexandria, VA RRE Bay Club Holdings, LLC 220 Jacksonville, FL RRE Tramore Village Holdings, LLC 324 Austell, GA RRE Matthews Reserve Holdings, LLC 212 Matthews, NC RRE Kensington Holdings, LLC 204 Riverview, FL 971 N/A - Not Applicable All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Concentration of Risk As of September 30, 2018 , the Company's real estate investments in Florida represented approximately 41% of the net book value of its rental property assets. As a result, the geographic concentration of the Company's portfolio makes it 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, changing demographics, weather and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, “Revenue from Contracts with Customers”, which replaced 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. On January 1, 2018, the Company adopted ASU No. 2014-09 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. The accounting for these revenue streams were not affected by the adoption of ASU No. 2014-09, nor was there a cumulative effect of initially applying the standard. 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. On January 1, 2018, the Company adopted ASU No. 2016-15 and the adoption did not have a material effect on its consolidated financial statements and disclosures. 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. On January 1, 2018, the Company adopted ASU No. 2016-18. As a result of adopting the new guidance, $38,443 and $380,940 of restricted cash, which was previously included as operating and investing cash outflows within the consolidated statements of cash flows for the nine months ended September 30, 2017 , respectively, has been removed and is now included in the cash and restricted cash line items at the beginning and the end of period. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): 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. On January 1, 2018, the Company adopted ASU No. 2017-01. During the nine months ended September 30, 2018 , the Company acquired three investment properties which did not meet the revised definition of a business and, accordingly, accounted for the acquisitions as asset acquisitions. For investment property additions accounted for as business combinations, acquisition fees and acquisition costs were included in acquisition costs on the consolidated statements of operations and comprehensive loss. For investment property additions accounted for as asset acquisitions, all such costs are included in the purchase price that is allocated between land, building and improvements, furniture, fixtures, and equipment and intangible assets on the consolidated balance sheets, based on their respective fair values. The Company believes all future acquisitions will be accounted for as asset acquisitions, not business combinations. Accounting Standards Issued But Not Yet Effective In February 2016, FASB issued ASU No. 2016-02, "Leases" and amended by ASU No. 2018-09, “Codification Improvements" in July 2018, 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 No. 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. 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. For leases in which the Company is the lessee, primarily consisting of a parking space lease and 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 July 2018, FASB issued ASU No. 2018-11, “Leases: Targeted Improvements” an additional amendment to ASU No. 2016-02. Although the Company is still evaluating this guidance, the Company believes it will apply the practical expedient allowed in this new guidance to combine lease and associated nonlease components by class of underlying asset. In addition, the Company is expected to utilize the optional method for adopting the new leasing guidance and not restate comparative periods. 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 that the Company did not have instruments subject to this guidance at September 30, 2018 . 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 continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2017-04 to have a significant impact on its consolidated financial statements due to the fact that the Company did not have any goodwill subject to this guidance at September 30, 2018 . 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; however, it does not expect the adoption of ASU No. 2017-12 to have a significant impact on its consolidated financial statements. In July 2018, FASB issued ASU No. 2018-09, "Codification Improvements". This standard does not prescribe any new accounting guidance, but instead makes minor improvements and clarifications of several different FASB Accounting Standards Codification areas based on comments and suggestions made by various stakeholders. Certain updates are applicable immediately while others provide for a transition period to adopt as part of the next fiscal year beginning after December 15, 2018. The Company is evaluating this guidance to determine the impact it may have on its consolidated financial statements; however, it does not expect the adoption of ASU No. 2018-09 to have a significant impact on its consolidated financial statements. In August 2018, FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”. This update removes, modifies and adds certain disclosure requirements in the FASB Accounting Standards Codification ("ASC") 820, “Fair Value Measurement”. ASU No. 2018-13 will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2018-13 to have a significant impact on its consolidated financial statements. Real Estate Investments The Company records acquired rental properties at fair value on the acquisition date. 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 lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. The Manager earns a construction management fee of 5% 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. An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of a property to be held and used. For properties held for sale, the impairment loss would be the adjustment to fair value less the estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. There were no impairment losses recorded on long lived assets during the three and nine months ended September 30, 2018 and 2017 . 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 September 30, 2018 and December 31, 2017 . Allocation of Purchase Price of Acquired Assets On January 1, 2018, the Company adopted ASU 2017-01. Acquisitions that do not meet the definition of a business under this guidance are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered a business combination as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the set is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition including transaction costs to the assets acquired or liabilities assumed based on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price to tangible assets, consisting of land, building, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, other value of in-place leases and value of tenant relationships, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases, which the Company expects will range from one month to one year . The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the 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. The determination of the fair value of the assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the fair value of these assets and liabilities, which could impact the amount of the Company’s reported net income. Revenue Recognition The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are approximately $6.7 million and $42,000 for the 12 month periods ending September 30, 2019 and 2020 , respectively, and none thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments, amenities and revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. As discussed earlier, the Company adopted ASU No. 2014-09 beginning January 1, 2018. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records the utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized. Tenant Receivables Tenant receivables are stated in the consolidated financial statements as amounts due from tenants net of an allowance for uncollectible receivables. Payment terms vary and receivables outstanding longer than the payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, the condition of the general economy and the industry as a whole. The Company writes off receivables when they become uncollectible. At September 30, 2018 and December 31, 2017 , there were allowances for uncollectible receivables of $0 and $370 , respectively. Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2017. As a REIT, the Company will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Taxable income, generally, differs from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as taxable REIT subsidiaries ("TRSs"). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. At September 30, 2018 and December 31, 2017 , the Company did not treat any of its subsidiaries as a TRS. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company’s taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. 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. None of the 50,000 shares of convertible stock (discussed in Note 10) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of September 30, 2018 (were such date to represent the end of the contingency period). For the purposes of calculating earnings per share, all common shares and per share information in the financial statements have been retroactively adjusted for the effect of any stock dividends and stock splits. For the three and nine months ended September 30, 2018 and 2017 , common shares potentially issuable to settle distributions payable are excluded from the calculation of diluted earnings per share calculations, as their inclusion would be anti-dilutive. In accordance with ASC 260-10-45, "Earnings Per Share", the Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on their relative percentage of each class of shares to the total number of outstanding shares. The Company did not have any participating securities outstanding other than Class A common stock, Class T common stock, Class R common stock and Class I common stock during the periods presented ( see Note 10 ). Organization and Offering Costs Organization and offering costs (other than selling commissions, dealer manager fees, and distribution and shareholder servicing fees) of the Company 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. On April 13, 2018 , the board of directors approved an amendment to the advisory agreement that provides that the Company is not responsible for the reimbursement of any unreimbursed organization and offering expenses or operational expenses incurred by the Advisor on the Company’s behalf through March 31, 2018 until after the termination of the primary portion of the Company’s ongoing initial public offering. Additionally, the amendment provides that such unreimbursed organization and offering expenses or operational expenses incurred or paid by the Advisor on the Company’s behalf through March 31, 2018 will be reimbursed ratably starting after the termination of the primary portion of the Company’s ongoing initial public offering through April 30, 2021 for organization and offering expenses and through April 30, 2020 for operating expenses. As of September 30, 2018, the Company has incurred approximately $8.1 million for public offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal and similar costs. As of September 30, 2018, the Advisor has advanced approximately $7.8 million of these costs on behalf of the Company and the Company has paid approximately $300,000 of these costs directly. As of September 30, 2018, the Company has charged approximately $2.6 million of offering costs to equity, which represents the portion of deferred offering costs allocated to each share of common stock sold in the public offering. Deferred offering costs of $5.6 million represent the portion of the total offering costs incurred that have not yet been charged to equity. Upon completion of the public offering, any deferred offering costs in excess of the limit on organization and offering costs discussed above, will be charged back to the Advisor. 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 $104,266 of formation and other operating expenses on the Company's behalf, which will not be reimbursed to the Advisor. Outstanding Class T shares issued in the Company's primary offering are subject to a 1% annual distribution and shareholder servicing fee for five years from the date on which such shares were issued. The Company will cease paying the distribution and shareholder servicing fee on each Class T share prior to the fifth anniversary of its issuance on the earliest of the following, should any of these events occur: (i) the date at which, in the aggregate, underwriting compensation from all sources equals 10% of the gross proceeds from the Company's primary offering (i.e., excluding proceeds from sales pursuant to the DRIP); (ii) the date on which the Company lists its common stock on a national securities exchange; and (iii) the date of a merger or other extraordinary transaction in which the Company is a party and in which the common stock is exchanged for cash or other securities. The Company cannot predict if or when any of these events will occur. Outstanding Class R shares issued in the Company's primary offering are also subject to a 1% annual distribution and shareholder servicing fee. The Company will cease paying the distribution and shareholder servicing fee with respect to Class R shares held in any particular account, and those Class R shares will convert into a number of Class I shares determined by multiplying each Class R share to be converted by the applicable "Conversion Rate," on the earlier of (i) the date after the termination of the primary offering at which, in the aggregate, underwriting compensation from all sources equals 10% of the gross proceeds from its primary offering; (ii) a listing of the Class I shares on a national securities exchange; (iii) a merger or consolidation of the company with or into another entity, or the sale or other disposition of all or substantially all of its assets; and (iv) the end of the month in which the total underwriting compensation (which consists of selling commissions, dealer manager fees and distribution and shareholder servicing fees) paid with respect to such Class R shares purchased in a primary offering is not less than 8.5% (or a lower limit, provided that, in the case of a lower limit, the agreement between the Resource Securities and the broker-dealer in effect at the time Class R sha

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION The following table presents the Company's supplemental cash flow information: Nine Months Ended September 30, 2018 2017 Non-cash operating, financing and investing activities: Offering costs payable to related parties $ 1,677,608 $ 2,534,176 Offering costs payable to third parties (18,898 ) (59,377 ) Distribution and shareholder servicing fee payable to related parties 651,678 579,029 Cash distributions on common stock declared but not yet paid 862,507 91,561 Stock issued from distribution reinvestment plan 1,019,484 115,774 Stock dividend issued — 251,567 Subscriptions receivable 696,500 676,851 Escrow deposits funded directly by mortgage notes payable 486,106 347,318 Non-cash activity related to acquisitions: Mortgage notes payable used to acquire real property 77,748,894 21,172,682 Cash paid during the year for: Interest $ 1,340,308 $ 92,819

Restricted Cash

Restricted Cash	9 Months Ended
	Sep. 30, 2018
Cash and Cash Equivalents [Abstract]
Restricted Cash	RESTRICTED CASH Restricted cash represents escrow deposits with lenders to be used to pay real estate taxes, insurance, and capital improvements. The following table presents a summary of the components of the Company's restricted cash: September 30, 2018 December 31, 2017 Real estate taxes $ 558,498 $ 32,115 Insurance 438,932 8,227 Capital improvements 685,583 151,722 Total $ 1,683,013 $ 192,064 In addition, the Company designated unrestricted cash for capital expenditures of approximately $10.5 million and $1.9 million at September 30, 2018 and December 31, 2017 , respectively.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS On March 22, 2018 , the Company, through its wholly-owned subsidiary, purchased a multifamily community located in Austell, Georgia ("Tramore Village"). Tramore Village, constructed in 1999, contains 324 units plus amenities, including private garages for each unit, a clubhouse, pool, fitness center and business center. Tramore Village encompasses 348,804 rentable square feet. At September 30, 2018 , Tramore Village was 94% leased. On August 29, 2018 , the Company, through its wholly-owned subsidiary, purchased a multifamily community located in Matthews, North Carolina ("Matthews Reserve"). Matthews Reserve, constructed in 1998, contains 212 units plus amenities, including a swimming pool, clubhouse, a fitness center, playgrounds, and a dog park. Matthews Reserve encompasses 199,744 rentable square feet. At September 30, 2018 , Matthews Reserve was 96% leased. On September 14, 2018 , the Company, through its wholly-owned subsidiary, purchased a multifamily community located in Riverview, Florida ("The Park at Kensington"). The Park at Kensington, constructed in 1990, contains 204 units plus amenities, including a swimming pool, clubhouse, a fitness center, and a dog park. The Park at Kensington encompasses 205,471 rentable square feet. At September 30, 2018 , The Park at Kensington was 95% leased. The following table presents the allocated contract purchase price, acquisition fee, and acquisition costs of the Company's three acquired properties during the nine months ended September 30, 2018 : Contract Purchase Price Acquisition Fee (1) Acquisition Costs (2) Total Real Estate, Cost Tramore Village Land $ 6,549,731 $ 144,847 $ 34,503 $ 6,729,081 Building and Improvements 36,220,010 801,006 190,800 37,211,816 Furniture, fixtures and equipment 654,973 14,485 3,450 672,908 Intangible Assets 925,286 20,463 4,874 950,623 $ 44,350,000 $ 980,801 $ 233,627 $ 45,564,428 Matthews Reserve Land $ 4,023,750 $ 88,239 $ 26,799 $ 4,138,788 Building and Improvements 28,738,626 630,223 191,407 29,560,256 Furniture, fixtures and equipment 372,197 8,162 2,479 382,838 Intangible Assets 665,427 14,592 4,432 684,451 $ 33,800,000 $ 741,216 $ 225,117 $ 34,766,333 The Park at Kensington Land $ 3,052,176 $ 66,511 $ 33,588 $ 3,152,275 Building and Improvements 24,634,579 536,818 271,095 25,442,492 Furniture, fixtures and equipment 360,000 7,845 3,962 371,807 Intangible Assets 653,245 14,235 7,189 674,669 $ 28,700,000 $ 625,409 $ 315,834 $ 29,641,243 (1) Represents acquisition fee of 2% of the cost of investments acquired by the Advisor on behalf of the Company. (2) Represents transaction costs paid at both closing and post-closing, excluding Acquisition Fees.

Rental Properties, Net

Rental Properties, Net	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Rental Properties, Net	RENTAL PROPERTIES, NET The following table presents the Company's investment in rental properties: September 30, 2018 December 31, 2017 Land $ 18,761,123 $ 4,740,979 Building and improvements 117,770,119 24,923,994 Furniture, fixtures, and equipment 2,025,812 256,992 Construction in progress 382,182 13,395 138,939,236 29,935,360 Less: accumulated depreciation (2,423,033 ) (492,271 ) Total rental property, net $ 136,516,203 $ 29,443,089 Depreciation expense for the three and nine months ended September 30, 2018 was $937,827 and approximately $1.9 million , respectively. Depreciation expense for the three and nine months ended September 30, 2017 was $184,618 and $205,446 , respectively. Loss on disposal of assets: During the three and nine months ended September 30, 2018 , the Company recorded losses on the disposal of assets of $38,196 and $44,684 , respectively, due to the replacement of appliances at its rental properties in conjunction with unit upgrades. During each of the three and nine months ended September 30, 2017 , the Company recorded losses on the disposal of assets of $185,114 , due to the replacement of appliances at its rental properties in conjunction with unit upgrades.

Identified Intangible Assets, N

Identified Intangible Assets, Net	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Identified Intangible Assets, Net	IDENTIFIED INTANGIBLE ASSETS, NET Identified intangible assets, net, consist of in-place rental leases. The net carrying value of the acquired in-place leases at September 30, 2018 and December 31, 2017 was approximately $1.4 million and $321,468 , respectively, net of the accumulated amortization of approximately $1.7 million and $451,775 , respectively. At September 30, 2018 , the weighted average remaining life of the rental leases was five months. Amortization for the three months ended September 30, 2018 and 2017 was $498,108 and $160,734 , respectively. Amortization for the nine months ended September 30, 2018 and 2017 was approximately $1.2 million and $188,604 , respectively. At September 30, 2018 , expected amortization for the in-place rental leases for the next 12 months is $1.4 million and none thereafter.

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	MORTGAGE NOTES PAYABLE, NET The following table presents a summary of the Company's mortgage notes payable, net at September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Collateral Outstanding Borrowings Deferred Financing Costs, net Carrying Value Outstanding borrowings Deferred Financing Costs, net Carrying Value Payne Place $ 1,568,903 $ (30,693 ) $ 1,538,210 $ 1,594,507 $ (32,126 ) $ 1,562,381 Bay Club 21,520,000 (268,069 ) 21,251,931 21,520,000 (304,011 ) 21,215,989 Tramore Village 32,625,000 (378,812 ) 32,246,188 — — — Matthews Reserve 23,850,000 (327,378 ) 23,522,622 — — — The Park at Kensington 21,760,000 (317,026 ) 21,442,974 — — — Total $ 101,323,903 $ (1,321,978 ) $ 100,001,925 $ 23,114,507 $ (336,137 ) $ 22,778,370 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)(5) $ 6,948 $ 2,084 Bay Club 8/1/2024 4.13% (2)(6) 77,231 41,743 Tramore Village 4/1/2025 4.06% (3)(6) 111,423 36,537 Matthews Reserve 9/1/2025 4.47% (4)(6) 90,075 21,010 The Park at Kensington 10/1/2025 4.36% (4)(6) 80,159 43,998 (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 2.26% (at September 30, 2018 ) plus 1.87% , with a maximum interest rate of 5.75% ; see Note 13 . (3) Variable rate based on one-month LIBOR of 2.26% (at September 30, 2018 ) plus 1.80% , with a maximum interest rate of 6.25% ; see Note 13 . (4) Fixed rate. (5) RAI co-guarantees this loan with the Company. See Note 9 for more details. (6) Monthly interest-only payment currently required. All 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. On March 22, 2018, the Company, through a wholly owned subsidiary, entered into a seven -year, $32.6 million secured mortgage loan with Berkadia Commercial Mortgage LLC, an unaffiliated lender, secured by Tramore Village (the "Tramore Mortgage Loan"). The Tramore Mortgage Loan matures on April 1, 2025 . The Tramore Mortgage Loan bears interest at a rate of LIBOR plus 1.80% , with a maximum interest rate of 6.25% . Monthly payments are interest only for the first 36 months . Beginning on May 1, 2021 , the Company will pay both principal and interest on the Tramore Mortgage Loan based on a 30 -year amortization period. Any remaining principal balance and all accrued and unpaid interest and fees will be due at maturity. The Company may prepay the Tramore Mortgage Loan in full at any time (1) after April 1, 2019 and until December 31, 2024 upon payment of a prepayment premium equal to 1% of the principal amount prepaid; and (2) after December 31, 2024 with no prepayment premium. The non-recourse carveouts under the loan documents for the Tramore Mortgage Loan are guaranteed by the Company. On August 29, 2018, the Company, through a wholly owned subsidiary, entered into a seven -year secured mortgage loan with CBRE Capital Markets, Inc., an unaffiliated lender, for borrowings of approximately $23.9 million secured by Matthews Reserve (the “Matthews Mortgage Loan”). The Matthews Mortgage Loan matures on September 1, 2025 . The Matthews Mortgage Loan bears interest at a fixed rate of 4.47% . Monthly payments are interest only for the first 36 months . Beginning on October 1, 2021, the Company will pay both principal and interest on the Matthews Mortgage Loan based on 30 -year amortization. Any remaining principal balance and all accrued and unpaid interest and fees will be due at maturity. After any lockout period (if any), prepayment in full is permitted on any scheduled payment date, provided a prepayment premium is paid. The prepayment premium will be based on the yield maintenance prepayment formula for any prepayment made prior to September 1, 2023. The prepayment premium will be 1% of the amount of principal being repaid for any prepayment made from (and including) September 1, 2023 through May 31, 2025. No prepayment premium is required after June 1, 2025. The non-recourse carveouts under the loan documents for the Matthews Mortgage Loan are guaranteed by the Company. On September 14, 2018, the Company, through a wholly owned subsidiary, entered into a seven -year secured mortgage loan with CBRE Capital Markets, Inc., an unaffiliated lender, for borrowings of approximately $21.8 million secured by The Park at Kensington (the “Kensington Mortgage Loan”). The Kensington Mortgage Loan matures on October 1, 2025 . The Kensington Mortgage Loan bears interest at a rate of 4.36% . Monthly payments are interest only for the first 36 months . Beginning on November 1, 2021, the Company will pay both principal and interest on the Kensington Mortgage Loan based on 30 -year amortization. Any remaining principal balance and all accrued and unpaid interest and fees will be due at maturity. After any lockout period (if any), prepayment in full is permitted on any scheduled payment date, provided a prepayment premium is paid. The prepayment premium will be based on the greater of (i) the yield maintenance prepayment formula and (ii) 1% of the amount of the principal being repaid, for any prepayment made prior to October 1, 2023. The prepayment premium will be 1% of the amount of principal being repaid for any prepayment made from (and including) October 1, 2023 through June 30, 2025. No prepayment premium is required after July 1, 2025. The non-recourse carveouts under the loan documents for the Kensington Mortgage Loan are guaranteed by the Company. The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five 12-month periods ending September 30, and thereafter: 2019 $ 63,662 2020 402,250 2021 650,218 2022 1,709,840 2023 1,815,560 Thereafter 96,682,373 $ 101,323,903 Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the three months ended September 30, 2018 and 2017 , amortization of deferred financing costs of $34,252 and $4,572 , respectively, was included in interest expense. During the nine months ended September 30, 2018 and 2017 , amortization of deferred financing costs of $75,474 and $5,390 , respectively, was included in interest expense. Accumulated amortization at September 30, 2018 and December 31, 2017 was $100,563 and $22,314 , respectively. The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five 12-month periods ending September 30, and thereafter: 2019 $ 203,847 2020 203,755 2021 202,047 2022 199,267 2023 195,459 Thereafter 317,603 $ 1,321,978

Certain Relationships and Relat

Certain Relationships and Related Party Transactions	9 Months Ended
	Sep. 30, 2018
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, 2018 , the Company renewed the advisory agreement with the Advisor through April 27, 2019 . The terms of the agreement are identical to those of the advisory agreement in effect through April 27, 2018 except that it includes the amendment described below. During the course of the offering, the Advisor will provide offering-related services to the Company and will advance funds to the Company for both operating costs and organization and offering costs. These amounts will be reimbursed to the Advisor from the proceeds from the offering, subject to the aforementioned limits on organization and offering expense reimbursements, although there can be no assurance that the Company’s plans to raise capital will be successful. At September 30, 2018 , the Advisor has advanced organization and offering costs on a cumulative basis on behalf of the Company of approximately $7.8 million . The advisory agreement has a one -year term and may be renewed for an unlimited number of successive one -year terms upon the approval of the Conflicts Committee of the Company's board of directors. Under the advisory agreement, the Advisor will receive fees and will be reimbursed for its expenses as set forth below: Acquisition fees. The Advisor earns an acquisition fee of 2.0% of the cost of investments acquired on behalf of the Company, plus any capital expenditure reserves allocated, or the amount funded by the Company to acquire 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 earns a debt financing fee equal to 0.5% of the amount available under any debt financing obtained for which it provided substantial services. Expense reimbursements. The Company also will pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its affiliates on behalf of the Company or in connection with the services provided to the Company in relation to its public offering, including its distribution reinvestment plan offering. This includes all organization and offering costs of up to 4.0% of gross offering proceeds if the Company raises less than $500.0 million in the primary offering and 2.5% of gross offering proceeds if the Company raises more than $500.0 million in the primary offering. Reimbursements also include expenses the Advisor incurs in connection with providing services to the Company, including the Company’s allocable share of costs for Advisor personnel and overhead, out-of-pocket expenses incurred in connection with the selection and acquisition of properties or other real estate related debt investments, whether or not the Company ultimately acquires the investment. However, the Company will not reimburse the Advisor or its affiliates for employee costs in connection with services for which the Advisor earns acquisition or disposition fees. Prior to the Company breaking escrow, the Advisor incurred $104,266 of formation and other operating expenses the Company's behalf, which will not be reimbursed to the Advisor. On April 13, 2018, the board of directors approved an amendment to the advisory agreement that provides that the Company is not responsible for the reimbursement of any unreimbursed organization and offering expenses or operational expenses incurred by the Advisor on the Company’s behalf through March 31, 2018 until after the termination of the primary portion of the Company’s ongoing initial public offering. Additionally, the amendment provides that such unreimbursed organization and offering expenses or operational expenses incurred or paid by the Advisor on the Company’s behalf through March 31, 2018 will be reimbursed ratably starting after the termination of the primary portion of the Company’s ongoing initial public offering through April 30, 2021 for organization and offering expenses and through April 30, 2020 for operating expenses. Relationship with Resource Apartment Manager III, LLC The Manager manages real estate properties and real estate-related debt investments and coordinates the leasing of, and manages construction activities related to, some of the Company’s real estate properties pursuant to the terms of the management agreement with the Manager. Property management fees. The Manager earns a property management fee equal to 4.5% of actual gross cash receipts from the operations of real property investments that it manages and an oversight fee on any real property investments that are managed by third parties. Property management fees are deducted directly from the property's operating account by the property manager. Any property management fees paid to unaffiliated third party property managers in excess of 4.5% of actual gross receipts will be reimbursed to the Company by the Advisor. At September 30, 2018 and December 31, 2017 , the Advisor owed the Company $1,640 and $4,192 , 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 Resource Securities selling commissions up to 7.0% of gross primary offering proceeds from the sale of Class A shares and up to 2.0% of gross primary offering proceeds from the sale of Class T shares and a dealer manager fee of up to 3.0% of gross primary offering proceeds from the sale of either Class A or Class T shares. Resource Securities allows all selling commissions earned and a portion of the dealer manager fee as a marketing fee to participating broker-dealers. No selling commissions or dealer manager fees are earned by Resource Securities in connection with sales under the distribution reinvestment plan. Additionally, the Company may reimburse Resource Securities for bona fide due diligence expenses. No selling commissions or dealer manager fees were paid in connection with the sales of Class A shares to the Advisor or RAI. Distribution and shareholder servicing fee . Resource Securities is paid an annual fee of 1.0% of the purchase price (or, once reported, the NAV) per share of Class T common stock sold in the primary offering for five years from the date on which each share is issued up to a total of 5.0% . Resource Securities is also paid an annual fee of 1.0% of the purchase price (or, once reported, the NAV) per share of Class R common stock sold in the primary offering. The Company will cease paying the distribution and shareholder servicing fee with respect to Class R shares held in any particular account, and those Class R shares will convert into a number of Class I shares determined by multiplying each Class R share to be converted by the applicable "Conversion Rate," on the earlier of (i) the date after the termination of the primary offering at which, in the aggregate, underwriting compensation from all sources equals 10.0% of the gross proceeds from the primary offering; (ii) a listing of the Class I shares on a national securities exchange; (iii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iv) the end of the month in which the total underwriting compensation (which consists of selling commissions, dealer manager fees and distribution and shareholder servicing fees) paid with respect to such Class R shares purchased in a primary offering is not less than 8.5% (or a lower limit, provided that, in the case of a lower limit, the agreement between Resource Securities and the broker-dealer in effect at the time Class R shares were first issued to such account sets forth the lower limit and Resource Securities advises the Company’s transfer agent of the lower limit in writing) of the gross offering price of those Class R shares purchased in such primary offering (excluding shares purchased through the distribution reinvestment plan). 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 either a $25,000 or a $100,000 deductible per incident, depending on location and/or type of loss. Therefore, unforeseen or catastrophic losses in excess of the Company's insured limited could have a material adverse effect on the Company's financial condition and operating results. During the three and nine months ended September 30, 2018 , the Company paid $12,134 and $53,119 , respectively, into the property loss insurance pool. General liability loss pool. The Company's properties also participated in a general liability pool with other properties directly and indirectly managed by RAI and C-III until April 22, 2017. The pool 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). As of September 30, 2018, the Company is in the process of releasing RAI from the guaranty. The Company paid The Planning & Zoning Resource Company, a subsidiary of C-III, $4,187 for zoning reports in connection with its acquisition of Tramore Village, Matthews Reserve, and The Park at Kensington during the nine months ended September 30, 2018 . The Company participates in a liability insurance program for directors and officers coverage with other C-III managed entities and subsidiaries for coverage up to $100.0 million . The following table presents the Company's amounts receivable from and amounts payable to such related parties: September 30, 2018 December 31, 2017 Due from related parties: Advisor $ 1,640 $ 4,192 RAI and affiliate - insurance funds held in escrow 368 379 Resource Securities 721 — $ 2,729 $ 4,571 Due to related parties: Advisor: Acquisition-related reimbursements $ — $ 6,533 Organization and offering costs 7,827,876 6,167,941 Operating expense reimbursements (including prepaid expenses) 2,444,164 1,810,658 10,272,040 7,985,132 Manager: Property management fees 43,546 10,800 Operating expense reimbursements 28,543 3,592 72,089 14,392 RAI: Internal audit fee 11,750 3,500 Organization and offering costs 17,673 — Operating expense reimbursements 8,672 6,625 38,095 10,125 Resource Securities: Selling commissions and dealer-manager fees 38,308 22,720 Distribution and shareholder servicing fee 1,641,194 989,515 1,679,502 1,012,235 $ 12,061,726 $ 9,021,884 The following table presents the Company's fees earned by and expenses incurred from such related parties: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Fees earned / expenses incurred: Advisor: Acquisition fees and acquisition-related reimbursements (1) $ 1,429,280 $ 641,193 $ 2,447,999 $ 641,193 Asset management fees (2) 242,715 60,396 553,536 73,853 Debt financing fees (3) 228,050 107,600 391,175 107,600 Organization and offering costs (4) 244,534 676,441 1,677,364 2,534,177 Operating expense reimbursement (5) 349,260 173,729 830,616 487,934 Manager: Property management fees (2) $ 96,025 $ 22,542 $ 211,695 $ 22,542 Construction management fees (1) 20,603 336 48,769 336 Operating expense reimbursements (6) 16,713 — 43,110 — RAI: Internal audit fee (5) $ 11,750 $ 3,500 $ 27,000 $ 9,750 Organization and offering costs (4) 17,673 — 17,673 — Resource Securities: Selling commissions and dealer-manager fees (7) $ 599,872 $ 325,954 $ 1,822,567 $ 961,987 Distribution and shareholder servicing fee (7) 309,848 176,075 969,754 619,546 Other: The Planning & Zoning Resource Company (1) $ 2,207 $ 1,079 $ 4,187 $ 1,079 (1) Capitalized and included in Rental properties, net on the consolidated balance sheets. (2) Included in Management fees - related parties on the consolidated statements of operations and comprehensive loss. (3) Included in Mortgage notes payable on the consolidated balance sheets. (4) Organizational expenses were expensed when incurred and offering costs are included in Deferred offering costs and Stockholders' equity on the consolidated balance sheets. (5) Included in General and administrative on the consolidated statements of operations and comprehensive loss and excludes third party costs that are advanced by the Advisor. (6) Included in Rental operating expenses on the consolidated statements of operations and comprehensive loss. (7) Included in Stockholders' equity on the consolidated balance sheets.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table presents a reconciliation of the Company's basic and diluted earnings/(loss) per share for the periods presented: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Net loss $ (1,937,512 ) $ (1,602,783 ) $ (4,152,117 ) $ (2,251,780 ) Less: Class A common stock cash distributions declared 86,722 81,555 251,790 119,955 Less: Class T common stock cash distributions declared 124,218 115,789 359,912 142,039 Less: Class R common stock cash distributions declared 688,371 35,094 1,597,300 35,094 Less: Class I common stock cash distributions declared 31,283 3,453 66,524 3,453 Undistributed net loss attributable to common stockholders $ (2,868,106 ) $ (1,838,674 ) $ (6,427,643 ) $ (2,552,321 ) Class A common stock: Undistributed net loss attributable to Class A common stockholders $ (260,647 ) $ (606,418 ) $ (705,912 ) $ (1,072,505 ) Class A common stock cash distributions declared 86,722 81,555 251,790 119,955 Net loss attributable to Class A common stockholders $ (173,925 ) $ (524,863 ) $ (454,122 ) $ (952,550 ) Net loss per Class A common share, basic and diluted $ (0.28 ) $ (0.85 ) $ (0.73 ) $ (1.76 ) Weighted-average number of Class A common shares outstanding, basic and diluted (1) 629,450 616,733 626,180 540,022 Class T common stock: Undistributed net loss attributable to Class T common stockholders $ (454,747 ) $ (1,050,879 ) $ (1,229,638 ) $ (1,356,356 ) Class T common stock cash distributions declared 124,218 115,789 359,912 142,039 Net loss attributable to Class T common stockholders $ (330,529 ) $ (935,090 ) $ (869,726 ) $ (1,214,317 ) Net loss per Class T common share, basic and diluted $ (0.30 ) $ (0.87 ) $ (0.80 ) $ (1.78 ) Weighted-average number of Class T common shares outstanding, basic and diluted 1,098,193 1,068,753 1,090,752 682,945 Class R common stock: Undistributed net loss attributable to Class R common stockholders $ (2,088,367 ) $ (165,126 ) $ (4,367,890 ) $ (112,398 ) Class R common stock cash distributions declared 688,371 35,094 1,597,300 35,094 Net loss attributable to Class R common stockholders $ (1,399,996 ) $ (130,032 ) $ (2,770,590 ) — $ (77,304 ) Net loss per Class R common share, basic and diluted $ (0.28 ) $ (0.77 ) $ (0.72 ) $ (1.37 ) Weighted-average number of Class R common shares outstanding, basic and diluted 5,043,308 167,935 3,874,540 56,594 Class I common stock: Undistributed net loss attributable to Class I common stockholders $ (64,345 ) $ (16,251 ) $ (124,203 ) $ (11,062 ) Class I common stock cash distributions declared 31,283 3,453 66,524 3,453 Net loss attributable to Class I common stockholders $ (33,062 ) $ (12,798 ) $ (57,679 ) $ (7,609 ) Net loss per Class I common share, basic and diluted $ (0.21 ) $ (0.77 ) $ (0.52 ) $ (1.37 ) Weighted-average number of Class I common shares outstanding, basic and diluted 155,389 16,527 110,174 5,570 (1) Weighted-average number of shares excludes the convertible stock as they are not participating securities.

Equity

Equity	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Equity	EQUITY Preferred Stock The Company’s charter authorizes the Company to issue 10 million shares of its $0.01 par value preferred stock. At September 30, 2018 , 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 of 5,000 shares of Class A common stock. At September 30, 2018 , the Company had 50,000 shares of $0.01 par value convertible stock outstanding, which are owned by the Advisor. The convertible stock will convert into shares of the Company’s Class A common stock upon the occurrence of (a) the Company having paid distributions to common stockholders that in the aggregate equal 100% of the price at which the Company originally sold the shares plus an amount sufficient to produce a 6% cumulative, non-compounded annual return on the shares at that price; or (b) if the Company lists its common stock on a national securities exchange or the Company consummates a merger pursuant to which consideration received by the stockholders is securities of another issuer that are listed on a national securities exchange. Each of these two events is a "Triggering Event." Upon a Triggering Event, the Company's convertible stock will, unless its advisory agreement has been terminated or not renewed on account of a material breach by its Advisor, generally be converted into a number of shares of common stock equal to 1/50,000 of the quotient of: (A) 15% of the amount, if any, by which (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, divided by (B) the value of the Company divided by the number of outstanding shares of common stock, in each case, as of the date of the event triggering the conversion. No triggering events have occurred as of September 30, 2018 . Common Stock The Company’s charter authorizes the issuance of one billion shares of common stock with a par value of $0.01 per share, of which, the Company has allocated 750 million shares as Class R common stock, 75 million shares as Class I common stock, 25 million shares as Class A common stock and 25 million shares as Class T common stock. 125 million shares of the Company's $0.01 par value common stock remain undesignated. As of July 3, 2017 , the Company ceased offering shares of Class A and Class T common stock and commenced the offering of Class R and Class I common stock in its primary offering. At September 30, 2018 , 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 5,497,905 $ 52,512,814 190,706 $ 1,733,320 Shares issued through stock dividends 12,860 — 15,495 — — — — — Shares issued through distribution reinvestment plan 17,347 164,778 40,049 363,717 85,730 780,489 484 4,323 Shares issued in conjunction with the Advisor's initial investment, net of 5,000 share conversion 15,000 200,000 — — — — — — Total 631,414 $ 5,966,254 1,105,540 $ 10,307,182 5,583,635 $ 53,293,303 191,190 $ 1,737,643 Shares redeemed and retired — (2,154 ) (945 ) — Total shares issued and outstanding at September 30, 2018 631,414 1,103,386 5,582,690 191,190 (1) Includes 222,222 of Class A shares issued to RAI. Redemptions During the nine months ended September 30, 2018 , the Company redeemed shares of its outstanding Class T and Class R common stock as follows: Class T Class R Period Total Number of Shares Redeemed Average Price Paid per Share Total Number of Shares Redeemed Average Price Paid per Share January 2018 — — — — February 2018 — — — — March 2018 2,154 $ 8.59 — — April 2018 — — — — May 2018 — — — — June 2018 — — — — July 2018 — — — — August 2018 — — — — September 2018 — — 945 $ 8.38 2,154 945 All redemptions requests tendered were honored during the nine months ended September 30, 2018 . The Company will not redeem in excess of 5% of the weighted-average number of shares of common stock outstanding during the 12-month period immediately prior to the effective date of redemption. The Company's board of directors will determine at least quarterly whether it has sufficient excess cash to repurchase shares. Generally, the cash available for redemptions will be limited to proceeds from the Company's distribution reinvestment plan plus, if the Company has positive operating cash flow from the previous fiscal year, 1% of all operating cash flow from the previous year. The Company's board of directors, in its sole discretion, may suspend, terminate or amend the Company's share redemption program without stockholder approval upon 30 days' notice if it determines that such suspension, termination or amendment is in the Company's best interest. The Company's board may also reduce the number of shares purchased under the share redemption program if it determines the funds otherwise available to fund the Company's share redemption program are needed for other purposes. These limitations apply to all redemptions, including redemptions sought upon a stockholder's death, qualifying disability or confinement to a long-term care facility. Distributions Cash Distributions During the nine months ended September 30, 2018 , the Company's board of directors declared cash distributions on the outstanding shares of all classes of its common stock based on daily record dates for the period from March 30, 2018 through December 30, 2018 , which were or will be paid on April 30, 2018, May 31, 2018, June 29, 2018, July 31, 2018, August 31, 2018, September 28, 2018 , October 31, 2018, November 30, 2018 and December 31, 2018. The distributions declared for the periods from March 30, 2018 through June 28, 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. The distributions declared for the periods from June 29, 2018 through December 30, 2018 were calculated based on stockholders of record each day during these periods at a rate of (i) $0.001458630 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 three and nine months ended September 30, 2018 : Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Class A Class T Class R Class I Total Class A Class T Class R Class I Total Cash distributions declared $ 86,722 $ 124,218 $ 688,371 $ 31,283 $ 930,594 $ 251,790 $ 359,912 $ 1,597,300 $ 66,524 $ 2,275,526 Cash distributions reinvested in shares of common stock paid $ 28,736 $ 73,672 $ 310,344 $ 1,205 $ 413,957 $ 90,985 $ 220,696 $ 704,667 $ 3,136 $ 1,019,484 Cash distributions paid in cash 54,804 45,703 229,200 21,548 351,255 155,494 131,108 518,919 41,891 847,412 Total distributions paid $ 83,540 $ 119,375 $ 539,544 $ 22,753 $ 765,212 $ 246,479 $ 351,804 $ 1,223,586 $ 45,027 $ 1,866,896 At September 30, 2018 , the Company had accrued $ 862,507 for the cash distributions paid or to be paid, in cash or DRIP shares, on October 31, 2018 , November 30, 2018 , and December 31, 2018 , which is reported in distributions payable in the consolidated balance sheet. Stock Dividends On October 7, 2016, the Company's board of directors authorized a stock dividend in the amount of 0.005 shares of common stock to all common stockholders of record as of the close of business on December 31, 2016. 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 January 13, 2017 , April 13, 2017 , and July 14, 2017 , respectively.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measures and Disclosures	FAIR VALUE MEASURES AND DISCLOSURES In analyzing the fair value of its financial instruments accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The fair value of cash, tenant receivables and accounts payable, approximate their carrying value due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. The fair value of rental properties is usually estimated based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities. The Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases and the value of tenant relationships, based in each case on their fair values. During the nine months ended September 30, 2018 , derivatives (interest rate caps) of $28,500 were acquired in conjunction with the acquisition financing of Tramore Village. 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 September 30, 2018 Assets: Interest rate caps $ — $ 12,120 $ — $ 12,120 December 31, 2017 Assets: Interest rate caps $ — $ 3,408 $ — $ 3,408 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 September 30, 2018 and December 31, 2017 , were as follows: September 30, 2018 December 31, 2017 Outstanding Borrowings Fair Value Outstanding Borrowings Fair Value Mortgage notes payable- outstanding borrowings $ 101,323,903 $ 99,308,988 $ 23,114,507 $ 22,236,396 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 maturities.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2018
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 two interest rate caps that were designated as cash flow hedges. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and nine months ended September 30, 2018 , such derivatives were used to hedge the variable cash flows, indexed to USD-LIBOR, associated with existing variable-rate loan agreements. The ineffective portion of the change in fair value of the derivatives will be recognized directly in earnings. During each of the three and nine months ended September 30, 2018 , the Company recorded $10 of hedge ineffectiveness in earnings. There was no hedge ineffectiveness in earnings during the three and nine months ended September 30, 2017 . 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 September 30, 2018 , the Company estimates that an additional $6,400 will be reclassified as an increase to interest expense over the next 12 months. The following table presents the Company's outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk at September 30, 2018 and December 31, 2017 : Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates September 30, 2018 Interest rate caps 2 $ 54,145,000 August 1, 2020 and April 1, 2021 December 31, 2017 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 instruments as well as their classification on the consolidated balance sheets at September 30, 2018 and December 31, 2017 : Asset Derivatives Liability Derivatives September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 12,120 Prepaid expenses and other assets $ 3,408 — $ — — $ —

Operating Expense Limitation

Operating Expense Limitation	9 Months Ended
	Sep. 30, 2018
Other Income and Expenses [Abstract]
Operating Expense Limitation	OPERATING EXPENSE LIMITATION Under its charter, the Company must limit its total operating expenses to the greater of 2% of its average invested assets or 25% of its net income for the four most recently completed fiscal quarters, unless the conflicts committee of the Company’s board of directors has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expenses for the four fiscal quarters ended September 30, 2018 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	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of these financial statements and determined no events have occurred that would require adjustments to or additional disclosure in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with GAAP.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Number of Units Property Location Resource Apartment REIT III Holdings, LLC N/A N/A Resource Apartment REIT III OP, LP N/A N/A RRE Payne Place Holdings, LLC 11 Alexandria, VA RRE Bay Club Holdings, LLC 220 Jacksonville, FL RRE Tramore Village Holdings, LLC 324 Austell, GA RRE Matthews Reserve Holdings, LLC 212 Matthews, NC RRE Kensington Holdings, LLC 204 Riverview, FL 971 N/A - Not Applicable All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Concentration of Risk	Concentration of Risk As of September 30, 2018 , the Company's real estate investments in Florida represented approximately 41% of the net book value of its rental property assets. As a result, the geographic concentration of the Company's portfolio makes it 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, changing demographics, weather and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company’s operating results and its ability to make distributions to stockholders.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, “Revenue from Contracts with Customers”, which replaced 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. On January 1, 2018, the Company adopted ASU No. 2014-09 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. The accounting for these revenue streams were not affected by the adoption of ASU No. 2014-09, nor was there a cumulative effect of initially applying the standard. 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. On January 1, 2018, the Company adopted ASU No. 2016-15 and the adoption did not have a material effect on its consolidated financial statements and disclosures. 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. On January 1, 2018, the Company adopted ASU No. 2016-18. As a result of adopting the new guidance, $38,443 and $380,940 of restricted cash, which was previously included as operating and investing cash outflows within the consolidated statements of cash flows for the nine months ended September 30, 2017 , respectively, has been removed and is now included in the cash and restricted cash line items at the beginning and the end of period. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): 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. On January 1, 2018, the Company adopted ASU No. 2017-01. During the nine months ended September 30, 2018 , the Company acquired three investment properties which did not meet the revised definition of a business and, accordingly, accounted for the acquisitions as asset acquisitions. For investment property additions accounted for as business combinations, acquisition fees and acquisition costs were included in acquisition costs on the consolidated statements of operations and comprehensive loss. For investment property additions accounted for as asset acquisitions, all such costs are included in the purchase price that is allocated between land, building and improvements, furniture, fixtures, and equipment and intangible assets on the consolidated balance sheets, based on their respective fair values. The Company believes all future acquisitions will be accounted for as asset acquisitions, not business combinations. Accounting Standards Issued But Not Yet Effective In February 2016, FASB issued ASU No. 2016-02, "Leases" and amended by ASU No. 2018-09, “Codification Improvements" in July 2018, 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 No. 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. 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. For leases in which the Company is the lessee, primarily consisting of a parking space lease and 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 July 2018, FASB issued ASU No. 2018-11, “Leases: Targeted Improvements” an additional amendment to ASU No. 2016-02. Although the Company is still evaluating this guidance, the Company believes it will apply the practical expedient allowed in this new guidance to combine lease and associated nonlease components by class of underlying asset. In addition, the Company is expected to utilize the optional method for adopting the new leasing guidance and not restate comparative periods. 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 that the Company did not have instruments subject to this guidance at September 30, 2018 . 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 continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2017-04 to have a significant impact on its consolidated financial statements due to the fact that the Company did not have any goodwill subject to this guidance at September 30, 2018 . 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; however, it does not expect the adoption of ASU No. 2017-12 to have a significant impact on its consolidated financial statements. In July 2018, FASB issued ASU No. 2018-09, "Codification Improvements". This standard does not prescribe any new accounting guidance, but instead makes minor improvements and clarifications of several different FASB Accounting Standards Codification areas based on comments and suggestions made by various stakeholders. Certain updates are applicable immediately while others provide for a transition period to adopt as part of the next fiscal year beginning after December 15, 2018. The Company is evaluating this guidance to determine the impact it may have on its consolidated financial statements; however, it does not expect the adoption of ASU No. 2018-09 to have a significant impact on its consolidated financial statements. In August 2018, FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”. This update removes, modifies and adds certain disclosure requirements in the FASB Accounting Standards Codification ("ASC") 820, “Fair Value Measurement”. ASU No. 2018-13 will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU No. 2018-13 to have a significant impact on its consolidated financial statements.
Real Estate Investments	Real Estate Investments The Company records acquired rental properties at fair value on the acquisition date. 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 lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. The Manager earns a construction management fee of 5% 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. An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of a property to be held and used. For properties held for sale, the impairment loss would be the adjustment to fair value less the 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.
Loans Held for Investment	Loans Held for Investment The Company records acquired real estate loans at cost and reviews them for potential impairment at each balance sheet date. A loan receivable is considered impaired when it becomes probable, based on current information, that the Company will be unable to collect all amounts due according to the loan’s contractual terms. The amount of impairment, if any, is measured by comparing the recorded amount of the loan to the present value of the expected cash flows or the fair value of the collateral. If a loan is deemed to be impaired, the Company will record a reserve for loan losses through a charge to income for any shortfall. Failure to recognize impairment would result in the overstatement of the carrying values of the Company’s real estate loans receivable and an overstatement of the Company’s net income. The Company may acquire real estate loans at a discount due to credit quality. Revenues from these loans are recorded under the effective interest method. Under this method an effective interest rate ("EIR") is applied to the cost basis of the real estate loan receivable. The EIR that is calculated when the real estate loan is acquired remains constant and is the basis for subsequent impairment testing and income recognition. If the amount and timing of future cash collections are not reasonably estimable, the Company accounts for the real estate loan receivable on the cost recovery method. Under the cost recovery method of accounting, no income is recognized until the basis of the real estate loan receivable has been fully recovered. Interest income from loans receivable will be recognized based on the contractual terms of the debt instrument. Fees related to any buydown of the interest rate will be deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income. Closing costs related to the purchase of a loan receivable will be amortized over the term of the loan and accreted as an adjustment against interest income.
Allocation of Purchase Price of Acquired Assets	Allocation of Purchase Price of Acquired Assets On January 1, 2018, the Company adopted ASU 2017-01. Acquisitions that do not meet the definition of a business under this guidance are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered a business combination as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the set is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition including transaction costs to the assets acquired or liabilities assumed based on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price to tangible assets, consisting of land, building, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, other value of in-place leases and value of tenant relationships, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases, which the Company expects will range from one month to one year . The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the 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. The determination of the fair value of the assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the fair value of these assets and liabilities, which could impact the amount of the Company’s reported net income.
Revenue Recognition	Revenue Recognition The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are approximately $6.7 million and $42,000 for the 12 month periods ending September 30, 2019 and 2020 , respectively, and none thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments, amenities and revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. As discussed earlier, the Company adopted ASU No. 2014-09 beginning January 1, 2018. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records the utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized.
Tenant Receivables	Tenant Receivables Tenant receivables are stated in the consolidated financial statements as amounts due from tenants net of an allowance for uncollectible receivables. Payment terms vary and receivables outstanding longer than the payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, the condition of the general economy and the industry as a whole. The Company writes off receivables when they become uncollectible.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2017. As a REIT, the Company will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Taxable income, generally, differs from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat certain of its subsidiaries as taxable REIT subsidiaries ("TRSs"). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. At September 30, 2018 and December 31, 2017 , the Company did not treat any of its subsidiaries as a TRS. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company’s taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. 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. None of the 50,000 shares of convertible stock (discussed in Note 10) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of September 30, 2018 (were such date to represent the end of the contingency period). For the purposes of calculating earnings per share, all common shares and per share information in the financial statements have been retroactively adjusted for the effect of any stock dividends and stock splits. For the three and nine months ended September 30, 2018 and 2017 , common shares potentially issuable to settle distributions payable are excluded from the calculation of diluted earnings per share calculations, as their inclusion would be anti-dilutive. In accordance with ASC 260-10-45, "Earnings Per Share", the Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on their relative percentage of each class of shares to the total number of outstanding shares. The Company did not have any participating securities outstanding other than Class A common stock, Class T common stock, Class R common stock and Class I common stock during the periods presented ( see Note 10 ).
Organization and Offering Costs	Organization and Offering Costs Organization and offering costs (other than selling commissions, dealer manager fees, and distribution and shareholder servicing fees) of the Company 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. On April 13, 2018 , the board of directors approved an amendment to the advisory agreement that provides that the Company is not responsible for the reimbursement of any unreimbursed organization and offering expenses or operational expenses incurred by the Advisor on the Company’s behalf through March 31, 2018 until after the termination of the primary portion of the Company’s ongoing initial public offering. Additionally, the amendment provides that such unreimbursed organization and offering expenses or operational expenses incurred or paid by the Advisor on the Company’s behalf through March 31, 2018 will be reimbursed ratably starting after the termination of the primary portion of the Company’s ongoing initial public offering through April 30, 2021 for organization and offering expenses and through April 30, 2020 for operating expenses. As of September 30, 2018, the Company has incurred approximately $8.1 million for public offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal and similar costs. As of September 30, 2018, the Advisor has advanced approximately $7.8 million of these costs on behalf of the Company and the Company has paid approximately $300,000 of these costs directly. As of September 30, 2018, the Company has charged approximately $2.6 million of offering costs to equity, which represents the portion of deferred offering costs allocated to each share of common stock sold in the public offering. Deferred offering costs of $5.6 million represent the portion of the total offering costs incurred that have not yet been charged to equity. Upon completion of the public offering, any deferred offering costs in excess of the limit on organization and offering costs discussed above, will be charged back to the Advisor. 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 $104,266 of formation and other operating expenses on the Company's behalf, which will not be reimbursed to the Advisor. Outstanding Class T shares issued in the Company's primary offering are subject to a 1% annual distribution and shareholder servicing fee for five years from the date on which such shares were issued. The Company will cease paying the distribution and shareholder servicing fee on each Class T share prior to the fifth anniversary of its issuance on the earliest of the following, should any of these events occur: (i) the date at which, in the aggregate, underwriting compensation from all sources equals 10% of the gross proceeds from the Company's primary offering (i.e., excluding proceeds from sales pursuant to the DRIP); (ii) the date on which the Company lists its common stock on a national securities exchange; and (iii) the date of a merger or other extraordinary transaction in which the Company is a party and in which the common stock is exchanged for cash or other securities. The Company cannot predict if or when any of these events will occur. Outstanding Class R shares issued in the Company's primary offering are also subject to a 1% annual distribution and shareholder servicing fee. The Company will cease paying the distribution and shareholder servicing fee with respect to Class R shares held in any particular account, and those Class R shares will convert into a number of Class I shares determined by multiplying each Class R share to be converted by the applicable "Conversion Rate," on the earlier of (i) the date after the termination of the primary offering at which, in the aggregate, underwriting compensation from all sources equals 10% of the gross proceeds from its primary offering; (ii) a listing of the Class I shares on a national securities exchange; (iii) a merger or consolidation of the company with or into another entity, or the sale or other disposition of all or substantially all of its assets; and (iv) the end of the month in which the total underwriting compensation (which consists of selling commissions, dealer manager fees and distribution and shareholder servicing fees) paid with respect to such Class R shares purchased in a primary offering is not less than 8.5% (or a lower limit, provided that, in the case of a lower limit, the agreement between the Resource Securities and the broker-dealer in effect at the time Class R shares were first issued to such account sets forth the lower limit and Resource Securities advises the Company's transfer agent of the lower limit in writing) of the gross offering price of those Class R shares purchased in such primary offering (excluding shares purchased through its distribution reinvestment plan). The Company records distribution and shareholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable in relation to the Class T and Class R shares on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or 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 of $486,618 for the full five year period at September 30, 2018 based on a total of 5% of the gross proceeds from all Class T shares sold, of which the Company paid $137,608 cumulatively through September 30, 2018 . For issued Class R shares, the Company has accrued an estimate of total distribution and shareholder servicing fees of $1,558,885 at September 30, 2018 based on a total of 3% of the gross proceeds from all Class R shares sold, of which the Company paid $266,701 cumulatively through September 30, 2018 . The total accrual of approximately $1.6 million is included in due to related parties on the Company's consolidated balance sheet at September 30, 2018 .
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.

Nature of Business and Operat_2

Nature of Business and Operations (Tables)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Initial Price Per Share for Each Stock Class	The initial prices per share for each class of shares of the Company's common stock through June 30, 2018 were as follows: Class A Class T Class R Class I Primary Offering Price $ — $ — $ 9.52 $ 9.13 Offering Price under the DRIP $ 9.60 $ 9.09 $ 9.14 $ 8.90 On June 29, 2018, the Company determined its net asset value ("NAV") per share. Effective July 2, 2018, the price per share for each class of shares of the Company's common stock became: Class A Class T Class R Class I Primary Offering Price $ — $ — $ 9.68 $ 9.28 Offering Price under the DRIP $ 9.05 $ 9.05 $ 9.05 $ 9.05

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Schedule of Subsidiaries	The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Number of Units Property Location Resource Apartment REIT III Holdings, LLC N/A N/A Resource Apartment REIT III OP, LP N/A N/A RRE Payne Place Holdings, LLC 11 Alexandria, VA RRE Bay Club Holdings, LLC 220 Jacksonville, FL RRE Tramore Village Holdings, LLC 324 Austell, GA RRE Matthews Reserve Holdings, LLC 212 Matthews, NC RRE Kensington Holdings, LLC 204 Riverview, FL 971 N/A - Not Applicable
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 lease

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information: Nine Months Ended September 30, 2018 2017 Non-cash operating, financing and investing activities: Offering costs payable to related parties $ 1,677,608 $ 2,534,176 Offering costs payable to third parties (18,898 ) (59,377 ) Distribution and shareholder servicing fee payable to related parties 651,678 579,029 Cash distributions on common stock declared but not yet paid 862,507 91,561 Stock issued from distribution reinvestment plan 1,019,484 115,774 Stock dividend issued — 251,567 Subscriptions receivable 696,500 676,851 Escrow deposits funded directly by mortgage notes payable 486,106 347,318 Non-cash activity related to acquisitions: Mortgage notes payable used to acquire real property 77,748,894 21,172,682 Cash paid during the year for: Interest $ 1,340,308 $ 92,819

Restricted Cash (Tables)

Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2018
Cash and Cash Equivalents [Abstract]
Schedule of Restricted Cash	The following table presents a summary of the components of the Company's restricted cash: September 30, 2018 December 31, 2017 Real estate taxes $ 558,498 $ 32,115 Insurance 438,932 8,227 Capital improvements 685,583 151,722 Total $ 1,683,013 $ 192,064

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following table presents the allocated contract purchase price, acquisition fee, and acquisition costs of the Company's three acquired properties during the nine months ended September 30, 2018 : Contract Purchase Price Acquisition Fee (1) Acquisition Costs (2) Total Real Estate, Cost Tramore Village Land $ 6,549,731 $ 144,847 $ 34,503 $ 6,729,081 Building and Improvements 36,220,010 801,006 190,800 37,211,816 Furniture, fixtures and equipment 654,973 14,485 3,450 672,908 Intangible Assets 925,286 20,463 4,874 950,623 $ 44,350,000 $ 980,801 $ 233,627 $ 45,564,428 Matthews Reserve Land $ 4,023,750 $ 88,239 $ 26,799 $ 4,138,788 Building and Improvements 28,738,626 630,223 191,407 29,560,256 Furniture, fixtures and equipment 372,197 8,162 2,479 382,838 Intangible Assets 665,427 14,592 4,432 684,451 $ 33,800,000 $ 741,216 $ 225,117 $ 34,766,333 The Park at Kensington Land $ 3,052,176 $ 66,511 $ 33,588 $ 3,152,275 Building and Improvements 24,634,579 536,818 271,095 25,442,492 Furniture, fixtures and equipment 360,000 7,845 3,962 371,807 Intangible Assets 653,245 14,235 7,189 674,669 $ 28,700,000 $ 625,409 $ 315,834 $ 29,641,243 (1) Represents acquisition fee of 2% of the cost of investments acquired by the Advisor on behalf of the Company. (2) Represents transaction costs paid at both closing and post-closing, excluding Acquisition Fees.

Rental Properties, Net (Tables)

Rental Properties, Net (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Summary of Investment in Rental Property	The following table presents the Company's investment in rental properties: September 30, 2018 December 31, 2017 Land $ 18,761,123 $ 4,740,979 Building and improvements 117,770,119 24,923,994 Furniture, fixtures, and equipment 2,025,812 256,992 Construction in progress 382,182 13,395 138,939,236 29,935,360 Less: accumulated depreciation (2,423,033 ) (492,271 ) Total rental property, net $ 136,516,203 $ 29,443,089

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable, Net	The following table presents a summary of the Company's mortgage notes payable, net at September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Collateral Outstanding Borrowings Deferred Financing Costs, net Carrying Value Outstanding borrowings Deferred Financing Costs, net Carrying Value Payne Place $ 1,568,903 $ (30,693 ) $ 1,538,210 $ 1,594,507 $ (32,126 ) $ 1,562,381 Bay Club 21,520,000 (268,069 ) 21,251,931 21,520,000 (304,011 ) 21,215,989 Tramore Village 32,625,000 (378,812 ) 32,246,188 — — — Matthews Reserve 23,850,000 (327,378 ) 23,522,622 — — — The Park at Kensington 21,760,000 (317,026 ) 21,442,974 — — — Total $ 101,323,903 $ (1,321,978 ) $ 100,001,925 $ 23,114,507 $ (336,137 ) $ 22,778,370 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)(5) $ 6,948 $ 2,084 Bay Club 8/1/2024 4.13% (2)(6) 77,231 41,743 Tramore Village 4/1/2025 4.06% (3)(6) 111,423 36,537 Matthews Reserve 9/1/2025 4.47% (4)(6) 90,075 21,010 The Park at Kensington 10/1/2025 4.36% (4)(6) 80,159 43,998 (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 2.26% (at September 30, 2018 ) plus 1.87% , with a maximum interest rate of 5.75% ; see Note 13 . (3) Variable rate based on one-month LIBOR of 2.26% (at September 30, 2018 ) plus 1.80% , with a maximum interest rate of 6.25% ; see Note 13 . (4) Fixed rate. (5) RAI co-guarantees this loan with the Company. See Note 9 for more details. (6) Monthly interest-only payment currently required.
Schedule of Annual Principal Payments	The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five 12-month periods ending September 30, and thereafter: 2019 $ 63,662 2020 402,250 2021 650,218 2022 1,709,840 2023 1,815,560 Thereafter 96,682,373 $ 101,323,903
Schedule of Estimated Amortization	The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five 12-month periods ending September 30, and thereafter: 2019 $ 203,847 2020 203,755 2021 202,047 2022 199,267 2023 195,459 Thereafter 317,603 $ 1,321,978

Certain Relationships and Rel_2

Certain Relationships and Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents the Company's amounts receivable from and amounts payable to such related parties: September 30, 2018 December 31, 2017 Due from related parties: Advisor $ 1,640 $ 4,192 RAI and affiliate - insurance funds held in escrow 368 379 Resource Securities 721 — $ 2,729 $ 4,571 Due to related parties: Advisor: Acquisition-related reimbursements $ — $ 6,533 Organization and offering costs 7,827,876 6,167,941 Operating expense reimbursements (including prepaid expenses) 2,444,164 1,810,658 10,272,040 7,985,132 Manager: Property management fees 43,546 10,800 Operating expense reimbursements 28,543 3,592 72,089 14,392 RAI: Internal audit fee 11,750 3,500 Organization and offering costs 17,673 — Operating expense reimbursements 8,672 6,625 38,095 10,125 Resource Securities: Selling commissions and dealer-manager fees 38,308 22,720 Distribution and shareholder servicing fee 1,641,194 989,515 1,679,502 1,012,235 $ 12,061,726 $ 9,021,884 The following table presents the Company's fees earned by and expenses incurred from such related parties: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Fees earned / expenses incurred: Advisor: Acquisition fees and acquisition-related reimbursements (1) $ 1,429,280 $ 641,193 $ 2,447,999 $ 641,193 Asset management fees (2) 242,715 60,396 553,536 73,853 Debt financing fees (3) 228,050 107,600 391,175 107,600 Organization and offering costs (4) 244,534 676,441 1,677,364 2,534,177 Operating expense reimbursement (5) 349,260 173,729 830,616 487,934 Manager: Property management fees (2) $ 96,025 $ 22,542 $ 211,695 $ 22,542 Construction management fees (1) 20,603 336 48,769 336 Operating expense reimbursements (6) 16,713 — 43,110 — RAI: Internal audit fee (5) $ 11,750 $ 3,500 $ 27,000 $ 9,750 Organization and offering costs (4) 17,673 — 17,673 — Resource Securities: Selling commissions and dealer-manager fees (7) $ 599,872 $ 325,954 $ 1,822,567 $ 961,987 Distribution and shareholder servicing fee (7) 309,848 176,075 969,754 619,546 Other: The Planning & Zoning Resource Company (1) $ 2,207 $ 1,079 $ 4,187 $ 1,079 (1) Capitalized and included in Rental properties, net on the consolidated balance sheets. (2) Included in Management fees - related parties on the consolidated statements of operations and comprehensive loss. (3) Included in Mortgage notes payable on the consolidated balance sheets. (4) Organizational expenses were expensed when incurred and offering costs are included in Deferred offering costs and Stockholders' equity on the consolidated balance sheets. (5) Included in General and administrative on the consolidated statements of operations and comprehensive loss and excludes third party costs that are advanced by the Advisor. (6) Included in Rental operating expenses on the consolidated statements of operations and comprehensive loss. (7) Included in Stockholders' equity on the consolidated balance sheets.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of the Company's basic and diluted earnings/(loss) per share for the periods presented: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Net loss $ (1,937,512 ) $ (1,602,783 ) $ (4,152,117 ) $ (2,251,780 ) Less: Class A common stock cash distributions declared 86,722 81,555 251,790 119,955 Less: Class T common stock cash distributions declared 124,218 115,789 359,912 142,039 Less: Class R common stock cash distributions declared 688,371 35,094 1,597,300 35,094 Less: Class I common stock cash distributions declared 31,283 3,453 66,524 3,453 Undistributed net loss attributable to common stockholders $ (2,868,106 ) $ (1,838,674 ) $ (6,427,643 ) $ (2,552,321 ) Class A common stock: Undistributed net loss attributable to Class A common stockholders $ (260,647 ) $ (606,418 ) $ (705,912 ) $ (1,072,505 ) Class A common stock cash distributions declared 86,722 81,555 251,790 119,955 Net loss attributable to Class A common stockholders $ (173,925 ) $ (524,863 ) $ (454,122 ) $ (952,550 ) Net loss per Class A common share, basic and diluted $ (0.28 ) $ (0.85 ) $ (0.73 ) $ (1.76 ) Weighted-average number of Class A common shares outstanding, basic and diluted (1) 629,450 616,733 626,180 540,022 Class T common stock: Undistributed net loss attributable to Class T common stockholders $ (454,747 ) $ (1,050,879 ) $ (1,229,638 ) $ (1,356,356 ) Class T common stock cash distributions declared 124,218 115,789 359,912 142,039 Net loss attributable to Class T common stockholders $ (330,529 ) $ (935,090 ) $ (869,726 ) $ (1,214,317 ) Net loss per Class T common share, basic and diluted $ (0.30 ) $ (0.87 ) $ (0.80 ) $ (1.78 ) Weighted-average number of Class T common shares outstanding, basic and diluted 1,098,193 1,068,753 1,090,752 682,945 Class R common stock: Undistributed net loss attributable to Class R common stockholders $ (2,088,367 ) $ (165,126 ) $ (4,367,890 ) $ (112,398 ) Class R common stock cash distributions declared 688,371 35,094 1,597,300 35,094 Net loss attributable to Class R common stockholders $ (1,399,996 ) $ (130,032 ) $ (2,770,590 ) — $ (77,304 ) Net loss per Class R common share, basic and diluted $ (0.28 ) $ (0.77 ) $ (0.72 ) $ (1.37 ) Weighted-average number of Class R common shares outstanding, basic and diluted 5,043,308 167,935 3,874,540 56,594 Class I common stock: Undistributed net loss attributable to Class I common stockholders $ (64,345 ) $ (16,251 ) $ (124,203 ) $ (11,062 ) Class I common stock cash distributions declared 31,283 3,453 66,524 3,453 Net loss attributable to Class I common stockholders $ (33,062 ) $ (12,798 ) $ (57,679 ) $ (7,609 ) Net loss per Class I common share, basic and diluted $ (0.21 ) $ (0.77 ) $ (0.52 ) $ (1.37 ) Weighted-average number of Class I common shares outstanding, basic and diluted 155,389 16,527 110,174 5,570 (1) Weighted-average number of shares excludes the convertible stock as they are not participating securities.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Schedule of Stock Issuances	At September 30, 2018 , 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 5,497,905 $ 52,512,814 190,706 $ 1,733,320 Shares issued through stock dividends 12,860 — 15,495 — — — — — Shares issued through distribution reinvestment plan 17,347 164,778 40,049 363,717 85,730 780,489 484 4,323 Shares issued in conjunction with the Advisor's initial investment, net of 5,000 share conversion 15,000 200,000 — — — — — — Total 631,414 $ 5,966,254 1,105,540 $ 10,307,182 5,583,635 $ 53,293,303 191,190 $ 1,737,643 Shares redeemed and retired — (2,154 ) (945 ) — Total shares issued and outstanding at September 30, 2018 631,414 1,103,386 5,582,690 191,190 (1) Includes 222,222 of Class A shares issued to RAI.
Schedule of Stock Redemptions	During the nine months ended September 30, 2018 , the Company redeemed shares of its outstanding Class T and Class R common stock as follows: Class T Class R Period Total Number of Shares Redeemed Average Price Paid per Share Total Number of Shares Redeemed Average Price Paid per Share January 2018 — — — — February 2018 — — — — March 2018 2,154 $ 8.59 — — April 2018 — — — — May 2018 — — — — June 2018 — — — — July 2018 — — — — August 2018 — — — — September 2018 — — 945 $ 8.38 2,154 945
Dividends Declared	The following table presents information regarding the Company's distributions declared and paid to stockholders during the three and nine months ended September 30, 2018 : Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Class A Class T Class R Class I Total Class A Class T Class R Class I Total Cash distributions declared $ 86,722 $ 124,218 $ 688,371 $ 31,283 $ 930,594 $ 251,790 $ 359,912 $ 1,597,300 $ 66,524 $ 2,275,526 Cash distributions reinvested in shares of common stock paid $ 28,736 $ 73,672 $ 310,344 $ 1,205 $ 413,957 $ 90,985 $ 220,696 $ 704,667 $ 3,136 $ 1,019,484 Cash distributions paid in cash 54,804 45,703 229,200 21,548 351,255 155,494 131,108 518,919 41,891 847,412 Total distributions paid $ 83,540 $ 119,375 $ 539,544 $ 22,753 $ 765,212 $ 246,479 $ 351,804 $ 1,223,586 $ 45,027 $ 1,866,896

Fair Value Measures and Discl_2

Fair Value Measures and Disclosures (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Level 1 Level 2 Level 3 Total September 30, 2018 Assets: Interest rate caps $ — $ 12,120 $ — $ 12,120 December 31, 2017 Assets: Interest rate caps $ — $ 3,408 $ — $ 3,408
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 September 30, 2018 and December 31, 2017 , were as follows: September 30, 2018 December 31, 2017 Outstanding Borrowings Fair Value Outstanding Borrowings Fair Value Mortgage notes payable- outstanding borrowings $ 101,323,903 $ 99,308,988 $ 23,114,507 $ 22,236,396

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table presents the Company's outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk at September 30, 2018 and December 31, 2017 : Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates September 30, 2018 Interest rate caps 2 $ 54,145,000 August 1, 2020 and April 1, 2021 December 31, 2017 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 instruments as well as their classification on the consolidated balance sheets at September 30, 2018 and December 31, 2017 : Asset Derivatives Liability Derivatives September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 12,120 Prepaid expenses and other assets $ 3,408 — $ — — $ —

Nature of Business and Operat_3

Nature of Business and Operations (Details) - USD ($)	Aug. 05, 2016	Jun. 29, 2016	Aug. 10, 2015	Sep. 30, 2018	Jul. 02, 2017
Class of Stock [Line Items]
Value of shares of common stock offered				$ 1,100,000,000
Consideration received on to date				70,000,000
Issuance of common stock				$ 34,409,749
Advisor
Class of Stock [Line Items]
Issuance of common stock			$ 200,000
Issuance of stock (in shares)			20,000
Common stock exchanged (in shares)	5,000
Class A common stock
Class of Stock [Line Items]
Number of shares issued in transaction to date (in shares)				601,207
Class A common stock | Resource America, Inc.
Class of Stock [Line Items]
Issuance of common stock		$ 2,000,000
Issuance of stock (in shares)		222,222
Class T common stock
Class of Stock [Line Items]
Number of shares issued in transaction to date (in shares)				1,049,996
Class R Common Stock
Class of Stock [Line Items]
Number of shares issued in transaction to date (in shares)				5,497,905
Class I Common Stock
Class of Stock [Line Items]
Number of shares issued in transaction to date (in shares)				190,706
Convertible Common Stock | Advisor
Class of Stock [Line Items]
Issuance of stock (in shares)	50,000
Primary Offering Price
Class of Stock [Line Items]
Value of shares of common stock offered				$ 1,000,000,000
Primary Offering Price | Class A common stock
Class of Stock [Line Items]
Initial offering price (in dollars per share)					$ 10
Primary Offering Price | Class T common stock
Class of Stock [Line Items]
Initial offering price (in dollars per share)					$ 9.47
Shares issued through distribution reinvestment plan
Class of Stock [Line Items]
Value of shares of common stock offered				$ 100,000,000

Nature of Business and Operat_4

Nature of Business and Operations - Initial Offering Price (Details) - $ / shares	Jul. 02, 2018	Jun. 30, 2018
Primary Offering Price | Class A
Class of Stock [Line Items]
Primary Offering Price	$ 0	$ 0
Primary Offering Price | Class T
Class of Stock [Line Items]
Primary Offering Price	0	0
Primary Offering Price | Class R
Class of Stock [Line Items]
Primary Offering Price	9.68	9.52
Primary Offering Price | Class I
Class of Stock [Line Items]
Primary Offering Price	9.28	9.13
Offering Price under the DRIP | Class A
Class of Stock [Line Items]
Primary Offering Price	9.05	9.60
Offering Price under the DRIP | Class T
Class of Stock [Line Items]
Primary Offering Price	9.05	9.09
Offering Price under the DRIP | Class R
Class of Stock [Line Items]
Primary Offering Price	9.05	9.14
Offering Price under the DRIP | Class I
Class of Stock [Line Items]
Primary Offering Price	$ 9.05	$ 8.90

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Properties (Details)	Sep. 30, 2018unit
Property, Plant and Equipment [Line Items]
Number of Units	971
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
RRE Tramore Village Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units	324
RRE Matthews Reserve Holdings, LLC [Member]
Property, Plant and Equipment [Line Items]
Number of Units	212
RRE Kensington Holdings, LLC
Property, Plant and Equipment [Line Items]
Number of Units	204

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details)	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Aug. 05, 2016shares	Jun. 29, 2016USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)propertysegment	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Property, Plant and Equipment [Line Items]
Number of operating segments | segment							1
Net cash provided by operating activities							$ (442,013)	$ 356,461
Net cash provided by investing activities							$ 32,438,924	6,915,624
Number of properties acquired | property							3
Improvements and replacements in excess of threshold, capitalized amount (as percent)	$ 1,000	$ 1,000			$ 1,000		$ 1,000
Improvements and replacements, useful life greater than or equal to one year, capitalization threshold (in years)							1 year
Construction management fee (as percent)							5.00%
Impairment of long-lived assets					0	$ 0	$ 0	0
Future minimum payments receivable, current	6,700,000	6,700,000			6,700,000		6,700,000
Future minimum payments receivable, in two years	42,000	42,000			42,000		42,000
Future minimum payments receivable, thereafter	0	0			0		0
Allowance for uncollectible receivables	0	0			0		0		$ 370
Offering costs charged to APIC, accumulated	8,100,000	8,100,000			8,100,000		8,100,000
Payments of offering costs		300,000
Offering costs charged against equity	2,600,000						4,545,256
Due to related parties	$ 12,061,726	$ 12,061,726			$ 12,061,726		$ 12,061,726		9,021,884
Convertible Stock
Property, Plant and Equipment [Line Items]
Issuance of convertible shares (in shares) | shares			50,000
Class T common stock
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)							1.00%
Annual distribution and shareholder servicing fee, term							5 years
Triggering event to cease payment, percentage of gross proceeds (as percent)	10.00%	10.00%			10.00%		10.00%
Class R Common Stock
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)							1.00%
Triggering event to cease payment, percentage of gross proceeds (as percent)	10.00%	10.00%			10.00%		10.00%
Underwriting compensation as percentage of Class R gross offering price (as a percent)							8.50%
Advisor
Property, Plant and Equipment [Line Items]
Cumulative advances from related party	$ 7,800,000	$ 7,800,000			$ 7,800,000		$ 7,800,000
Advisor
Property, Plant and Equipment [Line Items]
Cumulative advances from related party	7,800,000	7,800,000			7,800,000		7,800,000
Deferred cash or noncash							5,600,000
Formation and other operating expenses				$ 104,266			104,266
Due to related parties	10,272,040	10,272,040			10,272,040		10,272,040		7,985,132
Resource Securities
Property, Plant and Equipment [Line Items]
Due to related parties	1,679,502	1,679,502			1,679,502		1,679,502		1,012,235
Resource Securities | Distribution and shareholder servicing fee
Property, Plant and Equipment [Line Items]
Accrued estimate of distribution and shareholder servicing fee					309,848	$ 176,075	969,754	619,546
Due to related parties	$ 1,641,194	$ 1,641,194			$ 1,641,194		$ 1,641,194		$ 989,515
Resource Securities | Class T common stock
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)							1.00%
Resource Securities | Class T common stock | Distribution and shareholder servicing fee
Property, Plant and Equipment [Line Items]
Accrued estimate of distribution and shareholder servicing fee							$ 486,618
Percentage of shares sold (as percent)							5.00%
Payment of distribution and shareholder service fee							$ 137,608
Resource Securities | Class R Common Stock
Property, Plant and Equipment [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)							1.00%
Triggering event to cease payment, percentage of gross proceeds (as percent)	10.00%	10.00%			10.00%		10.00%
Underwriting compensation as percentage of Class R gross offering price (as a percent)							8.50%
Resource Securities | Class R Common Stock | Distribution and shareholder servicing fee
Property, Plant and Equipment [Line Items]
Accrued estimate of distribution and shareholder servicing fee							$ 1,558,885
Percentage of shares sold (as percent)							3.00%
Payment of distribution and shareholder service fee							$ 266,701
Primary Offering Price | Advisor
Property, Plant and Equipment [Line Items]
Approximate reimbursement of organization and offering expenses to be reimbursed, option one (as percent)							4.00%
Offering proceeds, threshold, option one (less than)							$ 500,000,000
Approximate reimbursement of organization and offering expenses to be reimbursed, option two (as percent)							2.50%
Offering proceeds, threshold, option two (more than)							$ 500,000,000
Minimum
Property, Plant and Equipment [Line Items]
Remaining term of lease	1 month	1 month			1 month		1 month
Maximum
Property, Plant and Equipment [Line Items]
Remaining term of lease	1 year	1 year			1 year		1 year
Accounting Standards Update 2016-18
Property, Plant and Equipment [Line Items]
Net cash provided by operating activities								38,443
Net cash provided by investing activities								$ 380,940
Florida | Geographic Concentration Risk
Property, Plant and Equipment [Line Items]
Concentration risk (as percent)							41.00%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	9 Months Ended
	Sep. 30, 2018
Buildings
Property, Plant and Equipment [Line Items]
Real estate investments, useful life (in years)	27 years 6 months
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life (in years)	5 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life (in years)	27 years 6 months
Furniture, fixtures, and equipment | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life (in years)	3 years
Furniture, fixtures, and equipment | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life (in years)	5 years

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Non-cash operating, financing and investing activities:
Offering costs payable to related parties	$ 1,677,608	$ 2,534,176
Offering costs payable to third parties	(18,898)	(59,377)
Distribution and shareholder servicing fee payable to related parties	651,678	579,029
Cash distributions on common stock declared but not yet paid	862,507	91,561	$ 453,877
Stock issued from distribution reinvestment plan	1,019,484	115,774
Stock dividend issued	0	251,567
Subscriptions receivable	696,500	676,851
Escrow deposits funded directly by mortgage notes payable	486,106	347,318
Non-cash activity related to acquisitions: Mortgage notes payable used to acquire real property	77,748,894	21,172,682
Cash paid during the year for:
Interest	$ 1,340,308	$ 92,819

Restricted Cash - Schedule of R

Restricted Cash - Schedule of Restricted Cash (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,683,013	$ 192,064
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	558,498	32,115
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	438,932	8,227
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 685,583	$ 151,722

Restricted Cash - Narrative (De

Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Unrestricted cash designated for capital expenditures	$ 10.5	$ 1.9

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details)	9 Months Ended
	Sep. 30, 2018unit	Sep. 14, 2018ft²unit	Aug. 29, 2018ft²unit	Mar. 22, 2018ft²unit
Business Acquisition [Line Items]
Number of units in property	971
Tramore Village Apartments | Austell, Georgia
Business Acquisition [Line Items]
Number of units in property				324
Area of property (in square feet) | ft²				348,804
Percentage of area leased (as percent)	94.00%
Matthews Reserve | Matthews, North Carolina
Business Acquisition [Line Items]
Number of units in property			212
Area of property (in square feet) | ft²			199,744
Percentage of area leased (as percent)	96.00%
The Park at Kensington | Riverview, Florida
Business Acquisition [Line Items]
Number of units in property		204
Area of property (in square feet) | ft²		205,471
Percentage of area leased (as percent)	95.00%

Acquisitions - Schedule of Tota

Acquisitions - Schedule of Total Revenues, Losses, and Acquisition Costs (Details) - USD ($)	Sep. 12, 2018	Aug. 29, 2018	Mar. 22, 2018	Sep. 30, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Land				$ 18,761,123	$ 4,740,979
Building and Improvements				117,770,119	24,923,994
Furniture, fixtures and equipment				2,025,812	256,992
Intangible Assets				1,416,819	321,468
Total assets				$ 166,684,780	$ 59,727,498
Acquisition fee (as percent)				2.00%
Tramore Village Apartments
Business Acquisition [Line Items]
Contract Purchase Price, Intangible Assets			$ 925,286
Contract Purchase Price			44,350,000
Acquisition Fee, Intangible Assets			20,463
Acquisition Fee			980,801
Acquisition Costs, Intangible Assets			4,874
Acquisition Costs			233,627
Land			6,729,081
Building and Improvements			37,211,816
Furniture, fixtures and equipment			672,908
Intangible Assets			950,623
Total assets			45,564,428
Matthews Reserve
Business Acquisition [Line Items]
Contract Purchase Price, Intangible Assets		$ 665,427
Contract Purchase Price		33,800,000
Acquisition Fee, Intangible Assets		14,592
Acquisition Fee		741,216
Acquisition Costs, Intangible Assets		4,432
Acquisition Costs		225,117
Land		4,138,788
Building and Improvements		29,560,256
Furniture, fixtures and equipment		382,838
Intangible Assets		684,451
Total assets		34,766,333
The Park at Kensington
Business Acquisition [Line Items]
Contract Purchase Price, Intangible Assets	$ 653,245
Contract Purchase Price	28,700,000
Acquisition Fee, Intangible Assets	14,235
Acquisition Fee	625,409
Acquisition Costs, Intangible Assets	7,189
Acquisition Costs	315,834
Land	3,152,275
Building and Improvements	25,442,492
Furniture, fixtures and equipment	371,807
Intangible Assets	674,669
Total assets	29,641,243
Land | Tramore Village Apartments
Business Acquisition [Line Items]
Contract Purchase Price, Property, Plant and Equipment			6,549,731
Acquisition Fee, Property, Plant and Equipment			144,847
Acquisition Costs, Property, Plant and Equipment			34,503
Land | Matthews Reserve
Business Acquisition [Line Items]
Contract Purchase Price, Property, Plant and Equipment		4,023,750
Acquisition Fee, Property, Plant and Equipment		88,239
Acquisition Costs, Property, Plant and Equipment		26,799
Land | The Park at Kensington
Business Acquisition [Line Items]
Contract Purchase Price, Property, Plant and Equipment	3,052,176
Acquisition Fee, Property, Plant and Equipment	66,511
Acquisition Costs, Property, Plant and Equipment	33,588
Building and Improvements | Tramore Village Apartments
Business Acquisition [Line Items]
Contract Purchase Price, Property, Plant and Equipment			36,220,010
Acquisition Fee, Property, Plant and Equipment			801,006
Acquisition Costs, Property, Plant and Equipment			190,800
Building and Improvements | Matthews Reserve
Business Acquisition [Line Items]
Contract Purchase Price, Property, Plant and Equipment		28,738,626
Acquisition Fee, Property, Plant and Equipment		630,223
Acquisition Costs, Property, Plant and Equipment		191,407
Building and Improvements | The Park at Kensington
Business Acquisition [Line Items]
Contract Purchase Price, Property, Plant and Equipment	24,634,579
Acquisition Fee, Property, Plant and Equipment	536,818
Acquisition Costs, Property, Plant and Equipment	271,095
Furniture, fixtures and equipment | Tramore Village Apartments
Business Acquisition [Line Items]
Contract Purchase Price, Property, Plant and Equipment			654,973
Acquisition Fee, Property, Plant and Equipment			14,485
Acquisition Costs, Property, Plant and Equipment			$ 3,450
Furniture, fixtures and equipment | Matthews Reserve
Business Acquisition [Line Items]
Contract Purchase Price, Property, Plant and Equipment		372,197
Acquisition Fee, Property, Plant and Equipment		8,162
Acquisition Costs, Property, Plant and Equipment		$ 2,479
Furniture, fixtures and equipment | The Park at Kensington
Business Acquisition [Line Items]
Contract Purchase Price, Property, Plant and Equipment	360,000
Acquisition Fee, Property, Plant and Equipment	7,845
Acquisition Costs, Property, Plant and Equipment	$ 3,962

Rental Properties, Net (Details

Rental Properties, Net (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 18,761,123		$ 18,761,123		$ 4,740,979
Building and improvements	117,770,119		117,770,119		24,923,994
Furniture, fixtures, and equipment	2,025,812		2,025,812		256,992
Construction in progress	382,182		382,182		13,395
Rental property, at cost	138,939,236		138,939,236		29,935,360
Less: accumulated depreciation	(2,423,033)		(2,423,033)		(492,271)
Total rental property, net	136,516,203		136,516,203		$ 29,443,089
Depreciation expense	937,827	$ 184,618	1,900,000	$ 205,446
Loss on disposal of assets	$ 38,196	$ 185,114	$ 44,684	$ 185,114

Identified Intangible Assets,_2

Identified Intangible Assets, Net (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 498,108	$ 160,734	$ 1,200,000	$ 188,604
In-place leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset	1,400,000		1,400,000		$ 321,468
Accumulated amortization	1,700,000		$ 1,700,000		$ 451,775
Weighted average remaining life of rental leases			5 months
Expected amortization for next twelve months	1,400,000		$ 1,400,000
Expected amortization, thereafter	$ 0		$ 0

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Summary of Mortgage Notes Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Outstanding Borrowings	$ 101,323,903
Deferred Financing Costs, net	(1,321,978)
Mortgages
Debt Instrument [Line Items]
Outstanding Borrowings	101,323,903	$ 23,114,507
Deferred Financing Costs, net	(1,321,978)	(336,137)
Carrying Value	100,001,925	22,778,370
Mortgages | Payne Place
Debt Instrument [Line Items]
Outstanding Borrowings	1,568,903	1,594,507
Deferred Financing Costs, net	(30,693)	(32,126)
Carrying Value	$ 1,538,210	1,562,381
Annual Interest Rate (as percent)	3.11%
Average Monthly Debt Service	$ 6,948
Average Monthly Escrow	$ 2,084
Mortgages | Payne Place | Minimum
Debt Instrument [Line Items]
Effective rate (as percent)	2.50%
Mortgages | Payne Place | Maximum
Debt Instrument [Line Items]
Effective rate (as percent)	9.50%
Mortgages | Payne Place | LIBOR
Debt Instrument [Line Items]
Basis spread (as percent)	2.25%
Mortgages | Bay Club
Debt Instrument [Line Items]
Outstanding Borrowings	$ 21,520,000	21,520,000
Deferred Financing Costs, net	(268,069)	(304,011)
Carrying Value	$ 21,251,931	21,215,989
Annual Interest Rate (as percent)	4.13%
Average Monthly Debt Service	$ 77,231
Average Monthly Escrow	$ 41,743
Basis spread (as percent)	1.87%
Effective rate (as percent)	5.75%
Mortgages | Bay Club | LIBOR
Debt Instrument [Line Items]
Basis spread (as percent)	2.26%
Mortgages | Tramore Village
Debt Instrument [Line Items]
Outstanding Borrowings	$ 32,625,000	0
Deferred Financing Costs, net	(378,812)	0
Carrying Value	$ 32,246,188	0
Annual Interest Rate (as percent)	4.06%
Average Monthly Debt Service	$ 111,423
Average Monthly Escrow	$ 36,537
Basis spread (as percent)	1.80%
Effective rate (as percent)	6.25%
Mortgages | Tramore Village | LIBOR
Debt Instrument [Line Items]
Basis spread (as percent)	2.26%
Mortgages | Matthews Reserve
Debt Instrument [Line Items]
Outstanding Borrowings	$ 23,850,000	0
Deferred Financing Costs, net	(327,378)	0
Carrying Value	$ 23,522,622	0
Annual Interest Rate (as percent)	4.47%
Average Monthly Debt Service	$ 90,075
Average Monthly Escrow	$ 21,010
Effective rate (as percent)	4.47%
Mortgages | The Park at Kensington
Debt Instrument [Line Items]
Outstanding Borrowings	$ 21,760,000	0
Deferred Financing Costs, net	(317,026)	0
Carrying Value	$ 21,442,974	$ 0
Annual Interest Rate (as percent)	4.36%
Average Monthly Debt Service	$ 80,159
Average Monthly Escrow	$ 43,998
Effective rate (as percent)	4.36%

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) - USD ($)	Sep. 14, 2018	Aug. 29, 2018	Mar. 22, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Amortization of deferred financing costs						$ 75,474	$ 5,390
Accumulated amortization of deferred financing costs				$ 100,563		100,563		$ 22,314
Interest Expense
Debt Instrument [Line Items]
Amortization of deferred financing costs				$ 34,252	$ 4,572	$ 75,474	$ 5,390
Mortgages | Tramore Village Apartments
Debt Instrument [Line Items]
Debt term			7 years
Face amount of debt			$ 32,600,000
Basis spread (as percent)						1.80%
Effective rate (as percent)				6.25%		6.25%
Interest only payment period						36 months
Periodic principal and interest payments, period						30 years
Prepayment premium (as a percentage)			1.00%
Mortgages | Tramore Village Apartments | LIBOR
Debt Instrument [Line Items]
Basis spread (as percent)						2.26%
Mortgages | Matthews Reserve
Debt Instrument [Line Items]
Debt term		7 years
Face amount of debt		$ 23,900,000
Effective rate (as percent)				4.47%		4.47%
Interest only payment period						36 months
Periodic principal and interest payments, period						30 years
Prepayment premium (as a percentage)		1.00%
Mortgages | The Park at Kensington
Debt Instrument [Line Items]
Debt term	7 years
Face amount of debt	$ 21,800,000
Effective rate (as percent)				4.36%		4.36%
Interest only payment period						36 months
Periodic principal and interest payments, period						30 years
Prepayment premium (as a percentage)	1.00%

Mortgage Notes Payable, Net - A

Mortgage Notes Payable, Net - Annual Principal Payments on Mortgage Notes Payable (Details)	Sep. 30, 2018USD ($)
Debt Disclosure [Abstract]
2,019	$ 63,662
2,020	402,250
2,021	650,218
2,022	1,709,840
2,023	1,815,560
Thereafter	96,682,373
Total principal payments	$ 101,323,903

Mortgage Notes Payable, Net -_2

Mortgage Notes Payable, Net - Amortization of Deferred Financing Costs (Details)	Sep. 30, 2018USD ($)
Debt Disclosure [Abstract]
2,019	$ 203,847
2,020	203,755
2,021	202,047
2,022	199,267
2,023	195,459
Thereafter	317,603
Deferred financing costs	$ 1,321,978

Certain Relationships and Rel_3

Certain Relationships and Related Party Transactions - Narrative (Details)	Apr. 23, 2017USD ($)	Jun. 29, 2016USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)apartment_complex	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Apr. 22, 2017USD ($)
Related Party Transaction [Line Items]
Due from related parties			$ 2,729		$ 2,729		$ 4,571
Insurance pool (up to)					2,500,000
Property loss pool, deductible amount per incident			25,000		25,000
Catastrophic insurance (up to)					250,000,000
General liability pool, deductible amount per incident	$ 25,000							$ 50,000
General liability insurance, insured limit for general liability policy (up to)	$ 76,000,000
Minimum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident			25,000		25,000
Maximum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident			$ 100,000		$ 100,000
Class R Common Stock
Related Party Transaction [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)					1.00%
Triggering event to cease payment, percentage of gross proceeds (as percent)			10.00%		10.00%
Underwriting compensation as percentage of Class R gross offering price (as a percent)					8.50%
Class T common stock
Related Party Transaction [Line Items]
Annual fee, percentage of purchase price of common stock sold (as percent)					1.00%
Triggering event to cease payment, percentage of gross proceeds (as percent)			10.00%		10.00%
Advisor
Related Party Transaction [Line Items]
Cumulative advances from related party			$ 7,800,000		$ 7,800,000
Term of advisory agreement					1 year
Acquisition fee (as a percent)					2.00%
Monthly asset management fee (as a percent)					0.083%
Disposition fee, as a percentage of the aggregate brokerage commission paid (as percent)					50.00%
Disposition fee (as percent)					2.00%
Debt financing fee (as percent)					0.50%
Formation and other operating expenses		$ 104,266			$ 104,266
Due from related parties			1,640		$ 1,640		4,192
Advisor | Primary Offering Price
Related Party Transaction [Line Items]
Approximate reimbursement of organization and offering expenses to be reimbursed, option one (as percent)					4.00%
Offering proceeds, threshold, option one (less than)					$ 500,000,000
Approximate reimbursement of organization and offering expenses to be reimbursed, option two (as percent)					2.50%
Manager
Related Party Transaction [Line Items]
Property management fee (as percent)					4.50%
Due from related parties			1,640		$ 1,640		$ 4,192
Construction management fee (as percent)					5.00%
Debt servicing fee (as percent)					2.75%
Resource Securities
Related Party Transaction [Line Items]
Due from related parties			$ 721	$ 0	$ 721	$ 0
Resource Securities | Class R Common Stock
Related Party Transaction [Line Items]
Dealer manager fee (as percent)					3.50%
Annual fee, percentage of purchase price of common stock sold (as percent)					1.00%
Triggering event to cease payment, percentage of gross proceeds (as percent)			10.00%		10.00%
Underwriting compensation as percentage of Class R gross offering price (as a percent)					8.50%
Resource Securities | Class R Common Stock | Minimum
Related Party Transaction [Line Items]
Selling commission (as percent)					3.00%
Resource Securities | Class R Common Stock | Maximum
Related Party Transaction [Line Items]
Selling commission (as percent)					5.50%
Resource Securities | Class I Common Stock
Related Party Transaction [Line Items]
Dealer manager fee (as percent)					1.50%
Resource Securities | Class A common stock
Related Party Transaction [Line Items]
Selling commission (as percent)					7.00%
Dealer manager fee (as percent)					3.00%
Resource Securities | Class T common stock
Related Party Transaction [Line Items]
Selling commission (as percent)					2.00%
Annual fee, percentage of purchase price of common stock sold (as percent)					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 (as percent)					5.00%
Resource America, Inc.
Related Party Transaction [Line Items]
Payment into the insurance pools			$ 12,134		$ 53,119
Resource America, Inc. | Payne Place | Mortgages
Related Party Transaction [Line Items]
Number of apartment complexes owned | apartment_complex					5
Minimum net worth			50,000,000		$ 50,000,000
Liquidity (no less than)			5,000,000		$ 5,000,000
Aggregate portfolio leverage (as percent) (no more than)					65.00%
The Planning and Zoning Resource Company
Related Party Transaction [Line Items]
Payment for zoning report			2,207	$ 1,079	$ 4,187	$ 1,079
Resource America, Inc. and Affiliates
Related Party Transaction [Line Items]
Maximum amount covered for liability insurance program			$ 100,000,000		$ 100,000,000

Certain Relationships and Rel_4

Certain Relationships and Related Party Transactions - Schedule of Fees Earned and Expenses Incurred (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from related parties	$ 2,729		$ 2,729		$ 4,571
Due to related parties	12,061,726		12,061,726		9,021,884
Advisor
Related Party Transaction [Line Items]
Due from related parties	1,640		1,640		4,192
Due to related parties	10,272,040		10,272,040		7,985,132
Advisor | Acquisition-related reimbursements
Related Party Transaction [Line Items]
Due to related parties	0		0		6,533
Fees earned / expenses incurred	1,429,280	$ 641,193	2,447,999	$ 641,193
Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	242,715	60,396	553,536	73,853
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	228,050	107,600	391,175	107,600
Advisor | Organization and offering costs
Related Party Transaction [Line Items]
Due to related parties	7,827,876		7,827,876		6,167,941
Fees earned / expenses incurred	244,534	676,441	1,677,364	2,534,177
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	2,444,164		2,444,164		1,810,658
Fees earned / expenses incurred	349,260	173,729	830,616	487,934
RAI
Related Party Transaction [Line Items]
Due to related parties	38,095		38,095		10,125
RAI | RAI and affiliate - insurance funds held in escrow
Related Party Transaction [Line Items]
Due from related parties	368		368		379
RAI | Organization and offering costs
Related Party Transaction [Line Items]
Due to related parties	17,673		17,673		0
Fees earned / expenses incurred	17,673	0	17,673	0
RAI | Internal audit fee
Related Party Transaction [Line Items]
Due to related parties	11,750		11,750		3,500
Fees earned / expenses incurred	11,750	3,500	27,000	9,750
RAI | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	8,672		8,672		6,625
Resource Securities
Related Party Transaction [Line Items]
Due from related parties	721	0	721	0
Due to related parties	1,679,502		1,679,502		1,012,235
Resource Securities | Selling commissions and dealer-manager fees
Related Party Transaction [Line Items]
Due to related parties	38,308		38,308		22,720
Fees earned / expenses incurred	599,872	325,954	1,822,567	961,987
Resource Securities | Distribution and shareholder servicing fee
Related Party Transaction [Line Items]
Due to related parties	1,641,194		1,641,194		989,515
Fees earned / expenses incurred	309,848	176,075	969,754	619,546
Manager
Related Party Transaction [Line Items]
Due from related parties	1,640		1,640		4,192
Due to related parties	72,089		72,089		14,392
Manager | Asset management fees
Related Party Transaction [Line Items]
Due to related parties	43,546		43,546		10,800
Fees earned / expenses incurred	96,025	22,542	211,695	22,542
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	28,543		28,543		$ 3,592
Manager | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses incurred	20,603	336	48,769	336
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses incurred	16,713	0	43,110	0
The Planning and Zoning Resource Company
Related Party Transaction [Line Items]
Fees earned / expenses incurred	$ 2,207	$ 1,079	$ 4,187	$ 1,079

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (1,937,512)	$ (1,602,783)	$ (4,152,117)	$ (2,251,780)
Undistributed net loss attributable to common stockholders	(2,868,106)	(1,838,674)	(6,427,643)	(2,552,321)
Common stock cash distributions declared (in shares)			2,275,526
Class A common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	(173,925)	(524,863)	(454,122)	(952,550)
Undistributed net loss attributable to common stockholders	(260,647)	(606,418)	(705,912)	(1,072,505)
Common stock cash distributions declared (in shares)	$ 86,722	$ 81,555	$ 251,790	$ 119,955
Net loss per common share, basic and diluted (in dollars per share)	$ (0.28)	$ (0.85)	$ (0.73)	$ (1.76)
Weighted-average number of shares outstanding, basic and diluted (in shares)	629,450	616,733	626,180	540,022
Class T common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	$ (330,529)	$ (935,090)	$ (869,726)	$ (1,214,317)
Undistributed net loss attributable to common stockholders	(454,747)	(1,050,879)	(1,229,638)	(1,356,356)
Common stock cash distributions declared (in shares)	$ 124,218	$ 115,789	$ 359,912	$ 142,039
Net loss per common share, basic and diluted (in dollars per share)	$ (0.30)	$ (0.87)	$ (0.80)	$ (1.78)
Weighted-average number of shares outstanding, basic and diluted (in shares)	1,098,193	1,068,753	1,090,752	682,945
Class R Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	$ (1,399,996)	$ (130,032)	$ (2,770,590)	$ (77,304)
Undistributed net loss attributable to common stockholders	(2,088,367)	(165,126)	(4,367,890)	(112,398)
Common stock cash distributions declared (in shares)	$ 688,371	$ 35,094	$ 1,597,300	$ 35,094
Net loss per common share, basic and diluted (in dollars per share)	$ (0.28)	$ (0.77)	$ (0.72)	$ (1.37)
Weighted-average number of shares outstanding, basic and diluted (in shares)	5,043,308	167,935	3,874,540	56,594
Class I Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	$ (33,062)	$ (12,798)	$ (57,679)	$ (7,609)
Undistributed net loss attributable to common stockholders	(64,345)	(16,251)	(124,203)	(11,062)
Common stock cash distributions declared (in shares)	$ 31,283	$ 3,453	$ 66,524	$ 3,453
Net loss per common share, basic and diluted (in dollars per share)	$ (0.21)	$ (0.77)	$ (0.52)	$ (1.37)
Weighted-average number of shares outstanding, basic and diluted (in shares)	155,389	16,527	110,174	5,570

Equity - Narrative (Details)

Equity - Narrative (Details)	Apr. 25, 2017shares	Feb. 22, 2017shares	Oct. 07, 2016shares	Aug. 05, 2016shares	Jun. 28, 2018$ / shares	Dec. 30, 2018$ / shares	Sep. 30, 2018USD ($)event$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Sep. 30, 2017USD ($)	Jun. 28, 2017$ / 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 (as percent)							100.00%
Percent of annual return on shares at price equal to distributions paid (as percent)							6.00%
Number of possible triggering events | event							2
Conversion basis							0.00002
Triggering event, option one (as percent)							15.00%
Percentage of non-compounded annual return, option one (as percent)							6.00%
Number of triggering events | event							0
Common stock, shares authorized (in shares)							1,000,000,000			125,000,000
Common stock, par value (in dollars per share) | $ / shares							$ 0.01			$ 0.01
Maximum shares redeemable as percent of the weighted-average common stock outstanding (as percent)							5.00%
Percent of operating cash flow (as percent)							1.00%
Notice period for amending share redemption program							30 days
Dividends declared, daily accrual amount (in dollars per share) | $ / shares					$ 0.001434521
Distributions payable | $							$ 862,507	$ 453,877	$ 91,561
Forecast
Class of Stock [Line Items]
Dividends declared, daily accrual amount (in dollars per share) | $ / shares						$ 0.001458630
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 (in shares)				5,000
Common stock, shares authorized (in shares)							25,000,000	25,000,000		25,000,000
Common stock, par value (in dollars per share) | $ / shares							$ 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		750,000,000
Common stock, par value (in dollars per share) | $ / shares							$ 0.01	$ 0.01
Class I Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)							75,000,000	75,000,000		75,000,000
Common stock, par value (in dollars per share) | $ / shares							$ 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		25,000,000
Common stock, par value (in dollars per share) | $ / shares							$ 0.01	$ 0.01
Common Stock
Class of Stock [Line Items]
Authorized stock dividend of common stock (in shares)	0.01	0.01	0.005

Equity - Schedule of Stock Issu

Equity - Schedule of Stock Issuances (Details) - USD ($)	1 Months Ended									9 Months Ended
	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Jun. 28, 2017
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01									$ 0.01		$ 0.01
Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01									$ 0.01	$ 0.01
Total	631,414									631,414
Shares redeemed and retired										0
Total shares outstanding (in shares)	631,414									631,414
Total shares issued (in shares)	631,414									631,414	621,754
Gross Proceeds	$ 5,966,254									$ 5,966,254
Class T
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01									$ 0.01	$ 0.01
Total	1,105,540									1,105,540
Shares redeemed and retired	0	0	0	0	0	0	(2,154)	0	0	(2,154)
Total shares outstanding (in shares)	1,103,386									1,103,386
Total shares issued (in shares)	1,103,386									1,103,386	1,081,226
Gross Proceeds	$ 10,307,182									$ 10,307,182
Class R
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01									$ 0.01	$ 0.01
Total	5,583,635									5,583,635
Shares redeemed and retired	(945)	0	0	0	0	0	0	0	0	(945)
Total shares outstanding (in shares)	5,582,690									5,582,690
Total shares issued (in shares)	5,582,690									5,582,690	2,058,008
Gross Proceeds	$ 53,293,303									$ 53,293,303
Class I
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01									$ 0.01	$ 0.01
Total	191,190									191,190
Shares redeemed and retired										0
Total shares outstanding (in shares)	191,190									191,190
Total shares issued (in shares)	191,190									191,190	36,118
Gross Proceeds	$ 1,737,643									$ 1,737,643
Shared issued through primary offering | Class A
Class of Stock [Line Items]
Total	586,207									586,207
Gross Proceeds	$ 5,601,476									$ 5,601,476
Shared issued through primary offering | Class A | Advisor
Class of Stock [Line Items]
Total shares issued (in shares)	222,222									222,222
Shared issued through primary offering | Class T
Class of Stock [Line Items]
Total	1,049,996									1,049,996
Gross Proceeds	$ 9,943,465									$ 9,943,465
Shared issued through primary offering | Class R
Class of Stock [Line Items]
Total	5,497,905									5,497,905
Gross Proceeds	$ 52,512,814									$ 52,512,814
Shared issued through primary offering | Class I
Class of Stock [Line Items]
Total	190,706									190,706
Gross Proceeds	$ 1,733,320									$ 1,733,320
Shares issued through stock dividends | Class A
Class of Stock [Line Items]
Total	12,860									12,860
Gross Proceeds	$ 0									$ 0
Shares issued through stock dividends | Class T
Class of Stock [Line Items]
Total	15,495									15,495
Gross Proceeds	$ 0									$ 0
Shares issued through stock dividends | Class R
Class of Stock [Line Items]
Total	0									0
Gross Proceeds	$ 0									$ 0
Shares issued through stock dividends | Class I
Class of Stock [Line Items]
Total	0									0
Gross Proceeds	$ 0									$ 0
Shares issued through distribution reinvestment plan | Class A
Class of Stock [Line Items]
Total	17,347									17,347
Gross proceeds from shares issued through distribution reinvestment plan	$ 164,778									$ 164,778
Shares issued through distribution reinvestment plan | Class T
Class of Stock [Line Items]
Total	40,049									40,049
Gross proceeds from shares issued through distribution reinvestment plan	$ 363,717									$ 363,717
Shares issued through distribution reinvestment plan | Class R
Class of Stock [Line Items]
Total	85,730									85,730
Gross proceeds from shares issued through distribution reinvestment plan	$ 780,489									$ 780,489
Shares issued through distribution reinvestment plan | Class I
Class of Stock [Line Items]
Total	484									484
Gross proceeds from shares issued through distribution reinvestment plan	$ 4,323									$ 4,323
Advisor
Class of Stock [Line Items]
Issuance of convertible shares (in shares)										5,000
Advisor | Class A
Class of Stock [Line Items]
Total	15,000									15,000
Gross Proceeds	$ 200,000									$ 200,000
Advisor | Class T
Class of Stock [Line Items]
Total	0									0
Gross Proceeds	$ 0									$ 0
Advisor | Class R
Class of Stock [Line Items]
Total	0									0
Gross Proceeds	$ 0									$ 0
Advisor | Class I
Class of Stock [Line Items]
Total	0									0
Gross Proceeds	$ 0									$ 0

Equity - Schedule of Stock Rede

Equity - Schedule of Stock Redemptions (Details) - $ / shares	1 Months Ended									9 Months Ended
	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Sep. 30, 2018
Class T
Class of Stock [Line Items]
Total Number of Shares Redeemed (in shares)	0	0	0	0	0	0	2,154	0	0	2,154
Average Price Paid per Share (in dollars per share)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 8.59	$ 0	$ 0
Class R
Class of Stock [Line Items]
Total Number of Shares Redeemed (in shares)	945	0	0	0	0	0	0	0	0	945
Average Price Paid per Share (in dollars per share)	$ 8.38	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Equity - Schedule of Distributi

Equity - Schedule of Distributions (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Class of Stock [Line Items]
Cash distributions declared	$ 930,594	$ 2,275,526
Cash distributions reinvested in shares of common stock paid	413,957	1,019,484
Cash distributions paid in cash	351,255	847,412
Total distributions paid	765,212	1,866,896
Class A common stock
Class of Stock [Line Items]
Cash distributions declared	86,722	251,790
Cash distributions reinvested in shares of common stock paid	28,736	90,985
Cash distributions paid in cash	54,804	155,494
Total distributions paid	83,540	246,479
Class T common stock
Class of Stock [Line Items]
Cash distributions declared	124,218	359,912
Cash distributions reinvested in shares of common stock paid	73,672	220,696
Cash distributions paid in cash	45,703	131,108
Total distributions paid	119,375	351,804
Class R Common Stock
Class of Stock [Line Items]
Cash distributions declared	688,371	1,597,300
Cash distributions reinvested in shares of common stock paid	310,344	704,667
Cash distributions paid in cash	229,200	518,919
Total distributions paid	539,544	1,223,586
Class I Common Stock
Class of Stock [Line Items]
Cash distributions declared	31,283	66,524
Cash distributions reinvested in shares of common stock paid	1,205	3,136
Cash distributions paid in cash	21,548	41,891
Total distributions paid	$ 22,753	$ 45,027

Fair Value Measures and Discl_3

Fair Value Measures and Disclosures - Narrative (Details) - Fair Value, Measurements, Recurring - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 12,120	$ 3,408
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	12,120	$ 3,408
Tramore Village Apartments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 28,500

Fair Value Measures and Discl_4

Fair Value Measures and Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 12,120	$ 3,408
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	12,120	3,408
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 0	$ 0

Fair Value Measures and Discl_5

Fair Value Measures and Disclosures - Schedule of Carrying and Fair Values (Details) - Payne Place - Mortgages - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Outstanding Borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage notes payable- outstanding borrowings	$ 101,323,903	$ 23,114,507
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage notes payable- outstanding borrowings	$ 99,308,988	$ 22,236,396

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Schedule of Derivative Instruments (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)instrument	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)instrument	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)instrument
Derivatives, Fair Value [Line Items]
Realized loss on change in fair value of interest rate cap	$ 10	$ 0	$ 10	$ 0
Amount estimated to be reclassified	$ 6,400		$ 6,400
Cash Flow Hedging | Interest Rate Cap
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	2		2		1
Notional Amount	$ 54,145,000		$ 54,145,000		$ 21,520,000

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of Fair Values of Derivative Instruments on the Balance Sheet (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 0	$ 0
Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 12,120	$ 3,408

Operating Expense Limitation (D

Operating Expense Limitation (Details)	9 Months Ended
	Sep. 30, 2018
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%