Acquisition

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Acquisition

ACQUISITION

On June 4, 2014, the Company acquired its first investment, a 152-unit, multifamily apartment community located in Dallas, Texas known as Bear Creek, for $9.5 million, excluding closing costs. The Company paid an acquisition fee of $204,186, or 2% of the purchase price (including closing costs and any amounts reserved for capital expenditures), to the Advisor.

The following table reflects the fair value of the net assets acquired:

Rental property:
Land	$	1,888,982
Buildings	7,060,815
Personal property	198,840
	9,148,637
Acquired intangibles - in-place leases	351,364
Prepaid insurance	31,721
Accrued real estate taxes	(69,085		)
Prepaid rents	(163		)
Security deposits	(15,484		)
Fair value assigned	$	9,446,990

The table below summarizes the total revenues, net loss, and acquisition costs of the Company's 2014 acquisition of Bear Creek:

	Three Months Ended			Nine Months Ended
	September 30, 2014			September 30, 2014
Total Revenues	$	342,437		$	455,076
Net Loss	(178,728		)	(488,169		)
Acquisition Costs	60,053			329,444