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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	May 11, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	KBS Legacy Partners Apartment REIT, Inc.
Entity Central Index Key	0001469822
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		20,177,151dei_EntityCommonStockSharesOutstanding

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Real estate:
Land	$ 46,828us-gaap_Land	$ 46,828us-gaap_Land
Buildings and improvements	363,735	363,379
Total real estate, cost	410,563	410,207
Less accumulated depreciation and amortization	(27,279)	(24,344)
Total real estate, net	383,284us-gaap_RealEstateInvestmentPropertyNet	385,863us-gaap_RealEstateInvestmentPropertyNet
Cash and cash equivalents	21,981	23,878
Restricted cash	3,763	4,570
Deferred financing costs, prepaid expenses and other assets	6,726	6,923
Total assets	415,754us-gaap_Assets	421,234us-gaap_Assets
Liabilities and stockholders' equity
Notes payable	289,903us-gaap_NotesPayable	291,214us-gaap_NotesPayable
Accounts payable and accrued liabilities	4,094	5,281
Due to affiliates	5,060	4,797
Distributions payable	1,111	1,109
Other liabilities	1,074us-gaap_OtherLiabilities	1,570us-gaap_OtherLiabilities
Total liabilities	301,242us-gaap_Liabilities	303,971us-gaap_Liabilities
Commitments and contingencies (Note 7)
Redeemable common stock	1,821	1,539
Stockholders' equity
Preferred stock, $.01 par value; 10,000,000 shares authorized, no shares issued and outstanding	0us-gaap_PreferredStockValue	0us-gaap_PreferredStockValue
Common stock, $.01 par value; 1,000,000,000 shares authorized, 20,078,007 and 20,084,830 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively	201us-gaap_CommonStockValue	201us-gaap_CommonStockValue
Additional paid-in capital	172,434us-gaap_AdditionalPaidInCapital	172,448us-gaap_AdditionalPaidInCapital
Cumulative distributions and net losses	(59,944)	(56,925)
Total stockholders' equity	112,691us-gaap_StockholdersEquity	115,724us-gaap_StockholdersEquity
Total liabilities and stockholders' equity	$ 415,754	$ 421,234

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000us-gaap_PreferredStockSharesAuthorized	10,000,000us-gaap_PreferredStockSharesAuthorized
Preferred stock, shares issued	0us-gaap_PreferredStockSharesIssued	0us-gaap_PreferredStockSharesIssued
Preferred stock, shares outstanding	0us-gaap_PreferredStockSharesOutstanding	0us-gaap_PreferredStockSharesOutstanding
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000us-gaap_CommonStockSharesAuthorized	1,000,000,000us-gaap_CommonStockSharesAuthorized
Common stock, shares issued	20,078,007us-gaap_CommonStockSharesIssued	20,084,830us-gaap_CommonStockSharesIssued
Common stock, shares outstanding	20,078,007us-gaap_CommonStockSharesOutstanding	20,084,830us-gaap_CommonStockSharesOutstanding

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental income	$ 11,056	$ 9,617
Total revenues	11,056us-gaap_Revenues	9,617us-gaap_Revenues
Expenses:
Operating, maintenance, and management	2,733us-gaap_CostOfRealEstateRevenue	2,393us-gaap_CostOfRealEstateRevenue
Real estate taxes and insurance	1,514us-gaap_RealEstateTaxesAndInsurance	1,393us-gaap_RealEstateTaxesAndInsurance
Asset management fees to affiliate	277us-gaap_AssetManagementCosts	595us-gaap_AssetManagementCosts
Property management fees to affiliate	74us-gaap_OwnedPropertyManagementCosts	62us-gaap_OwnedPropertyManagementCosts
Real estate acquisition fees to affiliate	0	701
Real estate acquisition fees and expenses	0	252
General and administrative expenses	640us-gaap_GeneralAndAdministrativeExpense	680us-gaap_GeneralAndAdministrativeExpense
Depreciation and amortization	3,001	3,080
Interest expense	2,617us-gaap_InterestExpense	2,298us-gaap_InterestExpense
Total expenses	10,856us-gaap_CostsAndExpenses	11,454us-gaap_CostsAndExpenses
Other income:
Interest and other income	5us-gaap_InterestAndOtherIncome	6us-gaap_InterestAndOtherIncome
Net income (loss)	$ 205us-gaap_NetIncomeLoss	$ (1,831)us-gaap_NetIncomeLoss
Net income (loss) per common share, basic and diluted (usd per share)	$ 0.01us-gaap_EarningsPerShareBasicAndDiluted	$ (0.09)us-gaap_EarningsPerShareBasicAndDiluted
Weighted-average number of common shares outstanding, basic and diluted	20,118,253	19,506,585

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions and Net Loss [Member]
Balance, value at Mar. 11, 2010
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares		20,648,395
Issuance of common stock, value	$ 205,800
Redemptions of common stock, shares		(590,388)
Redemptions of common stock, value	(5,700)
Balance, value at Mar. 31, 2015	112,691us-gaap_StockholdersEquity	201
Balance, shares at Mar. 31, 2015	20,078,007us-gaap_CommonStockSharesOutstanding	20,078,007
Balance, value at Mar. 12, 2013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares		1,496,198
Issuance of common stock, value	15,900
Balance, value at Mar. 31, 2015	112,691us-gaap_StockholdersEquity	201
Balance, shares at Mar. 31, 2015	20,078,007us-gaap_CommonStockSharesOutstanding	20,078,007
Balance, value at Dec. 31, 2013	121,060us-gaap_StockholdersEquity	192	161,328	(40,460)
Balance, shares at Dec. 31, 2013		19,196,501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares		1,081,474
Issuance of common stock, value	11,250	11	11,239
Redemptions of common stock, shares		(193,145)
Redemptions of common stock, value	(1,853)	(2)	(1,851)
Transfers from redeemable common stock	2,888		2,888
Distributions declared	(12,905)us-gaap_DividendsCommonStock			(12,905)
Commissions on stock sales and related dealer manager fees to affiliates	(536)		(536)
Other offering costs	(620)		(620)
Net income (loss)	(3,560)us-gaap_NetIncomeLoss			(3,560)
Balance, value at Dec. 31, 2014	115,724us-gaap_StockholdersEquity	201	172,448	(56,925)
Balance, shares at Dec. 31, 2014	20,084,830us-gaap_CommonStockSharesOutstanding	20,084,830
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares		146,116
Issuance of common stock, value	1,409	2	1,407
Redemptions of common stock, shares		(152,939)
Redemptions of common stock, value	(1,507)	(2)	(1,505)
Transfers from redeemable common stock	98		98
Distributions declared	(3,224)us-gaap_DividendsCommonStock			(3,224)
Other offering costs	(14)		(14)
Net income (loss)	205us-gaap_NetIncomeLoss			205
Balance, value at Mar. 31, 2015	$ 112,691us-gaap_StockholdersEquity	$ 201	$ 172,434	$ (59,944)
Balance, shares at Mar. 31, 2015	20,078,007us-gaap_CommonStockSharesOutstanding	20,078,007

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities:
Net income (loss)	$ 205us-gaap_NetIncomeLoss	$ (1,831)us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	3,001	3,080
Bad debt expense	80us-gaap_ProvisionForDoubtfulAccounts	45us-gaap_ProvisionForDoubtfulAccounts
Loss due to property damages	77kbslegacy_PropertyDamages	307kbslegacy_PropertyDamages
Amortization of discount and premium on notes payable, net	21	15
Amortization of deferred financing costs	104us-gaap_AmortizationOfFinancingCosts	103us-gaap_AmortizationOfFinancingCosts
Changes in operating assets and liabilities:
Restricted cash for operational expenditures	907	89
Prepaid expenses and other assets	(53)	(920)
Accounts payable and accrued liabilities	(1,262)	(1,010)
Due to affiliates	263	420
Other liabilities	(116)	164
Net cash provided by operating activities	3,227	462
Cash Flows from Investing Activities:
Acquisitions of real estate	0	(13,141)
Improvements to real estate	(358)us-gaap_PaymentsForCapitalImprovements	(1,301)us-gaap_PaymentsForCapitalImprovements
Restricted cash for capital expenditures	(100)	298
Net cash used in investing activities	(458)	(14,144)
Cash Flows from Financing Activities:
Principal payments on mortgage note payable	(1,332)us-gaap_RepaymentsOfNotesPayable	(582)us-gaap_RepaymentsOfNotesPayable
Payments of deferred financing costs	0us-gaap_PaymentsOfFinancingCosts	(79)us-gaap_PaymentsOfFinancingCosts
Proceeds from issuance of common stock	0	5,352
Payments to redeem common stock	(1,507)kbslegacy_PaymentsToRedeemCommonStock	(389)kbslegacy_PaymentsToRedeemCommonStock
Payments of commissions on stock sales and related dealer manager fees	0	(496)
Payments of other offering costs	(14)us-gaap_PaymentsOfStockIssuanceCosts	(279)us-gaap_PaymentsOfStockIssuanceCosts
Reimbursements of other offering costs from affiliates	0	0
Distributions paid	(1,813)us-gaap_PaymentsOfDividendsCommonStock	(1,747)us-gaap_PaymentsOfDividendsCommonStock
Net cash (used in) provided by financing activities	(4,666)	1,780
Net decrease in cash and cash equivalents	(1,897)	(11,902)
Cash and cash equivalents, beginning of period	23,878	36,698
Cash and cash equivalents, end of period	21,981	24,796
Supplemental Disclosure of Cash Flow Information:
Interest paid	2,496us-gaap_InterestPaid	2,014us-gaap_InterestPaid
Supplemental Disclosure of Noncash Transactions:
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	1,409	1,344
Mortgage debt assumed in connection with real estate acquisitions at fair value	0	52,268
Application of escrow deposits to purchase real estate	0	1,500
Increase in other offering costs payable	0	43
Increase in distributions payable	$ 2	$ 35

ORGANIZATION	3 Months Ended
ORGANIZATION	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION KBS Legacy Partners Apartment REIT, Inc. (the “Company”) was formed on July 31, 2009 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2010. Substantially all of the Company’s business is conducted through KBS Legacy Partners Limited Partnership (the “Operating Partnership”), a Delaware limited partnership formed on August 4, 2009. The Company is the sole general partner of and owns a 0.1% partnership interest in the Operating Partnership. KBS Legacy Partners Holdings LLC (“REIT Holdings”), a Delaware limited liability company formed on August 4, 2009, owns the remaining 99.9% interest in the Operating Partnership and is its sole limited partner. The Company is the sole member and manager of REIT Holdings. Subject to certain restrictions and limitations, the business of the Company is externally managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, pursuant to an advisory agreement the Company renewed with the Advisor on January 25, 2015 (the “Advisory Agreement”). On August 7, 2009, the Company issued 20,000 shares of its common stock to KBS-Legacy Apartment Community REIT Venture, LLC (the “Sub-Advisor”), an affiliate of the Company, at a purchase price of $10.00 per share. As of March 31, 2015, the Sub-Advisor owned 20,000 shares of common stock of the Company. The Company has invested in and manages a portfolio of high quality apartment communities located throughout the United States. The Company’s portfolio consists of “core” apartment buildings that were already well-positioned and producing rental income at acquisition. As of March 31, 2015, the Company owned 11 apartment complexes. On August 19, 2009, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a minimum of 250,000 shares and a maximum of 280,000,000 shares of common stock for sale to the public (the “Initial Offering”), of which 80,000,000 shares would be offered pursuant to the Company’s dividend reinvestment plan. The SEC declared the Company’s registration statement for the Initial Offering effective on March 12, 2010, and the Company retained KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Company, to serve as the dealer manager for the Initial Offering pursuant to a dealer manager agreement dated March 12, 2010 (the “Initial Dealer Manager Agreement”). Under the Initial Dealer Manager Agreement, the Dealer Manager was responsible for marketing the Company’s shares being offered pursuant to the Initial Offering. On May 31, 2012, the Company filed a registration statement on Form S-11 with the SEC to register a follow-on public offering (the “Follow-on Offering” and together with the Initial Offering, the “Offerings”). Pursuant to the registration statement, as amended, the Company registered up to an additional $2,000,000,000 of shares of common stock for sale to the public and up to an additional $760,000,000 of shares of common stock pursuant to the dividend reinvestment plan. The SEC declared the Company’s registration statement for the Follow-on Offering effective on March 8, 2013. The Company retained the Dealer Manager to serve as the dealer manager for the Follow-on Offering pursuant to a dealer manager agreement dated March 8, 2013 (the “Follow-on Dealer Manager Agreement” and together with the Initial Dealer Manager Agreement, the “Dealer Manager Agreements”). On March 12, 2013, the Company ceased offering shares pursuant to the Initial Offering and on March 13, 2013, the Company commenced offering shares to the public pursuant to the Follow-on Offering. In the Initial Offering, the Company sold 18,088,084 shares of common stock for gross offering proceeds of $179.2 million, including 368,872 shares of common stock under the dividend reinvestment plan for gross offering proceeds of $3.5 million. The Company ceased offering shares in the primary Follow-on Offering on March 31, 2014 and completed subscription processing procedures on April 30, 2014. The Company sold 1,496,198 shares of common stock in the primary Follow-on Offering for gross offering proceeds of $15.9 million. As of March 31, 2015, the Company had sold an aggregate of 20,648,395 shares of common stock in the Offerings for gross offering proceeds of $205.8 million, including an aggregate of 1,432,985 shares of common stock under the dividend reinvestment plan for gross offering proceeds of $14.3 million. Also, as of March 31, 2015, the Company had redeemed 590,388 shares sold in the Offerings for $5.7 million. The Company continues to offer shares of common stock under the dividend reinvestment plan.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2014. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC. Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements and condensed notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. Segments The Company had invested in 11 apartment complexes as of March 31, 2015. Substantially all of the Company’s revenue and net income (loss) is from real estate, and therefore, the Company currently operates in one reportable segment. Per Share Data Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three months ended March 31, 2015 and 2014. Distributions declared per common share were $0.160 and $0.160 for the three months ended March 31, 2015 and 2014, respectively. Distributions declared per common share assumes each share was issued and outstanding each day during the three months ended March 31, 2015 and 2014. For the three months ended March 31, 2015 and 2014, distributions were based on daily record dates and calculated at a rate of $0.00178082 per share per day. Each day during the periods from January 1, 2014 through March 31, 2014 and January 1, 2015 through March 31, 2015 was a record date for distributions. Recently Issued Accounting Standards Update In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is still evaluating the impact of adopting ASU No. 2014-09 on its financial statements, but does not expect the adoption of ASU No. 2014-09 to have a material impact on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”). The amendments in ASU No. 2014-15 require management to evaluate, for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued when applicable) and, if so, provide related disclosures. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect the adoption of ASU No. 2014-15 to have a significant impact on its financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU No. 2015-01”). The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendments will eliminate the requirements in Subtopic 225-20 for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU No. 2015-01 to have a significant impact on its financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs (“ASU No. 2015-03”). The amendments in ASU No. 2015-03 require debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU No. 2015-03 is limited to the presentation of debt issuance costs and does not affect the recognition and measurement of debt issuance costs. ASU No. 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and is to be applied retrospectively. Early adoption is permitted for financial statements that have not been previously issued. The adoption of ASU No. 2015-03 would change the presentation of debt issuance costs, as the Company presents debt issuance costs as deferred financing costs, prepaid expenses and other assets on the accompanying consolidated balance sheets.

REAL ESTATE

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

REAL ESTATE

As of March 31, 2015, the Company owned 11 apartment complexes, containing 3,039 units and encompassing 3.1 million rentable square feet, which were 95% occupied. The following table provides summary information regarding the properties owned by the Company as of March 31, 2015 (dollars in thousands):



Property Name	Date Acquired	Location	Total Real Estate, Cost		Accumulated Depreciation and Amortization			Total Real Estate, Net
Legacy at Valley Ranch	10/26/2010	Irving, TX	$	36,493	$	(4,116	)	$	32,377
Poplar Creek	02/09/2012	Schaumburg, IL	27,020		(1,877		)	25,143
The Residence at Waterstone	04/06/2012	Pikesville, MD	64,662		(4,800		)	59,862
Legacy Crescent Park	05/03/2012	Greer, SC	20,290		(1,780		)	18,510
Legacy at Martin’s Point	05/31/2012	Lombard, IL	37,084		(3,191		)	33,893
Wesley Village	11/06/2012	Charlotte, NC	44,243		(2,828		)	41,415
Watertower Apartments	01/15/2013	Eden Prairie, MN	38,513		(2,317		)	36,196
Crystal Park at Waterford	05/08/2013	Frederick, MD	45,788		(2,556		)	43,232
Millennium Apartment Homes	06/07/2013	Greenville, SC	33,112		(1,826		)	31,286
Legacy Grand at Concord	02/18/2014	Concord, NC	27,687		(918		)	26,769
Lofts at the Highlands	02/25/2014	St. Louis, MO	35,671		(1,070		)	34,601
			$	410,563	$	(27,279	)	$	383,284

Additionally, as of March 31, 2015 and December 31, 2014, the Company had recorded unamortized tax abatement intangible assets, which are included in deferred financing costs, prepaid expenses and other assets in the accompanying balance sheets, of $3.4 million and $3.4 million, respectively. During the three months ended March 31, 2015 and 2014, the Company recorded amortization expense of $65,000 and $52,000, respectively, related to tax abatement intangible assets.

Property Damage

During the three months ended March 31, 2015, one of the Company’s apartment complexes suffered physical damage due to storms. The Company’s insurance policies provide coverage for property damage and business interruption subject to a deductible of up to $25,000 per incident. Based on management’s estimates, the Company recognized an estimated loss due to damage of $77,000 during the three months ended March 31, 2015, which was reduced by an estimated $52,000 insurance recovery related to such damage, which the Company determined was probable of collection. The net loss due to damage of $25,000 during the three months ended March 31, 2015 was classified as operating, maintenance and management expenses on the accompanying consolidated statements of operations and relates to the Company’s insurance deductible. As of March 31, 2015, the total estimated insurance recovery to be collected was $0.3 million, which includes an estimated recovery from a prior year incident, that was classified as deferred financing costs, prepaid expenses and other assets on the accompanying consolidated balance sheets.

NOTES PAYABLE

3 Months Ended

Mar. 31, 2015

Notes Payable [Abstract]

NOTES PAYABLE

As of March 31, 2015 and December 31, 2014, the Company’s notes payable consisted of the following (dollars in thousands):



	Principal as of March 31, 2015			Principal as of December 31, 2014			Contractual Interest Rate as of March 31, 2015	Payment Type	Maturity Date
Legacy at Valley Ranch Mortgage Loan	$	31,984		$	32,131		3.9%	Principal & Interest	04/01/2019
Poplar Creek Mortgage Loan	20,052			20,143			4.0%	Principal & Interest	03/01/2019
The Residence at Waterstone Mortgage Loan	47,199			47,419			3.8%	Principal & Interest	05/01/2019
Legacy Crescent Park Mortgage Loan	14,074			14,146			3.5%	Principal & Interest	06/01/2019
Legacy at Martin’s Point Mortgage Loan	22,667			22,781			3.3%	Principal & Interest	06/01/2019
Wesley Village Mortgage Loan	28,080			28,253			2.6%	Principal & Interest	12/01/2017
Watertower Mortgage Loan	24,953			25,000			2.5%	Principal & Interest	02/10/2018
Crystal Park Mortgage Loan	28,220			28,391			2.5%	Principal & Interest	06/01/2018
Millennium Mortgage Loan	21,053			21,175			2.7%	Principal & Interest	07/01/2018
Legacy Grand at Concord Mortgage Loan	22,910			22,981			4.1%	Principal & Interest	12/01/2050
Lofts at the Highlands Mortgage Loan	31,507			31,611			3.4%	Principal & Interest	08/01/2052
Total notes payable principal outstanding	$	292,699		$	294,031
Discount on note payable, net	(2,796		)	(2,817		)
Total notes payable, net	$	289,903		$	291,214

As of March 31, 2015 and December 31, 2014, the Company’s deferred financing costs were $1.5 million and $1.6 million, respectively, net of amortization, and are included in deferred financing costs, prepaid expenses and other assets on the accompanying consolidated balance sheets.

During the three months ended March 31, 2015 and 2014, the Company incurred $2.6 million and $2.3 million of interest expense, respectively. Included in interest expense for the three months ended March 31, 2015 and 2014 were $0.1 million and $0.1 million of amortization of deferred financing costs, respectively. Also included in interest expense for the three months ended March 31, 2015 and 2014 were $21,000 and $15,000 of amortization of discount on a note payable. As of March 31, 2015 and December 31, 2014, the Company recorded interest payable of $0.8 million and $0.9 million, respectively.

The following is a schedule of maturities, including principal amortization payments, for the Company’s notes payable outstanding as of March 31, 2015 (in thousands):



April 1, 2015 through December 31, 2015	$	4,250
2016	5,844
2017	32,196
2018	72,958
2019	126,682
Thereafter	50,769
	$	292,699

FAIR VALUE DISCLOSURES

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE DISCLOSURES

Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value, as defined under GAAP, is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:


•	Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;


•	Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and


•	Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.

The fair value for certain financial instruments is derived using valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of financial instrument for which it is practicable to estimate the fair value:

Cash and cash equivalents, restricted cash, and accounts payable and accrued liabilities: These balances approximate their fair values due to the short maturities of these items.

Notes payable: The fair value of the Company’s notes payable is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs.

The following were the face value, carrying amount and fair value of the Company’s notes payable as of March 31, 2015 and December 31, 2014 (dollars in thousands):



	March 31, 2015						December 31, 2014
	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial liabilities:
Notes payable	$	292,699	$	289,903	$	298,040	$	294,031	$	291,214	$	296,581

Disclosure of the fair values of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2015

RELATED PARTY TRANSACTIONS

The Company has entered into the Advisory Agreement with the Advisor and the Dealer Manager Agreements with the Dealer Manager. These agreements entitled the Advisor and/or the Dealer Manager to specified fees upon the provision of certain services with regard to the Offerings and entitle the Advisor to specified fees upon the provision of certain services with regard to the management of the Company’s real estate properties, among other services, as well as reimbursement of organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company, such as expenses related to the dividend reinvestment plan, and certain costs incurred by the Advisor in providing services to the Company. The Company has also entered into a fee reimbursement agreement with the Dealer Manager pursuant to which the Company agreed to reimburse the Dealer Manager for certain fees and expenses it incurs for administering the Company’s participation in the DTCC Alternative Investment Product Platform with respect to certain accounts of the Company’s investors serviced through the platform. The Advisor and Dealer Manager also serve as the advisor and dealer manager, respectively, for KBS Real Estate Investment Trust, Inc., KBS Real Estate Investment Trust II, Inc., KBS Real Estate Investment Trust III, Inc., KBS Strategic Opportunity REIT, Inc. and KBS Strategic Opportunity REIT II, Inc. and anticipate serving as the advisor and dealer manager, respectively, for KBS Growth & Income REIT, Inc.

On January 6, 2014, the Company, together with KBS Real Estate Investment Trust, Inc., KBS Real Estate Investment Trust II, Inc., KBS Real Estate Investment Trust III, Inc., KBS Strategic Opportunity REIT, Inc., KBS Strategic Opportunity REIT II, Inc., the Dealer Manager, the Advisor and other KBS-affiliated entities, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage are shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each of the various entities covered by the program, and is billed directly to each entity. The allocation of these shared coverage costs is proportionate to the pricing by the insurance marketplace for the first tiers of directors and officers liability coverage purchased individually by each REIT. The Advisor’s and the Dealer Manager’s portion of the shared lower tiers’ cost is proportionate to the respective entities’ prior cost for the errors and omissions insurance.

During the three months ended March 31, 2015 and 2014, no other transactions occurred between the Company and KBS Real Estate Investment Trust, Inc., KBS Real Estate Investment Trust II, Inc., KBS Real Estate Investment Trust III, Inc., KBS Strategic Opportunity REIT, Inc. and KBS Strategic Opportunity REIT II, Inc.

Pursuant to the terms of these agreements and the property management agreements discussed below, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2015 and 2014, respectively, and any related amounts payable as of March 31, 2015 and December 31, 2014 (in thousands):



	Incurred				Payable as of
	Three Months Ended March 31,				March 31,		December 31,
	2015		2014		2015		2014
Expensed
Asset management fees ⁽¹⁾	$	277	$	595	$	5,030	$	4,752
Reimbursable operating expenses⁽²⁾	140		214		30		45
Acquisition fees on real properties	—		701		—		—
Property management fees ⁽³⁾	74		62		—		—
Additional Paid-in Capital
Selling commissions	—		336		—		—
Dealer manager fees	—		160		—		—
Reimbursable other offering costs ⁽⁴⁾	—		58		—		—
	$	491	$	2,126	$	5,060	$	4,797

____________________

⁽¹⁾ See “Advisory Agreement – Asset Management Fees” below.

⁽²⁾ Reimbursable operating expenses primarily consists of marketing research costs and property pursuit costs incurred by the Sub-Advisor. In addition, the Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. Beginning July 1, 2010, the Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $24,400 and $23,000 for the three months ended March 31, 2015 and 2014, respectively, and were the only employee costs reimbursable under the Advisory Agreement through March 31, 2015. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers.

⁽³⁾ See “— Property Management — Account Services Agreements.”

⁽⁴⁾ See “— Other Offering Costs Related to Follow-on Offering.”

In connection with the Offering, the Company’s sponsors agreed to provide additional indemnification to one of the participating broker dealers. The Company agreed to add supplemental coverage to its directors’ and officers’ insurance coverage to insure the sponsors’ obligations under this indemnification agreement in exchange for reimbursement by the sponsors to the Company for all costs, expenses and premiums related to this supplemental coverage. During the three months ended March 31, 2015, the Advisor did not incur any costs related to the supplemental coverage.

Other Offering Costs Related to Follow-on Offering

The offering costs related to the Follow-on Offering (other than selling commissions and dealer manager fees) were either paid directly by the Company or in some instances were paid by the Advisor, the Dealer Manager or their affiliates on the Company’s behalf. Offering costs include all expenses in connection with an offering and are charged as incurred as a reduction to stockholders’ equity.

Pursuant to the Advisory Agreement and the Follow-on Dealer Manager Agreement, the Company is obligated to reimburse the Advisor, the Dealer Manager or their affiliates, as applicable, for offering costs paid by them on the Company’s behalf. However, at the termination of the primary Follow-on Offering and at the termination of the offering under the Company’s dividend reinvestment plan, the Advisor agreed to reimburse the Company to the extent that selling commissions, dealer manager fees and other offering costs incurred by the Company exceed 15% of the gross offering proceeds. Further, the Company is only liable to reimburse offering costs incurred by the Advisor up to an amount that, when combined with selling commissions, dealer manager fees and all other amounts spent by the Company on offering expenses, does not exceed 15% of the gross proceeds of the primary Follow-on Offering and the offering under the Company’s dividend reinvestment plan as of the date of reimbursement. Within 30 days after the end of the month in which the Company’s primary Follow-on Offering terminates, the Dealer Manager must reimburse the Company to the extent that the Company’s reimbursements to the Dealer Manager and payment of selling commissions and dealer manager fees cause total underwriting compensation for the Company’s primary Follow-on Offering to exceed 10% of the gross offering proceeds from the primary Follow-on Offering.

The Company ceased offering shares in the primary Follow-on Offering on March 31, 2014 and completed subscription processing procedures on April 30, 2014. Through April 30, 2014, the Company sold an aggregate of 2,051,925 shares of common stock in the Follow-on Offering for gross offering proceeds of $21.5 million, including 555,727 shares under the dividend reinvestment plan for proceeds of $5.7 million. Total offering expenses in the Follow-on Offering were $4.2 million, including $1.8 million in underwriting compensation (which includes selling commissions, dealer manager fees and any other items viewed as underwriting compensation by the Financial Industry Regulatory Authority). After reimbursements from the Advisor and the Dealer Manager, the Company incurred offering expenses of $3.2 million in the Follow-on Offering (representing 15.0% of gross offering proceeds), which includes underwriting compensation of $1.6 million (representing 9.9% of primary Follow-on Offering proceeds). Including the reimbursements to the Company, the Dealer Manager incurred underwriting expenses of $0.2 million in the Follow-on Offering. In addition, because of the aggregate underwriting compensation incurred in the Follow-on Offering, on August 20, 2014, the Dealer Manager made a payment to the Company of $55,000.

Advisory Agreement - Asset Management Fee

Pursuant to the Advisory Agreement, the asset management fee payable by the Company to the Advisor with respect to investments in real estate is a monthly fee equal to the lesser of one-twelfth of (i) 1.0% of the amount paid or allocated to fund the acquisition, development, construction or improvement of the property (whether at or subsequent to acquisition), including acquisition expenses and budgeted capital improvement costs (regardless of the level of debt used to finance the investment), and (ii) 2.0% of the amount paid or allocated to fund the acquisition, development, construction or improvement of the property (whether at or subsequent to acquisition), including acquisition expenses and budgeted capital improvement costs, less any debt used to finance the investment.

The Advisory Agreement defers the Company’s obligation to pay asset management fees, without interest, accruing from February 1, 2013 through July 31, 2013. The Company will only be obligated to pay the Advisor such deferred amounts if and to the extent that the Company’s funds from operations, as such term is defined by the National Association of Real Estate Investment Trusts and interpreted by the Company, as adjusted for the effects of straight-line rents and acquisition costs and expenses (“AFFO”) for the immediately preceding month exceeds the amount of distributions declared for record dates of such prior month (an “AFFO Surplus”). The amount of any AFFO Surplus in a given month shall be applied first to pay to the Advisor asset management fees currently due with respect to such month (including any that would otherwise have been deferred for that month in accordance with the Advisory Agreement) and then to pay asset management fees previously deferred by the Advisor in accordance with the Advisory Agreement that remain unpaid. As of March 31, 2015, the Company had accrued and deferred payment of $1.5 million of asset management fees for February 2013 through July 2013 under the Advisory Agreement, as the Company believes the payment of this amount to the Advisor is probable. These fees will be reimbursed in accordance with the terms noted above.

In addition, the Advisory Agreement defers without interest under certain circumstances, the Company’s obligation to pay asset management fees accruing from August 1, 2013. Specifically, the Advisory Agreement defers the Company’s obligation to pay an asset management fee for any month in which the Company’s modified funds from operations (“MFFO”) for such month, as such term is defined in the practice guideline issued by the Investment Program Association (“IPA”) in November 2010 and interpreted by the Company, excluding asset management fees, does not exceed the amount of distributions declared by the Company for record dates of that month. The Company remains obligated to pay the Advisor an asset management fee in any month in which the Company’s MFFO, excluding asset management fees, for such month exceeds the amount of distributions declared for the record dates of that month (such excess amount, an “MFFO Surplus”); however, any amount of such asset management fee in excess of the MFFO Surplus is also deferred under the Advisory Agreement. If the MFFO Surplus for any month exceeds the amount of the asset management fee payable for such month, any remaining MFFO Surplus will not be applied to pay asset management fee amounts previously deferred by the Advisor in accordance with the Advisory Agreement. As of December 31, 2014, the Company had accrued and deferred payment of $3.3 million of asset management fees for August 2013 through December 2014 under the Advisory Agreement, as the Company believes the payment of this amount to the Advisor is probable. These fees will be reimbursed in accordance with the terms noted above. During the three months ended March 31, 2015, the Company incurred and deferred $0.7 million of asset management fees. However, the Company only recorded $0.3 million pursuant to the limitations in the Advisory Agreement as noted above. The Company did not accrue the remaining $0.4 million of these deferred asset management fees as it is uncertain whether any of these amounts will be paid in the future.

However, notwithstanding any of the foregoing, any and all deferred asset management fees shall be immediately due and payable at such time as the Company’s stockholders have received, together as a collective group, aggregate distributions (including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) a return of their net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the Company’s share redemption plan, and (ii) an 8.0% per year cumulative, non-compounded return on such net invested capital (the “Stockholders’ 8% Return”). The Stockholders’ 8% Return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Advisor to receive deferred asset management fees.

Property Management — Account Services Agreements

In connection with its acquisitions of Poplar Creek, The Residence at Waterstone, Legacy Crescent Park, Legacy at Martin’s Point, Wesley Village, Millennium Apartment Homes, Legacy Grand at Concord and Lofts at the Highlands, the Company, through separate indirect wholly owned subsidiaries, entered into separate Property Management — Account Services Agreements (each, a “Services Agreement”) with Legacy Partners Residential L.P. (“LPR”), an affiliate of the Sub-Advisor, pursuant to which LPR provides certain account maintenance and bookkeeping services related to these properties. Under each Services Agreement, the Company pays LPR a monthly fee in an amount equal to 1% of each property’s gross monthly collections. Unless otherwise provided for in an approved operating budget for a property, LPR is responsible for all expenses that it incurs in rendering services pursuant to each Services Agreement. Each Services Agreement has an initial term of one year and will continue thereafter on a month-to-month basis unless either party gives 30 days’ prior written notice of its desire to terminate the Services Agreement. Notwithstanding the foregoing, the Company may terminate each Services Agreement at any time without cause upon 30 days’ prior written notice to LPR. The Company may also terminate each Services Agreement with cause immediately upon notice to LPR and the expiration of any applicable cure period. LPR may terminate each Services Agreement at any time without cause upon 90 days’ prior written notice to the Company.

Subsequent to March 31, 2015, the Company, through indirect wholly owned subsidiaries, entered into property management agreements with Legacy Partners Residential, Inc. (“LPR Inc.”), an affiliate of the Sub-Advisor, pursuant to which LPR Inc. will provide, among other services, general property management services, including bookkeeping and accounting services, construction management services and budgeting and business plans for certain of the Company’s properties. See Note 8, “Subsequent Events.”

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Economic Dependency The Company is dependent on the Advisor and the Sub-Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, acquisition and disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s property, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the property could result in future environmental liabilities. Legal Matters From time to time, the Company may become party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

The Company evaluates subsequent events up until the date the consolidated financial statements are issued.

Distributions Paid

On April 1, 2015, the Company paid distributions of $1.1 million, which related to distributions declared for daily record dates for each day in the period from March 1, 2015 through March 31, 2015. On May 1, 2015, the Company paid distributions of $1.1 million, which related to distributions declared for daily record dates for each day in the period from April 1, 2015 through April 30, 2015.

Distributions Declared

On May 12, 2015, the Company’s board of directors declared distributions based on daily record dates for the period from June 1, 2015 through June 31, 2015, which the Company expects to pay in July 2015, and distributions based on daily record dates for the period from July 1, 2015 through July 31, 2015, which the Company expects to pay in August 2015. Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan.

Distributions for these periods will be calculated based on stockholders of record each day during these periods at a rate of $0.00178082 per share per day and equal a daily amount that, if paid each day for a 365-day period, would equal a 6.5% annualized rate based on the initial primary offering price for the Initial Offering of $10.00 per share or a 6.4% annualized rate based on the Company’s December 9, 2014 estimated value per share of $10.14.

Property Management Agreements

Subsequent to March 31, 2015, the Company, through indirect wholly owned subsidiaries (each, a “Property Owner”), entered into various property management agreements with LPR Inc. (each, a “Property Management Agreement”), pursuant to which LPR Inc. will provide, among other services, general property management services, including bookkeeping and accounting services, construction management services and budgeting and business plans for certain of the Company’s properties as follows:



Property Name	Effective Date	Management Fee Percentage
Watertower Apartments	04/07/2015	2.75%
Crystal Park at Waterford	04/14/2015	3.00%
The Residence at Waterstone	04/28/2015	3.00%
Lofts at the Highlands	05/05/2015	3.00%
Legacy at Martin’s Point	05/12/2015	3.00%
Poplar Creek	05/14/2015	3.00%

Under the Property Management Agreements, each Property Owner will pay LPR Inc.: (i) a monthly fee based on a percentage (as described in the table above, the “Management Fee Percentage”) of the Gross Monthly Collections (as defined in each Property Management Agreement), (ii) a construction supervision fee equal to a percentage of construction costs to the extent overseen by LPR Inc. and as further detailed in each Property Management Agreement, (iii) a leasing commission at a rate to be agreed upon between the Property Owner and LPR Inc. for retail leases executed that were procured or obtained by LPR Inc. and (iv) certain reimbursements if included in an approved capital budget. Unless otherwise provided for in an approved operating budget, LPR Inc. will be responsible for all expenses that it incurs in rendering services pursuant to each Property Management Agreement. Each Property Management Agreement has an initial term of one year and will continue thereafter on a month-to-month basis unless either party gives 30 days’ prior written notice of its desire to terminate the Property Management Agreement. Notwithstanding the foregoing, the Property Owner may terminate each Property Management Agreement at any time without cause upon 30 days’ prior written notice to LPR Inc. The Property Owner may also terminate the Property Management Agreement with cause immediately upon notice to LPR Inc. and the expiration of any applicable cure period. LPR Inc. may terminate each Property Management Agreement at any time without cause upon prior written notice to the Property Owner which, depending upon the terms of the particular Property Management Agreement, requires either 30, 60 or 90 days prior written notice. LPR Inc. may terminate the Property Management Agreement for cause if a Property Owner commits any material default under the Property Management Agreement and the default continues for a period of 30 days after notice from LPR Inc. to a Property Owner for a default or, in the case of Watertower Apartments and Lofts at the Highlands, if a monetary default continues for a period of 10 days after notice of such monetary default.

The properties were previously managed by third-party property management companies pursuant to the terms of individual property management agreements (together, the “Prior Management Agreements”). In addition, as stated in Note 6, “Related Party Transactions — Property Management — Account Services Agreements” herein, the Company, through the Property Owners, had entered into the Services Agreements with LPR with respect to The Residence at Waterstone, Lofts at the Highlands, Legacy at Martin’s Point, and Poplar Creek. The termination of services under the Prior Management Agreements and the Services Agreements (with respect to The Residence at Waterstone, Lofts at the Highlands, Legacy at Martin’s Point and Poplar Creek) were negotiated to coincide with the Effective Date of the respective Property Management Agreements. The Management Fee Percentage and any other fees and reimbursements payable to LPR Inc. by the Property Owner under each Property Management Agreement are approximately equal to the applicable percentage and other fees and reimbursements payable to the prior third party management companies and LPR by the Property Owner under the now-terminated Services Agreements and Prior Management Agreements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation Policy	The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	The preparation of the consolidated financial statements and condensed notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Reclassifications	Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods.
Segments	The Company had invested in 11 apartment complexes as of March 31, 2015. Substantially all of the Company’s revenue and net income (loss) is from real estate, and therefore, the Company currently operates in one reportable segment.
Per Share Data	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three months ended March 31, 2015 and 2014. Distributions declared per common share were $0.160 and $0.160 for the three months ended March 31, 2015 and 2014, respectively. Distributions declared per common share assumes each share was issued and outstanding each day during the three months ended March 31, 2015 and 2014. For the three months ended March 31, 2015 and 2014, distributions were based on daily record dates and calculated at a rate of $0.00178082 per share per day. Each day during the periods from January 1, 2014 through March 31, 2014 and January 1, 2015 through March 31, 2015 was a record date for distributions.
Recently Issued Accounting Standards Update	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is still evaluating the impact of adopting ASU No. 2014-09 on its financial statements, but does not expect the adoption of ASU No. 2014-09 to have a material impact on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”). The amendments in ASU No. 2014-15 require management to evaluate, for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued when applicable) and, if so, provide related disclosures. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect the adoption of ASU No. 2014-15 to have a significant impact on its financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU No. 2015-01”). The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendments will eliminate the requirements in Subtopic 225-20 for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU No. 2015-01 to have a significant impact on its financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs (“ASU No. 2015-03”). The amendments in ASU No. 2015-03 require debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU No. 2015-03 is limited to the presentation of debt issuance costs and does not affect the recognition and measurement of debt issuance costs. ASU No. 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and is to be applied retrospectively. Early adoption is permitted for financial statements that have not been previously issued. The adoption of ASU No. 2015-03 would change the presentation of debt issuance costs, as the Company presents debt issuance costs as deferred financing costs, prepaid expenses and other assets on the accompanying consolidated balance sheets.

- Definition

Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.

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REAL ESTATE (Tables)

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

Schedule of Real Estate Investments

The following table provides summary information regarding the properties owned by the Company as of March 31, 2015 (dollars in thousands):



Property Name	Date Acquired	Location	Total Real Estate, Cost		Accumulated Depreciation and Amortization			Total Real Estate, Net
Legacy at Valley Ranch	10/26/2010	Irving, TX	$	36,493	$	(4,116	)	$	32,377
Poplar Creek	02/09/2012	Schaumburg, IL	27,020		(1,877		)	25,143
The Residence at Waterstone	04/06/2012	Pikesville, MD	64,662		(4,800		)	59,862
Legacy Crescent Park	05/03/2012	Greer, SC	20,290		(1,780		)	18,510
Legacy at Martin’s Point	05/31/2012	Lombard, IL	37,084		(3,191		)	33,893
Wesley Village	11/06/2012	Charlotte, NC	44,243		(2,828		)	41,415
Watertower Apartments	01/15/2013	Eden Prairie, MN	38,513		(2,317		)	36,196
Crystal Park at Waterford	05/08/2013	Frederick, MD	45,788		(2,556		)	43,232
Millennium Apartment Homes	06/07/2013	Greenville, SC	33,112		(1,826		)	31,286
Legacy Grand at Concord	02/18/2014	Concord, NC	27,687		(918		)	26,769
Lofts at the Highlands	02/25/2014	St. Louis, MO	35,671		(1,070		)	34,601
			$	410,563	$	(27,279	)	$	383,284

NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2015

Notes Payable [Abstract]

Schedule of Long-term Debt Instruments

As of March 31, 2015 and December 31, 2014, the Company’s notes payable consisted of the following (dollars in thousands):



	Principal as of March 31, 2015			Principal as of December 31, 2014			Contractual Interest Rate as of March 31, 2015	Payment Type	Maturity Date
Legacy at Valley Ranch Mortgage Loan	$	31,984		$	32,131		3.9%	Principal & Interest	04/01/2019
Poplar Creek Mortgage Loan	20,052			20,143			4.0%	Principal & Interest	03/01/2019
The Residence at Waterstone Mortgage Loan	47,199			47,419			3.8%	Principal & Interest	05/01/2019
Legacy Crescent Park Mortgage Loan	14,074			14,146			3.5%	Principal & Interest	06/01/2019
Legacy at Martin’s Point Mortgage Loan	22,667			22,781			3.3%	Principal & Interest	06/01/2019
Wesley Village Mortgage Loan	28,080			28,253			2.6%	Principal & Interest	12/01/2017
Watertower Mortgage Loan	24,953			25,000			2.5%	Principal & Interest	02/10/2018
Crystal Park Mortgage Loan	28,220			28,391			2.5%	Principal & Interest	06/01/2018
Millennium Mortgage Loan	21,053			21,175			2.7%	Principal & Interest	07/01/2018
Legacy Grand at Concord Mortgage Loan	22,910			22,981			4.1%	Principal & Interest	12/01/2050
Lofts at the Highlands Mortgage Loan	31,507			31,611			3.4%	Principal & Interest	08/01/2052
Total notes payable principal outstanding	$	292,699		$	294,031
Discount on note payable, net	(2,796		)	(2,817		)
Total notes payable, net	$	289,903		$	291,214

Schedule of Maturities of Long-term Debt

The following is a schedule of maturities, including principal amortization payments, for the Company’s notes payable outstanding as of March 31, 2015 (in thousands):



April 1, 2015 through December 31, 2015	$	4,250
2016	5,844
2017	32,196
2018	72,958
2019	126,682
Thereafter	50,769
	$	292,699

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 55

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(e),(f))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of Face Value, Carrying Amounts and Fair Value

The following were the face value, carrying amount and fair value of the Company’s notes payable as of March 31, 2015 and December 31, 2014 (dollars in thousands):



	March 31, 2015						December 31, 2014
	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial liabilities:
Notes payable	$	292,699	$	289,903	$	298,040	$	294,031	$	291,214	$	296,581

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Related Party Costs

Pursuant to the terms of these agreements and the property management agreements discussed below, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2015 and 2014, respectively, and any related amounts payable as of March 31, 2015 and December 31, 2014 (in thousands):



	Incurred				Payable as of
	Three Months Ended March 31,				March 31,		December 31,
	2015		2014		2015		2014
Expensed
Asset management fees ⁽¹⁾	$	277	$	595	$	5,030	$	4,752
Reimbursable operating expenses⁽²⁾	140		214		30		45
Acquisition fees on real properties	—		701		—		—
Property management fees ⁽³⁾	74		62		—		—
Additional Paid-in Capital
Selling commissions	—		336		—		—
Dealer manager fees	—		160		—		—
Reimbursable other offering costs ⁽⁴⁾	—		58		—		—
	$	491	$	2,126	$	5,060	$	4,797

____________________

⁽¹⁾ See “Advisory Agreement – Asset Management Fees” below.

⁽²⁾ Reimbursable operating expenses primarily consists of marketing research costs and property pursuit costs incurred by the Sub-Advisor. In addition, the Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. Beginning July 1, 2010, the Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $24,400 and $23,000 for the three months ended March 31, 2015 and 2014, respectively, and were the only employee costs reimbursable under the Advisory Agreement through March 31, 2015. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers.

⁽³⁾ See “— Property Management — Account Services Agreements.”

⁽⁴⁾ See “— Other Offering Costs Related to Follow-on Offering.”

SUBSEQUENT EVENTS (Tables)

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Schedule of Property Management Agreements

Subsequent to March 31, 2015, the Company, through indirect wholly owned subsidiaries (each, a “Property Owner”), entered into various property management agreements with LPR Inc. (each, a “Property Management Agreement”), pursuant to which LPR Inc. will provide, among other services, general property management services, including bookkeeping and accounting services, construction management services and budgeting and business plans for certain of the Company’s properties as follows:



Property Name	Effective Date	Management Fee Percentage
Watertower Apartments	04/07/2015	2.75%
Crystal Park at Waterford	04/14/2015	3.00%
The Residence at Waterstone	04/28/2015	3.00%
Lofts at the Highlands	05/05/2015	3.00%
Legacy at Martin’s Point	05/12/2015	3.00%
Poplar Creek	05/14/2015	3.00%

ORGANIZATION (Details) (USD $)	3 Months Ended	12 Months Ended	25 Months Ended	36 Months Ended	61 Months Ended	121 Months Ended
ORGANIZATION (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2015	Mar. 12, 2013	Mar. 31, 2015	Apr. 30, 2014	Aug. 19, 2009	May 31, 2012	Aug. 07, 2009
Organizational Structure [Line Items]
Partnership interest in Operating Partnership	0.10%
Partnership interest in the Operating Partnership and is its sole limited partner	99.90%
Common stock, shares issued	20,078,007us-gaap_CommonStockSharesIssued	20,084,830us-gaap_CommonStockSharesIssued	20,078,007us-gaap_CommonStockSharesIssued		20,078,007us-gaap_CommonStockSharesIssued
Issuance of common stock, value	$ 1,409,000	$ 11,250,000	$ 15,900,000	$ 179,200,000	$ 205,800,000	$ 21,500,000
Shares of common stock sold under dividend reinvestment plan, value				3,500,000	14,300,000	5,700,000
Redemptions of common stock, value	1,507,000	1,853,000			5,700,000
Apartment Complex [Member]
Organizational Structure [Line Items]
Number of real estate properties	11		11		11
Common Stock [Member]
Organizational Structure [Line Items]
Shares of common stock authorized under dividend reinvestment plan, shares							80,000,000
Issuance of common stock, shares	146,116	1,081,474	1,496,198	18,088,084	20,648,395	2,051,925
Issuance of common stock, value	2,000	11,000
Shares of common stock sold under dividend reinvestment plan, shares				368,872	1,432,985	555,727
Redemptions of common stock, shares	152,939	193,145			590,388
Redemptions of common stock, value	2,000	2,000
Common Stock [Member] \| Minimum [Member]
Organizational Structure [Line Items]
Number of shares authorized to be repurchased							250,000
Common Stock [Member] \| Maximum [Member]
Organizational Structure [Line Items]
Number of shares authorized to be repurchased							280,000,000
Stock offering, shares authorized for issuance, value								2,000,000,000
Stock offering, shares authorized for dividend reinvestment plan, value								$ 760,000,000
KBS-Legacy Apartment Community REIT Venture, LLC [Member]
Organizational Structure [Line Items]
Common stock, shares issued									20,000
Common stock, purchase price per share									$ 10
KBS-Legacy Apartment Community REIT Venture, LLC [Member] \| Common Stock [Member]
Organizational Structure [Line Items]
Shares held by affiliate	20,000		20,000		20,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Real Estate Properties [Line Items]
Distributions declared per common share	$ 0.160	$ 0.160
Distribution rate per share per day, declared	$ 0.00178082	$ 0.00178082
Apartment Complex [Member]
Real Estate Properties [Line Items]
Number of real estate properties	11

REAL ESTATE (Narrative) (Details) (USD $)	3 Months Ended
REAL ESTATE (Narrative) (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Real Estate Properties [Line Items]
Number of real estate units	3,039kbslegacy_NumberOfRealEstateUnits
Rentable square feet	3,100,000us-gaap_AreaOfRealEstateProperty
Percentage of portfolio occupied	95.00%
Tax abatement asset	$ 3,400,000kbslegacy_TaxAbatementAsset		$ 3,400,000kbslegacy_TaxAbatementAsset
Property Tax Abatement Intangible Asset [Member]
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 65,000	$ 52,000
Apartment Complex [Member]
Real Estate Properties [Line Items]
Number of real estate properties	11

REAL ESTATE (Schedule of Real Estate Investments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Total Real Estate at Cost	$ 410,563	$ 410,207
Accumulated Depreciation and Amortization	(27,279)	(24,344)
Total real estate, net	383,284us-gaap_RealEstateInvestmentPropertyNet	385,863us-gaap_RealEstateInvestmentPropertyNet
Legacy at Valley Ranch [Member]
Real Estate Properties [Line Items]
Date Acquired	Oct. 26, 2010
Total Real Estate at Cost	36,493
Accumulated Depreciation and Amortization	(4,116)
Total real estate, net	32,377
Poplar Creek [Member]
Real Estate Properties [Line Items]
Date Acquired	Feb. 09, 2012
Total Real Estate at Cost	27,020
Accumulated Depreciation and Amortization	(1,877)
Total real estate, net	25,143
The Residence at Waterstone [Member]
Real Estate Properties [Line Items]
Date Acquired	Apr. 06, 2012
Total Real Estate at Cost	64,662
Accumulated Depreciation and Amortization	(4,800)
Total real estate, net	59,862
Legacy Crescent Park [Member]
Real Estate Properties [Line Items]
Date Acquired	May 03, 2012
Total Real Estate at Cost	20,290
Accumulated Depreciation and Amortization	(1,780)
Total real estate, net	18,510
Legacy at Martin’s Point [Member]
Real Estate Properties [Line Items]
Date Acquired	May 31, 2012
Total Real Estate at Cost	37,084
Accumulated Depreciation and Amortization	(3,191)
Total real estate, net	33,893
Wesley Village [Member]
Real Estate Properties [Line Items]
Date Acquired	Nov. 06, 2012
Total Real Estate at Cost	44,243
Accumulated Depreciation and Amortization	(2,828)
Total real estate, net	41,415
Watertower Apartments [Member]
Real Estate Properties [Line Items]
Date Acquired	Jan. 15, 2013
Total Real Estate at Cost	38,513
Accumulated Depreciation and Amortization	(2,317)
Total real estate, net	36,196
Crystal Park at Waterford [Member]
Real Estate Properties [Line Items]
Date Acquired	May 08, 2013
Total Real Estate at Cost	45,788
Accumulated Depreciation and Amortization	(2,556)
Total real estate, net	43,232
Millennium Apartment Homes [Member]
Real Estate Properties [Line Items]
Date Acquired	Jun. 07, 2013
Total Real Estate at Cost	33,112
Accumulated Depreciation and Amortization	(1,826)
Total real estate, net	31,286
Legacy Grand at Concord [Member]
Real Estate Properties [Line Items]
Date Acquired	Feb. 18, 2014
Total Real Estate at Cost	27,687
Accumulated Depreciation and Amortization	(918)
Total real estate, net	26,769
Lofts of the Highlands [Member]
Real Estate Properties [Line Items]
Date Acquired	Feb. 25, 2014
Total Real Estate at Cost	35,671
Accumulated Depreciation and Amortization	(1,070)
Total real estate, net	$ 34,601

REAL ESTATE (Property Damages) (Details) (USD $)	3 Months Ended
REAL ESTATE (Property Damages) (Details) (USD $)	Mar. 31, 2015 property	Mar. 31, 2014
Real Estate Properties [Line Items]
Number of real estate properties suffered from physical damage	1
Maximum deductible per incident	$ 25,000
Loss due to property damages	77,000kbslegacy_PropertyDamages	307,000kbslegacy_PropertyDamages
Estimated insurance recoveries	52,000us-gaap_EstimatedInsuranceRecoveries
Operating, maintenance, and management	2,733,000us-gaap_CostOfRealEstateRevenue	2,393,000us-gaap_CostOfRealEstateRevenue
Estimated insurance recoveries to be collected	300,000
Damaged Properties [Member]
Real Estate Properties [Line Items]
Operating, maintenance, and management	$ 25,000

NOTES PAYABLE (Narrative) (Details) (USD $)	3 Months Ended
NOTES PAYABLE (Narrative) (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Interest expense	$ 2,617,000us-gaap_InterestExpense	$ 2,298,000us-gaap_InterestExpense
Amortization of deferred financing costs	100,000	100,000
Amortization of discount and premium on notes payable, net	21,000	15,000
Interest payable, current	800,000		900,000
Notes Payable [Member]
Debt Instrument [Line Items]
Amortization of discount and premium on notes payable, net	21,000	15,000
Deferred Financing Costs, Prepaid Expenses and Other Assets [Member]
Debt Instrument [Line Items]
Deferred financing costs	$ 1,500,000		$ 1,600,000

NOTES PAYABLE (Schedule of Long-term Debt Instruments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Notes Payable	$ 289,903us-gaap_NotesPayable	$ 291,214us-gaap_NotesPayable
Long-term Debt, Gross	292,699us-gaap_DebtInstrumentCarryingAmount	294,031us-gaap_DebtInstrumentCarryingAmount
Discount on note payable, net	(2,796)	(2,817)
Long-term Debt	289,903us-gaap_LongTermDebt	291,214us-gaap_LongTermDebt
Mortgages [Member] \| Legacy at Valley Ranch [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	3.90%
Maturity Date	Apr. 01, 2019
Long-term Debt, Gross	31,984	32,131
Mortgages [Member] \| Poplar Creek [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	4.00%
Maturity Date	Mar. 01, 2019
Long-term Debt, Gross	20,052	20,143
Mortgages [Member] \| The Residence at Waterstone [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	3.80%
Maturity Date	May 01, 2019
Long-term Debt, Gross	47,199	47,419
Mortgages [Member] \| Legacy Crescent Park [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	3.50%
Maturity Date	Jun. 01, 2019
Long-term Debt, Gross	14,074	14,146
Mortgages [Member] \| Legacy at Martin’s Point [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	3.30%
Maturity Date	Jun. 01, 2019
Long-term Debt, Gross	22,667	22,781
Mortgages [Member] \| Wesley Village [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	2.60%
Maturity Date	Dec. 01, 2017
Long-term Debt, Gross	28,080	28,253
Mortgages [Member] \| Watertower Apartments [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	2.50%
Maturity Date	Feb. 10, 2018
Long-term Debt, Gross	24,953	25,000
Mortgages [Member] \| Crystal Park Mortgage Loan [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	2.50%
Maturity Date	Jun. 01, 2018
Long-term Debt, Gross	28,220	28,391
Mortgages [Member] \| Millennium Mortgage Loan [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	2.70%
Maturity Date	Jul. 01, 2018
Long-term Debt, Gross	21,053	21,175
Mortgages [Member] \| Legacy Grand at Concord Mortgage Loan [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	4.10%
Maturity Date	Dec. 01, 2050
Long-term Debt, Gross	22,910	22,981
Mortgages [Member] \| Lofts at the Highlands Mortgage Loan [Member]
Debt Instrument [Line Items]
Contractual Interest Rate	3.40%
Maturity Date	Aug. 01, 2052
Long-term Debt, Gross	$ 31,507	$ 31,611

- Definition

The amount of debt discount (net of debt premium) that was originally recognized at the issuance of the instrument that has yet to be amortized.

+ References+ Details

NOTES PAYABLE (Schedule of Maturities of Long-Term Debt) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Notes Payable [Abstract]
April 1, 2015 through December 31, 2015	$ 4,250
2016	5,844
2017	32,196
2018	72,958
2019	126,682
Thereafter	50,769
Notes payable	$ 292,699us-gaap_DebtInstrumentCarryingAmount	$ 294,031us-gaap_DebtInstrumentCarryingAmount

FAIR VALUE DISCLOSURES (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Face Value	$ 292,699us-gaap_DebtInstrumentFaceAmount	$ 294,031us-gaap_DebtInstrumentFaceAmount
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	289,903	291,214
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	$ 298,040	$ 296,581

RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $)	3 Months Ended		12 Months Ended	25 Months Ended	36 Months Ended	61 Months Ended	62 Months Ended	121 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Mar. 31, 2015	Mar. 12, 2013	Mar. 31, 2015	Mar. 31, 2015	Apr. 30, 2014	Mar. 05, 2014	Aug. 14, 2013	Aug. 20, 2014
Related Party Transaction [Line Items]
Percentage of selling commissions, dealer manager fees, and organization and other offering costs of gross offering proceeds							10.00%
Issuance of common stock, value	$ 1,409,000		$ 11,250,000	$ 15,900,000	$ 179,200,000	$ 205,800,000		$ 21,500,000
Shares of common stock sold under dividend reinvestment plan, value					3,500,000	14,300,000		5,700,000
Expense offering cost								4,200,000us-gaap_NoninterestExpenseOfferingCost
Non‑compounded return on net invested capital								9.90%	8.00%
Due to affiliates	5,060,000		4,797,000	5,060,000		5,060,000	5,060,000
Monthly fees paid of property's gross monthly collections, percentage	1.00%			1.00%		1.00%	1.00%
Period of termination notice		30 days
LPR Inc. [Member]
Related Party Transaction [Line Items]
Period of termination notice		90 days
Asset Management Fees [Member]
Related Party Transaction [Line Items]
Due to affiliates	300,000			300,000		300,000	300,000
Incurred expenses	700,000
Related parties, deferred fees	400,000
February through July 2013 [Member] \| Asset Management Fees [Member]
Related Party Transaction [Line Items]
Due to affiliates	1,500,000			1,500,000		1,500,000	1,500,000
August 2013 through June 2014 [Member] \| Asset Management Fees [Member]
Related Party Transaction [Line Items]
Due to affiliates			3,300,000
Option One [Member]
Related Party Transaction [Line Items]
Asset management fee, as percent										0.083%
Acquisition advisory fee, percent	1.00%			1.00%		1.00%	1.00%
Option Two [Member]
Related Party Transaction [Line Items]
Asset management fee, as percent										0.166%
Acquisition advisory fee, percent	2.00%			2.00%		2.00%	2.00%
Dealer Manager [Member]
Related Party Transaction [Line Items]
Expense offering cost								200,000
Additional payment received											55,000
After Reimbursements from the Advisor and the Dealer Manager [Member]
Related Party Transaction [Line Items]
Expense offering cost								3,200,000
Underwriting Compensation [Member]
Related Party Transaction [Line Items]
Expense offering cost								1,800,000
Underwriting Compensation [Member] \| After Reimbursements from the Advisor and the Dealer Manager [Member]
Related Party Transaction [Line Items]
Expense offering cost								1,600,000
Common Stock [Member]
Related Party Transaction [Line Items]
Issuance of common stock, shares	146,116		1,081,474	1,496,198	18,088,084	20,648,395		2,051,925
Issuance of common stock, value	$ 2,000		$ 11,000
Shares of common stock sold under dividend reinvestment plan, shares					368,872	1,432,985		555,727
Maximum [Member]
Related Party Transaction [Line Items]
Reimbursed offering costs determination, gross offering costs, percentage (exceeds amount)							15.00%	15.00%

RELATED PARTY TRANSACTIONS (Schedule of Related Party Costs) (Details) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Asset Management Fees [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member] | Expensed [Member] | Asset Management Fees [Member]

^[1]

^[1]

^[1]

^[1]

Advisor and Dealer Manager [Member] | Expensed [Member] | Reimbursement of Operating Expenses [Member]

^[2]

^[2]

^[2]

^[2]

Advisor and Dealer Manager [Member] | Expensed [Member] | Acquisition Fees [Member]

Advisor and Dealer Manager [Member] | Expensed [Member] | Property Management Fees [Member]

^[3]

^[3]

^[3]

^[3]

Advisor and Dealer Manager [Member] | Additional Paid-in Capital [Member] | Sales Commissions [Member]

Advisor and Dealer Manager [Member] | Additional Paid-in Capital [Member] | Dealer Manager Fees [Member]

Advisor and Dealer Manager [Member] | Additional Paid-in Capital [Member] | Reimbursable Other Offering Costs [Member]

^[4]

^[4]

^[4]

^[4]

[1]	See “Advisory Agreement – Asset Management Fees” below.
[2]	Reimbursable operating expenses primarily consists of marketing research costs and property pursuit costs incurred by the Sub-Advisor. In addition, the Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. Beginning July 1, 2010, the Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $24,400 and $23,000 for the three months ended March 31, 2015 and 2014, respectively, and were the only employee costs reimbursable under the Advisory Agreement through March 31, 2015. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers.
[3]	See “— Property Management — Account Services Agreements.”
[4]	See “— Other Offering Costs Related to Follow-on Offering.”

SUBSEQUENT EVENTS (Distributions) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		12 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Oct. 14, 2014	May 01, 2015	Apr. 01, 2015
Subsequent Event [Line Items]
Distributions declared	$ 3,224us-gaap_DividendsCommonStock		$ 12,905us-gaap_DividendsCommonStock
Distribution rate per share per day, declared	$ 0.00178082	$ 0.00178082
Dividend Declared [Member]
Subsequent Event [Line Items]
Distribution rate per share per day, declared				$ 0.00178082
Distribution rate per share annualized, declared, based on purchase price				6.50%
Common stock, purchase price per share				$ 10.00
Distribution rate per share annualized, declared, based on offering price				6.40%
Common stock, offering price per share				$ 10.14
Subsequent Event [Member] \| Dividend Paid [Member]
Subsequent Event [Line Items]
Distributions declared					$ 1,100	$ 1,100

SUBSEQUENT EVENTS (Property Management Agreements) (Details) (Subsequent Event [Member])	1 Months Ended
	May 14, 2015
Watertower Apartments [Member]
Subsequent Event [Line Items]
Management Fee Percentage	2.75%
Crystal Park at Waterford [Member]
Subsequent Event [Line Items]
Management Fee Percentage	3.00%
The Residence at Waterstone [Member]
Subsequent Event [Line Items]
Management Fee Percentage	3.00%
Lofts of the Highlands [Member]
Subsequent Event [Line Items]
Management Fee Percentage	3.00%
Legacy at Martin’s Point [Member]
Subsequent Event [Line Items]
Management Fee Percentage	3.00%
Poplar Creek [Member]
Subsequent Event [Line Items]
Management Fee Percentage	3.00%

SUBSEQUENT EVENTS (Narrative) (Details)	3 Months Ended	1 Months Ended
SUBSEQUENT EVENTS (Narrative) (Details)	Mar. 31, 2014	May 14, 2015
Subsequent Event [Line Items]
Period of termination notice	30 days
LPR Inc. [Member]
Subsequent Event [Line Items]
Period of termination notice	90 days
Subsequent Event [Member] \| LPR Inc. [Member]
Subsequent Event [Line Items]
Period of termination notice		30 days
Period of termination notice 2		60 days
Period of termination notice 3		90 days
Period of monetary default		30 days
Subsequent Event [Member] \| LPR Inc. [Member] \| Watertower Apartments and Lofts at the Highlands [Member]
Subsequent Event [Line Items]
Period of monetary default		10 days

kbslegacy-20150331