EXHIBIT 15.2

UNAUDITED BALANCE SHEETS AND INCOME STATEMENTS OF

COTTONWOOD RESIDENTIAL, INC.

The following table sets forth selected consolidated balance sheet and operating results of Cottonwood Residential, Inc., the general partner of Cottonwood Residential O.P, LP for the periods presented (amounts in thousands):

	September 30,			December 31,
	2015			2014			2013			2012
Summary Consolidated Balance Sheet Data:
Total Assets (before depreciation)	$	864,765		$	520,042		$	417,700		$	255,803
Total Assets (after depreciation)		829,998			497,162			405,508			250,697
Liabilities		655,849			420,089			332,127			185,997
	Ten Months Ended			Year ended December 31,
	October 31, 2015			2014			2013			2012
Summary Consolidated Income Statement Data:
Gross Revenues	$	59,582		$	59,215		$	48,748		$	27,359
Operating Expenses		(56,211	)		(53,077	)		(44,198	)		(25,553	)
Operating Income		3,371			6,138			4,550			1,806
Interest Expense, net		(18,493	)		(19,096	)		(13,597	)		(7,547	)
Net Other		42,534			(20,078	)		(5,528	)		(5,040	)
Net Income (Loss)		27,412			(33,036	)		(14,575	)		(10,781	)
Summary Cash Flows Data(1):
Cash Generated from Operating Activities				$	7,100		$	5,115		$	968
Cash Used in Investing Activities					(46,225	)		(27,852	)		(45,705	)
Cash Provided by Financing Activities					37,614			29,417			48,596
Net Increase (Decrease) in Cash					(1,511	)		6,680			3,859
Amount and Source of Distributions
Cash Distributions to Controlling and Non-Controlling Interests	$	11,293		$	10,637		$	8,497		$	7,578

⁽¹⁾ Interim cash flow data not available, will be updated as of December 31, 2015.

A summary of the experience of Cottonwood Residential, Inc. and its operating partnership Cottonwood Residential O.P., LP is summarized in this offering circular. See “Prior Performance Summary.”