Mortgages Payable (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Mortgage Notes Payable [Table Text Block]

The following table summarizes certain information as of December 31, 2015 and 2014, with respect to the Company’s indebtedness (amounts in thousands).

	Outstanding Principal				As of December 31, 2015
Property	December 31, 2015		December 31, 2014		Interest Rate			Fixed/ Floating		Maturity Date
ARIUM Grandewood	$	29,444	$	29,444		1.91	%	Floating	⁽¹⁾	December 1, 2024
ARIUM Palms		24,999		-		2.46	%	Floating	⁽²⁾	September 1, 2022
Ashton I		31,900		-		4.67	%	Fixed		December 1, 2025
Ashton II		15,270		-		2.92	%	Floating	⁽³⁾	January 1, 2026
Enders Place at Baldwin Park ⁽⁴⁾		25,155		25,475		4.30	%	Fixed		November 1, 2022
Fox Hill		26,705		-		3.57	%	Fixed		April 1, 2022
Lansbrook Village		43,628		42,357		4.41	%	Blended	⁽⁵⁾	March 31, 2018
MDA Apartments		37,600		37,600		5.35	%	Fixed		January 1, 2023
Park & Kingston		15,250		-		3.21	%	Fixed		April 1, 2020
Sorrel		38,684		-		2.53	%	Floating	⁽⁶⁾	May 1, 2023
Sovereign		28,880		-		3.46	%	Fixed		November 10, 2022
Springhouse at Newport News		22,176		22,515		5.66	%	Fixed		January 1, 2020
Village Green of Ann Arbor		42,326		43,078		3.92	%	Fixed		October 1, 2022
Total		382,017		200,469
Fair value adjustments		1,620		874
Total continuing operations		383,637		201,343
North Park Towers - held for sale		-		11,500
Total	$	383,637	$	212,843

⁽¹⁾ ARIUM Grandewood Senior Loan bears interest at a floating rate of 1.67% plus one-month LIBOR. At December 31, 2015, the interest rate was 1.91%.

⁽²⁾ ARIUM Palms loan bears interest at a floating rate of 2.22% plus one-month LIBOR. At December 31, 2015, the interest rate was 2.46%.

⁽³⁾ Ashton II loan bears interest at a floating rate of 2.62% plus one-month LIBOR. At December 31, 2015, the interest rate was 2.92%.

⁽⁴⁾ The principal includes a $17.2 million loan at a 3.97% interest rate and an $8.0 million supplemental loan at a 5.01% interest rate.

⁽⁵⁾ The principal balance includes the initial advance of $42.0 million at a fixed rate of 4.45% and an additional advance of $1.6 million that bears interest at a floating rate of three-month LIBOR plus 3.00%. At December 31, 2015, the additional advance had an interest rate of 3.38%.

⁽⁶⁾ Sorrel loan bears interest at a floating rate of 2.29% plus one-month LIBOR. At December 31, 2015, the interest rate was 2.53%.

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

As of December 31, 2015, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands):

Year	Total
2016	$	2,622
2017		3,514
2018		45,755
2019		4,701
2020		41,268
Thereafter		284,157
	$	382,017
Add: Unamortized fair value debt adjustment		1,620
Total	$	383,637