INVESTMENT IN REAL ESTATE, NET

6 Months Ended

Dec. 31, 2011

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation Disclosure [Text Block]

NOTE 3 – INVESTMENT IN REAL ESTATE, NET

Investment in real estate consisted of the following:

As of	December 31, 2011			June 30, 2011
Land	$	25,781,000		$	25,781,000
Buildings, improvements and equipment		71,019,000			70,826,000
Accumulated depreciation		(30,807,000	)		(29,763,000	)
Investment in real estate, net	$	65,993,000		$	66,844,000

In December 2011, the Company refinanced its $926,000 mortgage note payable on its 12-unit apartment building located in Los Angeles, California for a new 10-year mortgage in the amount of $2,095,000. The interest rate on the new loan is fixed at 4.25% per annum for the first 5 years and variable for the remaining 5 years, with monthly principal and interest payments based on a 30-year amortization schedule. The note matures in January 2022. The Company received net proceeds of approximately $1,122,000 from the refinancing.