INVESTMENT IN REAL ESTATE, NET

12 Months Ended

Jun. 30, 2013

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]

NOTE 4 - INVESTMENT IN REAL ESTATE, NET

At June 30, 2013, the Company's investment in real estate consisted of twenty-three properties located throughout the United States. These properties include eighteen apartment complexes, two single-family houses as strategic investments, and two commercial real estate properties. The Company also owns two unimproved real estate properties located in Austin, Texas and Maui, Hawaii.

Investment in real estate included the following:

As of June 30,	2013		2012
Land	$	25,781,000	$	25,781,000
Buildings, improvements and equipment		73,453,000		71,119,000
Accumulated depreciation		(33,972,000)		(31,849,000)
	$	65,262,000	$	65,051,000

Depreciation expense from continuing operations for the years ended June 30, 2013 and 2012, was $2,123,000 and $2,086,000, respectively.