INVESTMENT IN REAL ESTATE, NET (Apartment Building [Member])

6 Months Ended

Dec. 31, 2013

Apartment Building [Member]

Real Estate Properties [Line Items]

Real Estate Disclosure [Text Block]

NOTE 3 – INVESTMENT IN REAL ESTATE, NET

Investment in real estate consisted of the following:

As of	December 31, 2013		June 30, 2013
Land	$	25,781,000	$	25,781,000
Buildings, improvements and equipment		73,845,000		73,453,000
Accumulated depreciation		(35,045,000)		(33,972,000)
Investment in real estate, net	$	64,581,000	$	65,262,000

In July 2013, the Company refinanced its $466,000 adjustable rate mortgage note payable on its 8-unit apartment located in Los Angeles, California for a new 30-year mortgage in the amount of $500,000. The interest rate on the new loan is fixed at 3.50% per annum for the first five years and variable for the remaining of the term. The note matures in July 2043.

In February 2014, the Company entered into a contract to sell its 249 unit apartment complex located in Austin, Texas and the adjacent unimproved land for $15,800,000.  The purchase/sale agreement provides that purchaser can terminate the agreement with or without cause within 45 days the date of the contract.