INVESTMENT IN REAL ESTATE, NET AND NOTES PAYABLE (Tables) (Apartment Building [Member])

9 Months Ended

Mar. 31, 2014

Apartment Building [Member]

Real Estate Properties [Line Items]

Schedule of Real Estate Properties [Table Text Block]

Investment in real estate consisted of the following:

As of	March 31, 2014		June 30, 2013
Land	$	25,781,000	$	25,781,000
Buildings, improvements and equipment		73,937,000		73,453,000
Accumulated depreciation		(35,583,000)		(33,972,000)
Investment in real estate, net	$	64,135,000	$	65,262,000