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

9 Months Ended

Mar. 31, 2014

Apartment Building [Member]

Real Estate Properties [Line Items]

Real Estate Disclosure [Text Block]

NOTE 3 – INVESTMENT IN REAL ESTATE, NET AND NOTES PAYABLE

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

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, however, the potential purchaser would forfeit the earnest money of approximately $158,000. The purchaser also has the option to extend the agreement.

In March 2014, the Company obtained a three month extension of its $1,007,000 mortgage note payable on the first commercial building located in Los Angeles, California that matured in March 2014. The loan was extended to June 2014. Interest rate on the note remains the same.

In April 2014, the Company refinanced its $526,000 mortgage note payable on the second commercial building located in Los Angeles, California for a new 3-year interest only mortgage in the amount of $1,100,000. The Company received net proceeds of $556,000. The interest rate on the new loan is fixed at 3.25% per annum and the note matures in May 2017.