FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2013

FAIR VALUE MEASUREMENTS

Schedule of carrying amounts and estimated fair value of debt

	Carrying Amount		Estimated Fair Value
Mortgage Notes Payable
Partnership Properties
At June 30, 2013	$	131,671,632	$	140,763,628
At December 31, 2012	$	138,055,522	$	155,942,880
Investment Properties
At June 30, 2013	$	140,458,521	$	151,279,690
At December 31, 2012	$	138,256,711	$	157,983,030