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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton Bay Apts and Sales) (Details)
1 Months Ended 3 Months Ended
Oct. 18, 2013
USD ($)
Apr. 30, 2008
USD ($)
item
Feb. 28, 2007
USD ($)
Mar. 31, 2016
USD ($)
property
item
May. 01, 2016
property
Dec. 31, 2015
USD ($)
Mar. 31, 2015
USD ($)
item
Oct. 03, 2005
USD ($)
item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Investments in joint venture | $       $ 7,440,487   $ 7,819,162    
Outstanding amount of mortgage | $       214,311,243   $ 194,500,820    
Hamilton Bay Apts                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Investments in joint venture | $       $ 815,680     $ 916,577 $ 2,500,000
Ownership interest (as a percent)               50.00%
Number of units | item       48     48 168
Number of units sold | item               120
Number of units retained for long-term investment | item       48     48 48
Interest rate (as a percent)     5.57%          
Period for which the entity is required to make interest only payments     5 years          
Amortization period of debt     30 years          
Purchase price of investments | $               $ 30,875,000
Borrowings | $     $ 4,750,000          
Hamilton Bay Sales                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Investments in joint venture | $       $ 244,359     $ 403,114  
Number of units | item       120     120  
Number of units sold | item       120     113  
Capital contributions | $ $ 660,000              
Unsold units | item       3     7  
Condominium                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units | item       19        
Residential buildings | Hamilton Bay Apts                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units | item       48     48  
Residential buildings | Hamilton Bay Sales                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units | item       120     120  
Apartment | Hamilton Bay Sales                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units sold | property       2        
Gain on the sale of real estate | $       $ 168,000        
Unsold units | property         3      
Mortgages payable | Hamilton Bay Apts                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Outstanding amount of mortgage | $       $ 4,481,000        
Mortgages payable | Hamilton Bay Sales                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units | item   20            
Interest rate (as a percent)   5.75%            
Borrowings | $   $ 2,368,000            
Mortgages payable | Minimum                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Interest rate (as a percent)       2.45%        
Mortgages payable | Maximum                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Interest rate (as a percent)       5.97%