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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton on Main) (Details)
1 Months Ended 3 Months Ended 12 Months Ended
Aug. 31, 2014
USD ($)
Mar. 31, 2016
USD ($)
item
Mar. 31, 2015
USD ($)
item
Dec. 31, 2005
USD ($)
Dec. 31, 2015
USD ($)
Aug. 31, 2004
USD ($)
item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES            
Investments in joint venture   $ 7,440,487     $ 7,819,162  
Distribution to the Partnership   936,925 $ 951,330      
Hamilton on Main Apts            
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES            
Investments in joint venture   $ 691,418 $ 1,194,825     $ 8,000,000
Ownership interest (as a percent)           50.00%
Number of units | item   148 148     280
Number of units sold | item           137
Purchase price of investments           $ 56,000,000
Residential buildings | Hamilton on Main Apts            
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES            
Number of units | item   148 148      
Mortgages payable | Hamilton on Main Apartments, LLC            
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES            
Term of debt 10 years     10 years    
Mortgage amount   $ 16,765,000        
Interest rate (as a percent) 4.34%     5.18%    
Period for which the entity is required to make interest only payments       3 years    
Amortization period of debt       30 years    
Debt Instrument, Loan Proceeds distributed to the Partnership $ 850,000          
Term excluding period for which interest only payments to be made       7 years    
Net proceeds after funding escrow accounts and closing costs       $ 16,700,000    
Cost associated with loan extension 161,000          
Borrowings $ 16,900,000     $ 16,825,000