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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton Bay Apts and Sales) (Details)
1 Months Ended 6 Months Ended 12 Months Ended
Feb. 28, 2007
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Jun. 30, 2018
USD ($)
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Dec. 31, 2017
USD ($)
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Jun. 30, 2017
USD ($)
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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Investments in joint venture | $   $ 2,298,588 $ 7,212,044 $ 9,029,233
Number of units       1,033
Number of units sold       278
Number of units retained for long-term investment       (690)
Outstanding amount of mortgage | $   $ 253,185,372 $ 233,221,258  
Unsold units       65
Hamilton Bay Apts        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Number of units sold     29  
Number of units refinanced 48      
Gain on the sale of real estate | $     $ 3,628,000  
Hamilton Bay Sales        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Number of units   6    
Number of units sold   12    
Number of units under a purchase and sale agreement   4    
Gain on the sale of real estate | $   $ 1,751,000    
Residential buildings        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Number of units       1,030
Mortgages payable | Minimum        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Interest rate (as a percent)   3.76%    
Mortgages payable | Maximum        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Interest rate (as a percent)   5.81%