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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton 1025) (Details)
6 Months Ended 12 Months Ended
Jul. 08, 2016
USD ($)
Mar. 02, 2005
USD ($)
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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
Unsold units         65
Number of units retained for long-term investment         (690)
Outstanding amount of mortgage | $     $ 253,185,372 233,221,258  
Gain on sale of assets | $       $ 2,380,000  
Hamilton 1025          
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES          
Investments in joint venture | $   $ 2,352,000     $ 1,770,552
Ownership interest (as a percent)   50.00%     50.00%
Number of units   176 6   176
Number of units sold   127 12 20 148
Unsold units         27
Number of units retained for long-term investment   49     0
Capital contributions | $ $ 2,359,500        
Number of units under a purchase and sale agreement     3    
Purchase price of investments | $   $ 23,750,000      
Gain on sale of assets | $     $ 1,305,000    
Hamilton 1025 | Mortgages payable          
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES          
Term of debt   10 years      
Interest rate (as a percent)   5.67%      
Period for which the entity is required to make interest only payments   5 years      
Amortization period of debt   30 years      
Borrowings | $   $ 5,000,000      
Residential buildings          
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES          
Number of units         1,030
Residential buildings | Hamilton 1025          
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES          
Number of units         175