CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
OPERATING ACTIVITIES:
Net income (loss)	$ 446,645	$ (724,916)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	114,358	153,492
Gain on sale of real estate assets	(1,253,933)
Amortization of deferred compensation	16,953	8,901
Amortization of above and below market leases	(3,357)	(2,975)
Decrease (increase) in due from affiliates	403,182	(32,236)
(Increase) decrease in other assets	(8,281)	17,240
Increase (decrease) in due to affiliates	20,714	(1,372)
Increase in accounts payable, accrued expenses and other liabilities relating to operations	122,701	38,515
Net cash used in operating activities	(141,018)	(543,351)
INVESTING ACTIVITIES:
Proceeds from sale of real estate assets held for sale	8,040,000
Purchase of furniture, fixtures and equipment	(1,902)
Decrease (increase) in restricted cash	129,117	(88,553)
(Decrease) increase in accounts payable, accrued expenses and other liabilities relating to investing activities	(38,255)	135
(Decrease) increase in due to affiliates relating to investing activities	(605)	36,831
Development and construction of real estate assets	(517,586)	(71,806)
Net cash provided by (used in) investing activities	7,610,769	(123,393)
FINANCING ACTIVITIES:
Principal repayments on mortgage notes payable	(14,290)	(37,858)
Principal repayments on land notes payable	(15,000)
Principal repayments on liabilities related to real estate assets held for sale	(7,040,200)	(40,000)
Payment of loan costs	(31,313)	(113,798)
Proceeds from land notes payable related to real estate assets held for sale		2,000,000
Net cash (used in) provided by financing activities	(7,100,803)	1,808,344
NET INCREASE IN CASH AND CASH EQUIVALENTS	368,948	1,141,600
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	401,018	568,191
CASH AND CASH EQUIVALENTS, END OF PERIOD	769,966	1,709,791
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest, net of capitalized interest of $0 for the three months ended March 31, 2013 and March 31, 2012	308,688	350,591
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES AND FINANCING ACTIVITIES:
Development and construction of real estate assets due to but not paid to affiliates		36,831
Redemption of operating partnership units for common shares	5,625
Adjustments to noncontrolling interest in the operating partnership	$ 1,192	$ 1,536