CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
OPERATING ACTIVITIES:
Net loss	$ (1,278,727)	$ (7,623,636)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	257,851	505,052
Loss on extinguishment of debt	298,543
Impairment loss on real estate assets		5,923,207
Gain on sale of real estate assets	(1,253,933)	(397,591)
Amortization of deferred compensation	18,630	59,217
Amortization of above and below market leases	(3,357)	(9,179)
Decrease (increase) in due from affiliates	403,182	(149,005)
Decrease (increase) in other assets	26,038	(210,199)
(Decrease) increase in due to affiliates	(6,537)	2,967
Increase in accounts payable, accrued expenses and other liabilities related to operating activities	478,315	243,819
Net cash used in operating activities	(1,059,995)	(1,655,348)
INVESTING ACTIVITIES:
Proceeds from sale of real estate assets held for sale	8,040,000	1,200,000
Purchase of furniture, fixtures and equipment	(1,902)	(636)
Payment of leasing costs	(4,668)
Increase in restricted cash	(830,419)	(10,480)
(Decrease) increase in accounts payable, accrued expenses and other liabilities related to investing activities	(60,120)	7,526
(Decrease) increase in due to affiliates related to investing activities	(605)	4,540
Reimbursement of expenses related to real estate assets held for sale		515,530
Development and construction of real estate assets	(517,586)	(148,886)
Net cash provided by investing activities	6,624,700	1,567,594
FINANCING ACTIVITIES:
Principal repayments on mortgage notes payable	(19,120)	(114,154)
Principal repayments on land notes payable	(295,000)	(30,000)
Principal repayments on liabilities related to real estate assets held for sale	(9,105,591)	(1,294,800)
Payment of loan costs	(264,434)	(160,692)
Proceeds from land note payable related to real estate assets held for sale	5,500,000	2,000,000
Net cash (used in) provided by financing activities	(4,184,145)	400,354
NET INCREASE IN CASH AND CASH EQUIVALENTS	1,380,560	312,600
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	401,018	568,191
CASH AND CASH EQUIVALENTS, END OF PERIOD	1,781,578	880,791
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest for the nine months ended September 30, 2013 and September 30, 2012, respectively	671,970	1,111,918
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES AND FINANCING ACTIVITIES:
Development and construction of real estate assets due to but not paid to affiliates		4,540
Redemption of operating partnership units for common shares	37,896
Contribution of common shares for operating partnership units	(607,760)
Adjustments to noncontrolling interest in the operating partnership	(166,540)	(5,404)
NON-CASH DISPOSITION OF REAL ESTATE ASSETS RELATED TO DISCONTINUED OPERATIONS:
Disposition of real estate assets related to discontinued operations	4,625,604
Decrease in assets related to discontinued operations	38,144
Extinguishment of liabilities related to discontinued operations	$ (5,013,855)