REAL ESTATE ASSET HELD FOR SALE

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

REAL ESTATE ASSET HELD FOR SALE

3. REAL ESTATE ASSET HELD FOR SALE

As of March 31, 2017 and December 31, 2016, the company owned the land parcel known as Highway 20, a 38-acre site located in the City of Cumming, Georgia in Forsyth County, in the North Atlanta metropolitan area, zoned for 210 multifamily apartment units, which is classified as held for sale. On October 7, 2016, the operating partnership entered into a sale contract with Roberts Capital Partners, LLC, a related party, to sell Highway 20 for a purchase price of $4,725,000, including a reimbursement of $1,050,000 relating to prepaid sewer taps. This transaction is expected to close during the second quarter of 2017, subject to certain closing conditions.

The table below sets forth the assets and liabilities related to real estate asset held for sale at March 31, 2017 and December 31, 2016:

	March 31, 2017		December 31, 2016
Real Estate Asset Held for Sale	$	4,283,385	$	4,283,385
Liabilities Related to Real Estate Asset Held For Sale	$	4,401	$	1,498