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Mortgages Payable (Schedule of Mortgages Payable) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]    
Weighted Average Interest Rate 6.16%us-gaap_DebtWeightedAverageInterestRate  
Amount Due at Maturity $ 214,965us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid  
Mortgages payable 226,645us-gaap_SecuredDebt 227,189us-gaap_SecuredDebt
Southeastern Michigan Multi Family Properties [Member]    
Debt Instrument [Line Items]    
Stated interest rate 5.96%us-gaap_DebtInstrumentInterestRateStatedPercentage
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_SoutheasternMichiganMultiFamilyPropertiesMember
 
Weighted Average Interest Rate 5.96%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_SoutheasternMichiganMultiFamilyPropertiesMember
 
Maturity Date 2016-07  
Amount Due at Maturity 38,139us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_SoutheasternMichiganMultiFamilyPropertiesMember
 
Mortgages payable 38,864us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_SoutheasternMichiganMultiFamilyPropertiesMember
39,012us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_SoutheasternMichiganMultiFamilyPropertiesMember
Oakview Plaza [Member]    
Debt Instrument [Line Items]    
Stated interest rate 5.49%us-gaap_DebtInstrumentInterestRateStatedPercentage
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_OakviewPlazaMember
 
Weighted Average Interest Rate 5.49%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_OakviewPlazaMember
 
Maturity Date 2017-01  
Amount Due at Maturity 25,583us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_OakviewPlazaMember
 
Mortgages payable 26,319us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_OakviewPlazaMember
26,425us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_OakviewPlazaMember
Gulf Coast Industrial Portfolio [Member]    
Debt Instrument [Line Items]    
Stated interest rate 9.83%us-gaap_DebtInstrumentInterestRateStatedPercentage
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_GulfCoastIndustrialPortfolioMember
 
Weighted Average Interest Rate 9.83%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_GulfCoastIndustrialPortfolioMember
 
Amount Due at Maturity 51,031us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_GulfCoastIndustrialPortfolioMember
 
Mortgages payable 51,031us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_GulfCoastIndustrialPortfolioMember
51,142us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_GulfCoastIndustrialPortfolioMember
St Augustine Outlet Center [Member]    
Debt Instrument [Line Items]    
Stated interest rate 6.09%us-gaap_DebtInstrumentInterestRateStatedPercentage
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_StAugustineOutletCenterMember
 
Weighted Average Interest Rate 6.09%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_StAugustineOutletCenterMember
 
Maturity Date 2016-04  
Amount Due at Maturity 23,748us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_StAugustineOutletCenterMember
 
Mortgages payable 24,240us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_StAugustineOutletCenterMember
24,364us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_StAugustineOutletCenterMember
Gantry Park [Member]    
Debt Instrument [Line Items]    
Stated interest rate 4.48%us-gaap_DebtInstrumentInterestRateStatedPercentage
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_SecondStreetProjectMember
 
Weighted Average Interest Rate 4.48%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_SecondStreetProjectMember
 
Maturity Date 2024-11  
Amount Due at Maturity 65,317us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_SecondStreetProjectMember
 
Mortgages payable 74,500us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_SecondStreetProjectMember
74,500us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_SecondStreetProjectMember
DePaul Plaza [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate terms
Libor + 3.00%
 
Debt instrument, interest rate basis point above reference rate 3.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_DePaulPlazaMember
 
Weighted Average Interest Rate 3.17%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_DePaulPlazaMember
 
Maturity Date 2017-09  
Amount Due at Maturity 11,147us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_DePaulPlazaMember
 
Mortgages payable $ 11,691us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_DePaulPlazaMember
$ 11,746us-gaap_SecuredDebt
/ us-gaap_RealEstatePropertiesAxis
= cik1296884_DePaulPlazaMember