MORTGAGE NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2014

Notes Payable [Abstract]

Mortgage notes payable

The following is a summary of mortgage notes payable (in thousands, except percentages):

Property	Balance at September 30, 2014		Balance at December 31, 2013		Maturity Date	Annual Interest Rate	Average Monthly Debt Service
Memorial Towers	$	7,240	$	7,313	1/1/2017	5.49%	$	42	(1)
Villas	10,565		10,673		1/1/2017	5.48%	$	61	(1)
Coach Lantern	7,884		7,884		2/1/2015	4.92%	$	33	(2)
Foxcroft	8,760		8,760		2/1/2015	4.92%	$	36	(2)
Park Hill	10,212		10,324		3/1/2018	5.05%	$	56	(3)
Total	$	44,661	$	44,954

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(1) Interest only was payable through January 1, 2013; thereafter through the maturity date, monthly payment includes principal and interest.

(2) Interest only is payable through the maturity date. The partnership plans to exercise the option to extend the maturity date for an additional one year to February 1, 2016, but has not yet done so.

(3) Interest only was payable through March 1, 2013; thereafter through the maturity date, monthly payment includes principal and interest.

Aggregate principal payments on the mortgage notes payable

Annual principal payments on the mortgage notes payable for each of the next four years ending September 30, are as follows (in thousands):

2015	$	17,055
2016	430
2017	17,458
2018	9,718
	$	44,661