CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Expenses
Asset Management and oversight fees to affiliates	$ 82,574	$ 55,726	$ 247,305	$ 133,676
Acquisition costs to affiliates		188,371		350,115
General and administrative	502,016	73,561	3,180,883	259,485
Total Expenses	584,590	317,658	3,428,188	743,276
Other operating activities
Equity income (loss) of unconsolidated joint ventures	10,162	(325,227)	(89,258)	(941,579)
Operating Loss	(574,428)	(642,885)	(3,517,446)	(1,684,855)
Interest expense, net	(87,926)	(53,363)	(260,319)	(178,321)
Net Loss	$ (662,354)	$ (696,248)	$ (3,777,765)	$ (1,863,176)
Basic and Diluted Loss Per Common Share	$ (0.80)	$ (1.43)	$ (5.01)	$ (8.14)
Weighted Average Common Shares Outstanding	828,387	489,423	754,151	229,340