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Investments in Real Estate (Tables)
 9 Months Ended
Sep. 30, 2012
Real Estate [Abstract]  
Schedule of Equity Method Investments [Table Text Block]
The following table provides summary information regarding the Company’s investments ($ in thousands) that are either consolidated or presented on the equity method of accounting.

 

                         

Joint Venture 
Investment Information

              

Multifamily
Community
Name/Location

  

Approx.
Rentable
Square
Footage

    

Number of
Units

    

Date of
Initial
Acquisition

  

Property
Acquisition
Cost(1)

    

Gross
Amount of
Our
Investment

    

Our
Ownership
Interest in
Property
Owner

     Approx.
Annualized
Base Rent
(2)		    

Average
Annual 
Effective
Rent Per
Unit(3)

    

Approx.
% Leased

  

Springhouse at Newport
News/Newport News,

Virginia

     310,826       432     12/03/2009   $ 29,250     $ 2,670       38.25 %   $ 4,287     $ 9       92 %
                                                                     
The Reserve at Creekside Village/Chattanooga, Tennessee     211,632       192     03/31/2010   $ 14,250     $ 717       24.70 %   $ 2,222     $ 11       93 %
                                                                     
The Estates at Perimeter/ Augusta, Georgia     266,148       240     09/01/2010   $ 24,950     $ 1,931       25.00 %   $ 2,971     $ 12       94 %
                                                                     
Gardens at Hillsboro Village/  Nashville, Tennessee     187,430       201     09/30/2010   $ 32,394     $ 1,298       12.50 %   $ 3,615     $ 18       97 %
                                                                     
Total/Average     976,036       1,065         $ 100,844     $ 6,616             $ 13,095     $ 13       94 %

 

(1) Property Acquisition Cost excludes acquisition fees and closing costs.
(2) Annualized base rent is calculated by annualizing the current, in-place monthly base rent for leases as of September 30, 2012 and does not take into account any rent concessions or prospective rent increases.
(3)

Annual effective rent per unit includes the effect of tenant concessions over the term of the lease.
Schedule of Real Estate Properties [Table Text Block]

As of September 30, 2012, the major components of our consolidated real estate properties, Springhouse at Newport News and The Reserve at Creekside Village, were as follows:

 

Property   Land     Building and
Improvements		     Furniture, Fixtures
and Equipment		     Totals  
Springhouse   $ 6,500,00000     $ 27,493,773     $ 1,027,613     $ 35,021,386  
Creekside     1,920,000       17,940,974       419,977       20,280,951  
    $ 8,420,000     $ 45,434,747     $ 1,447,590     $ 55,302,337  
Less: Accumulated Depreciation     -       (395,838 )     (75,134 )     (470,972 )
Totals   $ 8,420,000     $ 45,038,909     $ 1,372,456     $ 54,831,365