CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues
Net rental income	$ 1,498,832	$ 0	$ 1,563,483	$ 0
Other	58,798	0	62,282	0
Total revenues	1,557,630	0	1,625,765	0
Expenses
Property operating expenses	521,018	0	537,256	0
Management fees	63,304	0	66,092	0
Depreciation and amortization	1,086,646	0	1,134,898	0
General and administrative expenses	439,631	502,016	1,162,263	3,180,883
Asset management and oversight fees to affiliates	74,850	82,574	239,866	247,305
Real estate taxes and insurance	203,355	0	212,085	0
Total expenses	2,388,804	584,590	3,352,460	3,428,188
Other operating activities
Equity in earnings(loss) of unconsolidated joint ventures (Note 4)	18,480	10,162	4,049	(89,258)
Operating loss	(812,695)	(574,428)	(1,722,646)	(3,517,446)
Other income (expense)
Gain on revaluation of equity on business combination	0		3,450,460	0
Gain on sale of joint venture interests	0	0	2,014,533	0
Interest expense, net	(342,113)	(87,926)	(452,751)	(260,319)
Total other (expense) income	(342,113)	(87,926)	5,012,242	(260,319)
Net (loss) income	(1,154,808)	(662,354)	3,289,596	(3,777,765)
Net loss attributable to noncontrolling interest	(434,938)	0	(447,470)	0
Net (loss) income attributable to common shareholders	$ (719,870)	$ (662,354)	$ 3,737,066	$ (3,777,765)
Basic Income (Loss) Per Common Share (in dollars per share)	$ (0.39)	$ (0.80)	$ 2.43	$ (5.01)
Diluted Income (Loss) Per Common Share (in dollars per share)	$ (0.39)	$ (0.80)	$ 2.40	$ (5.01)
Weighted Average Basic Common Shares Outstanding (in shares)	1,855,791	828,387	1,537,554	754,151
Weighted Average Diluted Common Shares Outstanding (in shares)	1,855,791	828,387	1,553,873	754,151