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Investments in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2012
Real Estate [Abstract]  
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block]

The following table provides summary information regarding the Company’s in service investments ($ in thousands), which are either consolidated or presented on the equity method of accounting.

 

                          Joint Venture Equity
Investment Information		              
Multifamily
Community
Name/Location		   Approx.
Rentable
Square
Footage		     Number
of Units		     Date
Acquired		  

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     12/3/2009   $ 29,250     $ 2,670       38.25 %   $ 4,290     $ 10       93 %
The Reserve at Creekside Village/Chattanooga, Tennessee     211,632       192     3/31/2010   $ 14,250     $ 717       24.70 %   $ 2,233     $ 11       89 %
The Estates at Perimeter/ Augusta, Georgia     266,148       240     9/1/2010   $ 24,950     $ 1,931       25.00 %   $ 2,968     $ 12       91 %
Gardens at Hillsboro Village/Nashville, Tennessee     187,430       201     9/30/2010   $ 32,394     $ 1,298       12.50 %   $ 3,635     $ 18       92 %
Enders Place at Baldwin Park/Orlando, Florida     234,600       198     10/02/2012   $ 25,100     $ 4,599       48.40 %   $ 3,518     $ 18       95 %
MDA Apartments/Chicago, Illinois(4)     160,290       190     12/17/2012   $ 54,900     $ 6,098       35.31 %   $ 5,066     $ 26       91 %
                                                                     
Total/Average     1,370,926       1,453         $ 180,844     $ 17,313             $ 21,710     $ 16       92 %

 

(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 December 31, 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.
(4) The approximate rentable square footage for the MDA Apartments includes 8,200 square feet of retail place.
Schedule of Real Estate Properties [Table Text Block]

As of December 31, 2012, the major components of our consolidated real estate properties, Springhouse at Newport News, The Reserve at Creekside Village, Enders Place at Baldwin Park, 23Hundred @ Berry Hill and MDA Apartments were as follows:

 

Property   Land     Building and
Improvements		     Furniture, Fixtures
and Equipment		     Totals  
Springhouse   $ 6,500,000     $ 27,497,853     $ 1,035,523     $ 35,033,376  
Creekside     1,920,000       17,949,209       421,543       20,290,752  
Enders     4,750,000       19,166,705       523,710       24,440,415  
Berry Hill     5,000,000       2,206,264       -       7,206,264  
MDA     9,500,000       50,814,244       455,359       60,769,603  
    $ 27,670,000     $ 117,634,275     $ 2,436,135     $ 147,740,410  
Less: Accumulated Depreciation     -       (980,602 )     (169,875 )     (1,150,477 )
Totals   $ 27,670,000     $ 116,653,673     $ 2,266,260     $ 146,589,933