Mortgages Payable (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Schedule of Mortgage Notes Payable [Table Text Block]

The following table summarizes certain information as of June 30, 2014, with respect to the Company’s indebtedness:


Property	Outstanding Principal		Interest Rate			Fixed/Floating		Maturity Date
Springhouse at Newport News	$	22,676,269		5.66	%		Fixed		January 1, 2020
Enders Place at Baldwin Park		17,500,000		3.97	%		Fixed		November 1, 2022
23Hundred@Berry Hill		22,940,368		3.00% ⁽¹⁾			Floating		September 30, 2015
MDA City Apartments		37,600,000		5.35	%		Fixed		January 1, 2023
Village Green Ann Arbor		43,200,000		3.92	%		Fixed		October 1, 2022
Grove at Waterford		20,100,000		3.59	%		Fixed		May 1, 2019
North Park Towers		11,500,000		5.65	%		Fixed		January 6, 2024
Lansbrook Village		42,000,000		4.45	%		Fixed		March 31, 2018
Total	$	217,516,637
FMV Adjustment		767,310
Total	$	218,283,947

(1)

The construction loan is based on a floating rate, which is benchmarked to three-month Libor plus 2.75% during construction and three-month Libor plus 2.50% upon construction completion.

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

As of December 31, 2013, contractual principal payments for the five subsequent years and thereafter are as follows:


Year	Total
2014	$	511,600
2015		17,194,592
2016		1,675,851
2017		1,710,374
2018		1,745,595
Thereafter		83,731,979
	$	106,569,991
Add: Unamortized fair value debt adjustment		4,690,512
Total	$	111,260,503