Fair Value Measures and Disclosures (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Carrying and Fair Values of Assets and Liabilities

The carrying amount and fair value of the Company’s mortgage note payable are as follows:

	September 30, 2014
	Carrying Amount		Fair Value
Mortgage note payable	$	7,465,000	$	7,465,000

Fair Value, Assets Measured on Recurring Basis

The following table presents information about the Company's assets measured at fair value on a recurring basis and

indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows:

	Level 1		Level 2		Level 3		Total
September 30, 2014
Assets:
Interest rate caps	$	—	$	9,766	$	—	$	—
	$	—	$	9,766	$	—	$	—
	Level 1		Level 2		Level 3		Total
December 31, 2013
Assets:
Interest rate caps	$	—	$	—	$	—	$	—
	$	—	$	—	$	—	$	—