FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2013

FAIR VALUE MEASUREMENTS

Schedule of carrying amounts and estimated fair value of debt

	Carrying Amount		Estimated Fair Value
Mortgage Notes Payable
Partnership Properties
At December 31, 2013	$	198,520,478	$	196,059,827
At December 31, 2012	$	138,055,523	$	155,942,880
Investment Properties
At December 31, 2013	$	137,875,515	$	147,975,521
At December 31, 2012	$	138,256,711	$	157,983,030