CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash Flows from Operating Activities
Net income	$ 5,370,742	$ 1,674,214
Adjustments to reconcile net income to net cash provided by operating activities
Gain on the sale of real estate	(3,678,779)
Depreciation and amortization	2,933,991	3,037,517
Loss from investments in joint venture	653,189	804,344
Depreciation and amortization - discontinued operations	2,111	22,714
Change in operating assets and liabilities
Decrease (Increase) in rents receivable	45,591	(12,524)
(Decrease) in accounts payable and accrued expense	(343,127)	(147,163)
(Increase) Decrease in real estate tax escrow	102,232	(30,994)
(Increase) Decrease in prepaid expenses and other assets	(265,100)	212,405
Increase in advance rental payments and security deposits	308,037	170,641
Total Adjustments	(241,855)	4,056,940
Net cash provided by operating activities	5,128,887	5,731,154
Cash Flows from Investing Activities
Proceeds from unconsolidated joint ventures	2,205,880	677,500
Net proceeds from the sale of real estate	2,155,546
(Investment in) unconsolidated joint ventures	(10,880)
Deposit and escrow held for the acquisition of real estate	(4,103,906)
Improvement of rental properties	(2,189,413)	(829,017)
Net cash (used in) investing activities	(1,942,773)	(151,517)
Cash Flows from Financing Activities
Payment of financing costs	(142,362)	(187,973)
Principal payments of note payable		(1,668,600)
Proceeds of mortgage notes payable	15,000,000
Principal payments and payoffs of mortgage notes payable	(19,383,890)	(550,319)
Stock buyback	(399,487)	(69,379)
Distributions to partners	(1,950,596)	(1,971,689)
Net cash (used in) financing activities	(6,876,335)	(4,447,960)
Net (Decrease) Increase in Cash and Cash Equivalents	(3,690,221)	1,131,677
Cash and Cash Equivalents, at beginning of period	6,981,906	4,050,157
Cash and Cash Equivalents, at end of period	$ 3,291,685	$ 5,181,834