FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2013	$	191,974,239	$	196,257,531
At December 31, 2012	$	138,055,523	$	155,942,880
Investment Properties
At September 30, 2013	$	139,654,421	$	149,617,171
At December 31, 2012	$	138,256,711	$	157,983,030