FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2015

FAIR VALUE MEASUREMENTS

Schedule of carrying amounts and estimated fair value of debt

	Carrying Amount		Estimated Fair Value
Mortgage Notes Payable
Partnership Properties
At June 30, 2015	$	196,005,736	$	209,943,632
At December 31, 2014	$	196,071,540	$	210,691,170
Investment Properties
At June 30, 2015	$	137,039,601	$	146,494,182
At December 31, 2014	$	137,910,870	$	147,843,221