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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton Bay Apts and Sales) (Details)
1 Months Ended 12 Months Ended
Oct. 03, 2005
USD ($)
item
Apr. 30, 2008
USD ($)
item
Feb. 28, 2007
USD ($)
item
Dec. 31, 2015
USD ($)
item
Dec. 31, 2013
USD ($)
Feb. 01, 2016
item
Dec. 31, 2014
USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES              
Investments in joint venture       $ 7,819,162 $ 12,025,144   $ 8,807,868
Outstanding amount of mortgage       195,939,469     $ 196,071,540
Gain on the sale of real estate         $ 3,678,839    
Hamilton Bay Sales and Hamilton Bay Apartments              
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES              
Investments in joint venture $ 2,500,000            
Ownership interest (as a percent) 50.00%            
Number of units | item 168            
Hamilton Bay Sales and Hamilton Bay Apartments              
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES              
Purchase price of real estate properties $ 30,875,000            
Number of units sold | item 120            
Number of units retained for long-term investment | item 48            
Hamilton Bay Apts              
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES              
Number of units refinanced | item     48        
Hamilton Bay Apts | Mortgage, 5.57%, Due 2017              
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES              
Term of debt     10 years        
Mortgage amount     $ 4,750,000        
Interest rate (as a percent)     5.57%        
Period for which the entity is required to make interest only payments     5 years        
Amortization period of debt     30 years        
Outstanding amount of mortgage       $ 4,504,000      
Hamilton Bay Sales              
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES              
Number of units sold | item       2      
Number of units refinanced | item   20          
Gain on the sale of real estate       $ 169,000      
Unsold units | item           5  
Hamilton Bay Sales | Mortgage, 5.75%, Due 2013              
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES              
Mortgage amount   $ 2,368,000          
Interest rate (as a percent)   5.75%