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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Mortgage Maturities) (Details) - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES      
12/31/2016 $ 6,488,320    
12/31/2017 11,332,957    
12/31/2018 1,875,340    
12/31/2019 80,316,111    
12/31/2020 206,195    
Thereafter 36,034,524    
Total $ 136,253,447 $ 137,910,871 $ 137,875,515
Weighted average interest rate (as a percent) 5.07%    
Effective interest rate (as a percent) 5.16%    
Hamilton Essex 81      
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES      
Thereafter $ 10,000,000    
Total 10,000,000 8,109,676 8,234,548
345 Franklin      
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES      
12/31/2016 86,413    
12/31/2017 183,627    
12/31/2018 190,861    
12/31/2019 198,380    
12/31/2020 206,195    
Thereafter 9,134,524    
Total 10,000,000 10,000,000 10,000,000
Hamilton 1025      
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES      
12/31/2016 4,733,318    
Total 4,733,318 4,806,039 4,869,583
Hamilton Bay Apts      
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES      
12/31/2016 77,805    
12/31/2017 4,426,535    
Total 4,504,340 4,574,002 4,639,848
Hamilton Minuteman      
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES      
12/31/2016 83,493    
12/31/2017 5,129,371    
Total 5,212,864 5,292,511 5,362,109
Hamilton on Main Apts      
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES      
Thereafter 16,900,000    
Total 16,900,000 16,900,000 15,317,643
Dexter Park      
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES      
12/31/2016 1,507,291    
12/31/2017 1,593,424    
12/31/2018 1,684,479    
12/31/2019 80,117,731    
Total $ 84,902,925 $ 86,240,813 $ 87,410,638