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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Dexter) (Details)
Oct. 28, 2009
USD ($)
item
Mar. 31, 2016
USD ($)
item
Dec. 31, 2015
USD ($)
Mar. 31, 2015
USD ($)
item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Investments in joint venture   $ 7,440,487 $ 7,819,162  
Outstanding amount of mortgage   214,311,243 $ 194,500,820  
Dexter Park        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Investments in joint venture $ 15,925,000 $ 3,729,952   $ 4,302,225
Ownership interest (as a percent) 40.00%      
Number of units | item 409 409   409
Purchase price of investments $ 129,500,000      
Dexter Park | Mortgages payable        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Interest rate (as a percent) 5.57%      
Period for which the entity is required to make interest only payments 2 years      
Amortization period of debt 30 years      
Outstanding amount of mortgage   $ 84,345,000    
Borrowings $ 89,914,000      
Residential buildings | Dexter Park        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Number of units | item   409   409