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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton 1025) (Details)
Mar. 02, 2005
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  
Hamilton 1025        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Investments in joint venture $ 2,352,000 $ 101,803   $ 181,023
Ownership interest (as a percent) 50.00%      
Number of units | item 176 176   176
Number of units sold | item 127 127   127
Number of units retained for long-term investment | item 49 49   49
Purchase price of investments $ 23,750,000      
Hamilton 1025 | Mortgages payable        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Term of debt 10 years      
Interest rate (as a percent) 5.67%      
Period for which the entity is required to make interest only payments 5 years      
Amortization period of debt 30 years      
Outstanding amount of mortgage   $ 4,711,000    
Borrowings $ 5,000,000      
Residential buildings | Hamilton 1025        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Number of units | item   175   175