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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton 1025) (Details)
3 Months Ended
Jul. 08, 2016
USD ($)
Mar. 02, 2005
USD ($)
item
Sep. 30, 2016
USD ($)
property
Dec. 31, 2015
USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Investments in joint venture     $ 8,970,289 $ 7,819,162
Outstanding amount of mortgage     $ 213,089,003 $ 194,500,820
Hamilton 1025        
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES        
Investments in joint venture   $ 2,352,000    
Ownership interest (as a percent)   50.00%    
Number of units | item   176    
Number of units sold   127 6  
Unsold units | property     48  
Number of units retained for long-term investment | item   49    
Capital contributions $ 2,359,500      
Purchase price of investments   $ 23,750,000    
Gain on sale of assets     $ 802,000  
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    
Borrowings   $ 5,000,000