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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton Bay Apts and Sales) (Details)
1 Months Ended 12 Months Ended
Jun. 11, 2014
USD ($)
Apr. 30, 2008
USD ($)
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Feb. 28, 2007
USD ($)
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Dec. 31, 2016
USD ($)
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Feb. 01, 2016
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Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
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Oct. 03, 2005
USD ($)
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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Investments in joint venture | $       $ 8,336,505   $ 7,819,162 $ 8,807,868  
Number of units             1,033  
Number of units sold             240  
Number of units retained for long-term investment             (786)  
Outstanding amount of mortgage | $       212,709,080   $ 194,500,820    
Unsold units             7  
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               168
Hamilton Bay Sales and Hamilton Bay Apartments                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units sold               120
Number of units retained for long-term investment               48
Hamilton Bay Apts                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units refinanced     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 | $       $ 4,431,000        
Hamilton Bay Sales                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units sold       4        
Number of units refinanced   20            
Gain on the sale of real estate | $       $ 337,000        
Unsold units         1      
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%            
Residential buildings                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units             1,030  
Mortgages payable                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Outstanding amount of mortgage | $       $ 212,709,000        
Mortgages payable | NERA Dean Street Associates, LLC                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Mortgage amount | $ $ 5,687,000              
Interest rate (as a percent) 4.22%              
Period for which the entity is required to make interest only payments 10 years              
Mortgages payable | Minimum                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Interest rate (as a percent)       2.51%        
Mortgages payable | Maximum                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Interest rate (as a percent)       5.97%