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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton 1025) (Details)
12 Months Ended
Jul. 08, 2016
USD ($)
Jun. 11, 2014
USD ($)
Mar. 02, 2005
USD ($)
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Dec. 31, 2016
USD ($)
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Feb. 01, 2016
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Dec. 31, 2015
USD ($)
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Feb. 01, 2015
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Dec. 31, 2014
USD ($)
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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
Unsold units               7
Number of units retained for long-term investment               (786)
Outstanding amount of mortgage | $       212,709,080   $ 194,500,820    
Mortgages payable                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Outstanding amount of mortgage | $       $ 212,709,000        
Hamilton 1025                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Investments in joint venture | $     $ 2,352,000         $ 190,632
Ownership interest (as a percent)     50.00%     50.00%   50.00%
Number of units     176 176   176   176
Number of units sold       10 139   127 127
Unsold units         37      
Number of units retained for long-term investment           (48)   (49)
Capital contributions | $ $ 2,359,500              
Gain on sale of assets | $       $ 1,324,000        
Hamilton 1025                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units sold     127          
Number of units retained for long-term investment     49          
Hamilton 1025 | Mortgage, 5.67%, March 2005                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Term of debt     10 years          
Mortgage amount | $     $ 5,000,000          
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          
NERA Dean Street Associates, LLC | Mortgages payable                
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            
Residential buildings                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units               1,030
Residential buildings | Hamilton 1025                
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                
Number of units       175   175   175