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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton 1025) (Details)
3 Months Ended
Jul. 08, 2016
USD ($)
Mar. 02, 2005
USD ($)
item
Mar. 31, 2019
property
item
Mar. 31, 2019
item
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Mar. 31, 2018
USD ($)
property
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES              
Investments in joint venture | $         $ 1,801,702 $ 1,985,680 $ 6,986,470
Number of units | property             1,033
Unsold units | property             79
Number of units retained for long-term investment | property             (690)
Outstanding amount of mortgage | $         251,953,066 $ 252,370,843  
Hamilton 1025              
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES              
Investments in joint venture | $   $ 2,352,000     $ 164,256   $ 798,589
Ownership interest (as a percent)   50.00%         50.00%
Number of units   176 176 3     176
Number of units sold | item   127          
Unsold units | property     3       32
Number of units retained for long-term investment   49         0
Capital contributions | $ $ 2,359,500            
Number of units under a purchase and sale agreement | item     1        
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          
Borrowings | $   $ 5,000,000          
Residential buildings              
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES              
Number of units | property             1,030
Residential buildings | Hamilton 1025              
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES              
Number of units | property     175       175