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Mortgage Indebtedness
 12 Months Ended
Dec. 31, 2011
Mortgage Indebtedness [Abstract]  
Mortgage Indebtedness

NOTE 4: Mortgage Indebtedness

A summary of each mortgage, as of December 31, 2011, is as follows:

 

                             

Property

    Outstanding
Principal		      Current
Interest Rate		     Maturity Date     

Interest Terms

Crestmont Apartments

    $ 6,750         5.7 %      May 1, 2021       Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule
         

Cumberland Glen Apartments

      6,900         5.7        May 1, 2021       Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule
         

Copper Mill Apartments

      7,350         5.7        May 1, 2021       Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule
         

Heritage Trace Apartments

      5,500         5.7        May 1, 2021       Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule
         

Belle Creek Apartments

      10,575         2.5        April 28, 2021       Fixed rate of interest at 2.5% for the first two years with a floating rate thereafter at 225 basis points over 30-day LIBOR. Interest only
         

Tresa at Arrowhead

      27,500         2.5        April 28, 2021       Fixed rate of interest at 2.5% for the first two years with a floating rate thereafter at 225 basis points over 30-day LIBOR. Interest only
         

Centrepoint Apartments

      17,600         3.7        January 1, 2019       Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule
    

 

 

     

 

 

               

Total /Weighted-Average

    $ 82,175         3.8 %              
    

 

 

     

 

 

               

Maturity of Indebtedness

The following table displays the principal repayments on of our indebtedness by year:

 

         

2012

    $ —     

2013

      181   

2014

      334   

2015

      643   

2016

      697   

Thereafter

      80,320   
    

 

 

  

Total

    $ 82,175