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Mortgage Indebtedness (Tables)

9 Months Ended

Sep. 30, 2012

Mortgage Indebtedness [Abstract]

Summary of each mortgage

A summary of each mortgage, as of September 30, 2012, 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	%

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- Definition

Tabular disclosure of the terms and amounts of participation in loan arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 470

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6401569&loc=d3e10013-112621



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 97-1

-Paragraph 17

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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