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SUBSEQUENT EVENTS (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended |  |  |  |  |  |  |  |  | 1 Months Ended
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Jul. 31, 2012 | Jul. 31, 2011 | Aug. 10, 2012 Subsequent Event [Member] | Jul. 31, 2012 Subsequent Event [Member] | Aug. 31, 2012 Subsequent Event [Member] | Jul. 31, 2012 Subsequent Event [Member] Prairiewood Meadows Apartments [Member] | Jul. 31, 2012 Subsequent Event [Member] Terrace on the Green Apartments [Member] | Jul. 31, 2012 Subsequent Event [Member] Candlelight Apartments [Member] | Aug. 10, 2012 Subsequent Event [Member] Williston Apartments, Williston, North Dakota [Member] acre | Aug. 01, 2012 Subsequent Event [Member] Williston Apartments, Williston, North Dakota [Member] | Aug. 31, 2012 Subsequent Event [Member] St. Cloud, MN [Member] | Aug. 10, 2012 Subsequent Event [Member] St. Cloud, MN [Member] acre | Jul. 31, 2012 Subsequent Event [Member] Sartell, Minnesota [Member] acre | Jul. 31, 2012 Subsequent Event [Member] Billings, Montana [Member] acre | Aug. 31, 2012 Subsequent Event [Member] River Ridge Apartments [Member] | Sep. 04, 2012 Subsequent Event [Member] Common Shares [Member] Dividend Declared [Member] | Sep. 04, 2012 Subsequent Event [Member] Series A Preferred Stock [Member] Dividend Declared [Member] | Sep. 04, 2012 Subsequent Event [Member] Series B Preferred Stock [Member] Dividend Declared [Member] | Aug. 07, 2012 Subsequent Event [Member] Repayment of Debt [Member] | Aug. 07, 2012 Subsequent Event [Member] Issuance of Equity [Member] Series B Cumulative Preferred Stock [Member]
Subsequent Event [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issued, shares (in shares) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,600,000
Shares issued (in dollars per share) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25.00
Shares issued | $ 2,566,000 | $ 549,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ 111,200,000
Redemption value of preferred stock (in dollars per share) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25.00
Preferred stock dividends, annual rate (in dollars per share) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.9875
Preferred stock dividends, annual rate (in hundredths) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.95%
Liquidation preference rate (in dollars per share) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25.00
Liquidation preference |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 115,000,000
Repayment of borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,500,000 |
Borrowed amount | 44,500,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,000,000 |
Common stock, dividends, per share, declared (in dollars per share) | 0.1300 | 0.1715 |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.00 |  |  |  |
Preferred stock, dividends per share, declared (in dollars per share) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51.56 | 33.12 |  |
Preferred stock, dividends per share, distribution (in dollars per share) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 49.68 |  |
Number of parcels of vacant land acquired |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase price of acquired property |  |  |  |  |  |  |  |  |  | 823,000 |  |  |  |  |  |  |  |  |  |
Area of land (in acres) |  |  |  |  |  |  |  |  | 2.6 |  |  | 3.8 | 6.5 | 8.9 |  |  |  |  |  |
Cash paid for acquisition of property |  |  |  |  |  |  |  |  |  |  |  | 447,000 | 5,100,000 | 20,000,000 |  |  |  |  |  |
Number of buildings |  |  |  |  |  |  |  |  |  |  | 2 |  | 2 | 4 |  |  |  |  |  |
Number of units |  |  |  |  |  | 85 | 116 | 66 |  |  | 132 |  | 58 | 204 | 146 |  |  |  |  |
Number of properties sold |  |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected revenue |  |  |  | 2,800,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estimated cost of construction |  |  |  |  |  |  |  |  |  |  | $ 14,300,000 |  |  |  | $ 24,200,000 |  |  |  |  |
Interest in joint venture (in hundredths) |  |  |  |  | 21.00% |  |  |  |  |  | 79.00% |  |  |  |  |  |  |  |  |

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