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v3.3.0.814

NOTES PAYABLE (Details Narrative) $ in Thousands | May. 28, 2015 USD ($) | Apr. 29, 2015 USD ($) Number | Apr. 23, 2015 USD ($) Number | Jan. 28, 2015 Number | Sep. 30, 2015 USD ($) Number
--- | --- | --- | --- | --- | ---
Number of units | Number |  |  |  |  | 7,511
Notes oustanding balance |  |  |  |  | $ 790,363
Mortgage Notes Payable [Member] | TEXAS [Member] |  |  |  |  |
Number of units | Number |  |  |  | 200 |
Interest rate |  |  |  | 3.24% |
Description of frequency payment |  |  |  | Monthly |
Maturity date |  |  |  | Aug. 01, 2050 |
Mortgage Notes Payable [Member] | MISSISSIPPI [Member] |  |  |  |  |
Number of units | Number |  |  |  | 240 |
Interest rate |  |  |  | 3.24% |
Description of frequency payment |  |  |  | Monthly |
Maturity date |  |  |  | Dec. 01, 2051 |
New Mortgage Notes Payable [Member] | ARKANSAS [Member] |  |  |  |  |
Number of units | Number |  |  | 250 |  |
Interest rate |  |  | 2.74% |  |
Description of frequency payment |  |  | Monthly |  |
Maturity date |  |  | May 01, 2050 |  |
Notes Payable |  |  | $ 21,000 |  |
Repayment of notes payable |  |  | 15,700 |  |
Repayment of notes payable closing cost |  |  | $ 600 |  |
New Mortgage Notes Payable [Member] | TEXAS [Member] |  |  |  |  |
Number of units | Number |  | 240 |  |  |
Interest rate |  | 3.28% |  |  |
Description of frequency payment |  | Monthly |  |  |
Maturity date |  | Mar. 31, 2051 |  |  |
Notes Payable |  | $ 15,400 |  |  |
Repayment of notes payable closing cost |  | $ 700 |  |  |
Secured Notes Payable [Member] | Independent Third Party [Member] |  |  |  |  |
Description of frequency payment | Monthly |  |  |  |
Notes Payable | $ 120,000 |  |  |  |
Notes oustanding balance | $ 84,400 |  |  |  |
Notes payable term | 5 years |  |  |  |
Description of interest rate | Interest rate of 30 day Libor plus 10.75% |  |  |  |
Description of collteral | The loan is secured by various equity interests in certain residential apartments. |  |  |  |
New Secured Notes Payable [Member] | Independent Third Party [Member] |  |  |  |  |
Interest rate | 12.00% |  |  |  |
Description of frequency payment | Quarterly |  |  |  |
Notes oustanding balance | $ 40,000 |  |  |  | 39,500
Notes payable term | 5 years |  |  |  |
Description of collteral | The loan is secured by various equity interests in residential apartments and can be prepaid at a penalty rate of 4% for year 1 with the penalty declining by 1% each year thereafter. |  |  |  |
Notes payable principal payment | $ 500 |  |  |  |
Construction Loans [Member] |  |  |  |  |
Notes oustanding balance |  |  |  |  | $ 1,700

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