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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash Flows from Operating Activities    
Net income $ 1,674,214 $ 8,262,729
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 3,060,231 2,808,616
Loss from investments in joint ventures 804,344 952,246
Depreciation and amortization, discontinued operations   32,540
Gain on the sale of rental property   (7,720,459)
Changes in operating assets and liabilities    
(Increase) decrease in rents receivable (12,524) 63,992
(Decrease) in accounts payable and accrued expense (147,163) (218,575)
(Increase) in real estate tax escrow (30,994) (8,162)
(Increase) decrease in prepaid expenses and other assets 212,405 (355,486)
Increase in advance rental payments and security deposits 170,641 267,059
Total Adjustments 4,056,940 (4,178,229)
Net cash provided by operating activities 5,731,154 4,084,500
Cash Flows From Investing Activities    
Proceeds from unconsolidated joint ventures 677,500 594,425
Investment in unconsolidated subsidiaries   (11,925)
Purchase and improvement of rental properties (829,017) (11,271,717)
Net proceeds from the sale of rental property   8,284,839
Net cash (used in) investing activities (151,517) (2,404,378)
Cash Flows From Financing Activities    
Payment of financing costs (187,973) (72,652)
Proceeds of notes payable   3,998,573
Principal payments of notes payable (1,668,600)  
Principal payment of mortgage notes payable (550,319) (3,018,422)
Stock Buyback (69,379)  
Distribution to Partners (1,971,688) (1,840,784)
Net cash (used in) financing activities (4,447,960) (933,285)
Net Increase in Cash and Cash Equivalents 1,131,677 746,837
Cash and Cash Equivalents, at beginning of year 4,050,157 3,245,361
Cash and Cash Equivalents, at end of period $ 5,181,834 $ 3,992,198