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RENTAL PROPERTIES (Details) (USD $) | 6 Months Ended |
--- | --- | ---
Jun. 30, 2014 | Dec. 31, 2013
Rental properties |  |
Total fixed assets | $ 223,097,075 | $ 221,454,286
Less: Accumulated depreciation | (73,067,674) | (68,549,625)
Total fixed assets, net | 150,029,401 | 152,904,661
Land, improvements and parking lots |  |
Rental properties |  |
Total fixed assets | 44,021,654 | 43,919,728
Land, improvements and parking lots | Minimum |  |
Rental properties |  |
Useful Life | 15 years |
Land, improvements and parking lots | Maximum |  |
Rental properties |  |
Useful Life | 40 years |
Buildings and improvements |  |
Rental properties |  |
Total fixed assets | 152,403,653 | 152,130,635
Buildings and improvements | Minimum |  |
Rental properties |  |
Useful Life | 15 years |
Buildings and improvements | Maximum |  |
Rental properties |  |
Useful Life | 40 years |
Kitchen cabinets |  |
Rental properties |  |
Total fixed assets | 6,308,459 | 5,956,078
Kitchen cabinets | Minimum |  |
Rental properties |  |
Useful Life | 5 years |
Kitchen cabinets | Maximum |  |
Rental properties |  |
Useful Life | 10 years |
Carpets |  |
Rental properties |  |
Total fixed assets | 6,213,654 | 5,820,516
Carpets | Minimum |  |
Rental properties |  |
Useful Life | 5 years |
Carpets | Maximum |  |
Rental properties |  |
Useful Life | 10 years |
Air conditioning |  |
Rental properties |  |
Total fixed assets | 720,908 | 707,928
Air conditioning | Minimum |  |
Rental properties |  |
Useful Life | 5 years |
Air conditioning | Maximum |  |
Rental properties |  |
Useful Life | 10 years |
Laundry equipment |  |
Rental properties |  |
Total fixed assets | 420,737 | 404,775
Laundry equipment | Minimum |  |
Rental properties |  |
Useful Life | 5 years |
Laundry equipment | Maximum |  |
Rental properties |  |
Useful Life | 7 years |
Elevators |  |
Rental properties |  |
Total fixed assets | 1,139,296 | 1,139,296
Elevators | Minimum |  |
Rental properties |  |
Useful Life | 20 years |
Elevators | Maximum |  |
Rental properties |  |
Useful Life | 40 years |
Swimming pools |  |
Rental properties |  |
Total fixed assets | 444,629 | 444,629
Swimming pools | Minimum |  |
Rental properties |  |
Useful Life | 10 years |
Swimming pools | Maximum |  |
Rental properties |  |
Useful Life | 30 years |
Equipment |  |
Rental properties |  |
Total fixed assets | 5,244,764 | 5,038,530
Equipment | Minimum |  |
Rental properties |  |
Useful Life | 5 years |
Equipment | Maximum |  |
Rental properties |  |
Useful Life | 7 years |
Motor vehicles |  |
Rental properties |  |
Total fixed assets | 86,657 | 86,657
Useful Life | 5 years |
Fences |  |
Rental properties |  |
Total fixed assets | 24,670 | 24,670
Fences | Minimum |  |
Rental properties |  |
Useful Life | 5 years |
Fences | Maximum |  |
Rental properties |  |
Useful Life | 15 years |
Furniture and fixtures |  |
Rental properties |  |
Total fixed assets | 5,831,275 | 5,564,621
Furniture and fixtures | Minimum |  |
Rental properties |  |
Useful Life | 5 years |
Furniture and fixtures | Maximum |  |
Rental properties |  |
Useful Life | 7 years |
Smoke alarms |  |
Rental properties |  |
Total fixed assets | $ 236,719 | $ 216,223
Smoke alarms | Minimum |  |
Rental properties |  |
Useful Life | 5 years |
Smoke alarms | Maximum |  |
Rental properties |  |
Useful Life | 7 years |
Residential and mixed-use properties |  |
RENTAL PROPERTIES |  |
Number of units | 2,412 |
Number of properties | 20 |
Residential and mixed-use properties | Partially owned properties |  |
RENTAL PROPERTIES |  |
Number of units | 793 |
Number of properties | 9 |
Residential and mixed-use properties | Partially owned properties | Minimum |  |
RENTAL PROPERTIES |  |
Percentage of ownership interest | 40.00% |
Residential and mixed-use properties | Partially owned properties | Maximum |  |
RENTAL PROPERTIES |  |
Percentage of ownership interest | 50.00% |
Condominium |  |
RENTAL PROPERTIES |  |
Number of units | 19 |

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- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (a)(1) -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 + Details
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- Definition Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.1(d)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
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