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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton on Main) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended |  |
--- | --- | --- | --- | --- | ---
Aug. 31, 2014 USD ($) | Mar. 31, 2016 USD ($) item | Mar. 31, 2015 USD ($) item | Dec. 31, 2005 USD ($) | Dec. 31, 2015 USD ($) | Aug. 31, 2004 USD ($) item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |
Investments in joint venture |  | $ 7,440,487 |  |  | $ 7,819,162 |
Distribution to the Partnership |  | 936,925 | $ 951,330 |  |  |
Hamilton on Main Apts |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |
Investments in joint venture |  | $ 691,418 | $ 1,194,825 |  |  | $ 8,000,000
Ownership interest (as a percent) |  |  |  |  |  | 50.00%
Number of units | item |  | 148 | 148 |  |  | 280
Number of units sold | item |  |  |  |  |  | 137
Purchase price of investments |  |  |  |  |  | $ 56,000,000
Residential buildings | Hamilton on Main Apts |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |
Number of units | item |  | 148 | 148 |  |  |
Mortgages payable | Hamilton on Main Apartments, LLC |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |
Term of debt | 10 years |  |  | 10 years |  |
Mortgage amount |  | $ 16,765,000 |  |  |  |
Interest rate (as a percent) | 4.34% |  |  | 5.18% |  |
Period for which the entity is required to make interest only payments |  |  |  | 3 years |  |
Amortization period of debt |  |  |  | 30 years |  |
Debt Instrument, Loan Proceeds distributed to the Partnership | $ 850,000 |  |  |  |  |
Term excluding period for which interest only payments to be made |  |  |  | 7 years |  |
Net proceeds after funding escrow accounts and closing costs |  |  |  | $ 16,700,000 |  |
Cost associated with loan extension | 161,000 |  |  |  |  |
Borrowings | $ 16,900,000 |  |  | $ 16,825,000 |  |

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