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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (345 Franklin) (Details) | 1 Months Ended | 3 Months Ended |  |
--- | --- | --- | --- | ---
Jun. 30, 2013 USD ($) | Mar. 31, 2016 USD ($) item | Mar. 31, 2015 USD ($) item | Dec. 31, 2015 USD ($) | Nov. 30, 2001 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 |  |
Outstanding amount of mortgage |  | 214,311,243 |  | $ 194,500,820 |
345 Franklin | Mortgages payable |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |
Mortgage amount |  | $ 9,918,000 |  |  |
Maximum | Mortgages payable |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |
Interest rate (as a percent) |  | 5.97% |  |  |
345 Franklin |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |
Investments in joint venture |  |  |  |  | $ 1,533,000
Ownership interest (as a percent) |  |  |  |  | 50.00%
Number of units | item |  | 40 | 40 |  | 40
Distribution to the Partnership | $ 1,610,000 |  |  |  |
345 Franklin | Mortgages payable |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |
Term of debt | 15 years |  |  |  |
Interest rate (as a percent) | 3.87% |  |  |  |
Period for which the entity is required to make interest only payments | 3 years |  |  |  |
Amortization period of debt | 30 years |  |  |  |
Repayment of loan | $ 6,776,000 |  |  |  |
Borrowings | $ 10,000,000 |  |  |  |
345 Franklin | Residential buildings |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |
Number of units | item |  | 40 | 40 |  |

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