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FAIR VALUE MEASUREMENTS (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015
--- | --- | ---
Mortgage Notes Payable |  |
Carrying Amount | $ 214,311,243 | $ 194,500,820
Wholly owned properties |  |
Mortgage Notes Payable |  |
Carrying Amount | 214,311,243 | 194,500,820
Estimated Fair Value | 232,142,308 | 205,240,993
Partially owned properties |  |
Mortgage Notes Payable |  |
Carrying Amount | 135,277,999 | 135,657,988
Estimated Fair Value | $ 144,362,732 | $ 142,512,272

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