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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton 1025) (Details) |  |  |  | 12 Months Ended |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | ---
Jul. 08, 2016 USD ($) | Jun. 11, 2014 USD ($) | Mar. 02, 2005 USD ($) item | Dec. 31, 2016 USD ($) item | Feb. 01, 2016 item | Dec. 31, 2015 USD ($) item | Feb. 01, 2015 item | Dec. 31, 2014 USD ($) item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |  |  |
Investments in joint venture | $ |  |  |  | $ 8,336,505 |  | $ 7,819,162 |  | $ 8,807,868
Number of units |  |  |  |  |  |  |  | 1,033
Number of units sold |  |  |  |  |  |  |  | 240
Unsold units |  |  |  |  |  |  |  | 7
Number of units retained for long-term investment |  |  |  |  |  |  |  | (786)
Outstanding amount of mortgage | $ |  |  |  | 212,709,080 |  | $ 194,500,820 |  |
Mortgages payable |  |  |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |  |  |
Outstanding amount of mortgage | $ |  |  |  | $ 212,709,000 |  |  |  |
Hamilton 1025 |  |  |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |  |  |
Investments in joint venture | $ |  |  | $ 2,352,000 |  |  |  |  | $ 190,632
Ownership interest (as a percent) |  |  | 50.00% |  |  | 50.00% |  | 50.00%
Number of units |  |  | 176 | 176 |  | 176 |  | 176
Number of units sold |  |  |  | 10 | 139 |  | 127 | 127
Unsold units |  |  |  |  | 37 |  |  |
Number of units retained for long-term investment |  |  |  |  |  | (48) |  | (49)
Capital contributions | $ | $ 2,359,500 |  |  |  |  |  |  |
Gain on sale of assets | $ |  |  |  | $ 1,324,000 |  |  |  |
Hamilton 1025 |  |  |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |  |  |
Number of units sold |  |  | 127 |  |  |  |  |
Number of units retained for long-term investment |  |  | 49 |  |  |  |  |
Hamilton 1025 | Mortgage, 5.67%, March 2005 |  |  |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |  |  |
Term of debt |  |  | 10 years |  |  |  |  |
Mortgage amount | $ |  |  | $ 5,000,000 |  |  |  |  |
Interest rate (as a percent) |  |  | 5.67% |  |  |  |  |
Period for which the entity is required to make interest only payments |  |  | 5 years |  |  |  |  |
Amortization period of debt |  |  | 30 years |  |  |  |  |
NERA Dean Street Associates, LLC | Mortgages payable |  |  |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |  |  |
Mortgage amount | $ |  | $ 5,687,000 |  |  |  |  |  |
Interest rate (as a percent) |  | 4.22% |  |  |  |  |  |
Period for which the entity is required to make interest only payments |  | 10 years |  |  |  |  |  |
Residential buildings |  |  |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |  |  |
Number of units |  |  |  |  |  |  |  | 1,030
Residential buildings | Hamilton 1025 |  |  |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |  |  |
Number of units |  |  |  | 175 |  | 175 |  | 175

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