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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton Bay Apts and Sales) (Details) | 12 Months Ended |  |
--- | --- | --- | ---
Dec. 31, 2017 USD ($) item | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Investments in joint venture | $ | $ 7,212,044 | $ 8,336,505 | $ 7,819,162
Number of units |  |  | 1,033
Number of units sold |  |  | 242
Number of units retained for long-term investment |  |  | (786)
Outstanding amount of mortgage | $ | $ 233,221,258 | $ 212,709,080 |
Unsold units |  |  | 5
Hamilton Bay Sales and Hamilton Bay Apartments |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Number of units | 19 |  |
Number of units under a purchase and sale agreement | 6 |  |
Hamilton Bay Apts |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Number of units sold | 1 |  |
Gain on the sale of real estate | $ | $ 133,000 |  |
Residential buildings |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Number of units |  |  | 1,030
Mortgages payable |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Outstanding amount of mortgage | $ | $ 233,221,000 |  |
Mortgages payable | Minimum |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Interest rate (as a percent) | 3.24% |  |
Mortgages payable | Maximum |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Interest rate (as a percent) | 5.97% |  |

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- Definition This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66022249&loc=d3e33749-111570 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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