XML 45 R35.htm IDEA: XBRL DOCUMENT
v3.10.0.1

RELATED PARTY TRANSACTIONS (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 18 Months Ended |  |
--- | --- | --- | --- | --- | --- | ---
Sep. 30, 2018 USD ($) | Sep. 30, 2017 USD ($) | Jun. 30, 2017 USD ($) | Jun. 30, 2016 USD ($) | Sep. 30, 2018 USD ($) item | Sep. 30, 2017 USD ($) | Jun. 30, 2017 USD ($) | Sep. 29, 2017 USD ($) | Jul. 06, 2017 USD ($)
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |
Management fee as percentage of gross receipts rental revenue |  |  |  |  | 4.00% |  |  |  |
Management fee as a percentage of gross receipts rental revenue of Linewt, LLC |  |  |  |  | 3.00% |  |  |  |
Management fees of related party |  |  |  |  | $ 1,741,000 | $ 1,600,000 |  |  |
Management fee | $ 590,908 | $ 544,399 |  |  | 1,740,766 | 1,599,647 |  |  |
Repairs and maintenance | 2,951,750 | 2,678,780 |  |  | 7,081,073 | 6,187,673 |  |  |
Administrative expense | 526,100 | 525,125 |  |  | $ 1,613,891 | 1,513,869 |  |  |
Number of limited partnerships and limited liability companies in which the entity has invested | item |  |  |  |  | 8 |  |  |  |
Interest expense | $ 3,090,471 | $ 3,046,818 |  |  | $ 9,331,023 | 8,113,197 |  |  |
Woodland Park Apartments LLC Newton Massachusetts |  |  |  |  |  |  |  |  |
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |
Loan amount |  |  |  |  |  |  |  | $ 22,250,000 | $ 16,000,000
Interest rate (as a percent) |  |  |  |  |  |  |  | 3.79% | 4.75%
Dexter Park |  |  |  |  |  |  |  |  |
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |
Management fee as percentage of gross receipts rental revenue |  |  |  |  | 2.00% |  |  |  |
President of Management Company |  |  |  |  |  |  |  |  |
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |
Quarterly fee for asset management consulting services |  |  | $ 37,500 | $ 37,500 |  |  |  |  |
Harold Brown | Minimum |  |  |  |  |  |  |  |  |
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |
Ownership interest (as a percent) | 43.20% |  |  |  | 43.20% |  |  |  |
Harold Brown | Maximum |  |  |  |  |  |  |  |  |
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |
Ownership interest (as a percent) | 56.00% |  |  |  | 56.00% |  |  |  |
General Partner or Management Company [Member] |  |  |  |  |  |  |  |  |
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |
Repairs and maintenance |  |  |  |  | $ 296,000 |  |  |  |
Administrative expense |  |  |  |  | 260,000 |  |  |  |
Commercial brokerage fees |  |  |  |  | 34,000 |  |  |  |
Expenses for construction, architectural services and supervision of capital projects |  |  |  |  | 427,000 |  |  |  |
Costs related to professional services |  |  |  |  | 1,016,000 | 609,000 |  |  |
Management Company [Member] |  |  |  |  |  |  |  |  |
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |
Reimbursement to related party for payroll transfers |  |  |  |  | $ 2,480,000 | $ 2,508,000 |  |  |
Employer contributions in 401K plan |  |  | 0 | 0 |  |  |  |  |
Number of accounting staff of related party providing bookkeeping and accounting functions | item |  |  |  |  | 14 |  |  |  |
Fees for accounting and bookkeeping services |  |  | $ 93,750 | $ 93,750 |  |  |  |  |
Number of employees having ownership interest in the investment properties | item |  |  |  |  | 6 |  |  |  |
Fees for accounting and bookkeeping services per year |  |  |  |  |  |  | $ 125,000 |  |
Partially owned properties |  |  |  |  |  |  |  |  |
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |
Management fee as percentage of gross receipts rental revenue |  |  |  |  | 4.00% |  |  |  |
Management fee |  |  |  |  | $ 493,000 |  |  |  |
Repairs and maintenance |  |  |  |  | 42,000 |  |  |  |
Administrative expense |  |  |  |  | 50,000 |  |  |  |
Construction, architectural services and supervision of capital projects |  |  |  |  | 204,000 |  |  |  |
Commercial brokerage fees |  |  |  |  | 178,000 |  |  |  |
Amount paid to related party |  |  |  |  | $ 967,000 |  |  |  |
Residential and mixed-use properties | Partially owned properties | Minimum |  |  |  |  |  |  |  |  |
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |
Ownership interest (as a percent) | 40.00% |  |  |  | 40.00% |  |  |  |
Residential and mixed-use properties | Partially owned properties | Maximum |  |  |  |  |  |  |  |  |
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |
Ownership interest (as a percent) | 50.00% |  |  |  | 50.00% |  |  |  |

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