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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton 1025) (Details) |  |  | 12 Months Ended |  |  |
--- | --- | --- | --- | --- | --- | ---
Jul. 08, 2016 USD ($) | Mar. 02, 2005 USD ($) item | Dec. 31, 2019 USD ($) item | Feb. 07, 2020 | Dec. 31, 2018 USD ($) item | Dec. 31, 2017 USD ($) item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |
Investments in joint venture | $ |  |  | $ 1,430,402 |  | $ 1,985,680 | $ 7,212,044
Number of units |  |  | 913 |  | 913 | 913
Unsold units |  |  |  |  | 3 | 34
Number of units retained for long-term investment |  |  | (689) |  | (689) | (689)
Outstanding amount of mortgage | $ |  |  | $ 281,771,246 |  | $ 252,370,843 |
Subsequent event |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |
Interest rate (as a percent) |  |  |  | 3.53% |  |
Amortization period of debt |  |  |  | 15 years |  |
Mortgages payable |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |
Outstanding amount of mortgage | $ |  |  | 281,771,000 |  |  |
Hamilton 1025 |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |
Investments in joint venture | $ |  | $ 2,352,000 | $ 45,004 |  | $ 188,090 | $ 1,051,759
Ownership interest (as a percent) |  | 50.00% | 50.00% |  | 50.00% | 50.00%
Number of units |  | 176 | 176 |  | 176 | 176
Number of units sold |  | 127 | 2 |  |  |
Unsold units |  |  |  |  | 2 | 17
Number of units retained for long-term investment |  | 49 |  |  |  |
Capital contributions | $ | $ 2,359,500 |  |  |  |  |
Term of debt |  | 10 years |  |  |  |
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 |  |  |  |
Purchase price of investments | $ |  | $ 23,750,000 |  |  |  |
Borrowings | $ |  | $ 5,000,000 |  |  |  |
Gain on sale of assets | $ |  |  | $ 306,000 |  |  |
Residential buildings |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |
Number of units |  |  | 910 |  | 910 | 910
Residential buildings | Hamilton 1025 |  |  |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |  |  |
Number of units |  |  | 175 |  | 175 | 175

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