Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 28, 2014 | Mar. 28, 2014 | |
Class A common stock | Class B common stock | ||
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'BERKSHIRE INCOME REALTY, INC. | ' | ' |
Entity Central Index Key | '0001178862 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 0 | 1,406,196 |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | $0 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Excess Stock, $.01 par value, 15,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2013 and 2012, respectively | Excess Stock, $.01 par value, 15,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2013 and 2012, respectively | Accumulated deficit | Accumulated deficit | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | |||
Class A common stock, $.01 par value, 5,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2013 and 2012, respectively | Class A common stock, $.01 par value, 5,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2013 and 2012, respectively | Class B common stock, $.01 par value, 5,000,000 shares authorized, 1,406,196 shares issued and outstanding at December 31, 2013 and 2012, respectively | Class B common stock, $.01 par value, 5,000,000 shares authorized, 1,406,196 shares issued and outstanding at December 31, 2013 and 2012, respectively | Class B common stock, $.01 par value, 5,000,000 shares authorized, 1,406,196 shares issued and outstanding at December 31, 2013 and 2012, respectively | Class B common stock, $.01 par value, 5,000,000 shares authorized, 1,406,196 shares issued and outstanding at December 31, 2013 and 2012, respectively | Series A 9% Cumulative Redeemable Preferred Stock, no par value, $25 stated value, 5,000,000 shares authorized, 2,978,110 shares issued and outstanding at December 31, 2013 and 2012, respectively | Series A 9% Cumulative Redeemable Preferred Stock, no par value, $25 stated value, 5,000,000 shares authorized, 2,978,110 shares issued and outstanding at December 31, 2013 and 2012, respectively | Series A 9% Cumulative Redeemable Preferred Stock, no par value, $25 stated value, 5,000,000 shares authorized, 2,978,110 shares issued and outstanding at December 31, 2013 and 2012, respectively | Series A 9% Cumulative Redeemable Preferred Stock, no par value, $25 stated value, 5,000,000 shares authorized, 2,978,110 shares issued and outstanding at December 31, 2013 and 2012, respectively | |||||||
Multifamily apartment communities, net of accumulated depreciation of $242,291,624 and $235,825,752, respectively | $381,663,433 | $402,999,104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 15,254,613 | 12,224,361 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash restricted for tenant security deposits | 1,321,895 | 1,332,178 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Replacement reserve escrow | 1,121,258 | 986,790 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other assets | 10,675,302 | 9,545,966 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in unconsolidated multifamily entities | 14,294,474 | 16,873,924 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired in-place leases and tenant relationships, net of accumulated amortization of $0 and$599,702, respectively | 0 | 5,377 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred expenses, net of accumulated amortization of $2,953,066 and $3,096,284, respectively | 2,977,939 | 3,210,510 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 427,308,914 | 447,178,210 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes payable | 475,525,480 | 478,185,998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility - affiliates | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note payable - other | 1,250,000 | 1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to affiliates, net | -2,454,167 | -3,446,460 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to affiliate, incentive advisory fees | 8,289,617 | 6,634,261 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend and distributions payable | 837,607 | 1,137,607 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 837,607 | 837,607 | 837,607 | ' |
Accrued expenses and other liabilities | 10,968,053 | 15,081,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tenant security deposits | 1,531,472 | 1,475,298 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 500,856,396 | 507,211,174 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments and contingencies | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Value, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,210,830 | 70,210,830 | ' | ' |
Common Stock, Value, Outstanding | ' | ' | 0 | 0 | 14,062 | 14,062 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess Stock, Value, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Accumulated deficit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -42,354,222 | -42,077,020 | ' | ' | ' | ' |
Total deficit | -73,547,482 | -60,032,964 | ' | ' | 14,062 | 14,062 | 14,062 | 14,062 | ' | ' | -42,354,222 | -42,077,020 | 70,210,830 | 70,210,830 | 70,210,830 | 70,210,830 |
Total liabilities and deficit | $427,308,914 | $447,178,210 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Balance_Sheets_Ba
Consolidated Balance Sheets Balance Sheet Parentheticals (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated depreciation | $242,291,624 | $235,825,752 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | -599,702 |
Accumulated Amortization, Deferred Finance Costs | ($2,953,066) | ($3,096,284) |
Series A Preferred Stock | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $25 | $25 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 2,978,110 | 2,978,110 |
Preferred Stock, Shares Outstanding | 2,978,110 | 2,978,110 |
Class A common stock | ' | ' |
Common Stock, Shares, Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Shares, Outstanding | 0 | 0 |
Class B common stock | ' | ' |
Common Stock, Shares, Issued | 1,406,196 | 1,406,196 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Shares, Outstanding | 1,406,196 | 1,406,196 |
Excess Stock | ' | ' |
Excess stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Excess Stock, Shares Authorized | 15,000,000 | 15,000,000 |
Excess Stock, Shares Issued | 0 | 0 |
Excess Stock, Shares Outstanding | 0 | 0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue: | ' | ' | ' |
Rental | $73,191,622 | $68,545,521 | $65,240,687 |
Utility reimbursement | 3,441,604 | 2,954,366 | 2,714,358 |
Other | 3,398,904 | 3,013,758 | 2,732,821 |
Total revenue | 80,032,130 | 74,513,645 | 70,687,866 |
Expenses: | ' | ' | ' |
Operating | 18,433,143 | 17,585,096 | 17,268,329 |
Maintenance | 4,516,367 | 4,396,133 | 4,456,806 |
Real estate taxes | 7,677,392 | 6,845,669 | 6,688,309 |
General and administrative | 2,504,227 | 2,424,966 | 2,337,435 |
Management fees | 4,824,959 | 4,642,323 | 4,406,673 |
Incentive advisory fees | 2,494,013 | 3,113,100 | 1,696,485 |
Depreciation | 25,481,041 | 24,421,521 | 26,460,715 |
Interest, inclusive of amortization of deferred financing fees | 26,459,722 | 23,937,305 | 26,030,877 |
Amortization of acquired in-place leases and tenant relationships | 5,377 | 68,280 | 531,422 |
Total expenses | 92,396,241 | 87,434,393 | 89,877,051 |
Loss before equity in income (loss) of unconsolidated multifamily entities | -12,364,111 | -12,920,748 | -19,189,185 |
Equity in income (loss) of unconsolidated multifamily entities | 888,778 | -268,921 | -3,430,015 |
Loss from continuing operations | -11,475,333 | -13,189,669 | -22,619,200 |
Discontinued operations: | ' | ' | ' |
Income (loss) from discontinued operations | 36,441 | -1,372,042 | 624,552 |
Gain on disposition of real estate assets | 18,648,525 | 43,582,865 | 23,916,947 |
Net income from discontinued operations | 18,684,966 | 42,210,823 | 24,541,499 |
Net income | 7,209,633 | 29,021,154 | 1,922,299 |
Net income attributable to noncontrolling interest in properties | 107,292 | 9,797,304 | 6,306,178 |
Net (income) loss attributable to noncontrolling interest in Operating Partnership | -391,968 | -12,223,771 | 10,819,718 |
Net income attributable to the Company | 6,710,373 | 7,000,079 | 6,435,839 |
Preferred dividend | 6,700,775 | 6,700,777 | 6,700,763 |
Net income (loss) available to common shareholders | $9,598 | $299,302 | ($264,924) |
Net loss from continuing operations attributable to the Company per common share, basic and diluted | ($13.28) | ($29.81) | ($17.64) |
Net income from discontinued operations attributable to the Company per common share, basic and diluted | $13.29 | $30.02 | $17.45 |
Net income (loss) available to common shareholders per common share, basic and diluted | $0.01 | $0.21 | ($0.19) |
Weighted average number of common shares outstanding, basic and diluted | 1,406,196 | 1,406,196 | 1,406,196 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Deficit (USD $) | Total | Accumulated deficit | Noncontrolling interest in properties | Noncontrolling interest in Operating Partnership | Total Deficit | Series A Preferred Stock | Series A Preferred Stock | Class A common stock | Class B common stock | Class B common stock |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock | ||||
USD ($) | ||||||||||
Beginning balance at Dec. 31, 2010 | ' | ($41,533,880) | ($191,881) | ($65,806,083) | ($37,306,952) | ' | $70,210,830 | ' | ' | $14,062 |
Common Stock, Shares, Outstanding at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,406,196 |
Preferred Stock, Shares Outstanding at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | 2,978,110 | ' | ' | ' |
Noncontrolling interest | ' | ' | ' | -76,785,818 | ' | ' | ' | ' | ' | ' |
Net income | 1,922,299 | 6,435,839 | 6,306,178 | -10,819,718 | 1,922,299 | ' | 0 | ' | ' | 0 |
Contributions | ' | 0 | 1,099,437 | 0 | 1,099,437 | ' | 0 | ' | ' | 0 |
Distributions | ' | 0 | -6,851,145 | 0 | -6,851,145 | ' | 0 | ' | ' | 0 |
Syndication costs | -180,000 | -3,918 | -16,065 | -160,017 | -180,000 | ' | 0 | ' | ' | 0 |
Distributions to preferred shareholders | ' | -6,700,763 | 0 | 0 | -6,700,763 | ' | 0 | ' | ' | 0 |
Ending balance at Dec. 31, 2011 | ' | -41,802,722 | 346,524 | ' | -48,017,124 | ' | 70,210,830 | ' | ' | 14,062 |
Preferred Stock, Shares Outstanding at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | 2,978,110 | ' | ' | ' |
Common Stock, Shares, Outstanding at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,406,196 |
Noncontrolling interest | ' | ' | 1,527,431 | -89,708,267 | ' | ' | ' | ' | ' | ' |
Net income | 29,021,154 | 7,000,079 | 9,797,304 | 12,223,771 | 29,021,154 | ' | 0 | ' | ' | 0 |
Contributions | ' | 0 | 400,065 | 0 | 400,065 | ' | 0 | ' | ' | 0 |
Distributions | ' | -573,600 | -9,016,462 | -25,146,220 | -34,736,282 | ' | 0 | ' | ' | 0 |
Syndication costs | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to preferred shareholders | ' | -6,700,777 | 0 | 0 | -6,700,777 | ' | 0 | ' | ' | 0 |
Ending balance at Dec. 31, 2012 | -60,032,964 | -42,077,020 | 1,527,431 | -89,708,267 | -60,032,964 | ' | 70,210,830 | ' | ' | 14,062 |
Preferred Stock, Shares Outstanding at Dec. 31, 2012 | ' | ' | ' | ' | ' | 2,978,110 | 2,978,110 | ' | ' | ' |
Common Stock, Shares, Outstanding at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | 0 | 1,406,196 | 1,406,196 |
Noncontrolling interest | ' | ' | 879,785 | -102,297,937 | ' | ' | ' | ' | ' | ' |
Net income | 7,209,633 | 6,710,373 | 107,292 | 391,968 | 7,209,633 | ' | 0 | ' | ' | 0 |
Contributions | ' | 0 | 670,505 | 0 | 670,505 | ' | 0 | ' | ' | 0 |
Distributions | ' | -286,800 | -1,425,443 | -12,981,638 | -14,693,881 | ' | 0 | ' | ' | 0 |
Syndication costs | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to preferred shareholders | ' | -6,700,775 | 0 | 0 | -6,700,775 | ' | 0 | ' | ' | 0 |
Ending balance at Dec. 31, 2013 | ($73,547,482) | ($42,354,222) | $879,785 | ($102,297,937) | ($73,547,482) | ' | $70,210,830 | ' | ' | $14,062 |
Preferred Stock, Shares Outstanding at Dec. 31, 2013 | ' | ' | ' | ' | ' | 2,978,110 | 2,978,110 | ' | ' | ' |
Common Stock, Shares, Outstanding at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | 0 | 1,406,196 | 1,406,196 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net income | $7,209,633 | $29,021,154 | $1,922,299 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Amortization of deferred costs | 641,809 | 586,792 | 632,866 |
Amortization of acquired in-place leases and tenant relationships | 5,377 | 68,280 | 540,338 |
Amortization of fair value discount on mortgage debt | 0 | 0 | 232,041 |
Depreciation | 26,045,630 | 27,484,139 | 31,312,085 |
Deferred costs | -149,115 | 0 | 0 |
Loss on extinguishment of debt | 3,807 | 83,235 | 363,412 |
Equity in (income) loss of unconsolidated multifamily entities | -888,778 | 268,921 | 3,430,015 |
Distributions of return on investments in unconsolidated multifamily entities | 305,401 | 0 | 0 |
Gain on disposition of real estate assets | -18,648,525 | -43,582,865 | -23,916,947 |
Increase (decrease) in cash attributable to changes in assets and liabilities: | ' | ' | ' |
Tenant security deposits, net | 66,457 | -52,794 | -75,779 |
Prepaid expenses and other assets | 870,664 | 2,240,870 | -334,331 |
Due to/from affiliates | -992,293 | 2,201,313 | -575,680 |
Due to affiliate, incentive advisory fees | 1,655,356 | 2,729,981 | 1,696,485 |
Accrued expenses and other liabilities | -488,671 | -1,209,022 | 919,857 |
Net cash provided by operating activities | 15,636,752 | 19,840,004 | 16,146,661 |
Cash flows from investing activities: | ' | ' | ' |
Capital improvements | -15,505,375 | -39,954,975 | -18,000,511 |
Acquisition of multifamily apartment communities | -314,288 | 0 | -54,487,297 |
Earnest money deposits on acquisition | -2,000,000 | 0 | 0 |
Proceeds from sale of multifamily apartment communities | 30,958,927 | 75,376,290 | 32,629,649 |
Interest earned on replacement reserve deposits | 618 | 2,633 | 2,641 |
Deposits to replacement reserve escrow | -175,981 | -167,180 | -297,795 |
Withdrawal from replacement reserve escrow | 42,131 | 545,020 | 2,938,363 |
Distributions from investments in unconsolidated multifamily entities | 3,468,002 | 1,400,150 | 0 |
Investment in unconsolidated multifamily entities | -305,175 | -821,036 | -15,104,116 |
Net cash (used in) provided by investing activities | 16,167,623 | 36,375,636 | -52,324,348 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings from mortgage notes payable | 12,980,663 | 28,621,545 | 73,192,682 |
Principal payments on mortgage notes payable | -5,636,390 | -5,270,328 | -4,400,459 |
Prepayments of mortgage notes payable | 14,833,286 | 29,022,538 | 30,009,982 |
Borrowings from revolving credit facility - affiliate | 1,627,000 | 1,691,000 | 34,028,500 |
Principal payments on revolving credit facility - affiliate | -1,627,000 | -10,040,422 | -25,679,078 |
Borrowings from note payable - other | 0 | 1,250,000 | 0 |
Deferred financing costs | -260,959 | -128,962 | -1,569,750 |
Syndication costs | 0 | 0 | -180,000 |
Contribution from noncontrolling interest holders in properties | 670,505 | 400,065 | 1,099,437 |
Distributions to noncontrolling interest holders in properties | -1,725,443 | -8,716,462 | -6,851,145 |
Payment to Noncontrolling Interest in Operating Partnership | 12,981,638 | 25,146,220 | 0 |
Distributions to common shareholders | -286,800 | -573,600 | 0 |
Distributions to preferred shareholders | -6,700,775 | -6,700,777 | -6,700,763 |
Net cash provided by (used in) financing activities | -28,774,123 | -53,636,699 | 32,929,442 |
Net increase (decrease) in cash and cash equivalents | 3,030,252 | 2,578,941 | -3,248,245 |
Cash and cash equivalents at beginning of period | 12,224,361 | 9,645,420 | ' |
Cash and cash equivalents at end of period | $15,254,613 | $12,224,361 | $9,645,420 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Supplemental Disclosures (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Supplemental disclosure: | ' | ' | ' |
Cash paid for interest, net | $26,434,005 | $25,060,420 | $28,129,703 |
Capitalization of interest | 504,266 | 2,654,194 | 1,066,074 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' | ' |
Capital improvements included in accrued expenses and other liabilities | 183,596 | 4,265,639 | 4,005,354 |
Dividend and distributions payable | 837,607 | 1,137,607 | ' |
Write-off of fully amortized acquired in place leases and tenant relationships | 605,079 | 0 | 1,235,033 |
Write-off of fully amortized deferred financing costs | 432,119 | 0 | 0 |
Assets acquired: | ' | ' | ' |
Multifamily apartment communities | -5,600,000 | 0 | -51,801,690 |
Acquired in-place leases | 0 | 0 | -605,080 |
Replacement reserve escrow | 0 | 0 | -9,000 |
Prepaid expenses and other assets | 0 | 0 | -2,193,901 |
Liabilities acquired: | ' | ' | ' |
Accrued expenses | 457,217 | 0 | 67,859 |
Tenant security deposit liability | 0 | 0 | 54,515 |
Mortgage assumed | 4,828,495 | 0 | 0 |
Payments to Acquire and Develop Real Estate | 314,288 | 0 | 54,487,297 |
Sale of real estate: | ' | ' | ' |
Gross selling price | 31,500,000 | 76,625,000 | 68,500,000 |
Assignment of mortgage notes payable | 0 | 0 | -35,290,000 |
Cost of sale | -541,073 | -1,248,710 | -580,351 |
Cash flows from sale of real estate assets | 30,958,927 | 75,376,290 | 32,629,649 |
Noncontrolling interest in properties | ' | ' | ' |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' | ' |
Dividend and distributions payable | 0 | 300,000 | 0 |
Series A Preferred Stock | Preferred Stock [Member] | ' | ' | ' |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' | ' |
Dividend and distributions payable | $837,607 | $837,607 | $837,607 |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation (USD $) | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | $475,525,480 | |
Initial costs of buildings and land | 447,221,742 | |
Cost capitalized subsequent to acquisition | 176,733,315 | |
Total costs | 623,955,057 | |
Accumulated depreciation | 242,291,624 | |
Total cost net of accumulated depreciation | 381,663,433 | |
Berkshires of Columbia [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 32,338,134 | [1] |
Initial costs of buildings and land | 13,320,965 | [1] |
Cost capitalized subsequent to acquisition | 11,972,981 | [1] |
Total costs | 25,293,946 | [1] |
Accumulated depreciation | 18,336,471 | [1] |
Total cost net of accumulated depreciation | 6,957,475 | [1] |
Seasons of Laurel [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 109,410,000 | [1] |
Initial costs of buildings and land | 63,083,489 | [1] |
Cost capitalized subsequent to acquisition | 31,422,864 | [1] |
Total costs | 94,506,353 | [1] |
Accumulated depreciation | 69,056,801 | [1] |
Total cost net of accumulated depreciation | 25,449,552 | [1] |
Laurel Woods [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 5,515,896 | [1] |
Initial costs of buildings and land | 5,216,275 | [1] |
Cost capitalized subsequent to acquisition | 1,438,801 | [1] |
Total costs | 6,655,076 | [1] |
Accumulated depreciation | 2,895,450 | [1] |
Total cost net of accumulated depreciation | 3,759,626 | [1] |
Bear Creek [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 3,699,087 | [1] |
Initial costs of buildings and land | 4,845,550 | [1] |
Cost capitalized subsequent to acquisition | 1,361,078 | [1] |
Total costs | 6,206,628 | [1] |
Accumulated depreciation | 2,873,589 | [1] |
Total cost net of accumulated depreciation | 3,333,039 | [1] |
Bridgewater [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 12,611,983 | [1] |
Initial costs of buildings and land | 18,922,831 | [1] |
Cost capitalized subsequent to acquisition | 1,502,272 | [1] |
Total costs | 20,425,103 | [1] |
Accumulated depreciation | 7,964,582 | [1] |
Total cost net of accumulated depreciation | 12,460,521 | [1] |
Reserves at Arboretum [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 12,490,159 | [1] |
Initial costs of buildings and land | 1,529,123 | [1] |
Cost capitalized subsequent to acquisition | 17,268,599 | [1] |
Total costs | 18,797,722 | [1] |
Accumulated depreciation | 3,673,049 | [1] |
Total cost net of accumulated depreciation | 15,124,673 | [1] |
Country Place I [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 13,651,208 | [1] |
Initial costs of buildings and land | 13,844,787 | [1] |
Cost capitalized subsequent to acquisition | 2,832,904 | [1] |
Total costs | 16,677,691 | [1] |
Accumulated depreciation | 6,580,748 | [1] |
Total cost net of accumulated depreciation | 10,096,943 | [1] |
Country Place II [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 8,880,768 | [1] |
Initial costs of buildings and land | 8,657,461 | [1] |
Cost capitalized subsequent to acquisition | 1,733,001 | [1] |
Total costs | 10,390,462 | [1] |
Accumulated depreciation | 4,352,402 | [1] |
Total cost net of accumulated depreciation | 6,038,060 | [1] |
Yorktowne [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 20,788,612 | [1] |
Initial costs of buildings and land | 21,616,443 | [1] |
Cost capitalized subsequent to acquisition | 9,457,983 | [1] |
Total costs | 31,074,426 | [1] |
Accumulated depreciation | 13,984,283 | [1] |
Total cost net of accumulated depreciation | 17,090,143 | [1] |
Berkshires on Brompton [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 18,335,543 | [1] |
Initial costs of buildings and land | 14,500,528 | [1] |
Cost capitalized subsequent to acquisition | 9,282,802 | [1] |
Total costs | 23,783,330 | [1] |
Accumulated depreciation | 12,354,471 | [1] |
Total cost net of accumulated depreciation | 11,428,859 | [1] |
Lakeridge [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 23,070,803 | [1] |
Initial costs of buildings and land | 34,411,075 | [1] |
Cost capitalized subsequent to acquisition | 2,386,249 | [1] |
Total costs | 36,797,324 | [1] |
Accumulated depreciation | 13,157,267 | [1] |
Total cost net of accumulated depreciation | 23,640,057 | [1] |
Berkshires at Citrus Park [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 15,702,639 | [1] |
Initial costs of buildings and land | 27,601,083 | [1] |
Cost capitalized subsequent to acquisition | 2,032,715 | [1] |
Total costs | 29,633,798 | [1] |
Accumulated depreciation | 10,659,799 | [1] |
Total cost net of accumulated depreciation | 18,973,999 | [1] |
Briarwood Village [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 12,747,190 | [1] |
Initial costs of buildings and land | 13,929,396 | [1] |
Cost capitalized subsequent to acquisition | 3,097,497 | [1] |
Total costs | 17,026,893 | [1] |
Accumulated depreciation | 6,416,680 | [1] |
Total cost net of accumulated depreciation | 10,610,213 | [1] |
Chisholm Place [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 6,771,387 | [1] |
Initial costs of buildings and land | 9,600,527 | [1] |
Cost capitalized subsequent to acquisition | 2,485,401 | [1] |
Total costs | 12,085,928 | [1] |
Accumulated depreciation | 4,828,573 | [1] |
Total cost net of accumulated depreciation | 7,257,355 | [1] |
Standard at Lenox Park [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 34,081,221 | [1] |
Initial costs of buildings and land | 47,040,404 | [1] |
Cost capitalized subsequent to acquisition | 8,440,776 | [1] |
Total costs | 55,481,180 | [1] |
Accumulated depreciation | 20,435,387 | [1] |
Total cost net of accumulated depreciation | 35,045,793 | [1] |
Berkshires at Town Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 19,617,166 | [1] |
Initial costs of buildings and land | 20,254,316 | [1] |
Cost capitalized subsequent to acquisition | 13,907,632 | [1] |
Total costs | 34,161,948 | [1] |
Accumulated depreciation | 14,897,088 | [1] |
Total cost net of accumulated depreciation | 19,264,860 | [1] |
Sunfield Lakes [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 19,176,348 | [1] |
Initial costs of buildings and land | 23,870,680 | [1] |
Cost capitalized subsequent to acquisition | 2,667,329 | [1] |
Total costs | 26,538,009 | [1] |
Accumulated depreciation | 8,247,044 | [1] |
Total cost net of accumulated depreciation | 18,290,965 | [1] |
Executive House [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 28,739,655 | [1] |
Initial costs of buildings and land | 50,205,199 | [1] |
Cost capitalized subsequent to acquisition | 3,972,156 | [1] |
Total costs | 54,177,355 | [1] |
Accumulated depreciation | 13,336,934 | [1] |
Total cost net of accumulated depreciation | 40,840,421 | [1] |
Estancia Townhomes [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 27,909,654 | [1] |
Initial costs of buildings and land | 41,394,920 | [1] |
Cost capitalized subsequent to acquisition | 1,024,789 | [1] |
Total costs | 42,419,709 | [1] |
Accumulated depreciation | 6,125,642 | [1] |
Total cost net of accumulated depreciation | 36,294,067 | [1] |
2020 Lawrence [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 45,159,532 | [1] |
Initial costs of buildings and land | 7,505,898 | [1] |
Cost capitalized subsequent to acquisition | 45,096,768 | [1] |
Total costs | 52,602,666 | [1] |
Accumulated depreciation | 2,115,364 | [1] |
Total cost net of accumulated depreciation | 50,487,302 | [1] |
Walnut Creek [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Emcumbrances | 4,828,495 | [1] |
Initial costs of buildings and land | 5,870,792 | [1] |
Cost capitalized subsequent to acquisition | 3,348,718 | [1] |
Total costs | 9,219,510 | [1] |
Accumulated depreciation | 0 | [1] |
Total cost net of accumulated depreciation | $9,219,510 | [1] |
[1] | Depreciation of buildings are calculated over useful lives ranging from 25 to 27.5 years and depreciation of improvements are calculated over useful lives ranging from 5 to 25 years. |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation Real Estate and Accumulated Depreciation (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $638,824,856 | $650,262,329 | $619,577,347 |
Property, Plant and Equipment, Additions | 17,031,527 | 40,507,577 | 73,808,067 |
Property, Plant and Equipment, Disposals | -31,901,326 | -51,945,050 | -43,123,085 |
Property, Plant and Equipment, Gross | 623,955,057 | 638,824,856 | 650,262,329 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 235,825,752 | 227,600,092 | 200,045,487 |
Depreciation | 26,045,630 | 27,484,139 | 31,312,085 |
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | -19,579,758 | -19,258,479 | -3,757,480 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 242,291,624 | 235,825,752 | 227,600,092 |
Real Estate, Federal Income Tax Basis | 436,843,695 | 449,001,683 | 490,584,110 |
Real Estate Accumulated Depreciation, Federal Income Tax Basis | ($155,853,377) | ($147,915,604) | ($146,027,581) |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
ORGANIZATION AND BASIS OF PRESENTATION [Abstract] | ' | ||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||||||||
ORGANIZATION AND BASIS OF PRESENTATION | |||||||||
Berkshire Income Realty, Inc., (the "Company"), a Maryland corporation, was incorporated on July 19, 2002 and 100 Class B common shares were issued upon organization. The Company is in the business of acquiring, owning, operating, developing and rehabilitating properties. The Company conducts its business through Berkshire Income Realty-OP, L.P. (the "Operating Partnership"). | |||||||||
The Company's consolidated financial statements include the accounts of the Company, its subsidiary, the Operating Partnership, as well as the various subsidiaries of the Operating Partnership. The Company owns preferred and general partner interests in the Operating Partnership. The remaining common limited partnership interests in the Operating Partnership, owned by KRF Company, L.L.C. ("KRF Company") and affiliates, are reflected as "Noncontrolling interest in Operating Partnership" in the financial statements of the Company. | |||||||||
Properties | |||||||||
A summary of the multifamily apartment communities in which the Company owns an interest at December 31, 2013 and 2012 is presented below: | |||||||||
Total # of Unit | Ownership Interest | ||||||||
as of December 31, | as of December 31, | ||||||||
Description | Location | Year Acquired | 2013 (Unaudited) | 2012 (Unaudited) | 2013 | 2012 | |||
Berkshires of Columbia | Columbia, Maryland | 1983 | 316 | 316 | 91.38 | % | 91.38 | % | |
Seasons of Laurel | Laurel, Maryland | 1985 | 1,088 | 1,088 | 100 | % | 100 | % | |
Laurel Woods | Austin, Texas | 2004 | 150 | 150 | 100 | % | 100 | % | |
Bear Creek | Dallas, Texas | 2004 | 152 | 152 | 100 | % | 100 | % | |
Bridgewater | Hampton, Virginia | 2004 | 216 | 216 | 100 | % | 100 | % | |
Reserves at Arboretum | Newport News, Virginia | 2009 | 143 | 143 | 100 | % | 100 | % | |
Country Place I | Burtonsville, Maryland | 2004 | 192 | 192 | 58 | % | 58 | % | |
Country Place II | Burtonsville, Maryland | 2004 | 120 | 120 | 58 | % | 58 | % | |
Yorktowne | Millersville, Maryland | 2004 | 216 | 216 | 100 | % | 100 | % | |
Berkshires on Brompton | Houston, Texas | 2005 | 362 | 362 | 100 | % | 100 | % | |
Lakeridge | Hampton, Virginia | 2005 | 282 | 282 | 100 | % | 100 | % | |
Berkshires at Citrus Park | Tampa, Florida | 2005 | 264 | 264 | 100 | % | 100 | % | |
Briarwood Village | Houston, Texas | 2006 | 342 | 342 | 100 | % | 100 | % | |
Chisholm Place | Dallas, Texas | 2006 | 142 | 142 | 100 | % | 100 | % | |
Standard at Lenox Park | Atlanta, Georgia | 2006 | 375 | 375 | 100 | % | 100 | % | |
Berkshires at Town Center | Towson, Maryland | 2007 | 199 | 199 | 100 | % | 100 | % | |
Sunfield Lakes | Sherwood, Oregon | 2007 | 200 | 200 | 100 | % | 100 | % | |
Executive House | Philadelphia, Pennsylvania | 2008 | 302 | 302 | 100 | % | 100 | % | |
Estancia Townhomes | Dallas, Texas | 2011 | 207 | 207 | 100 | % | 100 | % | |
2020 Lawrence (1) | Denver, Colorado | 2011 | 231 | 231 | 91.08 | % | 91.08 | % | |
Walnut Creek (2) | Walnut Creek, California | 2011 | N/A | N/A | 98 | % | 98 | % | |
Walden Pond (3) | Houston, Texas | 1983 | N/A | 416 | N/A | 100 | % | ||
Gables of Texas (3) | Houston, Texas | 2003 | N/A | 140 | N/A | 100 | % | ||
Total | 5,499 | 6,055 | |||||||
All of the properties in the above table are encumbered by mortgages as of December 31, 2013. | |||||||||
-1 | 2020 Lawrence received a temporary certificate of occupancy from the City of Denver on December 12, 2012 and permission to occupy 7 of the 11 completed floors (99 units) from U.S. Department of Housing and Urban Development ("HUD") on December 24, 2012. Permission to occupy the remaining floors (132 units) was received on January 18, 2013. As of December 31, 2013, 192 (unaudited) of the 231 units were occupied. | ||||||||
-2 | Property was under development as of December 31, 2013. The Company will own a 98.00% interest in the property once fully invested. | ||||||||
-3 | Properties were sold as of December 31, 2013. | ||||||||
Discussion of acquisitions for the years ended December 31, 2013, 2012 and 2011 | |||||||||
On January 31, 2011, the Company, through its subsidiary, BIR Estancia Limited Partnership, completed the acquisition of Estancia Townhomes, a 207-unit townhome style apartment community located in Dallas, Texas. The sellers were unaffiliated third parties. The purchase price for the property was $42,000,000 and was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. | |||||||||
On November 1, 2013, the Company, through its joint venture partnership for the Walnut Creek development, acquired the land associated with the development project. The purchase price was $5,600,000 and the Company assumed the seller's outstanding land loan in the amount of $4,828,495. The assumed land loan had a fixed interest rate of 6.00% and matured on March 31, 2014. Subsequent to year end on March 31, 2014, the outstanding land loan balance of $4,828,495 was paid off with available funds contributed to the joint venture partnership. The acquisition transaction was subject to normal prorations and adjustments. | |||||||||
Discussion of dispositions for the years ended December 31, 2013, 2012 and 2011 | |||||||||
On December 22, 2011, the Company, through the joint venture, BIR Holland JV, LLC ("JV BIR/Holland"), of its subsidiary, BIR Glo, L.L.C. with Holland Glo, LLC, closed on the sale of Glo to an unaffiliated buyer for $68,500,000. The outstanding bonds were assumed by the buyer. The Company's share of the proceeds from the transaction were used to reduce the outstanding balance of the revolving credit facility. | |||||||||
On March 23, 2012, the Operating Partnership completed the sale of Riverbirch, a 210-unit multifamily apartment community located in Charlotte, North Carolina, to an unaffiliated buyer. The sale price of the property was $14,200,000 and was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. The proceeds were used to reduce the outstanding balance of the revolving credit facility and other general uses. | |||||||||
On November 5, 2012, the Company completed the sale of Silver Hill and Arboretum, both located in Newport News, Virginia, to an unaffiliated buyer. The combined sale price was $25,425,000 and was subject to normal operation prorations and adjustments as provided for in the purchase and sale agreement. | |||||||||
On November 30, 2012, the Company completed the sale of Arrowhead and Moorings, both located in Chicago, Illinois, to an unaffiliated buyer. The combined total sale price was $37,000,000 and was subject to normal operation prorations and adjustments as provided for in the purchase and sale agreement. | |||||||||
On June 25, 2013, the Company completed the sale of Walden Pond and Gables of Texas ("Gables"), both located in Houston, Texas, to an unaffiliated buyer. The combined sale price was $31,500,000 and was subject to normal operating prorations and adjustments as provided for in the purchase and sale agreement. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Significant Accounting Policies [Abstract] | ' | |
Significant Accounting Policies [Text Block] | ' | |
SIGNIFICANT ACCOUNTING POLICIES | ||
Principles of combination and consolidation | ||
The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and entities which it controls including those entities subject to Accounting Standards Codification ("ASC") 810-10. Variable interest entities ("VIEs") are entities in which the equity investors do not have a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In accordance with ASC 810-10, the Company consolidates VIEs for which it has a variable interest (or a combination of variable interests) that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both, based on an assessment performed at the time the Company becomes involved with the entity. The Company reconsiders this assessment only if the entity's governing documents or the contractual arrangements among the parties involved change in a manner that changes the characteristics or adequacy of the entity's equity investment at risk, some or all of the equity investment is returned to the investors and other parties become exposed to expected losses of the entity, the entity undertakes additional activities or acquires additional assets beyond those that were anticipated at inception or at the last reconsideration date that increase its expected losses, or the entity receives an additional equity investment that is at risk, or curtails or modifies its activities in a way that decreases its expected losses. | ||
For entities not deemed to be VIEs, the Company consolidates those entities in which it owns a majority of the voting securities or interests, except in those instances in which the noncontrolling voting interest owner effectively participates through substantive participative rights, as discussed in ASC 810-10 and ASC 970-323. Substantive participatory rights include the ability to select, terminate, and set compensation of the investee's management, the ability to participate in capital and operating decisions of the investee (including budgets), in the ordinary course of business. | ||
The Company also evaluates its ownership interests in entities not deemed to be VIEs, including partnerships and limited liability companies, to determine if its economic interests result in the Company controlling the entity as promulgated in ASC 810-20, as amended by Accounting Standards Update ("ASU") No. 2009-17. | ||
Real estate | ||
Real estate assets are recorded at depreciated cost. The cost of acquisition (exclusive of transaction costs), development and rehabilitation and improvement of properties are capitalized. Interest costs are capitalized based on qualifying assets and liabilities on development projects until construction is substantially complete.  Recurring capital improvements typically include appliances, carpeting, flooring, HVAC equipment, kitchen and bath cabinets, site improvements and various exterior building improvements. Non-recurring upgrades include kitchen and bath upgrades, new roofs, window replacements and the development of on-site fitness, business and community centers. | ||
The Company accounts for its acquisitions of investments in real estate in accordance with ASC 805-10, which requires the fair value of the real estate acquired to be allocated to the acquired tangible assets, consisting of land, building, furniture, fixtures and equipment and identified intangible assets and liabilities, consisting of the value of the above-market and below-market leases, the value of in-place leases and value of other tenant relationships, based in each case on their fair values. The Company considers acquisitions of operating real estate assets to be businesses as that term is contemplated in ASC 810-10. | ||
The Company allocates purchase price to the fair value of the tangible assets of an acquired property (which includes land, building, furniture, fixtures and equipment) determined by valuing the property as if it were vacant. The as-if-vacant value is allocated to land and buildings, furniture, fixtures and equipment based on management's determination of the relative fair values of these assets. | ||
Above-market and below market in-place lease values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term and any fixed-rate renewal periods in the respective leases. | ||
In making estimates of fair value for purposes of initial accounting of the purchased real estate, the Company utilizes information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company also considers our own analysis of recently acquired and existing comparable properties in our portfolio. | ||
The total amount of other intangible assets acquired is further allocated to in-place leases, which includes other tenant relationship intangible values based on management's evaluation of the specific characteristics of the residential leases and the Company's tenant retention history. The value of in-place leases and tenant relationships is determined based on the specific expiration dates of the in-place leases and amortized over a period of 12 months and the tenant relationships are based on the straight line method of amortization over a 24-month period. | ||
Costs directly associated with the development of properties are capitalized. Additionally, the Company capitalizes interest, real estate taxes, insurance and project management/development fees. We use judgment to determine when a development project commences and capitalization begins and when a development project is substantially complete and capitalization ceases. Generally, cost capitalization begins during the pre-construction period, defined as activities that are necessary to start the development of the property. A development property is considered substantially complete after major construction has ended and the property is available for occupancy. For properties that are built in phases, capitalization stops on each phase when it is considered substantially complete and ready for use and costs continue to be capitalized only on those phases under construction. | ||
Expenditures for ordinary maintenance and repairs are charged to operations as incurred. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets, as follows: | ||
Rental property | 25 to 27.5 years | |
Improvements | 5 to 25 years | |
Appliances and equipment | 3 to 8 years | |
When a property is sold, its costs and related depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. | ||
Pursuant to ASC 360-10, management reviews its long-lived assets used in operations for impairment when there is an event or change in circumstances that indicates an impairment in value, such as operational performance, adverse change in the assets' physical condition, market conditions, legal and environmental concerns and the Company's intent with regard to each asset. If such impairment is present, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future rental occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. The Company did not recognize an impairment loss in 2013 or 2012 and no such losses have been recognized to date. | ||
Our investments in unconsolidated multifamily entities are reviewed for impairment periodically when events or circumstances indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of our investment in unconsolidated multifamily entities is dependent on a number of factors, including the performance of each investment and market and economic conditions. The Company did not recognize an other-than-temporary impairment charge in 2013 or 2012. | ||
Cash and cash equivalents | ||
The Company participates in centralized cash management whereby cash receipts are deposited in specific property operating accounts and are then transferred to the Company's central operating account. Bills are paid from a central disbursement account maintained by an affiliate of the Company, which is reimbursed from the Company's central operating account. In management's opinion, the cash and cash equivalents presented in the consolidated financial statements are available and required for normal operations. | ||
The Company invests its cash primarily in deposits and money market funds with commercial banks. All short-term investments with maturities of three months or less from the date of acquisition are included in cash and cash equivalents. The cash investments are recorded at cost, which approximates current market values. | ||
Concentration of credit risk | ||
The Company maintains cash deposits with major financial institutions, which from time to time may exceed federally insured limits. The Company does not believe that this concentration of credit risk represents a material risk of loss with respect to its financial position as the Company invests with creditworthy institutions including national banks and major financial institutions. | ||
Cash restricted for tenant security deposits | ||
Cash restricted for tenant security deposits represents security deposits held by the Company under the terms of certain tenant lease agreements. | ||
Replacement reserve escrows | ||
Certain lenders require escrow accounts for capital improvements. The escrows are funded from operating cash, as needed. | ||
Deferred expenses | ||
Fees and costs incurred to obtain long-term financing are deferred and amortized over the terms of the related loans, on the straight line method which approximates the effective interest method. | ||
Indebtedness | ||
Mortgage notes payable and note payable - other consist of property level mortgage indebtedness collateralized by the respective properties. Revolving credit facility to an affiliate consists of indebtedness related to the Company's revolving credit facility. The Company states its mortgage notes payable, note payable - other and revolving credit facility to an affiliate at the outstanding principal balance, exclusive of transaction costs such as prepayment penalties, except in the case of assumed debt where the mortgage is recorded at fair value and the difference is amortized over the life of the loan. | ||
Noncontrolling interest in properties | ||
Unaffiliated third parties have ownership interests in the Company's properties are accounted for as "Noncontrolling interest in properties" in the accompanying financial statements. Allocations of earnings and distributions are made to the Company and noncontrolling holders based upon their respective share allocations. | ||
Noncontrolling interest in Operating Partnership | ||
In accordance with ASC 974-810, KRF Company and affiliates' common limited partnership interest in the Operating Partnership is being reflected as "Noncontrolling interest in Operating Partnership" in the financial statements of the Company. | ||
The net equity to the common and general partner interests in the Operating Partnership is less than zero after an allocation to the Company and affiliates' preferred interest in the Operating Partnership. Further, KRF Company and affiliates have no obligation to fund such deficit. Accordingly, for financial reporting purposes prior to January 1, 2009, KRF Company and affiliates' noncontrolling interest in the Operating Partnership had been reflected as zero with common stockholders' equity being reduced for the deficit amount. As of January 1, 2009, in accordance with ASC 810-10, KRF Company and affiliates' noncontrolling interest in the Operating Partnership have been reduced for their share of the current year deficit and are reflected as negative amounts on the balance sheet. | ||
In accordance with ASC 974-810, earnings of the Operating Partnership are first allocated to the preferred interests held by the Company. The remainder of earnings, if any, are allocated to the Company's general partner and KRF Company and affiliates' common limited partnership interests in accordance with their relative ownership percentages. | ||
Stockholders' equity (deficit) | ||
Capital contributions, distributions and profits and losses are allocated in accordance with the terms of the individual partnership and/or limited liability company agreements. Distributions and dividends are accrued and recorded in the period declared. | ||
Equity offering costs | ||
Underwriting commissions and offering costs have been reflected as a reduction of proceeds from issuance of the Preferred Shares. | ||
Debt extinguishment costs | ||
In accordance with ASC 470-50, the Company has determined that debt extinguishment costs do not meet the criteria for classification as extraordinary pursuant to ASC 225-20. Accordingly, costs associated with the early extinguishment of debt for discontinued operations are included in "Income (loss) from discontinued operations" in the accompanying Statements of Operations. Costs associated with the early extinguishment of debt for continuing operations are included in "Interest, inclusive of amortization of deferred financing fees". | ||
Rental revenue | ||
The properties are leased with terms of generally one year or less. Rental revenue is recognized on a straight-line basis over the related lease term. As a result, deferred rents receivable are created when rental revenue is recognized during the concession period of certain negotiated leases and amortized over the remaining term of the lease. Recoveries from tenants for utility expenses are recognized in the period the applicable costs are incurred. | ||
Other income | ||
Other income, which consists primarily of income from damages, laundry, cable, phone, pool, month to month tenants, relet fees and pet fees, is recognized when earned. | ||
Income taxes | ||
The Company elected to be treated as a real estate investment trust ("REIT") under Section 856 of the Tax Code (the "Code"), with the filing of its first tax return. As a result, the Company generally is not subject to federal corporate income tax on its taxable income that is distributed to its stockholders. | ||
A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual taxable income. The Company's policy is to make sufficient distributions of its taxable income to meet the REIT distribution requirements. | ||
The Company must also meet other operational requirements with respect to its investments, assets and income. The Company monitors these various requirements on a quarterly basis and believes that as of and for the years ended December 31, 2013, 2012 and 2011, it was in compliance on all such requirements. Accordingly, the Company has made no provision for federal income taxes in the accompanying consolidated financial statements. The Company is subject to certain state level taxes based on the location of its properties. | ||
The net difference between the tax basis and the reported amounts of the Company's assets and liabilities is approximately $100,673,115 and $101,913,025 as of December 31, 2013 and 2012, respectively. The Company believes that due to its structure and the terms of the partnership agreement of the Operating Partnership, if the net difference is realized under the Code, any impact would be substantially realized by the common partners of the Operating Partnership and the impact on the common and preferred shareholders would be negligible. | ||
The Company monitors the impact of ASC 740-10, which clarifies the accounting for uncertainty in income taxes recognized in the Company's financial statements in accordance with ASC 740-10. As of December 31, 2013 and 2012, the Company has determined it does not have a liability related to a tax position taken or expected to be taken in a tax return and therefore has not recorded any adjustments to its financial statements. | ||
The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates.  In the normal course of business, the Company is subject to examination by federal, state, local, and foreign jurisdictions, where applicable.  As of December 31, 2013, the Company is subject to examination for the tax years 2010, 2011, 2012 and 2013 by the major tax jurisdictions under the statute of limitations (with limited exceptions). | ||
Recent Accounting Pronouncements | ||
There were no new accounting pronouncements issued or effective during the fiscal year ended December 31, 2013 which have had or are expected to have a material impact on the Company's operating results, financial position, or disclosures. | ||
Consolidated Statements of Comprehensive Income (Loss) | ||
For the years ended December 31, 2013, 2012 and 2011, comprehensive income (loss) equaled net income (loss). Therefore, the Consolidated Statement of Comprehensive Income and Loss required to be presented has been omitted from the consolidated financial statements. | ||
Use of estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, contingent assets and liabilities at the date of financial statements and revenue and expenses during the reporting period. Such estimates include the amortization of acquired in-place leases and tenant relationships, the allowance for depreciation, impairment of multifamily apartment communities and unconsolidated multifamily entities, variable asset management fees and the fair value of mortgage notes. Actual results could differ from those estimates. | ||
Reclassifications | ||
Certain prior period balances have been reclassified in order to conform to the current period presentation. |
Multifamily_Apartment_Communit
Multifamily Apartment Communities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
MULTIFAMILY APARTMENT COMMUNITIES [Abstract] | ' | |||||||||||
Multifamily Apartment Communities Disclosure [Text Block] | ' | |||||||||||
MULTIFAMILY APARTMENT COMMUNITIES | ||||||||||||
The following summarizes the carrying value of the Company's multifamily apartment communities: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Land | $ | 66,318,761 | $ | 63,749,991 | ||||||||
Buildings, improvement and personal property | 557,636,296 | 575,074,865 | ||||||||||
Multifamily apartment communities | 623,955,057 | 638,824,856 | ||||||||||
Accumulated depreciation | (242,291,624 | ) | (235,825,752 | ) | ||||||||
Multifamily apartment communities, net | $ | 381,663,433 | $ | 402,999,104 | ||||||||
The Company accounts for its acquisitions of investments in real estate in accordance with ASC 805-10, which requires the fair value of the real estate acquired to be allocated to the acquired tangible assets, consisting of land, building, furniture, fixtures and equipment and identified intangible assets and liabilities, consisting of the value of the above-market and below-market leases, the value of in-place leases and the value of other tenant relationships, based in each case on their fair values. The value of in-place leases and tenant relationships is determined based on the specific expiration dates of the in-place leases and amortized over a period of 12 months and the tenant relationships are based on the straight-line method of amortization over a 24-month period. | ||||||||||||
The Company evaluated the carrying value of its multifamily apartment communities for impairment pursuant to ASC 360-10. The Company did not record an impairment adjustment at December 31, 2013 or 2012. | ||||||||||||
Refer to Note 1 - Organization and Basis of Presentation for discussion of dispositions for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
The operating results of discontinued operations for the years ended December 31, 2013, 2012 and 2011 are summarized as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue: | ||||||||||||
Rental | $ | 1,986,538 | $ | 11,122,693 | $ | 16,374,394 | ||||||
Utility reimbursement | 230,542 | 643,553 | 691,763 | |||||||||
Other | 297,931 | 665,778 | 1,239,316 | |||||||||
Total revenue | 2,515,011 | 12,432,024 | 18,305,473 | |||||||||
Expenses: | ||||||||||||
Operating | 847,108 | 3,832,843 | 5,418,810 | |||||||||
Maintenance | 132,940 | 835,932 | 1,186,233 | |||||||||
Real estate taxes | 273,580 | 1,159,694 | 1,778,695 | |||||||||
General and administrative | 31,993 | 40,696 | 83,709 | |||||||||
Management fees | 96,567 | 481,335 | 644,105 | |||||||||
Depreciation | 564,589 | 3,062,618 | 4,851,370 | |||||||||
Interest, inclusive of deferred financing fees and prepayment penalties | 527,986 | 4,307,713 | 3,345,671 | |||||||||
Loss on extinguishment of debt | 3,807 | 83,235 | 363,412 | |||||||||
Amortization of acquired in-place leases and tenant relationships | — | — | 8,916 | |||||||||
Total expenses | 2,478,570 | 13,804,066 | 17,680,921 | |||||||||
Income (loss) from discontinued operations | $ | 36,441 | $ | (1,372,042 | ) | $ | 624,552 | |||||
Investment_in_Unconsolidated_M
Investment in Unconsolidated Multifamily Entities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investee, Unconsolidated Limited Partnership [Member] | ' | |||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||
Equity Method Investments Disclosure [Text Block] | ' | |||||||||||
Investment in Unconsolidated Limited Partnership | ||||||||||||
On August 12, 2005, the Company, together with affiliates and other unaffiliated parties, entered into a subscription agreement to invest in the Berkshire Multifamily Value Fund, L.P. ("BVF"), an affiliate of Berkshire Property Advisors, L.L.C. ("Berkshire Advisor" or the "Advisor"). Under the terms of the agreement and the related limited partnership agreement, the Company and its affiliates agreed to invest up to $25,000,000, or approximately 7%, of the total capital of the partnership. The Company's final commitment under the subscription agreement with BVF totals $23,400,000. BVF's investment strategy is to acquire middle-market properties where there is an opportunity to add value through repositioning or rehabilitation. | ||||||||||||
In accordance with ASC 810-10 issued by the FASB as amended by ASU No. 2009-17 related to the consolidation of variable interest entities, the Company has performed an analysis of its investment in BVF to determine whether it would qualify as a VIE and whether it should be consolidated or accounted for as an equity investment in an unconsolidated multifamily entity. As a result of the Company's qualitative assessment to determine whether its investment in BVF is a VIE, the Company determined that the investment is a VIE based upon the holders of the equity investment at risk lacking the power, through voting rights or similar rights to direct the activities of BVF that most significantly impact BVF's economic performance. Under the terms of the limited partnership agreement of BVF, the general partner of BVF has the full, exclusive and complete right, power, authority, discretion, obligation and responsibility to make all decisions affecting the business of BVF. | ||||||||||||
After making the determination that its investment in BVF was a VIE, the Company performed an assessment of which partner would be considered the primary beneficiary of BVF and therefore would be required to consolidate BVF's balance sheets and result of operations. This assessment was based upon which entity (1) had the power to direct matters that most significantly impact the activities of BVF, and (2) had the obligation to absorb losses or the right to receive benefits of BVF that could potentially be significant to the entity based upon the terms of the partnership and management agreements of BVF. As a result of fees paid to the general partner of BVF for asset management and other services, the Company has determined that the general partner of BVF has the obligation to absorb the losses or the right to receive benefits of BVF while retaining the power to make significant decisions for BVF. Based upon this understanding, the Company concluded that the general partner of BVF should consolidate BVF and as such, the Company accounts for its investment in BVF as an equity investment in an unconsolidated joint venture. | ||||||||||||
As of December 31, 2013, the Company had invested 100% of its total committed capital amount of $23,400,000 in BVF for an ownership interest of approximately 7% and had received distributions from BVF of $5,173,553, or approximately 22.1%, of its invested capital. The general partner of BVF is proceeding with BVF's liquidation plan to sell the remaining 33 assets in the portfolio as of December 31, 2013. | ||||||||||||
The summarized statement of assets, liabilities and partners' capital of BVF is as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Multifamily apartment communities, net | $ | 664,692,480 | $ | 807,747,897 | ||||||||
Cash and cash equivalents | 21,227,583 | 16,851,009 | ||||||||||
Other assets | 11,565,547 | 16,927,659 | ||||||||||
Total assets | $ | 697,485,610 | $ | 841,526,565 | ||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||
Mortgage notes payable | $ | 686,193,544 | $ | 800,968,937 | ||||||||
Revolving credit facility | 16,200,000 | 16,300,000 | ||||||||||
Other liabilities | 15,049,296 | 22,050,147 | ||||||||||
Noncontrolling interest | (6,961,558 | ) | (9,478,084 | ) | ||||||||
Partners’ capital | (12,995,672 | ) | 11,685,565 | |||||||||
Total liabilities and partners’ capital | $ | 697,485,610 | $ | 841,526,565 | ||||||||
Company’s share of partners’ capital | $ | (604,395 | ) | $ | 818,078 | |||||||
Basis differential (1) | 604,395 | 604,395 | ||||||||||
Carrying value of the Company’s investment in unconsolidated limited partnership (2) | $ | — | $ | 1,422,473 | ||||||||
-1 | This amount represents the difference between the Company’s investment in BVF and its share of the underlying equity in the net assets of BVF (adjusted to conform with GAAP).  At December 31, 2013 and December 31, 2012, the differential related mainly to the $583,240 which represents the Company’s share of syndication costs incurred by BVF that the Company was not required to fund via a separate capital call. | |||||||||||
-2 | Per the partnership agreement of BVF, the Company’s liability is limited to its investment in BVF.  The Company does not guarantee any third-party debt held by BVF.  The Company has fully funded its obligations under the partnership agreement as of December 31, 2013 and has no commitment to make additional contributions to BVF. The carrying value of the investment is $0 at December 31, 2013 as distributions from the investment in the current year have exceeded the Company's invested equity as adjusted for the Company's share of gains and losses over the holding period of the investment. | |||||||||||
The Company evaluates the carrying value of its investment in BVF for impairment periodically and records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary.  No such other-than-temporary impairment charges have been recognized as of December 31, 2013 and 2012, respectively. | ||||||||||||
The summarized statements of operations of BVF for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 131,091,773 | $ | 133,860,364 | $ | 142,470,274 | ||||||
Expenses (1) | (167,548,652 | ) | (179,003,696 | ) | (211,049,488 | ) | ||||||
Gain on property sales and extinguishment of debt (2) | 71,224,756 | 41,920,335 | 14,242,762 | |||||||||
Net income (loss) | 34,767,877 | (3,222,997 | ) | (54,336,452 | ) | |||||||
Noncontrolling interest | (5,549,113 | ) | 4,510,212 | 6,979,361 | ||||||||
Net income (loss) attributable to investment | $ | 29,218,764 | $ | 1,287,215 | $ | (47,357,091 | ) | |||||
Equity in income (loss) in unconsolidated limited partnership (1)(2) | $ | 2,350,930 | $ | 90,115 | $ | (3,315,350 | ) | |||||
-1 | During the year ended December 31, 2011, BVF recorded an impairment charge on its real estate in accordance with ASC 360-10 in the amount of $11,629,342, which is included in Expenses on the summarized statement of operations of BVF.  The Company’s share was approximately $407,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. | |||||||||||
There were no impairment indicators in the year ended December 31, 2013 and no impairment indicators and impairment writeoffs in the year ended December 31, 2012. | ||||||||||||
The Company has determined that its valuation of the real estate was categorized within Level 3 of the fair value hierarchy in accordance with ASC 820-10, as it utilized significant unobservable inputs in its assessment. | ||||||||||||
-2 | During the year ended December 31, 2011, BVF recorded a net gain on the disposition of a long lived asset, pursuant to a short sale on behalf of the lender, that previously experienced an impairment charge. In accordance with ASC 360-10, BVF adjusted the cost basis of the asset to the carrying value at the time of the impairment charge and computed the resulting gain on the new cost basis. The loss on the sale was $428,614, of which the Company's share was approximately $15,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. Additionally, concurrent with the short sale, the Company also recognized a gain from forgiveness of debt related to the extinguishment of the mortgage by the lender on the disposed real estate. The gain on the forgiveness of debt was $12,991,979 of which the Company's share was approximately $455,000 and is also reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. | |||||||||||
During the year ended December 31, 2011, BVF prepaid a mortgage note which was recorded at fair value at acquisition in accordance with ASC 805-10, and recorded a gain of $1,679,397 as a result. The Company’s share of the gain was approximately $118,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. | ||||||||||||
During the year ended December 31, 2012, BVF recorded a net gain on the disposition of eight properties. The gain on the sale was $41,920,335, of which the Company's share was approximately $2,934,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2012. | ||||||||||||
During the year ended December 31, 2013, BVF recorded a net gain on the disposition of ten properties, of which five previously experienced impairment charges. In accordance with ASC 360-10, BVF adjusted the cost basis of the assets to the carrying value at the time of the impairment charge and computed the resulting gain on the new cost basis. The gain on the sale of all ten properties was $71,224,756, of which the Company's share was approximately $4,252,000 and is reflected in the equity in income of unconsolidated multifamily entities recognized for the year ended December 31, 2013. | ||||||||||||
Equity Method Investee, Unconsolidated Limited Liability Company [Member] | ' | |||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||
Equity Method Investments Disclosure [Text Block] | ' | |||||||||||
Investment in Unconsolidated Limited Liability Company | ||||||||||||
On March 2, 2011, the Operating Partnership executed an agreement with Berkshire Multifamily Value Fund II, LP ("BVF II"), an affiliated entity, to create a joint venture, BIR/BVF-II NoMa JV, L.L.C. ("NoMa JV"), to participate in and take an ownership position in a real estate development project. BVF II is the managing member of NoMa JV and has a percentage ownership interest of approximately 67% while the Operating Partnership has a percentage ownership interest of approximately 33%. | ||||||||||||
Also on March 2, 2011, NoMa JV acquired a 90% interest in NOMA Residential West I, LLC. ("NOMA Residential"). NOMA Residential has developed and is operating a 603-unit multifamily apartment community in Washington, D.C. (the "NoMa Project"). The remaining 10% interest in NOMA Residential is owned by the developer, an unrelated third party (the "NoMa Developer"). The governing agreements for NOMA Residential give the NoMa Developer the authority to manage the construction and development of, and subsequent to completion, the day-to-day operations of NOMA Residential. The agreement also provides for fees to the NoMa Developer, limits the authority of the NoMa Developer and provides for distributions based on percentage interest and thereafter in accordance with achievement of economic hurdles. | ||||||||||||
In accordance with ASC 810-10, as amended by ASU No. 2009-17, related to the consolidation of variable interest entities, the Company has performed an analysis of its investment in NoMa JV to determine whether it would qualify as a VIE and whether it should be consolidated or accounted for as an equity investment in an unconsolidated multifamily entity. As a result of the Company's qualitative assessment to determine whether its investment is a VIE, the Company determined that the investment is a VIE based upon the holders of the equity investment at risk lacking the power, through voting rights or similar rights to direct the activities of the entity that most significantly impact the entity's economic performance. Under the terms of the limited liability company agreement of NoMa JV, the managing member has the full, exclusive and complete right, power, authority, discretion, obligation and responsibility to make all decisions affecting the business of NoMa JV. | ||||||||||||
After making the determination that its investment in NoMa JV was a VIE, the Company performed an assessment of which member would be considered the primary beneficiary of NoMa JV and would be required to consolidate the VIE's balance sheet and results of operations. This assessment was based upon which entity (1) had the power to direct matters that most significantly impact the activities of NoMa JV, and (2) had the obligation to absorb losses or the right to receive benefits of NoMa JV that could potentially be significant to the VIE based upon the terms of the limited liability company and management agreements of NoMa JV. Because the managing member owns two-thirds of the entity and all profits and losses are split pro-rata in accordance with capital accounts, the Company has determined that the managing member has the obligation to absorb the losses or the right to receive benefits of the VIE while retaining the power to make significant decisions for NoMa JV. Based upon this understanding, the Company concluded that the managing member should consolidate NoMa JV and as such, the Company accounts for its investment in NoMa JV as an equity investment in an unconsolidated multifamily entity. | ||||||||||||
As of December 31, 2013, the Company had invested 100% of its total committed capital amount of $14,520,000 in NoMa JV for an ownership interest of approximately 33% and had recorded $1,710,327 of capitalized interest on the investment. The Company has no obligation to fund capital to NoMa JV in excess of its original commitment of capital of $14,520,000. The NoMa Project was complete as of December 31, 2013. | ||||||||||||
The summarized statement of assets, liabilities and members’ capital of NoMa JV is as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Multifamily apartment communities, net | $ | 126,139,123 | $ | 114,349,590 | ||||||||
Cash and cash equivalents | 1,629,885 | 565,453 | ||||||||||
Other assets | 546,996 | 738,983 | ||||||||||
Total assets | $ | 128,316,004 | $ | 115,654,026 | ||||||||
LIABILITIES AND MEMBERS’ CAPITAL | ||||||||||||
Mortgage notes payable | $ | 85,466,258 | $ | 63,413,844 | ||||||||
Other liabilities | 756,990 | 5,419,184 | ||||||||||
Noncontrolling interest | 4,209,276 | 4,682,100 | ||||||||||
Members’ capital | 37,883,480 | 42,138,898 | ||||||||||
Total liabilities and members’ capital | $ | 128,316,004 | $ | 115,654,026 | ||||||||
Company’s share of members’ capital | $ | 12,627,826 | $ | 14,046,299 | ||||||||
Basis differential (1) | 1,666,648 | 1,405,152 | ||||||||||
Carrying value of the Company’s investment in unconsolidated limited liability company (2) | $ | 14,294,474 | $ | 15,451,451 | ||||||||
-1 | This amount represents capitalized interest, net of amortization, pursuant to ASC 835-20, related to the Company's equity investment in NoMa JV. The capitalized interest was computed on the amounts borrowed by the Company to finance its investment in NoMa JV and was not an item required to be funded via a capital call. | |||||||||||
-2 | Per the limited liability company agreement of NoMa JV, the Company's liability is limited to its investment in NoMa JV. The Company has fully funded its maximum obligation under the limited liability company agreement as of December 31, 2013 and has no commitment to make additional contributions to NoMa JV. | |||||||||||
The Company evaluates the carrying value of its investment in NoMa JV for impairment periodically and records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary.  No such other-than-temporary impairment charges have been recognized as of December 31, 2013 and 2012, respectively. | ||||||||||||
The summarized statements of operations of NoMa JV for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||
For the years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 4,760,366 | $ | 91,033 | $ | — | ||||||
Expenses | (9,488,610 | ) | (1,287,819 | ) | (382,216 | ) | ||||||
Net loss | (4,728,244 | ) | (1,196,786 | ) | (382,216 | ) | ||||||
Noncontrolling interest | 472,824 | 119,678 | 38,222 | |||||||||
Net loss attributable to investment | $ | (4,255,420 | ) | $ | (1,077,108 | ) | $ | (343,994 | ) | |||
Equity in loss of unconsolidated limited liability company | (1,418,473 | ) | (359,036 | ) | (114,665 | ) | ||||||
Amortization of basis | (43,679 | ) | — | — | ||||||||
Adjusted equity in loss of unconsolidated limited liability company | $ | (1,462,152 | ) | $ | (359,036 | ) | $ | (114,665 | ) |
Mortgage_Notes_Payable
Mortgage Notes Payable | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
MORTGAGE NOTES PAYABLE [Abstract] | ' | ||||||||||||||||||||||
Mortgage Notes Payable Disclosure [Text Block] | ' | ||||||||||||||||||||||
MORTGAGE NOTES PAYABLE | |||||||||||||||||||||||
Mortgage notes payable consists of the following at December 31, 2013 and 2012: | |||||||||||||||||||||||
Collateralized Property | Original Principal Balance | Principal at December 31, 2013 | Annual Interest | Final Maturity Date | Monthly Payment | Principal at December 31, 2012 | |||||||||||||||||
Rate at | |||||||||||||||||||||||
December 31, 2013 (1) | |||||||||||||||||||||||
Berkshires of Columbia | -2 | $ | 26,600,000 | $ | 23,412,485 | 2.57 | % | 2014 | $ | 112,719 | $ | 23,947,436 | |||||||||||
Berkshires of Columbia | -2 | 4,563,000 | 4,050,347 | 2.57 | % | 2014 | 20,098 | 4,133,035 | |||||||||||||||
(2nd note) | |||||||||||||||||||||||
Berkshires of Columbia | -2 | 5,181,000 | 4,875,302 | 2.57 | % | 2014 | 21,935 | 4,950,417 | |||||||||||||||
(3rd note) | |||||||||||||||||||||||
Seasons of Laurel | 99,200,000 | 99,200,000 | 6.1 | % | 2021 | 521,076 | 99,200,000 | ||||||||||||||||
Seasons of Laurel (2nd note) | 10,210,000 | 10,210,000 | 5.95 | % | 2022 | 60,886 | — | ||||||||||||||||
Laurel Woods | 4,100,000 | 3,706,906 | 5.17 | % | 2015 | 22,438 | 3,779,771 | ||||||||||||||||
Laurel Woods (2nd note) | 1,900,000 | 1,808,990 | 7.14 | % | 2015 | 12,820 | 1,831,007 | ||||||||||||||||
Bear Creek | 3,825,000 | 3,699,087 | 5.83 | % | 2016 | 22,516 | 3,749,028 | ||||||||||||||||
Bridgewater | -3 | 14,212,500 | 12,611,983 | 2.51 | % | 2014 | 60,194 | 12,878,110 | |||||||||||||||
Reserves at Arboretum | 12,950,000 | 12,490,159 | 6.2 | % | 2015 | 79,315 | 12,661,729 | ||||||||||||||||
Country Place I & II | 15,520,000 | 13,742,409 | 5.01 | % | 2015 | 83,410 | 14,037,125 | ||||||||||||||||
Country Place I & II | 9,676,278 | 8,789,567 | 6.43 | % | 2015 | 60,965 | 8,942,697 | ||||||||||||||||
(2nd note) | |||||||||||||||||||||||
Yorktowne | 16,125,000 | 14,362,762 | 5.13 | % | 2015 | 87,848 | 14,661,448 | ||||||||||||||||
Yorktowne (2nd note) | 7,050,000 | 6,425,850 | 6.12 | % | 2015 | 42,814 | 6,537,135 | ||||||||||||||||
Brompton | -3 | 18,600,000 | 18,335,543 | 5.71 | % | 2014 | 108,072 | 18,563,736 | |||||||||||||||
Lakeridge | -3 | 13,130,000 | 11,808,613 | 5.07 | % | 2014 | 71,047 | 12,047,494 | |||||||||||||||
Lakeridge (2nd note) | -3 | 12,520,000 | 11,262,190 | 5.08 | % | 2014 | 67,824 | 11,489,637 | |||||||||||||||
Savannah at Citrus Park | 16,428,100 | 15,702,639 | 4.55 | % | 2045 | 78,257 | 15,921,808 | ||||||||||||||||
Briarwood | 13,200,000 | 12,747,190 | 6.43 | % | 2018 | 82,826 | 12,904,504 | ||||||||||||||||
Chisholm | 6,953,000 | 6,771,387 | 6.25 | % | 2016 | 42,811 | 6,853,211 | ||||||||||||||||
Standard at Lenox | 35,000,000 | 34,081,221 | 5.8 | % | 2016 | 205,364 | 34,553,897 | ||||||||||||||||
Berkshires at Town Center | 20,000,000 | 19,617,166 | 5.77 | % | 2017 | 116,969 | 19,865,277 | ||||||||||||||||
Sunfield Lakes | 19,440,000 | 19,176,348 | 6.3 | % | 2017 | 120,265 | 19,388,268 | ||||||||||||||||
Executive House | 27,000,000 | 25,236,927 | 5.52 | % | 2016 | 153,557 | 25,655,735 | ||||||||||||||||
Executive House (2nd note) | 3,617,790 | 3,502,728 | 4.24 | % | 2016 | 17,776 | 3,564,032 | ||||||||||||||||
Estancia | 29,004,000 | 27,909,654 | 5.15 | % | 2021 | 158,369 | 28,340,552 | ||||||||||||||||
2020 Lawrence | 42,692,437 | 45,159,532 | 5 | % | 2053 | 219,222 | 42,692,437 | ||||||||||||||||
Walnut Creek | -4 | 4,828,495 | 4,828,495 | 6 | % | 2014 | 24,605 | — | |||||||||||||||
Walden Pond | -5 | 12,675,000 | N/A | N/A | N/A | N/A | 10,588,183 | ||||||||||||||||
Gables of Texas | -5 | 5,325,000 | N/A | N/A | N/A | N/A | 4,448,289 | ||||||||||||||||
$ | 511,526,600 | $ | 475,525,480 | $ | 478,185,998 | ||||||||||||||||||
-1 | All interest rates are fixed as of December 31, 2013 with the exception of the variable rate debts of Berkshires of Columbia and Bridgewater. The first, second and third mortgages of Berkshires of Columbia are adjustable rate mortgages with variable interest rates of 2.40% above LIBOR. The mortgage of Bridgewater is an adjustable rate mortgage with a variable interest rate of 2.50% above the Freddie Mac Reference Bill Rate. | ||||||||||||||||||||||
(2) Mortgage was refinanced on January 16, 2014. | |||||||||||||||||||||||
-3 | The Advisor is currently marketing Bridgewater and Lakeridge for sale and expects to pay the outstanding mortgage loan with proceeds from the sale. In the event that the property is not sold, the Advisor would expect to refinance the mortgage loan or extend the maturity date. On March 24, 2014, the Company executed a purchase and sale agreement for the sale of Brompton. The closing is currently anticipated to take place on May 29, 2014. | ||||||||||||||||||||||
-4 | December 31, 2013 balance represents amounts assumed at acquisition of the property, which is a representation of fair value. The loan matured on March 31, 2014 and the balance was paid with available funds contributed to the joint venture partnership. | ||||||||||||||||||||||
-5 | Properties were sold as of December 31, 2013. | ||||||||||||||||||||||
All mortgage notes are collateralized by the referenced property, which are all multifamily residential apartment communities. All payments on the outstanding mortgage notes have been made timely and all mortgage loans were current as of December 31, 2013 and 2012. Also, there were no amounts of principal on the notes that were subject to delinquent principal or interest as of December 31, 2013. | |||||||||||||||||||||||
Combined aggregate principal maturities of mortgage notes payable at December 31, 2013 are as follows: | |||||||||||||||||||||||
2014 | $ | 95,352,442 | |||||||||||||||||||||
2015 | 63,294,459 | ||||||||||||||||||||||
2016 | 73,143,563 | ||||||||||||||||||||||
2017 | 39,941,535 | ||||||||||||||||||||||
2018 | 14,648,701 | ||||||||||||||||||||||
Thereafter | 189,144,780 | ||||||||||||||||||||||
$ | 475,525,480 | ||||||||||||||||||||||
The Company determines the fair value of the mortgage notes payable in accordance with authoritative guidance related to fair value measurement and is based on the discounted future cash flows at a discount rate that approximates the Company's current effective borrowing rate for comparable loans (other observable inputs or Level 3 inputs, as defined by the authoritative guidance). For purposes of determining fair value the Company groups its debt by similar maturity date for purposes of obtaining comparable loan information in order to determine fair values. In addition, the Company also considers the loan-to-value percentage of individual loans to determine if further stratification of the loans is appropriate in the valuation model. Debt in excess of 80% loan-to-value is considered similar to mezzanine debt and is valued using a greater interest spread than the average debt pool. Based on this analysis, the Company has determined that the fair value of the mortgage notes payable approximates $505,385,000 and $543,557,000 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||
On December 22, 2011, the Company, through JV BIR/Holland, closed on the sale of Glo to an unaffiliated party for $68,500,000. The outstanding bonds were assumed by the buyer. The Company recognized $23,916,947 in gain on the sale, which included $4,637,097 of loss related to the write-off of the fair value adjustment as a result of buyer's assumption of the mortgage note. | |||||||||||||||||||||||
On November 1, 2013, the Company through its joint venture partnership for the Walnut Creek Project, acquired the land associated with the development project. The Company assumed the seller's outstanding land loan in the amount of $4,828,495. The assumed land loan had a fixed interest rate of 6.00% and matured on March 31, 2014. Subsequent to year end on March 31, 2014, the outstanding land loan balance of $4,828,495 was paid off with available funds contributed to the joint venture partnership. | |||||||||||||||||||||||
Also on November 1, 2013, the first and second mortgages on Berkshires of Columbia were scheduled to mature. The Company exercised the extension options available under the terms of the loans to extend the maturity dates from November 1, 2013 to November 1, 2014. On November 1, 2013, the mortgages were converted to adjustable rate mortgages with a variable rate of 2.40% above the 1-month LIBOR until the extended maturity date of November 1, 2014. The third mortgage, which has a maturity date of November 1, 2014, was also converted to an adjustable rate mortgage with a variable rate of 2.40% above the 1-month LIBOR until maturity. Subsequent to year end, the Company refinanced all three mortgages on January 16, 2014 for $44,000,000, into a single mortgage bearing a variable rate of 2.43% above the 1-month LIBOR and maturity date of February 1, 2024. | |||||||||||||||||||||||
On December 1, 2013, the mortgage on Bridgewater was scheduled to mature. The Company exercised the extension option available under the terms of the loan to extend the maturity date from December 1, 2013 to December 1, 2014. On December 1, 2013, the mortgage was converted to an adjustable rate mortgage with a variable rate of 2.50% above the Freddie Mac Reference Bill Rate until the extended maturity date of December 1, 2014. | |||||||||||||||||||||||
On December 10, 2013, the Company closed on the financing of the supplemental mortgage on Seasons of Laurel for $10,210,000. The supplemental mortgage has a fixed interest rate of 5.95% and will mature on October 1, 2022. |
Revolving_Credit_Facility_Affi
Revolving Credit Facility - Affiliate (Line of Credit [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Line of Credit [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Debt Disclosure [Text Block] | ' |
REVOLVING CREDIT FACILITY - AFFILIATE | |
On June 30, 2005, the Company obtained new financing in the form of a revolving credit facility. The revolving credit facility in the amount of $20,000,000 was provided by an affiliate of the Company (the "Credit Facility - Affiliate"). The Credit Facility - Affiliate was amended on May 31, 2007 to add additional terms to the Credit Facility - Affiliate ("Amendment No. 1"), on February 17, 2011 to add an amendment period with a temporary increase in the commitment amount to $40,000,000 ("Amendment No. 2"), and on May 24, 2011 to increase the commitment fee ("Amendment No. 3"). The Credit Facility - Affiliate provides for interest on borrowings at a rate of 5% above the 30 day LIBOR rate, as announced by Reuter's, and fees based on borrowings under the Credit Facility - Affiliate and various operational and financial covenants, including a maximum leverage ratio and a maximum debt service ratio. The agreement has a maturity date of December 31, 2006, with a one-time six-month extension available at the option of the Company. The terms of the Credit Facility - Affiliate were agreed upon through negotiations and were approved by the Audit Committee. Subsequent to its exercise of extension rights, the Company on May 31, 2007 executed Amendment No.1 that provides for an extension of the maturity date by replacing the current maturity date of June 30, 2007 with a 60-day notice of termination provision by which the lender can affect a termination of the commitment under the agreement and render all outstanding amounts due and payable. Amendment No. 1 also added a clean-up requirement to the agreement, which requires the borrower to repay in full all outstanding loans and have no outstanding obligations under the agreement for a 14 consecutive day period during each 365-day period. The clean-up requirement for the current 365-day period was satisfied on July 9, 2013. | |
On February 17, 2011, the Company executed Amendment No. 2 which provides for a temporary modification of certain provisions of the Credit Facility - Affiliate during a period commencing with the date of execution and ending on July 31, 2012 (the "Amendment Period"), subject to extension. During the Amendment Period, certain provisions of the Credit Facility - Affiliate were modified and included: an increase in the amount of the commitment from $20,000,000 to $40,000,000; elimination of the leverage ratio covenant and clean-up requirement (each as defined in the revolving credit facility agreement) and computation and payment of interest on a quarterly basis. At the conclusion of the Amendment Period, including extensions, the provisions modified pursuant to Amendment No. 2 reverted back to the provisions of the Credit Facility - Affiliate agreement prior to the Amendment Period. | |
On May 24, 2011, the Company executed Amendment No. 3 which limits the total commitment fee provided for in the agreement to be no greater than $400,000 in the aggregate. | |
On July 31, 2012, the provisions of the Amendment Period, as described above, expired as the Company did not exercise the extension provision to the Amendment Period of the Credit Facility - Affiliate, as provided for in Amendment No. 2. As a result, the specific provisions, which had been modified pursuant to Amendment No. 2, reverted back to the original provisions of the Credit Facility - Affiliate agreement prior to the Amendment Period. | |
During the years ended December 31, 2013, 2012 and 2011, the Company borrowed $1,627,000, $1,691,000 and $34,028,500 under the Credit Facility - Affiliate, respectively, and repaid advances of $1,627,000, $10,040,422 and $25,679,078, respectively, during the same periods. The Company incurred interest of $32,981, $160,778 and $1,532,426 related to the Credit Facility - Affiliate during the years ended December 31, 2013, 2012 and 2011, respectively, of which $32,981, $160,778 and $764,286 were capitalized pursuant to ASC 835-20, respectively, during the same periods. The Company also paid a commitment fee of $0, $0 and $140,285, respectively, during the years ended December 31, 2013, 2012 and 2011. There were no borrowings outstanding as of December 31, 2013 and 2012. | |
The Company determines the fair value of the Credit Facility - Affiliate in accordance with authoritative guidance related to fair value measurement. The Company has determined that as a result of the 60-day termination notice provision of the Credit Facility - Affiliate that requires payment of all outstanding balances upon notification by the lender (other observable inputs or level 3 inputs, as defined by the authoritative guidance), that the fair value of the Credit Facility - Affiliate approximates the outstanding principal balance of the Credit Facility - Affiliate at December 31, 2013 and December 31, 2012. |
Notes_Payable_Other_Level_1_No
Notes Payable - Other Level 1 (Notes) (Notes Payable, Other Payables [Member], 2020 Lawrence [Member]) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Notes Payable, Other Payables [Member] | 2020 Lawrence [Member] | ' | |||
Debt Instrument [Line Items] | ' | |||
Debt Disclosure [Text Block] | ' | |||
NOTE PAYABLE - OTHER | ||||
On June 12, 2012, Zocalo Community Development, Inc. ("Zocalo"), the managing member of the joint venture ("JV 2020 Lawrence") formed with the Operating Partnership's subsidiary, BIR 2020 Lawrence, L.L.C. ("BIR 2020") and JB 2020, LLC, entered into a financing agreement with the State of Colorado (the "Colorado Energy Loan"), through the Colorado Energy Office, for $1,250,000 to be used for inclusion of energy efficient components in the construction of JV 2020 Lawrence's multifamily apartment building ("2020 Lawrence Project"). The Colorado Energy Loan has a term of 10 years and an interest rate of 5.00% per annum. The Colorado Energy Loan will mature on June 11, 2022. Zocalo has pledged all of its membership interests, both currently owned and subsequently acquired, in JV 2020 Lawrence as collateral for the Colorado Energy Loan. Pursuant to an authorizing resolution adopted by the members of JV 2020 Lawrence, Zocalo advanced the proceeds of the Colorado Energy Loan, as received from time to time, to JV 2020 Lawrence for application to the 2020 Lawrence Project. Such advances to JV 2020 Lawrence will not be considered contributions of capital to JV 2020 Lawrence. Also, Zocalo is authorized and directed to cause JV 2020 Lawrence to repay such advances, including principal and interest, made by Zocalo at such times as required by the Colorado Energy Loan. Any payments pursuant to the authorizing resolution shall be payable only from surplus cash of the 2020 Lawrence Project as defined by HUD in the governing regulatory agreement of the primary financing on the project as described above. If surplus cash is not available to satisfy Zocalo's payment obligations under the Colorado Energy Loan, then either Zocalo or BIR 2020 may issue a funding notice, pursuant to the JV 2020 Lawrence limited liability company agreement, for payment obligation amounts due and payable. As of December 31, 2013 and December 31, 2012, the outstanding balance on the Colorado Energy Loan was $1,250,000. | ||||
Combined aggregate principal maturities of note payable - other at December 31, 2013 are as follows: | ||||
2014 | $ | — | ||
2015 | 18,545 | |||
2016 | 38,493 | |||
2017 | 40,442 | |||
2018 | 42,489 | |||
Thereafter | 1,110,031 | |||
$ | 1,250,000 | |||
Based on the fair value analysis using the same method as described in Note 5 - Mortgage Notes Payable, the Company has determined that the fair value of the note payable - other approximates $1,287,000 and $1,357,000 at December 31, 2013 and 2012, respectively. |
Declaration_of_Dividend_and_Di
Declaration of Dividend and Distributions | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Tax On Distributions [Line Items] | ' | ||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||||||
DECLARATION OF DIVIDEND AND DISTRIBUTIONS | |||||||||||||||||||||
On March 25, 2003, the Board declared a dividend at an annual rate of 9%, on the stated liquidation preference of $25 per share of the outstanding Preferred Shares which is payable quarterly in arrears, on February 15, May 15, August 15, and November 15 of each year to shareholders of record in the amount of $0.5625 per share per quarter. For the years ended December 31, 2013 and 2012, the Company's aggregate dividends totaled $6,700,775 and $6,700,777, respectively, of which $837,607 were payable and included on the balance sheet in Dividends and Distributions Payable as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
For the year ended December 31, 2011, the Company did not declare a distribution to its common shareholders. | |||||||||||||||||||||
On November 6, 2012, the Board authorized the general partner of the Operating Partnership to make a special distribution of $15,000,000 from the proceeds of the sale of Silver Hill and Arboretum to the common general partner and noncontrolling interest partners in Operating Partnership, which was paid on November 7, 2012. On the same day, in respect of the special distribution to the common general partner, the Board declared a common dividend of $0.254943 per share on the Company's Class B common stock. Concurrently with the Operating Partnership distributions, the common dividend was paid from the special distribution proceeds of the common general partner. | |||||||||||||||||||||
On December 19, 2012, the Board authorized the general partner of the Operating Partnership to make a special distribution of $9,000,000 from the proceeds of the sale of Arrowhead and Moorings to the common general partner and noncontrolling interest partners in Operating Partnership, which was paid on the same day. Also on December 19, 2012, the Board declared a common dividend of $0.152966 per share on the Company's Class B common stock in respect to the special distribution to the common general partner. Concurrently with the Operating Partnership distributions, the common dividend was paid from the special distribution proceeds of the common general partner. | |||||||||||||||||||||
On August 6, 2013, the Board authorized the general partner of the Operating Partnership to make a special distribution of $12,000,000 from the proceeds of the sale of Walden Pond and Gables to the common general partner and noncontrolling interest partners in Operating Partnership. On the same day, the Board declared a common dividend of $0.203954 per share on the Company's Class B common stock in respect to the special distribution to the common general partner. On August 28, 2013 and December 12, 2013, the Operating Partnership made a special distribution of $9,200,000 and $2,800,000, respectively, to the common general partner and noncontrolling interest partners in Operating Partnership. | |||||||||||||||||||||
Concurrently with the Operating Partnership distributions on August 28, 2013 and December 12, 2013, the common dividends of $219,880 and $66,920, respectively, were paid from the special distribution proceeds of the common general partner. For the years ended December 31, 2013 and 2012, the Company’s aggregate dividends on the Class B common stock totaled $286,800 and $573,600, respectively. There was no dividend payable to the Class B common stockholder as of December 31, 2013 and December 31, 2012. | |||||||||||||||||||||
During the years ended December 31, 2013 and 2012, the Company made tax payments of $1,268,438 and $1,719,820, respectively, on behalf of the noncontrolling interest partners in Operating Partnership as required by the taxing authorities of the jurisdictions in which the Company owns and operates properties. The payments were treated as distributions attributable to the noncontrolling interest in Operating Partnership and are reflected in the Consolidated Statements of Changes in Equity (Deficit). | |||||||||||||||||||||
Holders of the Company's stock receiving distributions are subject to tax on the dividends received and must report those dividends as either ordinary income, capital gains, or non-taxable return of capital. | |||||||||||||||||||||
The Company paid $2.25 of distributions per preferred share (CUSIP 84690205) and $0.203954 of distribution per Class B common share, which is not publicly traded, during the year ended December 31, 2013. Pursuant to Internal Revenue Code Section 857 (b)(3)(C), for the years ended December 31, 2013, 2012 and 2011, the Company determined the taxable composition of the following cash distributions as set forth in the following table: | |||||||||||||||||||||
Tax Year Ended December 31, | |||||||||||||||||||||
Dividend | % | Dividend | % | Dividend | % | ||||||||||||||||
2013 | 2013 | 2012 | 2012 | 2011 | 2011 | ||||||||||||||||
Preferred Stock: | |||||||||||||||||||||
Taxable ordinary dividend paid per share | $ | — | — | % | $ | — | — | % | — | — | % | ||||||||||
Taxable capital gain dividend paid per share | 2.25 | 100 | % | 2.25 | 100 | % | 2.25 | 100 | % | ||||||||||||
Non-taxable distributions paid per share | — | — | % | — | — | % | — | — | % | ||||||||||||
Total | $ | 2.25 | 100 | % | $ | 2.25 | 100 | % | $ | 2.25 | 100 | % | |||||||||
Common Stock: | |||||||||||||||||||||
Taxable ordinary dividend paid per share | $ | — | — | % | $ | — | — | % | $ | — | — | % | |||||||||
Taxable capital gain dividend paid per share | 0.203954 | 100 | % | 0.407909 | 100 | % | — | — | % | ||||||||||||
Non-taxable distributions paid per share | — | — | % | — | — | % | — | — | % | ||||||||||||
Total | $ | 0.203954 | 100 | % | $ | 0.407909 | 100 | % | $ | — | — | % | |||||||||
Refer to Note 2 - Significant Accounting Policies for additional information regarding the tax status of the Company. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
EARNINGS PER SHARE | |||||||||||||
Net income (loss) per common share, basic and diluted, is computed as net income (loss) available to common shareholders divided by the weighted average number of common shares outstanding during the applicable period, basic and diluted. | |||||||||||||
The reconciliation of the basic and diluted earnings per common share for the year ended December 31, 2013, 2012 and 2011 follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net loss from continuing operations | $ | (11,475,333 | ) | $ | (13,189,669 | ) | $ | (22,619,200 | ) | ||||
Add: | Net loss attributable to noncontrolling interest in Operating Partnership | — | — | 10,819,718 | |||||||||
Less: | Preferred dividends | (6,700,775 | ) | (6,700,777 | ) | (6,700,763 | ) | ||||||
Net income attributable to noncontrolling interest in properties | (107,292 | ) | (9,797,304 | ) | (6,306,178 | ) | |||||||
Net income attributable to noncontrolling interest in Operating Partnership | (391,968 | ) | (12,223,771 | ) | — | ||||||||
Loss from continuing operations attributable to the Company | $ | (18,675,368 | ) | $ | (41,911,521 | ) | $ | (24,806,423 | ) | ||||
Net income from discontinued operations attributable to the Company | $ | 18,684,966 | $ | 42,210,823 | $ | 24,541,499 | |||||||
Net income (loss) available to common shareholders | $ | 9,598 | $ | 299,302 | $ | (264,924 | ) | ||||||
Net loss from continuing operations attributable to the Company per common share, basic and diluted | $ | (13.28 | ) | $ | (29.81 | ) | $ | (17.64 | ) | ||||
Net income from discontinued operations attributable to the Company per common share, basic and diluted | $ | 13.29 | $ | 30.02 | $ | 17.45 | |||||||
Net income (loss) available to common shareholders per common share, basic and diluted | $ | 0.01 | $ | 0.21 | $ | (0.19 | ) | ||||||
Weighted average number of common shares outstanding, basic and diluted | 1,406,196 | 1,406,196 | 1,406,196 | ||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company did not have any common stock equivalents; therefore basic and dilutive earnings per share were the same. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
COMMITMENTS AND CONTINGENCIES | |
The Company is party to certain legal actions arising in the ordinary course of its business, such as those relating to tenant issues. All such proceedings taken together are not expected to have a material adverse effect on the Company. While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company's liquidity, financial position or results of operations. | |
On November 12, 2009, the Audit Committee and the Board approved an amendment to the Advisory Services Agreement (the "Advisory Services Amendment") with Berkshire Advisor which included a variable incentive fee component to the existing asset management fees paid to Berkshire Advisor. The Advisory Services Amendment, which was effective January 1, 2010, provides for the incentive advisory fee which is based on the increase in fair value of the Company, as calculated and approved by management, over the base value established as of December 31, 2009 and adjusted from time to time as determined by management (the "Base Value") and requires the Company to accrue incentive advisory fees payable to Berkshire Advisor at 10%, which can be increased to 12% from time to time, based on the increase in fair value of the Company above the Base Value established by the plan. Refer to Note 14 - Related Party Transactions on page 79 for further discussion. | |
The Company has made a capital allocation to the Walnut Creek joint venture multifamily development project as of December 31, 2013. The Walnut Creek Project is a 141-unit (unaudited) multifamily apartment project in Walnut Creek, California. The Company will own a 98% interest in the project once fully invested and its commitment to the joint venture is approximately $23.9 million. As of December 31, 2013, the Company has made capital contributions totaling approximately $2,270,000. The Company consolidates its investment in the Walnut Creek Project. | |
In connection with mortgage financings collateralized by the Standard at Lenox Park, Berkshires at Town Center and Sunfield Lake properties, the Operating Partnership agreed to guarantee approximately $11.7 million of mortgage debt, at origination, related to its obligation to achieve certain revenue targets at the properties. Refer to Note 5 - Mortgage Notes Payable for additional information on the mortgage debt which matures during 2016 and 2017. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Financial Instruments [Abstract] | ' |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' |
DERIVATIVE FINANCIAL INSTRUMENTS | |
ASC 815-10 amends and expands the disclosure requirements of ASC 815-10 with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under ASC 815-10 and its related interpretations, and (c) how derivative instruments and related hedged items affect an entity's financial position, financial performance, and cash flows. ASC 815-10 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. ASC 815-10, as amended and interpreted, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by ASC 815-10, derivatives are recorded on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. | |
For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Hedge ineffectiveness is measured by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized in earnings. | |
We do not use derivatives for trading or speculative purposes. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, we have not sustained a material loss from these hedges. We have utilized interest rate caps to add stability to interest expense, to manage our exposure to interest rate movements and as required by our lenders when entering into variable interest mortgage debt. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates rise above a certain level in exchange for an upfront premium. | |
During the year ended December 31, 2009, we acquired an interest rate cap through our investment in JV BIR/Holland. The derivative instrument was obtained as a requirement by the lender under the terms of the financing and limits increases in interest costs of the variable rate debt. The interest rate cap was assumed by the buyer of the Glo property on December 22, 2011. | |
The Company did not own any derivative instruments as of December 31, 2013 and 2012. |
Noncontrolling_Interests_in_Pr
Noncontrolling Interests in Properties (Notes) (Noncontrolling interest in properties) | 12 Months Ended |
Dec. 31, 2013 | |
Noncontrolling interest in properties | ' |
Noncontrolling Interest [Line Items] | ' |
Noncontrolling Interest Disclosure [Text Block] | ' |
NONCONTROLLING INTEREST IN PROPERTIES | |
Five of the Company's properties, Berkshires of Columbia, Country Place I, Country Place II, 2020 Lawrence and Walnut Creek, are owned in joint venture with third parties as of December 31, 2013. The Company owns 91.38% of interest in Berkshires of Columbia, 58.00% in Country Place I and Country Place II, 91.08% in 2020 Lawrence and will own a 98.00% interest in Walnut Creek once fully invested. | |
During the years ended December 31, 2013, 2012 and 2011, the Company received $670,505, $400,065 and $1,099,437, respectively, of contributions from noncontrolling interest holders in properties. | |
During the years ended December 31, 2013, 2012 and 2011, distributions of $1,725,443, $8,716,462 and $6,851,145, respectively, were made to the noncontrolling interest holders in properties, of which $0 and $300,000 were payable and included on the balance sheet in Dividends and Distributions Payable as of December 31, 2013 and 2012, respectively. |
Noncontrolling_Interest_in_Ope
Noncontrolling Interest in Operating Partnership (Noncontrolling interest in Operating Partnership) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Noncontrolling interest in Operating Partnership | ' | |||||||||||
Noncontrolling Interest [Line Items] | ' | |||||||||||
Noncontrolling Interest Disclosure [Text Block] | ' | |||||||||||
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP | ||||||||||||
The following table sets forth the calculation of net income (loss) attributable to noncontrolling interest in Operating Partnership for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
For the years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 7,209,633 | $ | 29,021,154 | $ | 1,922,299 | ||||||
Adjust: Noncontrolling common interest in properties | (107,292 | ) | (9,797,304 | ) | (6,306,178 | ) | ||||||
Income (loss) before noncontrolling interest in Operating Partnership | 7,102,341 | 19,223,850 | (4,383,879 | ) | ||||||||
Preferred dividend | (6,700,775 | ) | (6,700,777 | ) | (6,700,763 | ) | ||||||
Income (loss) available to common equity | 401,566 | 12,523,073 | (11,084,642 | ) | ||||||||
Noncontrolling interest in Operating Partnership | 97.61 | % | 97.61 | % | 97.61 | % | ||||||
Net income (loss) attributable to noncontrolling interest in Operating Partnership | $ | 391,968 | $ | 12,223,771 | $ | (10,819,718 | ) | |||||
The following table sets forth a summary of the items affecting the noncontrolling interest in the Operating Partnership: | ||||||||||||
For the years ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Balance at beginning of period | $ | (89,708,267 | ) | $ | (76,785,818 | ) | ||||||
Net income (loss) attributable to noncontrolling interest in Operating Partnership | 391,968 | 12,223,771 | ||||||||||
Distributions to noncontrolling interest partners in Operating Partnership | (12,981,638 | ) | (25,146,220 | ) | ||||||||
Balance at end of period | $ | (102,297,937 | ) | $ | (89,708,267 | ) | ||||||
As of December 31, 2013 and 2012, noncontrolling interest in Operating Partnership consisted of 5,242,223 Operating Partnership units held by parties other than the Company. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Related Party Transactions Disclosure [Text Block] | ' | |||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||
The Company generally pays property management fees to an affiliate for property management services. The fees are payable at a rate of 4% of gross income. | ||||||||||||
The Company pays asset management fees to an affiliate, Berkshire Advisor, for asset management services. These fees are payable quarterly, in arrears, and may be paid only after all distributions currently payable on the Company's Preferred Shares have been paid. Effective April 4, 2003, under the Advisory Services Agreement, the Company will pay Berkshire Advisor an annual asset management fee equal to 0.40%, up to a maximum of $1,600,000 in any calendar year, as per an amendment to management agreement, of the purchase price of real estate properties owned by the Company, as adjusted from time to time to reflect the then current fair market value of the properties. The purchase price is defined as the capitalized basis of an asset under GAAP, including renovation or new construction costs, or other items paid or received that would be considered an adjustment to basis. Annual asset management fees earned by the affiliate in excess of the $1,600,000 maximum payable by the Company represent fees incurred and paid by the noncontrolling partners in the properties. In addition to the fixed fee, effective January 1, 2010, the Company may also pay Berkshire Advisor an incentive advisory fee based on increases in value of the Company, as explained below, that would not be subject to the $1,600,000 maximum. | ||||||||||||
On November 12, 2009, the Audit Committee and the Board approved the Advisory Services Amendment with Berkshire Advisor which included a variable incentive fee component to the existing asset management fees paid to Berkshire Advisor. The Advisory Services Amendment, which was effective January 1, 2010, provides for the incentive advisory fee which is based on the increase in fair value of the Company, as calculated and approved by management, over the Base Value. The Company accrues incentive advisory fees payable to Berkshire Advisor at 10%, which can be increased to 12% from time to time, based on the increase in fair value of the Company above the Base Value established by the plan. The Company has recorded $2,494,013, $3,113,100 and $1,696,485 of incentive advisory fees during the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013 and December 31, 2012, the accrued liability of $8,289,617 and $6,634,261, respectively, was included in "Due to affiliate, incentive advisory fees" on the Consolidated Balance Sheets. Payments from the plan will approximate the amounts Berkshire Advisor pays to its employees. Payments to employees by Berkshire Advisor pursuant to the plan are generally paid over a four-year period in quarterly installments. Additional limits have been placed on the total amount of payments that can be made by the Company in any given year, with interest accruing at the rate of 7% on any payments due but not yet paid. The Company made $838,657, $383,119 and $0 of incentive advisory fee payments during the year ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
The Company pays acquisition fees to an affiliate, Berkshire Advisor, for acquisition services. These fees are payable upon the closing of an acquisition of real property. The fee is equal to 1% of the purchase price of any new property acquired directly or indirectly by the Company. The purchase price is defined as the capitalized basis of an asset under GAAP, including renovations or new construction costs, or other items paid or received that would be considered an adjustment to basis. The purchase price does not include acquisition fees and capital costs of a recurring nature. The Company paid a fee on the acquisitions of Estancia Townhomes in 2011. Pursuant to the Company's adoption of ASC 805-10 as of January 1, 2009, the acquisition fee was charged to operating expenses for the years ended December 31, 2011. | ||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company incurred acquisition fees on the following acquisition: | ||||||||||||
Acquisition Fees | ||||||||||||
Acquisition | 2013 | 2012 | 2011 | |||||||||
Estancia Townhomes | $ | — | $ | — | $ | 420,000 | ||||||
$ | — | $ | — | $ | 420,000 | |||||||
The Company pays a construction management fee to an affiliate, Berkshire Advisor, for services related to the management and oversight of renovation and rehabilitation projects at its properties. The Company paid or accrued $253,392, $194,737 and $288,859 in construction management fees for the year ended December 31, 2013, 2012 and 2011, respectively. The fees are capitalized as part of the project cost in the year they are incurred. | ||||||||||||
The Company pays development fees to an affiliate, Berkshire Residential Development, L.L.C. ("BRD"), for property development services. During the years ended December 31, 2013, 2012 and 2011, the Company has incurred fees totaling $97,695, $278,820 and $209,115, respectively on the 2020 Lawrence Project and the Walnut Creek Project. The Company did not incur any development fees on the NoMa Project to BRD for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Amounts accrued or paid to the Company's affiliates for the year ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Property management fees | $ | 3,200,276 | $ | 3,448,399 | $ | 3,292,761 | ||||||
Expense reimbursements | 213,084 | 180,758 | 213,300 | |||||||||
Salary reimbursements | 8,753,851 | 9,749,185 | 9,820,522 | |||||||||
Asset management fees | 1,631,954 | 1,649,259 | 1,649,259 | |||||||||
Incentive advisory fee | 2,494,013 | 3,113,100 | 1,696,485 | |||||||||
Acquisition fees | — | — | 420,000 | |||||||||
Construction management fees | 253,392 | 194,737 | 288,859 | |||||||||
Development fees | 97,695 | 278,820 | 209,115 | |||||||||
Interest on revolving credit facility | 32,981 | 160,778 | 1,532,426 | |||||||||
Commitment fee on revolving credit facility | — | — | 140,285 | |||||||||
Total | $ | 16,677,246 | $ | 18,775,036 | $ | 19,263,012 | ||||||
Amounts due to affiliates of $2,454,167 and $3,446,460 are included in "Due to affiliates, net" at December 31, 2013 and 2012, respectively, and represent intercompany development fees, expense reimbursements, asset management fees and shared services, which consist of amounts due to affiliates of $5,070,512 and $6,505,338 at December 31, 2013 and 2012, respectively, and amounts due from affiliates of $2,616,345 and $3,058,878 at December 31, 2013 and 2012, respectively. | ||||||||||||
During the year ended December 31, 2013, 2012 and 2011, the Company borrowed $1,627,000, $1,691,000 and $34,028,500, respectively, under the Credit Facility - Affiliate, and repaid advances of $1,627,000, $10,040,422 and $25,679,078, respectively, during the same periods. The Company incurred interest of $32,981, $160,778 and $1,532,426 related to the Credit Facility - Affiliate during the years ended December 31, 2013, 2012 and 2011, respectively, of which $32,981, $160,778 and $764,286 were capitalized pursuant to ASC 835-20, respectively, during the same periods. The Company also paid a commitment fee of $0, $0 and $140,285, respectively, during the years ended December 31, 2013, 2012 and 2011. There were no borrowings outstanding as of December 31, 2013 and 2012. | ||||||||||||
Berkshire Advisor is also reimbursed for administrative services rendered by it that are necessary for our prudent operation, including property management, legal, accounting, data processing, transfer agent and other necessary services. Under the terms of the Advisory Services Agreement, the Company reimburses Berkshire Advisor for actual property level salary and benefit expenses incurred in the operation of the properties under management. Additionally, Berkshire Advisor allocates a portion of its corporate level personnel and overhead expense to the Company on the basis of an employee's time spent on duties and activities performed on behalf of the Company. Expense reimbursements paid were $213,084, $180,758 and $213,300 for the years ended December 31, 2013, 2012 and 2011, respectively. Salary reimbursements paid were $8,753,851, $9,749,185 and $9,820,522 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
In addition to the fees listed above, the unconsolidated multifamily entities paid or accrued construction management fees of $644,014, $783,248 and $578,979, property management fees of $5,243,005, $5,348,359 and $5,699,984 and asset management fees of $3,804,320, $4,008,469 and $4,371,676 to Berkshire Advisor during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Related party arrangements are approved by the Independent Directors of the Company and are evidenced by a written agreement between the Company and the affiliated entity providing the services. |
Selected_Interim_Financial_Inf
Selected Interim Financial Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Interim Financial Information [Abstract] | ' | |||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||
SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED)Â Â Â Â | ||||||||||||||||
The operating results have been revised to reflect the sale of Glo in 2011, Arboretum, Arrowhead, Moorings, Riverbirch and Silver Hill in 2012 and Gables and Walden Pond in 2013. The operating results for all quarters have been reclassed to discontinued operations to provide comparable information. | ||||||||||||||||
2013 Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
Total revenue | $ | 19,420,089 | $ | 19,851,078 | $ | 20,202,235 | $ | 20,558,728 | ||||||||
Loss before equity in income of unconsolidated multifamily entities | (3,338,559 | ) | (3,244,549 | ) | (2,860,893 | ) | (2,920,110 | ) | ||||||||
Net loss from continuing operations | (4,114,526 | ) | (4,099,685 | ) | (2,885,392 | ) | (375,730 | ) | ||||||||
Discontinued operations: | ||||||||||||||||
Income (loss) from discontinued operations | 117,850 | (58,070 | ) | (12,444 | ) | (10,895 | ) | |||||||||
Gain on disposition of real estate assets | — | 18,689,058 | — | (40,533 | ) | |||||||||||
Net income (loss) from discontinued operations | 117,850 | 18,630,988 | (12,444 | ) | (51,428 | ) | ||||||||||
Net income (loss) | (3,996,676 | ) | 14,531,303 | (2,897,836 | ) | (427,158 | ) | |||||||||
Preferred dividend | (1,675,194 | ) | (1,675,194 | ) | (1,675,194 | ) | (1,675,193 | ) | ||||||||
Net income (loss) available to common shareholders | $ | (136,024 | ) | $ | 307,373 | $ | (109,906 | ) | $ | (51,845 | ) | |||||
Basic and diluted earnings per share: | ||||||||||||||||
Net loss from continuing operations attributable to the Company | $ | (0.18 | ) | $ | (13.03 | ) | $ | (0.07 | ) | $ | — | |||||
Net income (loss) from discontinued operations attributable to the Company | 0.08 | 13.25 | (0.01 | ) | (0.04 | ) | ||||||||||
Net income (loss) available to common shareholders | $ | (0.10 | ) | $ | 0.22 | $ | (0.08 | ) | $ | (0.04 | ) | |||||
Weighted average number of common shares outstanding | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | ||||||||||||
2012 Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
Total revenue | $ | 18,341,047 | $ | 18,542,081 | $ | 18,795,317 | $ | 18,835,200 | ||||||||
Loss before equity in loss of unconsolidated multifamily entities | (4,776,790 | ) | (2,815,033 | ) | (2,272,744 | ) | (3,056,181 | ) | ||||||||
Net loss from continuing operations | (3,653,979 | ) | (3,530,605 | ) | (2,925,854 | ) | (3,079,231 | ) | ||||||||
Discontinued operations: | ||||||||||||||||
Income (loss) from discontinued operations | (923,388 | ) | 215,114 | 223,502 | (887,270 | ) | ||||||||||
Gain on disposition of real estate assets | 6,589,323 | 32,887 | — | 36,960,655 | ||||||||||||
Net income from discontinued operations | 5,665,935 | 248,001 | 223,502 | 36,073,385 | ||||||||||||
Net income (loss) | 2,011,956 | (3,282,604 | ) | (2,702,352 | ) | 32,994,154 | ||||||||||
Preferred dividend | (1,675,194 | ) | (1,675,195 | ) | (1,675,194 | ) | (1,675,194 | ) | ||||||||
Net income (loss) available to common shareholders | $ | 5,945 | $ | (121,605 | ) | $ | (107,675 | ) | $ | 522,637 | ||||||
Basic and diluted earnings per share: | ||||||||||||||||
Net loss from continuing operations attributable to the Company | $ | (4.03 | ) | $ | (0.27 | ) | $ | (0.24 | ) | $ | (25.28 | ) | ||||
Net income from discontinued operations attributable to the Company | 4.03 | 0.18 | 0.16 | 25.65 | ||||||||||||
Net income (loss) available to common shareholders | $ | — | $ | (0.09 | ) | $ | (0.08 | ) | $ | 0.37 | ||||||
Weighted average number of common shares outstanding | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | ||||||||||||
Proforma_Condensed_Financial_I
Proforma Condensed Financial Information (Unaudited) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
PROFORMA CONDENSED FINANCIAL INFORMATION (UNAUDITED) [Abstract] | ' | |||||||||||
Business Acquisition, Pro Forma Information, Description | 'PROFORMA CONDENSED FINANCIAL INFORMATION (UNAUDITED)During the years ended DecemberB 31, 2013, 2012 and 2011, the Company did not acquire any properties deemed to be individually significant in accordance with Regulation S-X, Rule 3-14 "Special Instructions for Real Estate Operations to be Acquired". The Company and certain of its subsidiaries acquired interests in Estancia Townhomes during 2011. The following unaudited proforma information was prepared as if the 2011 transaction related to the acquisition of Estancia Townhomes occurred as of January 1, 2011. The proforma financial information is based upon the historical consolidated financial statements and is not necessarily indicative of the consolidated results which actually would have occurred if the transactions had been consummated at January 1, 2011, nor does it purport to represent the results of operations for future periods. No adjustments have been made to previously reported amounts which may have been reclassed to discontinued operations resulting from subsequent sale of properties. Adjustments to the proforma financial information for the year ended December 31, 2011 consist principally of providing net operating activity and recording interest, depreciation and amortization from January 1, 2011 to the acquisition date as appropriate.B Year Ended December 31,B 2013B 2012B 2011B (unaudited)B (unaudited)B (unaudited)Revenues from rental property$bB $bB $85,047,184Net income$bB $bB $1,801,350Net loss attributable to common shareholders$bB $bB $(385,873)Net loss attributable to common shareholders, per common share, basic and diluted$bB $bB $(0.27)Included in the consolidated statements of operations for the year ended December 31, 2011 are total revenues of $4,085,255 and net loss of $(1,700,169) since the respective date of acquisition through December 31, 2011 for Estancia Townhomes. | |||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||
Revenues from rental property | $ | — | $ | — | $ | 85,047,184 | ||||||
Net income | $ | — | $ | — | $ | 1,801,350 | ||||||
Net loss attributable to common shareholders | $ | — | $ | — | $ | (385,873 | ) | |||||
Net loss attributable to common shareholders, per common share, basic and diluted | $ | — | $ | — | $ | (0.27 | ) | |||||
Disclosures_About_Fair_Value_o
Disclosures About Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Disclosures About Fair Value of Financial Instruments [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | |
The following methods and assumptions were used to estimate the fair value of financial instruments: | |
Cash and cash equivalents | |
For those cash equivalents with maturities of three months or less from the date of acquisition, the carrying amount of the investment is a reasonable estimate of fair value. | |
Mortgage notes payable and note payable - other | |
Market fixed rate mortgage notes payable - For fixed rate mortgages that have been obtained in the open market, the fair value is based on the borrowing rates currently available to the Company with similar terms and average maturities. The Company's carrying and estimated fair value amounts of the mortgages are disclosed in Note 5 - Mortgage Notes Payable and Note 7 - Note Payable - Other. | |
Assumed fixed rate mortgage notes payable - For fixed rate mortgage notes payable that the Company has assumed as part of various property acquisitions, the net present value of future cash flows method was used to determine the fair value of the liabilities when recorded by the Company. At December 31, 2013 and 2012, the carrying amount is the fair value of the assumed mortgage notes payable less any principal amortization, plus amortization of fair value adjustment since assumption. |
Legal_Proceedings_Level_1_Note
Legal Proceedings Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
LEGAL PROCEEDINGS [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
LEGAL PROCEEDINGS | |
The Company and our properties are not subject to any material pending legal proceedings and we are not aware of any such proceedings contemplated by governmental authorities. |
Subsequent_Events_Level_1_Note
Subsequent Events Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
On January 16, 2014, the Company closed on $44,000,000 of refinancing debt for Berkshires of Columbia. The mortgage has a variable rate of 2.43% above the 1-month LIBOR and will mature on February 1, 2024. Proceeds from the new mortgage were used to pay off three existing loans on the Berkshire of Columbia property totaling $32,254,893. | |
On January 16, 2014, the Board authorized the general partner of the Operating Partnership to make a special distribution of $20,000,000 from proceeds of the supplemental loan on Seasons and the refinancing of Berkshires of Columbia to the common general and noncontrolling interest partners in Operating Partnership, which was paid on January 17, 2014. Also on January 16, 2014, the Board declared a common dividend of $0.339924 per share on the Company's Class B common stock in respect to the special distribution to the common general partner. Concurrently with the Operating Partnership distributions, the common dividend was paid from the special distribution proceeds of the common general partner on January 17, 2014. | |
On January 21, 2014, the Company closed on a $90,000,000 line of credit (the "Credit Facility") with an unaffiliated lender. The Credit Facility will be used to facilitate property acquisitions and to fund the development activities of the Company. On the same day, the Company borrowed $30,000,000 on the Credit Facility. | |
  | |
On January 22, 2014, the Company executed a joint venture limited liability company agreement with an unrelated entity for the development of Aura Prestonwood, a 322-unit multifamily apartment project in Dallas, Texas. The Company's ownership percentage in the project will be 95% when fully funded. Total capital committed to the venture is $12,643,500. Simultaneously with the execution of the limited liability company agreement, the joint venture acquired the land where the multifamily apartment project will be built. The cost of the land was $7,302,960 and consideration of $1,000,000 was paid at closing for the option to acquire the abutting land parcel at a future time. | |
On January 27, 2014, the Company executed a purchase and sale agreement for the sale of Laurel Woods in Austin, Texas. The sale price of the property is $13,200,000. The closing is currently anticipated to take place on April 30, 2014. | |
On March 20, 2014, the Company, through its subsidiaries, BIR Pavilion, L.L.C. and BIR Eon, L.L.C., completed the acquisitions of Pavilion Townplace, a 236-unit multifamily apartment community located in Dallas, Texas and Eon at Lindbergh, a 352-unit multifamily apartment community located in Atlanta, Georgia, respectively. The seller was an unaffiliated third party. The purchase prices for Pavilion Townplace and Eon at Lindbergh were $56,000,000 and $64,000,000, respectively, and were subject to normal operating prorations and adjustments as provided for in the purchase and sale agreements. | |
On March 24, 2014, the Company executed a purchase and sale agreement for the sale of Berkshire on Brompton in Houston, Texas. The sale price of the property is $38,500,000. The closing is currently anticipated to take place on May 29, 2014. | |
On March 31, 2014, the Company through its joint venture partnership for the Walnut Creek Project, paid off the outstanding land loan balance of $4,828,495 with available funds contributed to the joint venture partnership. The loan was assumed on November 1, 2013 as part of the acquisition of the land for the Walnut Creek project. |
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||
BERKSHIRE INCOME REALTY, INC. | ||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||
AS OF DECEMBERÂ 31, 2013 | ||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Costs Buildings and Land | Cost Capitalized Subsequent to Acquisition | Total Costs at December 31, 2013 | Accumulated Depreciation | Total Cost | Year Acquired | Depreciable Lives | ||||||||||||||||||||||
Net of Accumulated Depreciation | ||||||||||||||||||||||||||||||
Berkshire of Columbia | $ | 32,338,134 | $ | 13,320,965 | $ | 11,972,981 | $ | 25,293,946 | $ | 18,336,471 | $ | 6,957,475 | 1983 | -1 | ||||||||||||||||
Seasons of Laurel | 109,410,000 | 63,083,489 | 31,422,864 | 94,506,353 | 69,056,801 | 25,449,552 | 1985 | -1 | ||||||||||||||||||||||
Laurel Woods | 5,515,896 | 5,216,275 | 1,438,801 | 6,655,076 | 2,895,450 | 3,759,626 | 2004 | -1 | ||||||||||||||||||||||
Bear Creek | 3,699,087 | 4,845,550 | 1,361,078 | 6,206,628 | 2,873,589 | 3,333,039 | 2004 | -1 | ||||||||||||||||||||||
Bridgewater | 12,611,983 | 18,922,831 | 1,502,272 | 20,425,103 | 7,964,582 | 12,460,521 | 2004 | -1 | ||||||||||||||||||||||
Reserves at Arboretum | 12,490,159 | 1,529,123 | 17,268,599 | 18,797,722 | 3,673,049 | 15,124,673 | 2009 | -1 | ||||||||||||||||||||||
Country Place I | 13,651,208 | 13,844,787 | 2,832,904 | 16,677,691 | 6,580,748 | 10,096,943 | 2004 | -1 | ||||||||||||||||||||||
Country Place II | 8,880,768 | 8,657,461 | 1,733,001 | 10,390,462 | 4,352,402 | 6,038,060 | 2004 | -1 | ||||||||||||||||||||||
Yorktowne | 20,788,612 | 21,616,443 | 9,457,983 | 31,074,426 | 13,984,283 | 17,090,143 | 2004 | -1 | ||||||||||||||||||||||
Berkshires on Brompton | 18,335,543 | 14,500,528 | 9,282,802 | 23,783,330 | 12,354,471 | 11,428,859 | 2005 | -1 | ||||||||||||||||||||||
Lakeridge | 23,070,803 | 34,411,075 | 2,386,249 | 36,797,324 | 13,157,267 | 23,640,057 | 2005 | -1 | ||||||||||||||||||||||
Berkshires at Citrus Park | 15,702,639 | 27,601,083 | 2,032,715 | 29,633,798 | 10,659,799 | 18,973,999 | 2005 | -1 | ||||||||||||||||||||||
Briarwood Village | 12,747,190 | 13,929,396 | 3,097,497 | 17,026,893 | 6,416,680 | 10,610,213 | 2006 | -1 | ||||||||||||||||||||||
Chisholm Place | 6,771,387 | 9,600,527 | 2,485,401 | 12,085,928 | 4,828,573 | 7,257,355 | 2006 | -1 | ||||||||||||||||||||||
Berkshires at Lenox Park | 34,081,221 | 47,040,404 | 8,440,776 | 55,481,180 | 20,435,387 | 35,045,793 | 2006 | -1 | ||||||||||||||||||||||
Berkshires at Town Center | 19,617,166 | 20,254,316 | 13,907,632 | 34,161,948 | 14,897,088 | 19,264,860 | 2007 | -1 | ||||||||||||||||||||||
Sunfield Lakes | 19,176,348 | 23,870,680 | 2,667,329 | 26,538,009 | 8,247,044 | 18,290,965 | 2007 | -1 | ||||||||||||||||||||||
Executive House | 28,739,655 | 50,205,199 | 3,972,156 | 54,177,355 | 13,336,934 | 40,840,421 | 2008 | -1 | ||||||||||||||||||||||
Estancia Townhomes | 27,909,654 | 41,394,920 | 1,024,789 | 42,419,709 | 6,125,642 | 36,294,067 | 2011 | -1 | ||||||||||||||||||||||
2020 Lawrence | 45,159,532 | 7,505,898 | 45,096,768 | 52,602,666 | 2,115,364 | 50,487,302 | 2011 | -1 | ||||||||||||||||||||||
Walnut Creek | 4,828,495 | 5,870,792 | 3,348,718 | 9,219,510 | — | 9,219,510 | 2011 | -1 | ||||||||||||||||||||||
Total | $ | 475,525,480 | $ | 447,221,742 | $ | 176,733,315 | $ | 623,955,057 | $ | 242,291,624 | $ | 381,663,433 | ||||||||||||||||||
-1 | Depreciation of buildings are calculated over useful lives ranging from 25 to 27.5 years and depreciation of improvements are calculated over useful lives ranging from 5 to 25 years. | |||||||||||||||||||||||||||||
A summary of activity for real estate and accumulated depreciation is as follows: | ||||||||||||||||||||||||||||||
Real Estate | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 638,824,856 | $ | 650,262,329 | $ | 619,577,347 | ||||||||||||||||||||||||
Acquisitions and improvements | 17,031,527 | 40,507,577 | 73,808,067 | |||||||||||||||||||||||||||
Dispositions | (31,901,326 | ) | (51,945,050 | ) | (43,123,085 | ) | ||||||||||||||||||||||||
Balance at end of year | $ | 623,955,057 | $ | 638,824,856 | $ | 650,262,329 | ||||||||||||||||||||||||
Accumulated Depreciation | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 235,825,752 | $ | 227,600,092 | 200,045,487 | |||||||||||||||||||||||||
Depreciation expense | 26,045,630 | 27,484,139 | 31,312,085 | |||||||||||||||||||||||||||
Dispositions | (19,579,758 | ) | (19,258,479 | ) | (3,757,480 | ) | ||||||||||||||||||||||||
Balance at end of year | $ | 242,291,624 | $ | 235,825,752 | $ | 227,600,092 | ||||||||||||||||||||||||
The aggregate cost of the Company's multifamily apartment communities for federal income tax purposes was $436,843,695, $449,001,683 and $490,584,110 as of December 31, 2013, 2012 and 2011, respectively and the aggregate accumulated depreciation for federal income tax purposes was $155,853,377, $147,915,604 and $146,027,581 as of December 31, 2013, 2012 and 2011, respectively. |
Significant_Accounting_Policie1
Significant Accounting Policies Level 2 (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | ' | |
Principles of combination and consolidation | ||
The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and entities which it controls including those entities subject to Accounting Standards Codification ("ASC") 810-10. Variable interest entities ("VIEs") are entities in which the equity investors do not have a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In accordance with ASC 810-10, the Company consolidates VIEs for which it has a variable interest (or a combination of variable interests) that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both, based on an assessment performed at the time the Company becomes involved with the entity. The Company reconsiders this assessment only if the entity's governing documents or the contractual arrangements among the parties involved change in a manner that changes the characteristics or adequacy of the entity's equity investment at risk, some or all of the equity investment is returned to the investors and other parties become exposed to expected losses of the entity, the entity undertakes additional activities or acquires additional assets beyond those that were anticipated at inception or at the last reconsideration date that increase its expected losses, or the entity receives an additional equity investment that is at risk, or curtails or modifies its activities in a way that decreases its expected losses. | ||
For entities not deemed to be VIEs, the Company consolidates those entities in which it owns a majority of the voting securities or interests, except in those instances in which the noncontrolling voting interest owner effectively participates through substantive participative rights, as discussed in ASC 810-10 and ASC 970-323. Substantive participatory rights include the ability to select, terminate, and set compensation of the investee's management, the ability to participate in capital and operating decisions of the investee (including budgets), in the ordinary course of business. | ||
The Company also evaluates its ownership interests in entities not deemed to be VIEs, including partnerships and limited liability companies, to determine if its economic interests result in the Company controlling the entity as promulgated in ASC 810-20, as amended by Accounting Standards Update ("ASU") No. 2009-17. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |
Real estate | ||
Real estate assets are recorded at depreciated cost. The cost of acquisition (exclusive of transaction costs), development and rehabilitation and improvement of properties are capitalized. Interest costs are capitalized based on qualifying assets and liabilities on development projects until construction is substantially complete.  Recurring capital improvements typically include appliances, carpeting, flooring, HVAC equipment, kitchen and bath cabinets, site improvements and various exterior building improvements. Non-recurring upgrades include kitchen and bath upgrades, new roofs, window replacements and the development of on-site fitness, business and community centers. | ||
The Company accounts for its acquisitions of investments in real estate in accordance with ASC 805-10, which requires the fair value of the real estate acquired to be allocated to the acquired tangible assets, consisting of land, building, furniture, fixtures and equipment and identified intangible assets and liabilities, consisting of the value of the above-market and below-market leases, the value of in-place leases and value of other tenant relationships, based in each case on their fair values. The Company considers acquisitions of operating real estate assets to be businesses as that term is contemplated in ASC 810-10. | ||
The Company allocates purchase price to the fair value of the tangible assets of an acquired property (which includes land, building, furniture, fixtures and equipment) determined by valuing the property as if it were vacant. The as-if-vacant value is allocated to land and buildings, furniture, fixtures and equipment based on management's determination of the relative fair values of these assets. | ||
Above-market and below market in-place lease values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term and any fixed-rate renewal periods in the respective leases. | ||
In making estimates of fair value for purposes of initial accounting of the purchased real estate, the Company utilizes information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company also considers our own analysis of recently acquired and existing comparable properties in our portfolio. | ||
The total amount of other intangible assets acquired is further allocated to in-place leases, which includes other tenant relationship intangible values based on management's evaluation of the specific characteristics of the residential leases and the Company's tenant retention history. The value of in-place leases and tenant relationships is determined based on the specific expiration dates of the in-place leases and amortized over a period of 12 months and the tenant relationships are based on the straight line method of amortization over a 24-month period. | ||
Costs directly associated with the development of properties are capitalized. Additionally, the Company capitalizes interest, real estate taxes, insurance and project management/development fees. We use judgment to determine when a development project commences and capitalization begins and when a development project is substantially complete and capitalization ceases. Generally, cost capitalization begins during the pre-construction period, defined as activities that are necessary to start the development of the property. A development property is considered substantially complete after major construction has ended and the property is available for occupancy. For properties that are built in phases, capitalization stops on each phase when it is considered substantially complete and ready for use and costs continue to be capitalized only on those phases under construction. | ||
Expenditures for ordinary maintenance and repairs are charged to operations as incurred. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets, as follows: | ||
Rental property | 25 to 27.5 years | |
Improvements | 5 to 25 years | |
Appliances and equipment | 3 to 8 years | |
When a property is sold, its costs and related depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. | ||
Pursuant to ASC 360-10, management reviews its long-lived assets used in operations for impairment when there is an event or change in circumstances that indicates an impairment in value, such as operational performance, adverse change in the assets' physical condition, market conditions, legal and environmental concerns and the Company's intent with regard to each asset. If such impairment is present, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future rental occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. The Company did not recognize an impairment loss in 2013 or 2012 and no such losses have been recognized to date. | ||
Our investments in unconsolidated multifamily entities are reviewed for impairment periodically when events or circumstances indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of our investment in unconsolidated multifamily entities is dependent on a number of factors, including the performance of each investment and market and economic conditions. The Company did not recognize an other-than-temporary impairment charge in 2013 or 2012. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |
Cash and cash equivalents | ||
The Company participates in centralized cash management whereby cash receipts are deposited in specific property operating accounts and are then transferred to the Company's central operating account. Bills are paid from a central disbursement account maintained by an affiliate of the Company, which is reimbursed from the Company's central operating account. In management's opinion, the cash and cash equivalents presented in the consolidated financial statements are available and required for normal operations. | ||
The Company invests its cash primarily in deposits and money market funds with commercial banks. All short-term investments with maturities of three months or less from the date of acquisition are included in cash and cash equivalents. The cash investments are recorded at cost, which approximates current market values. | ||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | |
Concentration of credit risk | ||
The Company maintains cash deposits with major financial institutions, which from time to time may exceed federally insured limits. The Company does not believe that this concentration of credit risk represents a material risk of loss with respect to its financial position as the Company invests with creditworthy institutions including national banks and major financial institutions. | ||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |
Cash restricted for tenant security deposits | ||
Cash restricted for tenant security deposits represents security deposits held by the Company under the terms of certain tenant lease agreements. | ||
Replacement reserve escrows | ||
Certain lenders require escrow accounts for capital improvements. The escrows are funded from operating cash, as needed. | ||
Deferred Charges, Policy [Policy Text Block] | ' | |
Deferred expenses | ||
Fees and costs incurred to obtain long-term financing are deferred and amortized over the terms of the related loans, on the straight line method which approximates the effective interest method. | ||
Noncontrolling Interest in Properties [Policy Text Block] | ' | |
Noncontrolling interest in properties | ||
Unaffiliated third parties have ownership interests in the Company's properties are accounted for as "Noncontrolling interest in properties" in the accompanying financial statements. Allocations of earnings and distributions are made to the Company and noncontrolling holders based upon their respective share allocations. | ||
Noncontrolling Interest in Operating Partnership [Policy Text Block] | ' | |
Noncontrolling interest in Operating Partnership | ||
In accordance with ASC 974-810, KRF Company and affiliates' common limited partnership interest in the Operating Partnership is being reflected as "Noncontrolling interest in Operating Partnership" in the financial statements of the Company. | ||
The net equity to the common and general partner interests in the Operating Partnership is less than zero after an allocation to the Company and affiliates' preferred interest in the Operating Partnership. Further, KRF Company and affiliates have no obligation to fund such deficit. Accordingly, for financial reporting purposes prior to January 1, 2009, KRF Company and affiliates' noncontrolling interest in the Operating Partnership had been reflected as zero with common stockholders' equity being reduced for the deficit amount. As of January 1, 2009, in accordance with ASC 810-10, KRF Company and affiliates' noncontrolling interest in the Operating Partnership have been reduced for their share of the current year deficit and are reflected as negative amounts on the balance sheet. | ||
In accordance with ASC 974-810, earnings of the Operating Partnership are first allocated to the preferred interests held by the Company. The remainder of earnings, if any, are allocated to the Company's general partner and KRF Company and affiliates' common limited partnership interests in accordance with their relative ownership percentages. | ||
Stockholders' Equity, Policy [Policy Text Block] | ' | |
Stockholders' equity (deficit) | ||
Capital contributions, distributions and profits and losses are allocated in accordance with the terms of the individual partnership and/or limited liability company agreements. Distributions and dividends are accrued and recorded in the period declared. | ||
Equity Offering Costs [Policy Text Block] | ' | |
Equity offering costs | ||
Underwriting commissions and offering costs have been reflected as a reduction of proceeds from issuance of the Preferred Shares. | ||
Debt Extinguishment Cost Policy [Policy Text Block] | ' | |
Debt extinguishment costs | ||
In accordance with ASC 470-50, the Company has determined that debt extinguishment costs do not meet the criteria for classification as extraordinary pursuant to ASC 225-20. Accordingly, costs associated with the early extinguishment of debt for discontinued operations are included in "Income (loss) from discontinued operations" in the accompanying Statements of Operations. Costs associated with the early extinguishment of debt for continuing operations are included in "Interest, inclusive of amortization of deferred financing fees". | ||
Revenue Recognition, Policy [Policy Text Block] | ' | |
Rental revenue | ||
The properties are leased with terms of generally one year or less. Rental revenue is recognized on a straight-line basis over the related lease term. As a result, deferred rents receivable are created when rental revenue is recognized during the concession period of certain negotiated leases and amortized over the remaining term of the lease. Recoveries from tenants for utility expenses are recognized in the period the applicable costs are incurred. | ||
Other Income Policy [Policy Text Block] | ' | |
Other income | ||
Other income, which consists primarily of income from damages, laundry, cable, phone, pool, month to month tenants, relet fees and pet fees, is recognized when earned. | ||
Income Tax, Policy [Policy Text Block] | ' | |
Income taxes | ||
The Company elected to be treated as a real estate investment trust ("REIT") under Section 856 of the Tax Code (the "Code"), with the filing of its first tax return. As a result, the Company generally is not subject to federal corporate income tax on its taxable income that is distributed to its stockholders. | ||
A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual taxable income. The Company's policy is to make sufficient distributions of its taxable income to meet the REIT distribution requirements. | ||
The Company must also meet other operational requirements with respect to its investments, assets and income. The Company monitors these various requirements on a quarterly basis and believes that as of and for the years ended December 31, 2013, 2012 and 2011, it was in compliance on all such requirements. Accordingly, the Company has made no provision for federal income taxes in the accompanying consolidated financial statements. The Company is subject to certain state level taxes based on the location of its properties. | ||
The net difference between the tax basis and the reported amounts of the Company's assets and liabilities is approximately $100,673,115 and $101,913,025 as of December 31, 2013 and 2012, respectively. The Company believes that due to its structure and the terms of the partnership agreement of the Operating Partnership, if the net difference is realized under the Code, any impact would be substantially realized by the common partners of the Operating Partnership and the impact on the common and preferred shareholders would be negligible. | ||
The Company monitors the impact of ASC 740-10, which clarifies the accounting for uncertainty in income taxes recognized in the Company's financial statements in accordance with ASC 740-10. As of December 31, 2013 and 2012, the Company has determined it does not have a liability related to a tax position taken or expected to be taken in a tax return and therefore has not recorded any adjustments to its financial statements. | ||
The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates.  In the normal course of business, the Company is subject to examination by federal, state, local, and foreign jurisdictions, where applicable.  As of December 31, 2013, the Company is subject to examination for the tax years 2010, 2011, 2012 and 2013 by the major tax jurisdictions under the statute of limitations (with limited exceptions). | ||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |
Recent Accounting Pronouncements | ||
There were no new accounting pronouncements issued or effective during the fiscal year ended December 31, 2013 which have had or are expected to have a material impact on the Company's operating results, financial position, or disclosures. | ||
Comprehensive Income, Policy [Policy Text Block] | ' | |
Consolidated Statements of Comprehensive Income (Loss) | ||
For the years ended December 31, 2013, 2012 and 2011, comprehensive income (loss) equaled net income (loss). Therefore, the Consolidated Statement of Comprehensive Income and Loss required to be presented has been omitted from the consolidated financial statements. | ||
Use of Estimates, Policy [Policy Text Block] | ' | |
Use of estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, contingent assets and liabilities at the date of financial statements and revenue and expenses during the reporting period. Such estimates include the amortization of acquired in-place leases and tenant relationships, the allowance for depreciation, impairment of multifamily apartment communities and unconsolidated multifamily entities, variable asset management fees and the fair value of mortgage notes. Actual results could differ from those estimates. | ||
Reclassification, Policy [Policy Text Block] | ' | |
Reclassifications | ||
Certain prior period balances have been reclassified in order to conform to the current period presentation. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation Properties (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate Properties [Line Items] | ' | ||||||||
Schedule of Real Estate Properties [Table Text Block] | ' | ||||||||
Total # of Unit | Ownership Interest | ||||||||
as of December 31, | as of December 31, | ||||||||
Description | Location | Year Acquired | 2013 (Unaudited) | 2012 (Unaudited) | 2013 | 2012 | |||
Berkshires of Columbia | Columbia, Maryland | 1983 | 316 | 316 | 91.38 | % | 91.38 | % | |
Seasons of Laurel | Laurel, Maryland | 1985 | 1,088 | 1,088 | 100 | % | 100 | % | |
Laurel Woods | Austin, Texas | 2004 | 150 | 150 | 100 | % | 100 | % | |
Bear Creek | Dallas, Texas | 2004 | 152 | 152 | 100 | % | 100 | % | |
Bridgewater | Hampton, Virginia | 2004 | 216 | 216 | 100 | % | 100 | % | |
Reserves at Arboretum | Newport News, Virginia | 2009 | 143 | 143 | 100 | % | 100 | % | |
Country Place I | Burtonsville, Maryland | 2004 | 192 | 192 | 58 | % | 58 | % | |
Country Place II | Burtonsville, Maryland | 2004 | 120 | 120 | 58 | % | 58 | % | |
Yorktowne | Millersville, Maryland | 2004 | 216 | 216 | 100 | % | 100 | % | |
Berkshires on Brompton | Houston, Texas | 2005 | 362 | 362 | 100 | % | 100 | % | |
Lakeridge | Hampton, Virginia | 2005 | 282 | 282 | 100 | % | 100 | % | |
Berkshires at Citrus Park | Tampa, Florida | 2005 | 264 | 264 | 100 | % | 100 | % | |
Briarwood Village | Houston, Texas | 2006 | 342 | 342 | 100 | % | 100 | % | |
Chisholm Place | Dallas, Texas | 2006 | 142 | 142 | 100 | % | 100 | % | |
Standard at Lenox Park | Atlanta, Georgia | 2006 | 375 | 375 | 100 | % | 100 | % | |
Berkshires at Town Center | Towson, Maryland | 2007 | 199 | 199 | 100 | % | 100 | % | |
Sunfield Lakes | Sherwood, Oregon | 2007 | 200 | 200 | 100 | % | 100 | % | |
Executive House | Philadelphia, Pennsylvania | 2008 | 302 | 302 | 100 | % | 100 | % | |
Estancia Townhomes | Dallas, Texas | 2011 | 207 | 207 | 100 | % | 100 | % | |
2020 Lawrence (1) | Denver, Colorado | 2011 | 231 | 231 | 91.08 | % | 91.08 | % | |
Walnut Creek (2) | Walnut Creek, California | 2011 | N/A | N/A | 98 | % | 98 | % | |
Walden Pond (3) | Houston, Texas | 1983 | N/A | 416 | N/A | 100 | % | ||
Gables of Texas (3) | Houston, Texas | 2003 | N/A | 140 | N/A | 100 | % | ||
Total | 5,499 | 6,055 |
Multifamily_Apartment_Communit1
Multifamily Apartment Communities Multifamily Apartment Communities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Multifamily Apartment Communities, Carrying Value [Abstract] | ' | |||||||||||||||||||||||||||||
Schedule of Real Estate and Accumulated Depreciation [Table Text Block] | ' | |||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Land | $ | 66,318,761 | $ | 63,749,991 | ||||||||||||||||||||||||||
Buildings, improvement and personal property | 557,636,296 | 575,074,865 | ||||||||||||||||||||||||||||
Multifamily apartment communities | 623,955,057 | 638,824,856 | ||||||||||||||||||||||||||||
Accumulated depreciation | (242,291,624 | ) | (235,825,752 | ) | ||||||||||||||||||||||||||
Multifamily apartment communities, net | $ | 381,663,433 | $ | 402,999,104 | ||||||||||||||||||||||||||
Description | Encumbrances | Initial Costs Buildings and Land | Cost Capitalized Subsequent to Acquisition | Total Costs at December 31, 2013 | Accumulated Depreciation | Total Cost | Year Acquired | Depreciable Lives | ||||||||||||||||||||||
Net of Accumulated Depreciation | ||||||||||||||||||||||||||||||
Berkshire of Columbia | $ | 32,338,134 | $ | 13,320,965 | $ | 11,972,981 | $ | 25,293,946 | $ | 18,336,471 | $ | 6,957,475 | 1983 | -1 | ||||||||||||||||
Seasons of Laurel | 109,410,000 | 63,083,489 | 31,422,864 | 94,506,353 | 69,056,801 | 25,449,552 | 1985 | -1 | ||||||||||||||||||||||
Laurel Woods | 5,515,896 | 5,216,275 | 1,438,801 | 6,655,076 | 2,895,450 | 3,759,626 | 2004 | -1 | ||||||||||||||||||||||
Bear Creek | 3,699,087 | 4,845,550 | 1,361,078 | 6,206,628 | 2,873,589 | 3,333,039 | 2004 | -1 | ||||||||||||||||||||||
Bridgewater | 12,611,983 | 18,922,831 | 1,502,272 | 20,425,103 | 7,964,582 | 12,460,521 | 2004 | -1 | ||||||||||||||||||||||
Reserves at Arboretum | 12,490,159 | 1,529,123 | 17,268,599 | 18,797,722 | 3,673,049 | 15,124,673 | 2009 | -1 | ||||||||||||||||||||||
Country Place I | 13,651,208 | 13,844,787 | 2,832,904 | 16,677,691 | 6,580,748 | 10,096,943 | 2004 | -1 | ||||||||||||||||||||||
Country Place II | 8,880,768 | 8,657,461 | 1,733,001 | 10,390,462 | 4,352,402 | 6,038,060 | 2004 | -1 | ||||||||||||||||||||||
Yorktowne | 20,788,612 | 21,616,443 | 9,457,983 | 31,074,426 | 13,984,283 | 17,090,143 | 2004 | -1 | ||||||||||||||||||||||
Berkshires on Brompton | 18,335,543 | 14,500,528 | 9,282,802 | 23,783,330 | 12,354,471 | 11,428,859 | 2005 | -1 | ||||||||||||||||||||||
Lakeridge | 23,070,803 | 34,411,075 | 2,386,249 | 36,797,324 | 13,157,267 | 23,640,057 | 2005 | -1 | ||||||||||||||||||||||
Berkshires at Citrus Park | 15,702,639 | 27,601,083 | 2,032,715 | 29,633,798 | 10,659,799 | 18,973,999 | 2005 | -1 | ||||||||||||||||||||||
Briarwood Village | 12,747,190 | 13,929,396 | 3,097,497 | 17,026,893 | 6,416,680 | 10,610,213 | 2006 | -1 | ||||||||||||||||||||||
Chisholm Place | 6,771,387 | 9,600,527 | 2,485,401 | 12,085,928 | 4,828,573 | 7,257,355 | 2006 | -1 | ||||||||||||||||||||||
Berkshires at Lenox Park | 34,081,221 | 47,040,404 | 8,440,776 | 55,481,180 | 20,435,387 | 35,045,793 | 2006 | -1 | ||||||||||||||||||||||
Berkshires at Town Center | 19,617,166 | 20,254,316 | 13,907,632 | 34,161,948 | 14,897,088 | 19,264,860 | 2007 | -1 | ||||||||||||||||||||||
Sunfield Lakes | 19,176,348 | 23,870,680 | 2,667,329 | 26,538,009 | 8,247,044 | 18,290,965 | 2007 | -1 | ||||||||||||||||||||||
Executive House | 28,739,655 | 50,205,199 | 3,972,156 | 54,177,355 | 13,336,934 | 40,840,421 | 2008 | -1 | ||||||||||||||||||||||
Estancia Townhomes | 27,909,654 | 41,394,920 | 1,024,789 | 42,419,709 | 6,125,642 | 36,294,067 | 2011 | -1 | ||||||||||||||||||||||
2020 Lawrence | 45,159,532 | 7,505,898 | 45,096,768 | 52,602,666 | 2,115,364 | 50,487,302 | 2011 | -1 | ||||||||||||||||||||||
Walnut Creek | 4,828,495 | 5,870,792 | 3,348,718 | 9,219,510 | — | 9,219,510 | 2011 | -1 | ||||||||||||||||||||||
Total | $ | 475,525,480 | $ | 447,221,742 | $ | 176,733,315 | $ | 623,955,057 | $ | 242,291,624 | $ | 381,663,433 | ||||||||||||||||||
Multifamily_Apartment_Communit2
Multifamily Apartment Communities Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Operating Results of Discontinued Operations [Abstract] | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue: | ||||||||||||
Rental | $ | 1,986,538 | $ | 11,122,693 | $ | 16,374,394 | ||||||
Utility reimbursement | 230,542 | 643,553 | 691,763 | |||||||||
Other | 297,931 | 665,778 | 1,239,316 | |||||||||
Total revenue | 2,515,011 | 12,432,024 | 18,305,473 | |||||||||
Expenses: | ||||||||||||
Operating | 847,108 | 3,832,843 | 5,418,810 | |||||||||
Maintenance | 132,940 | 835,932 | 1,186,233 | |||||||||
Real estate taxes | 273,580 | 1,159,694 | 1,778,695 | |||||||||
General and administrative | 31,993 | 40,696 | 83,709 | |||||||||
Management fees | 96,567 | 481,335 | 644,105 | |||||||||
Depreciation | 564,589 | 3,062,618 | 4,851,370 | |||||||||
Interest, inclusive of deferred financing fees and prepayment penalties | 527,986 | 4,307,713 | 3,345,671 | |||||||||
Loss on extinguishment of debt | 3,807 | 83,235 | 363,412 | |||||||||
Amortization of acquired in-place leases and tenant relationships | — | — | 8,916 | |||||||||
Total expenses | 2,478,570 | 13,804,066 | 17,680,921 | |||||||||
Income (loss) from discontinued operations | $ | 36,441 | $ | (1,372,042 | ) | $ | 624,552 | |||||
Investment_in_Unconsolidated_M1
Investment in Unconsolidated Multifamily Entities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investee, Unconsolidated Limited Partnership [Member] | ' | |||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||
Schedule of Equity Method Investments, Summary of Balance Sheet Information [Table Text Block] | ' | |||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Multifamily apartment communities, net | $ | 664,692,480 | $ | 807,747,897 | ||||||||
Cash and cash equivalents | 21,227,583 | 16,851,009 | ||||||||||
Other assets | 11,565,547 | 16,927,659 | ||||||||||
Total assets | $ | 697,485,610 | $ | 841,526,565 | ||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||
Mortgage notes payable | $ | 686,193,544 | $ | 800,968,937 | ||||||||
Revolving credit facility | 16,200,000 | 16,300,000 | ||||||||||
Other liabilities | 15,049,296 | 22,050,147 | ||||||||||
Noncontrolling interest | (6,961,558 | ) | (9,478,084 | ) | ||||||||
Partners’ capital | (12,995,672 | ) | 11,685,565 | |||||||||
Total liabilities and partners’ capital | $ | 697,485,610 | $ | 841,526,565 | ||||||||
Company’s share of partners’ capital | $ | (604,395 | ) | $ | 818,078 | |||||||
Basis differential (1) | 604,395 | 604,395 | ||||||||||
Carrying value of the Company’s investment in unconsolidated limited partnership (2) | $ | — | $ | 1,422,473 | ||||||||
Schedule of Equity Method Investments, Summary of Statement of Operations [Table Text Block] | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 131,091,773 | $ | 133,860,364 | $ | 142,470,274 | ||||||
Expenses (1) | (167,548,652 | ) | (179,003,696 | ) | (211,049,488 | ) | ||||||
Gain on property sales and extinguishment of debt (2) | 71,224,756 | 41,920,335 | 14,242,762 | |||||||||
Net income (loss) | 34,767,877 | (3,222,997 | ) | (54,336,452 | ) | |||||||
Noncontrolling interest | (5,549,113 | ) | 4,510,212 | 6,979,361 | ||||||||
Net income (loss) attributable to investment | $ | 29,218,764 | $ | 1,287,215 | $ | (47,357,091 | ) | |||||
Equity in income (loss) in unconsolidated limited partnership (1)(2) | $ | 2,350,930 | $ | 90,115 | $ | (3,315,350 | ) | |||||
Equity Method Investee, Unconsolidated Limited Liability Company [Member] | ' | |||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||
Schedule of Equity Method Investments, Summary of Balance Sheet Information [Table Text Block] | ' | |||||||||||
The summarized statement of assets, liabilities and members’ capital of NoMa JV is as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Multifamily apartment communities, net | $ | 126,139,123 | $ | 114,349,590 | ||||||||
Cash and cash equivalents | 1,629,885 | 565,453 | ||||||||||
Other assets | 546,996 | 738,983 | ||||||||||
Total assets | $ | 128,316,004 | $ | 115,654,026 | ||||||||
LIABILITIES AND MEMBERS’ CAPITAL | ||||||||||||
Mortgage notes payable | $ | 85,466,258 | $ | 63,413,844 | ||||||||
Other liabilities | 756,990 | 5,419,184 | ||||||||||
Noncontrolling interest | 4,209,276 | 4,682,100 | ||||||||||
Members’ capital | 37,883,480 | 42,138,898 | ||||||||||
Total liabilities and members’ capital | $ | 128,316,004 | $ | 115,654,026 | ||||||||
Company’s share of members’ capital | $ | 12,627,826 | $ | 14,046,299 | ||||||||
Basis differential (1) | 1,666,648 | 1,405,152 | ||||||||||
Carrying value of the Company’s investment in unconsolidated limited liability company (2) | $ | 14,294,474 | $ | 15,451,451 | ||||||||
Schedule of Equity Method Investments, Summary of Statement of Operations [Table Text Block] | ' | |||||||||||
For the years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 4,760,366 | $ | 91,033 | $ | — | ||||||
Expenses | (9,488,610 | ) | (1,287,819 | ) | (382,216 | ) | ||||||
Net loss | (4,728,244 | ) | (1,196,786 | ) | (382,216 | ) | ||||||
Noncontrolling interest | 472,824 | 119,678 | 38,222 | |||||||||
Net loss attributable to investment | $ | (4,255,420 | ) | $ | (1,077,108 | ) | $ | (343,994 | ) | |||
Equity in loss of unconsolidated limited liability company | (1,418,473 | ) | (359,036 | ) | (114,665 | ) | ||||||
Amortization of basis | (43,679 | ) | — | — | ||||||||
Adjusted equity in loss of unconsolidated limited liability company | $ | (1,462,152 | ) | $ | (359,036 | ) | $ | (114,665 | ) |
Mortgage_Notes_Payable_Mortgag
Mortgage Notes Payable Mortgage Notes Payable (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
MORTGAGE NOTES PAYABLE [Abstract] | ' | ||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||||
Collateralized Property | Original Principal Balance | Principal at December 31, 2013 | Annual Interest | Final Maturity Date | Monthly Payment | Principal at December 31, 2012 | |||||||||||||||||
Rate at | |||||||||||||||||||||||
December 31, 2013 (1) | |||||||||||||||||||||||
Berkshires of Columbia | -2 | $ | 26,600,000 | $ | 23,412,485 | 2.57 | % | 2014 | $ | 112,719 | $ | 23,947,436 | |||||||||||
Berkshires of Columbia | -2 | 4,563,000 | 4,050,347 | 2.57 | % | 2014 | 20,098 | 4,133,035 | |||||||||||||||
(2nd note) | |||||||||||||||||||||||
Berkshires of Columbia | -2 | 5,181,000 | 4,875,302 | 2.57 | % | 2014 | 21,935 | 4,950,417 | |||||||||||||||
(3rd note) | |||||||||||||||||||||||
Seasons of Laurel | 99,200,000 | 99,200,000 | 6.1 | % | 2021 | 521,076 | 99,200,000 | ||||||||||||||||
Seasons of Laurel (2nd note) | 10,210,000 | 10,210,000 | 5.95 | % | 2022 | 60,886 | — | ||||||||||||||||
Laurel Woods | 4,100,000 | 3,706,906 | 5.17 | % | 2015 | 22,438 | 3,779,771 | ||||||||||||||||
Laurel Woods (2nd note) | 1,900,000 | 1,808,990 | 7.14 | % | 2015 | 12,820 | 1,831,007 | ||||||||||||||||
Bear Creek | 3,825,000 | 3,699,087 | 5.83 | % | 2016 | 22,516 | 3,749,028 | ||||||||||||||||
Bridgewater | -3 | 14,212,500 | 12,611,983 | 2.51 | % | 2014 | 60,194 | 12,878,110 | |||||||||||||||
Reserves at Arboretum | 12,950,000 | 12,490,159 | 6.2 | % | 2015 | 79,315 | 12,661,729 | ||||||||||||||||
Country Place I & II | 15,520,000 | 13,742,409 | 5.01 | % | 2015 | 83,410 | 14,037,125 | ||||||||||||||||
Country Place I & II | 9,676,278 | 8,789,567 | 6.43 | % | 2015 | 60,965 | 8,942,697 | ||||||||||||||||
(2nd note) | |||||||||||||||||||||||
Yorktowne | 16,125,000 | 14,362,762 | 5.13 | % | 2015 | 87,848 | 14,661,448 | ||||||||||||||||
Yorktowne (2nd note) | 7,050,000 | 6,425,850 | 6.12 | % | 2015 | 42,814 | 6,537,135 | ||||||||||||||||
Brompton | -3 | 18,600,000 | 18,335,543 | 5.71 | % | 2014 | 108,072 | 18,563,736 | |||||||||||||||
Lakeridge | -3 | 13,130,000 | 11,808,613 | 5.07 | % | 2014 | 71,047 | 12,047,494 | |||||||||||||||
Lakeridge (2nd note) | -3 | 12,520,000 | 11,262,190 | 5.08 | % | 2014 | 67,824 | 11,489,637 | |||||||||||||||
Savannah at Citrus Park | 16,428,100 | 15,702,639 | 4.55 | % | 2045 | 78,257 | 15,921,808 | ||||||||||||||||
Briarwood | 13,200,000 | 12,747,190 | 6.43 | % | 2018 | 82,826 | 12,904,504 | ||||||||||||||||
Chisholm | 6,953,000 | 6,771,387 | 6.25 | % | 2016 | 42,811 | 6,853,211 | ||||||||||||||||
Standard at Lenox | 35,000,000 | 34,081,221 | 5.8 | % | 2016 | 205,364 | 34,553,897 | ||||||||||||||||
Berkshires at Town Center | 20,000,000 | 19,617,166 | 5.77 | % | 2017 | 116,969 | 19,865,277 | ||||||||||||||||
Sunfield Lakes | 19,440,000 | 19,176,348 | 6.3 | % | 2017 | 120,265 | 19,388,268 | ||||||||||||||||
Executive House | 27,000,000 | 25,236,927 | 5.52 | % | 2016 | 153,557 | 25,655,735 | ||||||||||||||||
Executive House (2nd note) | 3,617,790 | 3,502,728 | 4.24 | % | 2016 | 17,776 | 3,564,032 | ||||||||||||||||
Estancia | 29,004,000 | 27,909,654 | 5.15 | % | 2021 | 158,369 | 28,340,552 | ||||||||||||||||
2020 Lawrence | 42,692,437 | 45,159,532 | 5 | % | 2053 | 219,222 | 42,692,437 | ||||||||||||||||
Walnut Creek | -4 | 4,828,495 | 4,828,495 | 6 | % | 2014 | 24,605 | — | |||||||||||||||
Walden Pond | -5 | 12,675,000 | N/A | N/A | N/A | N/A | 10,588,183 | ||||||||||||||||
Gables of Texas | -5 | 5,325,000 | N/A | N/A | N/A | N/A | 4,448,289 | ||||||||||||||||
$ | 511,526,600 | $ | 475,525,480 | $ | 478,185,998 | ||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||||||||||||
2014 | $ | 95,352,442 | |||||||||||||||||||||
2015 | 63,294,459 | ||||||||||||||||||||||
2016 | 73,143,563 | ||||||||||||||||||||||
2017 | 39,941,535 | ||||||||||||||||||||||
2018 | 14,648,701 | ||||||||||||||||||||||
Thereafter | 189,144,780 | ||||||||||||||||||||||
$ | 475,525,480 | ||||||||||||||||||||||
Notes_Payable_Other_Tables
Notes Payable - Other (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Debt Instrument [Line Items] | ' | |||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||
2014 | $ | 95,352,442 | ||
2015 | 63,294,459 | |||
2016 | 73,143,563 | |||
2017 | 39,941,535 | |||
2018 | 14,648,701 | |||
Thereafter | 189,144,780 | |||
$ | 475,525,480 | |||
2020 Lawrence [Member] | Notes Payable, Other Payables [Member] | ' | |||
Debt Instrument [Line Items] | ' | |||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||
2014 | $ | — | ||
2015 | 18,545 | |||
2016 | 38,493 | |||
2017 | 40,442 | |||
2018 | 42,489 | |||
Thereafter | 1,110,031 | |||
$ | 1,250,000 | |||
Declaration_of_Dividend_and_Di1
Declaration of Dividend and Distributions Taxable composition of distributions (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Tax On Distributions [Line Items] | ' | ||||||||||||||||||||
Tax On Distributions [Table Text Block] | ' | ||||||||||||||||||||
Tax Year Ended December 31, | |||||||||||||||||||||
Dividend | % | Dividend | % | Dividend | % | ||||||||||||||||
2013 | 2013 | 2012 | 2012 | 2011 | 2011 | ||||||||||||||||
Preferred Stock: | |||||||||||||||||||||
Taxable ordinary dividend paid per share | $ | — | — | % | $ | — | — | % | — | — | % | ||||||||||
Taxable capital gain dividend paid per share | 2.25 | 100 | % | 2.25 | 100 | % | 2.25 | 100 | % | ||||||||||||
Non-taxable distributions paid per share | — | — | % | — | — | % | — | — | % | ||||||||||||
Total | $ | 2.25 | 100 | % | $ | 2.25 | 100 | % | $ | 2.25 | 100 | % | |||||||||
Common Stock: | |||||||||||||||||||||
Taxable ordinary dividend paid per share | $ | — | — | % | $ | — | — | % | $ | — | — | % | |||||||||
Taxable capital gain dividend paid per share | 0.203954 | 100 | % | 0.407909 | 100 | % | — | — | % | ||||||||||||
Non-taxable distributions paid per share | — | — | % | — | — | % | — | — | % | ||||||||||||
Total | $ | 0.203954 | 100 | % | $ | 0.407909 | 100 | % | $ | — | — | % | |||||||||
Earnings_per_Share_Earnings_pe
Earnings per Share Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net loss from continuing operations | $ | (11,475,333 | ) | $ | (13,189,669 | ) | $ | (22,619,200 | ) | ||||
Add: | Net loss attributable to noncontrolling interest in Operating Partnership | — | — | 10,819,718 | |||||||||
Less: | Preferred dividends | (6,700,775 | ) | (6,700,777 | ) | (6,700,763 | ) | ||||||
Net income attributable to noncontrolling interest in properties | (107,292 | ) | (9,797,304 | ) | (6,306,178 | ) | |||||||
Net income attributable to noncontrolling interest in Operating Partnership | (391,968 | ) | (12,223,771 | ) | — | ||||||||
Loss from continuing operations attributable to the Company | $ | (18,675,368 | ) | $ | (41,911,521 | ) | $ | (24,806,423 | ) | ||||
Net income from discontinued operations attributable to the Company | $ | 18,684,966 | $ | 42,210,823 | $ | 24,541,499 | |||||||
Net income (loss) available to common shareholders | $ | 9,598 | $ | 299,302 | $ | (264,924 | ) | ||||||
Net loss from continuing operations attributable to the Company per common share, basic and diluted | $ | (13.28 | ) | $ | (29.81 | ) | $ | (17.64 | ) | ||||
Net income from discontinued operations attributable to the Company per common share, basic and diluted | $ | 13.29 | $ | 30.02 | $ | 17.45 | |||||||
Net income (loss) available to common shareholders per common share, basic and diluted | $ | 0.01 | $ | 0.21 | $ | (0.19 | ) | ||||||
Weighted average number of common shares outstanding, basic and diluted | 1,406,196 | 1,406,196 | 1,406,196 | ||||||||||
Noncontrolling_Interest_in_Ope1
Noncontrolling Interest in Operating Partnership Tables (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP [Abstract] | ' | |||||||||||
Schedule of Calculation of Noncontrolling Interest [Table Text Block] | ' | |||||||||||
For the years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 7,209,633 | $ | 29,021,154 | $ | 1,922,299 | ||||||
Adjust: Noncontrolling common interest in properties | (107,292 | ) | (9,797,304 | ) | (6,306,178 | ) | ||||||
Income (loss) before noncontrolling interest in Operating Partnership | 7,102,341 | 19,223,850 | (4,383,879 | ) | ||||||||
Preferred dividend | (6,700,775 | ) | (6,700,777 | ) | (6,700,763 | ) | ||||||
Income (loss) available to common equity | 401,566 | 12,523,073 | (11,084,642 | ) | ||||||||
Noncontrolling interest in Operating Partnership | 97.61 | % | 97.61 | % | 97.61 | % | ||||||
Net income (loss) attributable to noncontrolling interest in Operating Partnership | $ | 391,968 | $ | 12,223,771 | $ | (10,819,718 | ) | |||||
Schedule of Noncontrolling Interest [Table Text Block] | ' | |||||||||||
For the years ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Balance at beginning of period | $ | (89,708,267 | ) | $ | (76,785,818 | ) | ||||||
Net income (loss) attributable to noncontrolling interest in Operating Partnership | 391,968 | 12,223,771 | ||||||||||
Distributions to noncontrolling interest partners in Operating Partnership | (12,981,638 | ) | (25,146,220 | ) | ||||||||
Balance at end of period | $ | (102,297,937 | ) | $ | (89,708,267 | ) |
Related_Party_Transactions_Rel
Related Party Transactions Related Party Transactions by Type (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Property management fees | $ | 3,200,276 | $ | 3,448,399 | $ | 3,292,761 | ||||||
Expense reimbursements | 213,084 | 180,758 | 213,300 | |||||||||
Salary reimbursements | 8,753,851 | 9,749,185 | 9,820,522 | |||||||||
Asset management fees | 1,631,954 | 1,649,259 | 1,649,259 | |||||||||
Incentive advisory fee | 2,494,013 | 3,113,100 | 1,696,485 | |||||||||
Acquisition fees | — | — | 420,000 | |||||||||
Construction management fees | 253,392 | 194,737 | 288,859 | |||||||||
Development fees | 97,695 | 278,820 | 209,115 | |||||||||
Interest on revolving credit facility | 32,981 | 160,778 | 1,532,426 | |||||||||
Commitment fee on revolving credit facility | — | — | 140,285 | |||||||||
Total | $ | 16,677,246 | $ | 18,775,036 | $ | 19,263,012 | ||||||
Selected_Interim_Financial_Inf1
Selected Interim Financial Information Selected Interim Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ' | ' | ||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||
2013 Quarter Ended | 2012 Quarter Ended | |||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||||
Total revenue | $ | 19,420,089 | $ | 19,851,078 | $ | 20,202,235 | $ | 20,558,728 | Total revenue | $ | 18,341,047 | $ | 18,542,081 | $ | 18,795,317 | $ | 18,835,200 | |||||||||||||||
Loss before equity in income of unconsolidated multifamily entities | (3,338,559 | ) | (3,244,549 | ) | (2,860,893 | ) | (2,920,110 | ) | Loss before equity in loss of unconsolidated multifamily entities | (4,776,790 | ) | (2,815,033 | ) | (2,272,744 | ) | (3,056,181 | ) | |||||||||||||||
Net loss from continuing operations | (4,114,526 | ) | (4,099,685 | ) | (2,885,392 | ) | (375,730 | ) | Net loss from continuing operations | (3,653,979 | ) | (3,530,605 | ) | (2,925,854 | ) | (3,079,231 | ) | |||||||||||||||
Discontinued operations: | Discontinued operations: | |||||||||||||||||||||||||||||||
Income (loss) from discontinued operations | 117,850 | (58,070 | ) | (12,444 | ) | (10,895 | ) | Income (loss) from discontinued operations | (923,388 | ) | 215,114 | 223,502 | (887,270 | ) | ||||||||||||||||||
Gain on disposition of real estate assets | — | 18,689,058 | — | (40,533 | ) | Gain on disposition of real estate assets | 6,589,323 | 32,887 | — | 36,960,655 | ||||||||||||||||||||||
Net income (loss) from discontinued operations | 117,850 | 18,630,988 | (12,444 | ) | (51,428 | ) | Net income from discontinued operations | 5,665,935 | 248,001 | 223,502 | 36,073,385 | |||||||||||||||||||||
Net income (loss) | (3,996,676 | ) | 14,531,303 | (2,897,836 | ) | (427,158 | ) | Net income (loss) | 2,011,956 | (3,282,604 | ) | (2,702,352 | ) | 32,994,154 | ||||||||||||||||||
Preferred dividend | (1,675,194 | ) | (1,675,194 | ) | (1,675,194 | ) | (1,675,193 | ) | Preferred dividend | (1,675,194 | ) | (1,675,195 | ) | (1,675,194 | ) | (1,675,194 | ) | |||||||||||||||
Net income (loss) available to common shareholders | $ | (136,024 | ) | $ | 307,373 | $ | (109,906 | ) | $ | (51,845 | ) | Net income (loss) available to common shareholders | $ | 5,945 | $ | (121,605 | ) | $ | (107,675 | ) | $ | 522,637 | ||||||||||
Basic and diluted earnings per share: | Basic and diluted earnings per share: | |||||||||||||||||||||||||||||||
Net loss from continuing operations attributable to the Company | $ | (0.18 | ) | $ | (13.03 | ) | $ | (0.07 | ) | $ | — | Net loss from continuing operations attributable to the Company | $ | (4.03 | ) | $ | (0.27 | ) | $ | (0.24 | ) | $ | (25.28 | ) | ||||||||
Net income from discontinued operations attributable to the Company | 4.03 | 0.18 | 0.16 | 25.65 | ||||||||||||||||||||||||||||
Net income (loss) from discontinued operations attributable to the Company | 0.08 | 13.25 | (0.01 | ) | (0.04 | ) | ||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | — | $ | (0.09 | ) | $ | (0.08 | ) | $ | 0.37 | ||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (0.10 | ) | $ | 0.22 | $ | (0.08 | ) | $ | (0.04 | ) | |||||||||||||||||||||
Weighted average number of common shares outstanding | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | ||||||||||||||||||||||||||||
Weighted average number of common shares outstanding | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | ||||||||||||||||||||||||||||
Proforma_Condensed_Financial_I1
Proforma Condensed Financial Information (Unaudited) Proforma Condensed Financial Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Proforma Condensed Financial Information [Abstract] | ' | |||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||
Revenues from rental property | $ | — | $ | — | $ | 85,047,184 | ||||||
Net income | $ | — | $ | — | $ | 1,801,350 | ||||||
Net loss attributable to common shareholders | $ | — | $ | — | $ | (385,873 | ) | |||||
Net loss attributable to common shareholders, per common share, basic and diluted | $ | — | $ | — | $ | (0.27 | ) | |||||
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ' | |||||||||||||||||||||||||||||
Schedule of Real Estate and Accumulated Depreciation [Table Text Block] | ' | |||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Land | $ | 66,318,761 | $ | 63,749,991 | ||||||||||||||||||||||||||
Buildings, improvement and personal property | 557,636,296 | 575,074,865 | ||||||||||||||||||||||||||||
Multifamily apartment communities | 623,955,057 | 638,824,856 | ||||||||||||||||||||||||||||
Accumulated depreciation | (242,291,624 | ) | (235,825,752 | ) | ||||||||||||||||||||||||||
Multifamily apartment communities, net | $ | 381,663,433 | $ | 402,999,104 | ||||||||||||||||||||||||||
Description | Encumbrances | Initial Costs Buildings and Land | Cost Capitalized Subsequent to Acquisition | Total Costs at December 31, 2013 | Accumulated Depreciation | Total Cost | Year Acquired | Depreciable Lives | ||||||||||||||||||||||
Net of Accumulated Depreciation | ||||||||||||||||||||||||||||||
Berkshire of Columbia | $ | 32,338,134 | $ | 13,320,965 | $ | 11,972,981 | $ | 25,293,946 | $ | 18,336,471 | $ | 6,957,475 | 1983 | -1 | ||||||||||||||||
Seasons of Laurel | 109,410,000 | 63,083,489 | 31,422,864 | 94,506,353 | 69,056,801 | 25,449,552 | 1985 | -1 | ||||||||||||||||||||||
Laurel Woods | 5,515,896 | 5,216,275 | 1,438,801 | 6,655,076 | 2,895,450 | 3,759,626 | 2004 | -1 | ||||||||||||||||||||||
Bear Creek | 3,699,087 | 4,845,550 | 1,361,078 | 6,206,628 | 2,873,589 | 3,333,039 | 2004 | -1 | ||||||||||||||||||||||
Bridgewater | 12,611,983 | 18,922,831 | 1,502,272 | 20,425,103 | 7,964,582 | 12,460,521 | 2004 | -1 | ||||||||||||||||||||||
Reserves at Arboretum | 12,490,159 | 1,529,123 | 17,268,599 | 18,797,722 | 3,673,049 | 15,124,673 | 2009 | -1 | ||||||||||||||||||||||
Country Place I | 13,651,208 | 13,844,787 | 2,832,904 | 16,677,691 | 6,580,748 | 10,096,943 | 2004 | -1 | ||||||||||||||||||||||
Country Place II | 8,880,768 | 8,657,461 | 1,733,001 | 10,390,462 | 4,352,402 | 6,038,060 | 2004 | -1 | ||||||||||||||||||||||
Yorktowne | 20,788,612 | 21,616,443 | 9,457,983 | 31,074,426 | 13,984,283 | 17,090,143 | 2004 | -1 | ||||||||||||||||||||||
Berkshires on Brompton | 18,335,543 | 14,500,528 | 9,282,802 | 23,783,330 | 12,354,471 | 11,428,859 | 2005 | -1 | ||||||||||||||||||||||
Lakeridge | 23,070,803 | 34,411,075 | 2,386,249 | 36,797,324 | 13,157,267 | 23,640,057 | 2005 | -1 | ||||||||||||||||||||||
Berkshires at Citrus Park | 15,702,639 | 27,601,083 | 2,032,715 | 29,633,798 | 10,659,799 | 18,973,999 | 2005 | -1 | ||||||||||||||||||||||
Briarwood Village | 12,747,190 | 13,929,396 | 3,097,497 | 17,026,893 | 6,416,680 | 10,610,213 | 2006 | -1 | ||||||||||||||||||||||
Chisholm Place | 6,771,387 | 9,600,527 | 2,485,401 | 12,085,928 | 4,828,573 | 7,257,355 | 2006 | -1 | ||||||||||||||||||||||
Berkshires at Lenox Park | 34,081,221 | 47,040,404 | 8,440,776 | 55,481,180 | 20,435,387 | 35,045,793 | 2006 | -1 | ||||||||||||||||||||||
Berkshires at Town Center | 19,617,166 | 20,254,316 | 13,907,632 | 34,161,948 | 14,897,088 | 19,264,860 | 2007 | -1 | ||||||||||||||||||||||
Sunfield Lakes | 19,176,348 | 23,870,680 | 2,667,329 | 26,538,009 | 8,247,044 | 18,290,965 | 2007 | -1 | ||||||||||||||||||||||
Executive House | 28,739,655 | 50,205,199 | 3,972,156 | 54,177,355 | 13,336,934 | 40,840,421 | 2008 | -1 | ||||||||||||||||||||||
Estancia Townhomes | 27,909,654 | 41,394,920 | 1,024,789 | 42,419,709 | 6,125,642 | 36,294,067 | 2011 | -1 | ||||||||||||||||||||||
2020 Lawrence | 45,159,532 | 7,505,898 | 45,096,768 | 52,602,666 | 2,115,364 | 50,487,302 | 2011 | -1 | ||||||||||||||||||||||
Walnut Creek | 4,828,495 | 5,870,792 | 3,348,718 | 9,219,510 | — | 9,219,510 | 2011 | -1 | ||||||||||||||||||||||
Total | $ | 475,525,480 | $ | 447,221,742 | $ | 176,733,315 | $ | 623,955,057 | $ | 242,291,624 | $ | 381,663,433 | ||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||||||||||||||||||
Real Estate | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 638,824,856 | $ | 650,262,329 | $ | 619,577,347 | ||||||||||||||||||||||||
Acquisitions and improvements | 17,031,527 | 40,507,577 | 73,808,067 | |||||||||||||||||||||||||||
Dispositions | (31,901,326 | ) | (51,945,050 | ) | (43,123,085 | ) | ||||||||||||||||||||||||
Balance at end of year | $ | 623,955,057 | $ | 638,824,856 | $ | 650,262,329 | ||||||||||||||||||||||||
Accumulated Depreciation | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 235,825,752 | $ | 227,600,092 | 200,045,487 | |||||||||||||||||||||||||
Depreciation expense | 26,045,630 | 27,484,139 | 31,312,085 | |||||||||||||||||||||||||||
Dispositions | (19,579,758 | ) | (19,258,479 | ) | (3,757,480 | ) | ||||||||||||||||||||||||
Balance at end of year | $ | 242,291,624 | $ | 235,825,752 | $ | 227,600,092 | ||||||||||||||||||||||||
Real_Estate_and_Accumulated_De2
Real Estate and Accumulated Depreciation Real Estate and Accumulated Depreciation, Rollforward (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||||
Real Estate | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 638,824,856 | $ | 650,262,329 | $ | 619,577,347 | |||||||
Acquisitions and improvements | 17,031,527 | 40,507,577 | 73,808,067 | ||||||||||
Dispositions | (31,901,326 | ) | (51,945,050 | ) | (43,123,085 | ) | |||||||
Balance at end of year | $ | 623,955,057 | $ | 638,824,856 | $ | 650,262,329 | |||||||
Accumulated Depreciation | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 235,825,752 | $ | 227,600,092 | 200,045,487 | ||||||||
Depreciation expense | 26,045,630 | 27,484,139 | 31,312,085 | ||||||||||
Dispositions | (19,579,758 | ) | (19,258,479 | ) | (3,757,480 | ) | |||||||
Balance at end of year | $ | 242,291,624 | $ | 235,825,752 | $ | 227,600,092 | |||||||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation Dispositions (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gross selling price | $31,500,000 | $76,625,000 | $68,500,000 |
Number of Units in Real Estate Property | 5,499 | 6,055 | ' |
Glo [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gross selling price | ' | ' | 68,500,000 |
Riverbirch [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gross selling price | ' | 14,200,000 | ' |
Number of Units in Real Estate Property | 210 | ' | ' |
Silver Hill & Arboretum [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gross selling price | ' | 25,425,000 | ' |
Arrowhead & Moorings [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gross selling price | ' | 37,000,000 | ' |
Walden and Gables [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gross selling price | $31,500,000 | ' | ' |
Organization_and_Basis_of_Pres3
Organization and Basis of Presentation Properties (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 18, 2013 | Dec. 24, 2012 | ||||||
Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Seasons of Laurel [Member] | Seasons of Laurel [Member] | Walden Pond [Member] | Gables of Texas [Member] | Laurel Woods [Member] | Laurel Woods [Member] | Bear Creek [Member] | Bear Creek [Member] | Bridgewater [Member] | Bridgewater [Member] | Reserves at Arboretum [Member] | Reserves at Arboretum [Member] | Country Place I [Member] | Country Place I [Member] | Country Place II [Member] | Country Place II [Member] | Yorktowne [Member] | Yorktowne [Member] | Berkshires on Brompton [Member] | Berkshires on Brompton [Member] | Lakeridge [Member] | Lakeridge [Member] | Berkshires at Citrus Park [Member] | Berkshires at Citrus Park [Member] | Briarwood Village [Member] | Briarwood Village [Member] | Chisholm Place [Member] | Chisholm Place [Member] | Standard at Lenox Park [Member] | Standard at Lenox Park [Member] | Berkshires at Town Center [Member] | Berkshires at Town Center [Member] | Sunfield Lakes [Member] | Sunfield Lakes [Member] | Executive House [Member] | Executive House [Member] | Estancia [Member] | Estancia [Member] | 2020 Lawrence [Member] | 2020 Lawrence [Member] | Walnut Creek [Member] | Walnut Creek [Member] | Development Status, Completed [Member] | Development Status, Completed [Member] | |||||||||
Partially Owned Properties [Member] | Partially Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | 2020 Lawrence [Member] | 2020 Lawrence [Member] | |||||||||
Partially Owned Properties [Member] | Partially Owned Properties [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Real Estate Property, Ownership Percentage | ' | ' | 91.38% | 91.38% | 100.00% | 100.00% | 100.00% | [1] | 100.00% | [1] | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 58.00% | 58.00% | 58.00% | 58.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 91.08% | [2] | 91.08% | [2] | 98.00% | [3] | 98.00% | [3] | ' | ' |
Number of Units in Development Projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132 | 99 | ||||||
Numbers of Units in Real Estate Property, Occupied | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192 | ' | ' | ' | ' | ' | ||||||
Mortgage Loans on Real Estate, Geographic Location of Property | ' | ' | 'Columbia, Maryland | ' | 'Laurel, Maryland | ' | 'Houston, Texas | [1] | 'Houston, Texas | [1] | 'Austin, Texas | ' | 'Dallas, Texas | ' | 'Hampton, Virginia | ' | 'Newport News, Virginia | ' | 'Burtonsville, Maryland | ' | 'Burtonsville, Maryland | ' | 'Millersville, Maryland | ' | 'Houston, Texas | ' | 'Hampton, Virginia | ' | 'Tampa, Florida | ' | 'Houston, Texas | ' | 'Dallas, Texas | ' | 'Atlanta, Georgia | ' | 'Towson, Maryland | ' | 'Sherwood, Oregon | ' | 'Philadelphia, Pennsylvania | ' | 'Dallas, Texas | ' | 'Denver, Colorado | [2] | ' | 'Walnut Creek, California | [3] | ' | ' | ' | ||
Number of Units in Real Estate Property | 5,499 | 6,055 | 316 | 316 | 1,088 | 1,088 | 416 | [1] | 140 | [1] | 150 | 150 | 152 | 152 | 216 | 216 | 143 | 143 | 192 | 192 | 120 | 120 | 216 | 216 | 362 | 362 | 282 | 282 | 264 | 264 | 342 | 342 | 142 | 142 | 375 | 375 | 199 | 199 | 200 | 200 | 302 | 302 | 207 | 207 | 231 | [2] | 231 | [2] | ' | ' | ' | ' | ||
[1] | Properties were sold as of DecemberB 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | 2020 Lawrence received a temporary certificate of occupancy from the City of Denver on December 12, 2012 and permission to occupy 7 of the 11 completed floors (99 units) from U.S. Department of Housing and Urban Development ("HUD") on December 24, 2012. Permission to occupy the remaining floors (132 units) was received on January 18, 2013. As of DecemberB 31, 2013, 192 (unaudited) of the 231 units were occupied. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Property was under development as of DecemberB 31, 2013. The Company will own a 98.00% interest in the property once fully invested. |
Organization_and_Basis_of_Pres4
Organization and Basis of Presentation Acquisitions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Estancia [Member] | Estancia [Member] | Estancia [Member] | Walnut Creek [Member] | Construction Loans [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Partially Owned Properties [Member] | Walnut Creek [Member] | Walnut Creek [Member] | Construction Loans [Member] | ||||
Partially Owned Properties [Member] | Walnut Creek [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of Units in Real Estate Property | 5,499 | 6,055 | ' | 207 | 207 | ' | ' | ' | ' | |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 6.00% | 6.00% | [1],[2] | ' | ' |
Business Acquisition, Property Price | ' | ' | $42,000,000 | ' | ' | ' | ' | ' | ' | |
Payments to Acquire Land Held-for-use | ' | ' | ' | ' | ' | 5,600,000 | ' | ' | ' | |
Mortgage debt (assigned)/assumed | ' | ' | ' | ' | ' | 4,828,495 | 4,828,495 | ' | ' | |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | 31-Mar-14 | 31-Mar-14 | ' | ' | |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | $4,828,495 | $4,828,495 | |
[1] | All interest rates are fixed as of DecemberB 31, 2013 with the exception of the variable rate debts of Berkshires of Columbia and Bridgewater. The first, second and third mortgages of Berkshires of Columbia are adjustable rate mortgages with variable interest rates of 2.40% above LIBOR. The mortgage of Bridgewater is an adjustable rate mortgage with a variable interest rate of 2.50% above the Freddie Mac Reference Bill Rate. | |||||||||
[2] | DecemberB 31, 2013 balance represents amounts assumed at acquisition of the property, which is a representation of fair value. The loan matured on March 31, 2014 and the balance was paid with available funds contributed to the joint venture partnership. |
Significant_Accounting_Policie2
Significant Accounting Policies Properties (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Capitalization of interest | $504,266 | $2,654,194 | $1,066,074 |
Difference Between Tax Basis and Reported Amounts of Assets | $100,673,115 | $101,913,025 | ' |
Apartment Building [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '25 to 27.5 years | ' | ' |
Building Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 to 25 years | ' | ' |
Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 to 8 years | ' | ' |
Multifamily_Apartment_Communit3
Multifamily Apartment Communities Multifamily apartment communities, net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Multifamily apartment communities, net [Abstract] | ' | ' |
Land | $66,318,761 | $63,749,991 |
Investment Building and Building Improvements | 557,636,296 | 575,074,865 |
Real Estate Investment Property, at Cost | 623,955,057 | 638,824,856 |
Accumulated depreciation | -242,291,624 | -235,825,752 |
Real Estate Investment Property, Net | $381,663,433 | $402,999,104 |
Multifamily_Apartment_Communit4
Multifamily Apartment Communities Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Rental Income | $1,986,538 | $11,122,693 | $16,374,394 |
Disposal Group, Including Discontinued Operation, Tenant Reimbursement | 230,542 | 643,553 | 691,763 |
Disposal Group, Including Discontinued Operation, Other Income | 297,931 | 665,778 | 1,239,316 |
Disposal Group, Including Discontinued Operation, Revenue | 2,515,011 | 12,432,024 | 18,305,473 |
Disposal Group, Including Discontinued Operation, Operating Expense | 847,108 | 3,832,843 | 5,418,810 |
Disposal Group, Including Discontinued Operation, Cost of Property Repairs and Maintenance | 132,940 | 835,932 | 1,186,233 |
Disposal Group, Including Discontinued Operation, Taxes, Other | 273,580 | 1,159,694 | 1,778,695 |
Disposal Group, Including Discontinued Operation, Other General Expense | 31,993 | 40,696 | 83,709 |
Disposal Group, Including Discontinued Operation, Asset Management Costs | 96,567 | 481,335 | 644,105 |
Disposal Group, Including Discontinued Operation, Depreciation | 564,589 | 3,062,618 | 4,851,370 |
Disposal Group, Including Discontinued Operation, Interest and Debt Expense | 527,986 | 4,307,713 | 3,345,671 |
Disposal Group, Including Discontinued Operation, Loss on Debt Extinguishment | 3,807 | 83,235 | 363,412 |
Disposal Group, Including Discontinued Operation, Amortization of Intangible Assets | 0 | 0 | 8,916 |
Disposal Group, Including Discontinued Operation, Expenses | 2,478,570 | 13,804,066 | 17,680,921 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $36,441 | ($1,372,042) | $624,552 |
Investment_in_Unconsolidated_M2
Investment in Unconsolidated Multifamily Entities Summarized Balance Sheets (Details) (Corporate Joint Venture [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Equity Method Investee, Unconsolidated Limited Partnership [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Equity Method Investment, Summarized Financial Information, Real Estate Investment Property, Net | $664,692,480 | $807,747,897 | ||
Equity Method Investment, Summarized Financial Information, Cash and Cash Equivalents | 21,227,583 | 16,851,009 | ||
Equity Method Investment, Summarized Financial Information, Other Assets | 11,565,547 | 16,927,659 | ||
Equity Method Investment, Summarized Financial Information, Assets | 697,485,610 | 841,526,565 | ||
Equity Method Investment, Summarized Financial Information, Secured Debt | 686,193,544 | 800,968,937 | ||
Equity Method Investment, Summarized Financial Information, Line of Credit | 16,200,000 | 16,300,000 | ||
Equity Method Investment, Summarized Financial Information, Other Liabilities | 15,049,296 | 22,050,147 | ||
Equity Method Investment, Summarized Financial Information, Noncontrolling Interest | -6,961,558 | -9,478,084 | ||
Equity Method Investment, Summarized Financial Information, Equity or Capital | -12,995,672 | 11,685,565 | ||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 697,485,610 | 841,526,565 | ||
Equity Method Investment, Underlying Equity in Net Assets | 604,395 | -818,078 | ||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 604,395 | [1] | 604,395 | [1] |
Equity Method Investments | 0 | [2] | 1,422,473 | [2] |
Equity Method Investment, Carrying Amount and Underlying Equity, Differential, Syndication Costs | 583,240 | 583,240 | ||
Equity Method Investee, Unconsolidated Limited Liability Company [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Equity Method Investment, Summarized Financial Information, Real Estate Investment Property, Net | 126,139,123 | 114,349,590 | ||
Equity Method Investment, Summarized Financial Information, Cash and Cash Equivalents | 1,629,885 | 565,453 | ||
Equity Method Investment, Summarized Financial Information, Other Assets | 546,996 | 738,983 | ||
Equity Method Investment, Summarized Financial Information, Assets | 128,316,004 | 115,654,026 | ||
Equity Method Investment, Summarized Financial Information, Secured Debt | 85,466,258 | 63,413,844 | ||
Equity Method Investment, Summarized Financial Information, Other Liabilities | 756,990 | 5,419,184 | ||
Equity Method Investment, Summarized Financial Information, Noncontrolling Interest | 4,209,276 | 4,682,100 | ||
Equity Method Investment, Summarized Financial Information, Equity or Capital | 37,883,480 | 42,138,898 | ||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 128,316,004 | 115,654,026 | ||
Equity Method Investment, Underlying Equity in Net Assets | -12,627,826 | -14,046,299 | ||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 1,666,648 | [3] | 1,405,152 | [3] |
Equity Method Investments | $14,294,474 | [4] | $15,451,451 | [4] |
[1] | This amount represents the difference between the Companybs investment in BVF and its share of the underlying equity in the net assets of BVF (adjusted to conform with GAAP). At DecemberB 31, 2013 and DecemberB 31, 2012, the differential related mainly to the $583,240 which represents the Companybs share of syndication costs incurred by BVF that the Company was not required to fund via a separate capital call. | |||
[2] | Per the partnership agreement of BVF, the Companybs liability is limited to its investment in BVF. The Company does not guarantee any third-party debt held by BVF. The Company has fully funded its obligations under the partnership agreement as of DecemberB 31, 2013 and has no commitment to make additional contributions to BVF. The carrying value of the investment is $0 at December 31, 2013 as distributions from the investment in the current year have exceeded the Company's invested equity as adjusted for the Company's share of gains and losses over the holding period of the investment. | |||
[3] | This amount represents capitalized interest, net of amortization, pursuant to ASC 835-20, related to the Company's equity investment in NoMa JV. The capitalized interest was computed on the amounts borrowed by the Company to finance its investment in NoMa JV and was not an item required to be funded via a capital call. | |||
[4] | Per the limited liability company agreement of NoMa JV, the Company's liability is limited to its investment in NoMa JV. The Company has fully funded its maximum obligation under the limited liability company agreement as of DecemberB 31, 2013 and has no commitment to make additional contributions to NoMa JV. |
Investment_in_Unconsolidated_M3
Investment in Unconsolidated Multifamily Entities Summarized Statements of Operations (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |||
Equity in income (loss) of unconsolidated multifamily entities | $888,778 | ($268,921) | ($3,430,015) | |||
Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |||
Equity Method Investment, Summarized Financial Information, Revenue | 4,760,366 | 91,033 | 0 | |||
Equity Method Investment, Summarized Financial Information, Expenses | 9,488,610 | 1,287,819 | 382,216 | |||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) Attributable to Noncontrolling Interest | -472,824 | -119,678 | -38,222 | |||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | -4,255,420 | -1,077,108 | -343,994 | |||
Income (Loss) from Equity Method Investments, before amortization of basis | -1,418,473 | -359,036 | ' | |||
Equity in income (loss) of unconsolidated multifamily entities | -1,462,152 | -359,036 | -114,665 | |||
Income (Loss) from Equity Method Investment, amortization of basis | -43,679 | 0 | ' | |||
Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |||
Equity Method Investment, Summarized Financial Information, Revenue | 131,091,773 | 133,860,364 | 142,470,274 | |||
Equity Method Investment, Summarized Financial Information, Expenses | 167,548,652 | [1] | 179,003,696 | [1] | 211,049,488 | [1] |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Property and Extinguisment of Debt | 71,224,756 | [2] | 41,920,335 | [2] | 14,242,762 | [2] |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) Attributable to Noncontrolling Interest | 5,549,113 | -4,510,212 | -6,979,361 | |||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 29,218,764 | 1,287,215 | -47,357,091 | |||
Equity in income (loss) of unconsolidated multifamily entities | 2,350,930 | [1],[2] | 90,115 | [1],[2] | -3,315,350 | [1],[2] |
Debt Forgiveness [Member] | Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |||
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Property and Extinguisment of Debt | ' | ' | $12,991,979 | |||
[1] | During the year ended December 31, 2011, BVF recorded an impairment charge on its real estate in accordance with ASC 360-10 in the amount of $11,629,342, which is included in Expenses on the summarized statement of operations of BVF. The Companybs share was approximately $407,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. There were no impairment indicators in the year ended DecemberB 31, 2013 and no impairment indicators and impairment writeoffs in the year ended DecemberB 31, 2012. The Company has determined that its valuation of the real estate was categorized within Level 3 of the fair value hierarchy in accordance with ASC 820-10, as it utilized significant unobservable inputs in its assessment. | |||||
[2] | During the year ended December 31, 2011, BVF recorded a net gain on the disposition of a long lived asset, pursuant to a short sale on behalf of the lender, that previously experienced an impairment charge. In accordance with ASC 360-10, BVF adjusted the cost basis of the asset to the carrying value at the time of the impairment charge and computed the resulting gain on the new cost basis. The loss on the sale was $428,614, of which the Company's share was approximately $15,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. Additionally, concurrent with the short sale, the Company also recognized a gain from forgiveness of debt related to the extinguishment of the mortgage by the lender on the disposed real estate. The gain on the forgiveness of debt was $12,991,979 of which the Company's share was approximately $455,000 and is also reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. During the year ended December 31, 2011, BVF prepaid a mortgage note which was recorded at fair value at acquisition in accordance with ASC 805-10, and recorded a gain of $1,679,397 as a result. The Companybs share of the gain was approximately $118,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. During the year ended December 31, 2012, BVF recorded a net gain on the disposition of eight properties. The gain on the sale was $41,920,335, of which the Company's share was approximately $2,934,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2012.During the year ended December 31, 2013, BVF recorded a net gain on the disposition of ten properties, of which five previously experienced impairment charges. In accordance with ASC 360-10, BVF adjusted the cost basis of the assets to the carrying value at the time of the impairment charge and computed the resulting gain on the new cost basis. The gain on the sale of all ten properties was $71,224,756, of which the Company's share was approximately $4,252,000 and is reflected in the equity in income of unconsolidated multifamily entities recognized for the year ended December 31, 2013. |
Investment_in_Unconsolidated_M4
Investment in Unconsolidated Multifamily Entities Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 12, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 02, 2011 | Aug. 12, 2005 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 02, 2011 | Dec. 31, 2013 | ||||
Equity Method Investee, Unconsolidated Limited Partnership [Member] | Affiliated Entity [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Impairment [Member] | Debt Forgiveness [Member] | Repayment of Debt | Gain Loss on Disposition [Member] | Gain Loss on Disposition [Member] | Gain Loss on Disposition [Member] | NOMA Residental West I, LLC [Member] | NOMA Residental West I, LLC [Member] | Capital Addition Purchase Commitments [Member] | |||||||
Equity Method Investee, Unconsolidated Limited Liability Company [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | Equity Method Investee, Multifamily Limted Liability Company [Member] | Maximum [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Washington, D.C. [Member] | ||||||||
properties | properties | Equity Method Investee, Unconsolidated Limited Partnership [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | Equity Method Investee, Unconsolidated Limited Partnership [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | Corporate Joint Venture [Member] | |||||||||||||||
apartments | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investment, Summarized Financial Information, Expenses | ' | ' | ' | ' | ' | $167,548,652 | [1] | $179,003,696 | [1] | $211,049,488 | [1] | ' | $9,488,610 | $1,287,819 | $382,216 | ' | ' | $11,629,342 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Impairment of Real Estate, Equity Gain (Loss) Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 407,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Property and Extinguisment of Debt | ' | ' | ' | ' | ' | 71,224,756 | [2] | 41,920,335 | [2] | 14,242,762 | [2] | ' | ' | ' | ' | ' | ' | ' | 12,991,979 | 1,679,397 | 71,224,756 | 41,920,335 | -428,614 | ' | ' | ' |
Equity Method Investment, Gain (Loss) on Sale of Property and Extinguishment of Debt, Equity Gain (Loss) Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 455,000 | 118,000 | 4,252,000 | 2,934,000 | -15,000 | ' | ' | ' | |||
Equity Method Investment, Carrying Amount and Underlying Equity, Differential, Syndication Costs | ' | ' | ' | ' | ' | 583,240 | 583,240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investment, Summarized Financial Information, Number of Properties Disposed | ' | ' | ' | ' | ' | 10 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investment, Aggregate Cost | ' | ' | ' | ' | ' | 23,400,000 | ' | ' | 23,400,000 | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investment, Funding Percentage of Investment | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Commitments and contingencies | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,520,000 | |||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | 67.00% | 7.00% | ' | ' | ' | 33.00% | ' | ' | 33.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Distributions of return on investments in unconsolidated multifamily entities | 305,401 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Distributions from investments in unconsolidated multifamily entities | 3,468,002 | 1,400,150 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investment, Cumulative Distributions Received | ' | ' | ' | 5,173,553 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investment, Distribution As Percentage of Total Commitment | ' | ' | ' | 22.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investment, Business Acquisition, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | |||
Equity Method Investment, Number of Units in Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 603 | ' | ' | |||
Equity Method Investment, Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | |||
Equity Method Investment, Accumulated Capitalized Interest Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,710,327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investment, Summarized Financial Information, Number of Properties Remained | ' | ' | ' | ' | ' | $33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | During the year ended December 31, 2011, BVF recorded an impairment charge on its real estate in accordance with ASC 360-10 in the amount of $11,629,342, which is included in Expenses on the summarized statement of operations of BVF. The Companybs share was approximately $407,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. There were no impairment indicators in the year ended DecemberB 31, 2013 and no impairment indicators and impairment writeoffs in the year ended DecemberB 31, 2012. The Company has determined that its valuation of the real estate was categorized within Level 3 of the fair value hierarchy in accordance with ASC 820-10, as it utilized significant unobservable inputs in its assessment. | |||||||||||||||||||||||||
[2] | During the year ended December 31, 2011, BVF recorded a net gain on the disposition of a long lived asset, pursuant to a short sale on behalf of the lender, that previously experienced an impairment charge. In accordance with ASC 360-10, BVF adjusted the cost basis of the asset to the carrying value at the time of the impairment charge and computed the resulting gain on the new cost basis. The loss on the sale was $428,614, of which the Company's share was approximately $15,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. Additionally, concurrent with the short sale, the Company also recognized a gain from forgiveness of debt related to the extinguishment of the mortgage by the lender on the disposed real estate. The gain on the forgiveness of debt was $12,991,979 of which the Company's share was approximately $455,000 and is also reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. During the year ended December 31, 2011, BVF prepaid a mortgage note which was recorded at fair value at acquisition in accordance with ASC 805-10, and recorded a gain of $1,679,397 as a result. The Companybs share of the gain was approximately $118,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2011. During the year ended December 31, 2012, BVF recorded a net gain on the disposition of eight properties. The gain on the sale was $41,920,335, of which the Company's share was approximately $2,934,000 and is reflected in the equity in loss of unconsolidated multifamily entities recognized for the year ended December 31, 2012.During the year ended December 31, 2013, BVF recorded a net gain on the disposition of ten properties, of which five previously experienced impairment charges. In accordance with ASC 360-10, BVF adjusted the cost basis of the assets to the carrying value at the time of the impairment charge and computed the resulting gain on the new cost basis. The gain on the sale of all ten properties was $71,224,756, of which the Company's share was approximately $4,252,000 and is reflected in the equity in income of unconsolidated multifamily entities recognized for the year ended December 31, 2013. |
Mortgage_Notes_Payable_Mortgag1
Mortgage Notes Payable Mortgage Notes Payable by Property (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 15, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||
Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Seasons of Laurel [Member] | Seasons of Laurel [Member] | Seasons of Laurel [Member] | Seasons of Laurel [Member] | Laurel Woods [Member] | Laurel Woods [Member] | Laurel Woods [Member] | Laurel Woods [Member] | Bear Creek [Member] | Bear Creek [Member] | Walden Pond [Member] | Walden Pond [Member] | Gables of Texas [Member] | Gables of Texas [Member] | Bridgewater [Member] | Bridgewater [Member] | Bridgewater [Member] | Reserves at Arboretum [Member] | Reserves at Arboretum [Member] | Country Place I & II [Member] | Country Place I & II [Member] | Country Place I & II [Member] | Country Place I & II [Member] | Yorktowne [Member] | Yorktowne [Member] | Yorktowne [Member] | Yorktowne [Member] | Berkshires on Brompton [Member] | Berkshires on Brompton [Member] | Lakeridge [Member] | Lakeridge [Member] | Lakeridge [Member] | Lakeridge [Member] | Berkshires at Citrus Park [Member] | Berkshires at Citrus Park [Member] | Briarwood Village [Member] | Briarwood Village [Member] | Chisholm Place [Member] | Chisholm Place [Member] | Standard at Lenox Park [Member] | Standard at Lenox Park [Member] | Berkshires at Town Center [Member] | Berkshires at Town Center [Member] | Sunfield Lakes [Member] | Sunfield Lakes [Member] | Executive House [Member] | Executive House [Member] | Executive House [Member] | Executive House [Member] | Estancia Townhomes [Member] | Estancia Townhomes [Member] | 2020 Lawrence [Member] | 2020 Lawrence [Member] | Walnut Creek [Member] | Walnut Creek [Member] | |||||||||||||||||||||||||||||||||||
First Mortgage [Member] | First Mortgage [Member] | Second Mortgage [Member] | Second Mortgage [Member] | Third Mortgage [Member] | Third Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | Second Mortgage [Member] | Second Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | Second Mortgage [Member] | Second Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | Second Mortgage [Member] | Second Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | Second Mortgage [Member] | Second Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | Second Mortgage [Member] | Second Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | Second Mortgage [Member] | Second Mortgage [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate Terms | ' | ' | '2.40% above LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2.50% above the Freddie Mac Reference Bill Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $511,526,600 | ' | ' | $26,600,000 | [1] | ' | $4,563,000 | [1] | ' | $5,181,000 | [1] | ' | $99,200,000 | ' | $10,210,000 | ' | $4,100,000 | ' | $1,900,000 | ' | $3,825,000 | ' | $12,675,000 | [2] | ' | $5,325,000 | [2] | ' | ' | $14,212,500 | [3] | ' | $12,950,000 | ' | $15,520,000 | ' | $9,676,278 | ' | $16,125,000 | ' | $7,050,000 | ' | $18,600,000 | [3] | ' | $13,130,000 | [3] | ' | $12,520,000 | [3] | ' | $16,428,100 | ' | $13,200,000 | ' | $6,953,000 | ' | $35,000,000 | ' | $20,000,000 | ' | $19,440,000 | ' | $27,000,000 | ' | $3,617,790 | ' | $29,004,000 | ' | $42,692,437 | ' | $4,828,495 | [4] | ' | ||||||||||||||||||||||
Long-term Debt | 475,525,480 | 478,185,998 | ' | 23,412,485 | [1] | 23,947,436 | 4,050,347 | [1] | 4,133,035 | 4,875,302 | [1] | 4,950,417 | 99,200,000 | 99,200,000 | 10,210,000 | 0 | 3,706,906 | 3,779,771 | 1,808,990 | 1,831,007 | 3,699,087 | 3,749,028 | ' | 10,588,183 | [2] | ' | 4,448,289 | [2] | ' | 12,611,983 | [3] | 12,878,110 | 12,490,159 | 12,661,729 | 13,742,409 | 14,037,125 | 8,789,567 | 8,942,697 | 14,362,762 | 14,661,448 | 6,425,850 | 6,537,135 | 18,335,543 | [3] | 18,563,736 | 11,808,613 | [3] | 12,047,494 | 11,262,190 | [3] | 11,489,637 | 15,702,639 | 15,921,808 | 12,747,190 | 12,904,504 | 6,771,387 | 6,853,211 | 34,081,221 | 34,553,897 | 19,617,166 | 19,865,277 | 19,176,348 | 19,388,268 | 25,236,927 | 25,655,735 | 3,502,728 | 3,564,032 | 27,909,654 | 28,340,552 | 45,159,532 | 42,692,437 | 4,828,495 | [4] | 0 | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 2.57% | [1],[5] | ' | 2.57% | [1],[5] | ' | 2.57% | [1],[5] | ' | 6.10% | [5] | ' | 5.95% | [5] | ' | 5.17% | [5] | ' | 7.14% | [5] | ' | 5.83% | [5] | ' | ' | ' | ' | ' | ' | 2.51% | [3],[5] | ' | 6.20% | [5] | ' | 5.01% | [5] | ' | 6.43% | [5] | ' | 5.13% | [5] | ' | 6.12% | [5] | ' | 5.71% | [3],[5] | ' | 5.07% | [3],[5] | ' | 5.08% | [3],[5] | ' | 4.55% | [5] | ' | 6.43% | [5] | ' | 6.25% | [5] | ' | 5.80% | [5] | ' | 5.77% | [5] | ' | 6.30% | [5] | ' | 5.52% | [5] | ' | 4.24% | [5] | ' | 5.15% | [5] | ' | 5.00% | [5] | ' | 6.00% | [4],[5] | ' | ||||
Debt Instrument, Maturity Date in Year | ' | ' | ' | '2014 | [1] | ' | '2014 | [1] | ' | '2014 | [1] | ' | '2021 | ' | '2022 | ' | '2015 | ' | '2015 | ' | '2016 | ' | ' | ' | ' | ' | ' | '2014 | [3] | ' | '2015 | ' | '2015 | ' | '2015 | ' | '2015 | ' | '2015 | ' | '2014 | [3] | ' | '2014 | [3] | ' | '2014 | [3] | ' | '2045 | ' | '2018 | ' | '2016 | ' | '2016 | ' | '2017 | ' | '2017 | ' | '2016 | ' | '2016 | ' | '2021 | ' | '2053 | ' | '2014 | [4] | ' | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | ' | ' | ' | $112,719 | [1] | ' | $20,098 | [1] | ' | $21,935 | [1] | ' | $521,076 | ' | $60,886 | ' | $22,438 | ' | $12,820 | ' | $22,516 | ' | ' | ' | ' | ' | ' | $60,194 | [3] | ' | $79,315 | ' | $83,410 | ' | $60,965 | ' | $87,848 | ' | $42,814 | ' | $108,072 | [3] | ' | $71,047 | [3] | ' | $67,824 | [3] | ' | $78,257 | ' | $82,826 | ' | $42,811 | ' | $205,364 | ' | $116,969 | ' | $120,265 | ' | $153,557 | ' | $17,776 | ' | $158,369 | ' | $219,222 | ' | $24,605 | [4] | ' | ||||||||||||||||||||||||
[1] | Mortgage was refinanced on January 16, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Properties were sold as of DecemberB 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The Advisor is currently marketing Bridgewater and Lakeridge for sale and expects to pay the outstanding mortgage loan with proceeds from the sale. In the event that the property is not sold, the Advisor would expect to refinance the mortgage loan or extend the maturity date. On March 24, 2014, the Company executed a purchase and sale agreement for the sale of Brompton. The closing is currently anticipated to take place on May 29, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | DecemberB 31, 2013 balance represents amounts assumed at acquisition of the property, which is a representation of fair value. The loan matured on March 31, 2014 and the balance was paid with available funds contributed to the joint venture partnership. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | All interest rates are fixed as of DecemberB 31, 2013 with the exception of the variable rate debts of Berkshires of Columbia and Bridgewater. The first, second and third mortgages of Berkshires of Columbia are adjustable rate mortgages with variable interest rates of 2.40% above LIBOR. The mortgage of Bridgewater is an adjustable rate mortgage with a variable interest rate of 2.50% above the Freddie Mac Reference Bill Rate. |
Mortgage_Notes_Payable_Mortgag2
Mortgage Notes Payable Mortgage Notes Payable by Maturity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $95,352,442 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 63,294,459 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 73,143,563 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 39,941,535 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 14,648,701 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 189,144,780 | ' |
Long-term Debt | $475,525,480 | $478,185,998 |
Mortgage_Notes_Payable_Narrati
Mortgage Notes Payable Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 15, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 10, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Jan. 17, 2014 | Jan. 17, 2014 | Jan. 17, 2014 | Jan. 17, 2014 | Mar. 31, 2014 | |||||||
Berkshires of Columbia [Member] | First Mortgage [Member] | First Mortgage [Member] | Second Mortgage [Member] | Second Mortgage [Member] | Second Mortgage [Member] | Third Mortgage [Member] | Construction Loans [Member] | Glo [Member] | Repayment of Debt | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||
Berkshires of Columbia [Member] | Seasons of Laurel [Member] | Berkshires of Columbia [Member] | Seasons of Laurel [Member] | Seasons of Laurel [Member] | Berkshires of Columbia [Member] | Walnut Creek [Member] | Glo [Member] | Berkshires of Columbia [Member] | First Mortgage [Member] | Second Mortgage [Member] | Third Mortgage [Member] | Construction Loans [Member] | ||||||||||||||||||||
Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Walnut Creek [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-22 | ' | ' | 31-Mar-14 | ' | ' | 1-Feb-24 | ' | ' | ' | ' | ||||||
Fair Value Measurements, Loan-to-Value Percentage Threshold for Further Stratification of Valuation Model | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Loans Payable, Fair Value Disclosure | $505,385,000 | ' | ' | ' | $543,557,000 | ' | ' | ' | $505,385,000 | $543,557,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Gross selling price | ' | ' | ' | ' | ' | ' | ' | ' | 31,500,000 | 76,625,000 | 68,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 68,500,000 | ' | ' | ' | ' | ' | ' | ||||||
Gain on disposition of real estate assets | -40,533 | 0 | 18,689,058 | 0 | 36,960,655 | 0 | 32,887 | 6,589,323 | 18,648,525 | 43,582,865 | 23,916,947 | ' | ' | ' | ' | ' | ' | ' | ' | 23,916,947 | 4,637,097 | ' | ' | ' | ' | ' | ||||||
Mortgage debt (assigned)/assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,828,495 | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.57% | [1],[2] | 6.10% | [2] | 2.57% | [1],[2] | ' | 5.95% | [2] | 2.57% | [1],[2] | 6.00% | [2],[3] | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,254,893 | 23,351,539 | 4,039,206 | 4,864,148 | 4,828,495 | ||||||
Borrowings from mortgage notes payable | ' | ' | ' | ' | ' | ' | ' | ' | $12,980,663 | $28,621,545 | $73,192,682 | ' | ' | ' | ' | $10,210,000 | ' | ' | ' | ' | ' | $44,000,000 | ' | ' | ' | ' | ||||||
Debt Instrument, Interest Rate Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2.40% above LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2.43% above the 1-month LIBOR | ' | ' | ' | ' | ||||||
[1] | Mortgage was refinanced on January 16, 2014. | |||||||||||||||||||||||||||||||
[2] | All interest rates are fixed as of DecemberB 31, 2013 with the exception of the variable rate debts of Berkshires of Columbia and Bridgewater. The first, second and third mortgages of Berkshires of Columbia are adjustable rate mortgages with variable interest rates of 2.40% above LIBOR. The mortgage of Bridgewater is an adjustable rate mortgage with a variable interest rate of 2.50% above the Freddie Mac Reference Bill Rate. | |||||||||||||||||||||||||||||||
[3] | DecemberB 31, 2013 balance represents amounts assumed at acquisition of the property, which is a representation of fair value. The loan matured on March 31, 2014 and the balance was paid with available funds contributed to the joint venture partnership. |
Revolving_Credit_Facility_Affi1
Revolving Credit Facility - Affiliate Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 17, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Commitment Fee on Revolving Credit Facility [Member] | Commitment Fee on Revolving Credit Facility [Member] | Commitment Fee on Revolving Credit Facility [Member] | Interest on Revolving Credit Facility [Member] | Interest on Revolving Credit Facility [Member] | Interest on Revolving Credit Facility [Member] | Maximum [Member] | ||||
Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | ||||||
Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | ||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | $20,000,000 | $40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | ' | '5% above the 30 day LIBOR rate, as announced by Reuter's | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, Termination Notice Period | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Clean Up Requirement, Consecutive Days | ' | ' | ' | '14 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, Clean Up Period Required | '365 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 |
Borrowings from revolving credit facility - affiliate | 1,627,000 | 1,691,000 | 34,028,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments on revolving credit facility - affiliate | 1,627,000 | 10,040,422 | 25,679,078 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalization of interest | 504,266 | 2,654,194 | 1,066,074 | ' | ' | 32,981 | 160,778 | 764,286 | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 16,677,246 | 18,775,036 | 19,263,012 | ' | ' | ' | ' | ' | 0 | 0 | 140,285 | 32,981 | 160,778 | 1,532,426 | ' |
Revolving credit facility - affiliates | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes_Payable_Other_Narrative_
Notes Payable - Other Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Zocalo [Member] | 2020 Lawrence [Member] | 2020 Lawrence [Member] | 2020 Lawrence [Member] | ||||
Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | |
Notes Payable, Fair Value Disclosure | ' | ' | ' | ' | $1,287,000 | $1,357,000 | |
Debt Instrument, Borrowing Capacity, Amount | ' | ' | 1,250,000 | ' | ' | ' | |
Debt Instrument, Payment Period | ' | ' | ' | '10 years | ' | ' | |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 5.00% | [1] | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 11-Jun-22 | ' | ' | |
Note payable - other | $1,250,000 | $1,250,000 | ' | ' | ' | ' | |
[1] | All interest rates are fixed as of DecemberB 31, 2013 with the exception of the variable rate debts of Berkshires of Columbia and Bridgewater. The first, second and third mortgages of Berkshires of Columbia are adjustable rate mortgages with variable interest rates of 2.40% above LIBOR. The mortgage of Bridgewater is an adjustable rate mortgage with a variable interest rate of 2.50% above the Freddie Mac Reference Bill Rate. |
Notes_Payable_Other_Note_Payab
Notes Payable - Other Note Payable by Maturity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $95,352,442 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 63,294,459 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 73,143,563 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 39,941,535 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 14,648,701 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 189,144,780 | ' |
Long-term Debt | 475,525,480 | 478,185,998 |
2020 Lawrence [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 45,159,532 | ' |
Notes Payable, Other Payables [Member] | 2020 Lawrence [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 18,545 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 38,493 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 40,442 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 42,489 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,110,031 | ' |
Long-term Debt | $1,250,000 | ' |
Declaration_of_Dividend_and_Di2
Declaration of Dividend and Distributions Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||||
Nov. 15, 2013 | Aug. 15, 2013 | 15-May-13 | Feb. 15, 2013 | Mar. 25, 2003 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | ' | ' | ' | ' | ' | $6,700,775 | $6,700,777 | $6,700,763 |
Dividend and distributions payable | ' | ' | ' | ' | ' | 837,607 | 1,137,607 | ' |
Distributions to common shareholders | ' | ' | ' | ' | ' | 286,800 | 573,600 | 0 |
Distribution, Declaration Date | ' | ' | ' | ' | ' | 6-Aug-13 | ' | ' |
Distributions | ' | ' | ' | ' | ' | 12,000,000 | ' | ' |
Noncontrolling interest in properties | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend and distributions payable | ' | ' | ' | ' | ' | 0 | 300,000 | 0 |
Noncontrolling interest in Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments Related to Tax Withholding for Sale of Property | ' | ' | ' | ' | ' | -1,268,438 | -1,719,820 | ' |
Installment 1 FY2012 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution, Payment Date | ' | ' | ' | ' | ' | ' | 7-Nov-12 | ' |
Distribution, Declaration Date | ' | ' | ' | ' | ' | ' | 6-Nov-12 | ' |
Distributions | ' | ' | ' | ' | ' | ' | 15,000,000 | ' |
Installment 2 FY2012 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution, Payment Date | ' | ' | ' | ' | ' | ' | 19-Dec-12 | ' |
Distribution, Declaration Date | ' | ' | ' | ' | ' | ' | 19-Dec-12 | ' |
Distributions | ' | ' | ' | ' | ' | ' | 9,000,000 | ' |
Installment 1 FY2013 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution, Payment Date | ' | ' | ' | ' | ' | 28-Aug-13 | ' | ' |
Distributions | ' | ' | ' | ' | ' | 9,200,000 | ' | ' |
Installment 2 FY2013 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution, Payment Date | ' | ' | ' | ' | ' | 12-Dec-13 | ' | ' |
Distributions | ' | ' | ' | ' | ' | 2,800,000 | ' | ' |
Series A Preferred Stock | Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $0.56 | $0.56 | $0.56 | $0.56 | ' | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | ' | $2.25 | $2.25 | $2.25 |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | 9.00% | ' | ' | ' |
Preferred Stock, Liquidation Preference Per Share | ' | ' | ' | ' | $25 | ' | ' | ' |
Dividend and distributions payable | ' | ' | ' | ' | ' | 837,607 | 837,607 | 837,607 |
Class B common stock | Common Stock | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | ' | $0.20 | $0.41 | $0 |
Common Stock, Dividends, Per Share, Declared | ' | ' | ' | ' | ' | $0.20 | ' | ' |
Class B common stock | Installment 1 FY2012 [Member] | Common Stock | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | ' | ' | $0.25 | ' |
Class B common stock | Installment 2 FY2012 [Member] | Common Stock | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | ' | ' | $0.15 | ' |
Class B common stock | Installment 1 FY2013 [Member] | Common Stock | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to common shareholders | ' | ' | ' | ' | ' | -219,880 | ' | ' |
Class B common stock | Installment 2 FY2013 [Member] | Common Stock | ' | ' | ' | ' | ' | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to common shareholders | ' | ' | ' | ' | ' | ($66,920) | ' | ' |
Declaration_of_Dividend_and_Di3
Declaration of Dividend and Distributions Tax Composition of Distributions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Series A Preferred Stock | Preferred Stock [Member] | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | $2.25 | $2.25 | $2.25 |
Preferred Stock dividend per share by distribution type, percentage | 100.00% | 100.00% | 100.00% |
Series A Preferred Stock | Preferred Stock [Member] | Distribution Type, Taxable Ordinary [Member] | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | $0 | $0 | $0 |
Preferred Stock dividend per share by distribution type, percentage | 0.00% | 0.00% | 0.00% |
Series A Preferred Stock | Preferred Stock [Member] | Distribution Type, Taxable Capital [Member] | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | $2.25 | $2.25 | $2.25 |
Preferred Stock dividend per share by distribution type, percentage | 100.00% | 100.00% | 100.00% |
Series A Preferred Stock | Preferred Stock [Member] | Distribution Type, Non-Taxable [Member] | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | $0 | $0 | $0 |
Preferred Stock dividend per share by distribution type, percentage | 0.00% | 0.00% | 0.00% |
Class B common stock | Common Stock | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.20 | $0.41 | $0 |
Common dividend per share by distribution type, percentage | 100.00% | 100.00% | 0.00% |
Class B common stock | Common Stock | Distribution Type, Taxable Ordinary [Member] | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0 | $0 | $0 |
Common dividend per share by distribution type, percentage | 0.00% | 0.00% | 0.00% |
Class B common stock | Common Stock | Distribution Type, Taxable Capital [Member] | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.20 | $0.41 | $0 |
Common dividend per share by distribution type, percentage | 100.00% | 100.00% | 0.00% |
Class B common stock | Common Stock | Distribution Type, Non-Taxable [Member] | ' | ' | ' |
Tax On Distributions [Line Items] | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0 | $0 | $0 |
Common dividend per share by distribution type, percentage | 0.00% | 0.00% | 0.00% |
Earnings_per_Share_Earnings_pe1
Earnings per Share Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $375,730 | $2,885,392 | $4,099,685 | $4,114,526 | $3,079,231 | $2,925,854 | $3,530,605 | $3,653,979 | $11,475,333 | $13,189,669 | $22,619,200 |
Preferred dividend | -1,675,193 | -1,675,194 | -1,675,194 | -1,675,194 | -1,675,194 | -1,675,194 | -1,675,195 | -1,675,194 | -6,700,775 | -6,700,777 | -6,700,763 |
Net income attributable to noncontrolling interest in properties | ' | ' | ' | ' | ' | ' | ' | ' | -107,292 | -9,797,304 | -6,306,178 |
Net (income) loss attributable to noncontrolling interest in Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | -391,968 | -12,223,771 | 10,819,718 |
Income (Loss) from Continuing Operations Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | -18,675,368 | -41,911,521 | -24,806,423 |
Net income from discontinued operations | -51,428 | -12,444 | 18,630,988 | 117,850 | 36,073,385 | 223,502 | 248,001 | 5,665,935 | 18,684,966 | 42,210,823 | 24,541,499 |
Net income (loss) available to common shareholders | ($51,845) | ($109,906) | $307,373 | ($136,024) | $522,637 | ($107,675) | ($121,605) | $5,945 | $9,598 | $299,302 | ($264,924) |
Net loss from continuing operations attributable to the Company per common share, basic and diluted | $0 | ($0.07) | ($13.03) | ($0.18) | ($25.28) | ($0.24) | ($0.27) | ($4.03) | ($13.28) | ($29.81) | ($17.64) |
Net income from discontinued operations attributable to the Company per common share, basic and diluted | ($0.04) | ($0.01) | $13.25 | $0.08 | $25.65 | $0.16 | $0.18 | $4.03 | $13.29 | $30.02 | $17.45 |
Earnings Per Share, Basic and Diluted | ($0.04) | ($0.08) | $0.22 | ($0.10) | $0.37 | ($0.08) | ($0.09) | $0 | $0.01 | $0.21 | ($0.19) |
Weighted average number of common shares outstanding, basic and diluted | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 |
Commitments_and_Contingencies_
Commitments and Contingencies Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Washington, D.C. [Member] | Walnut Creek, California [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | Equity Method Investee, Multifamily Limted Liability Company [Member] | NOMA Residental West I, LLC [Member] | Incentive Advisory Fee [Member] | Maximum [Member] | |||
Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Equity Method Investee, Unconsolidated Limited Liability Company [Member] | Berkshire Advisor [Member] | Incentive Advisory Fee [Member] | |||
projects | projects | Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] | Corporate Joint Venture [Member] | Berkshire Advisor [Member] | ||||||
apartments | |||||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Required Accrual Rate Above the Established Base Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 12.00% |
Number of Units in Development Projects | ' | ' | ' | ' | ' | 141 | ' | ' | ' | ' | ' |
Development Projects, Ownership Percentage | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' |
Commitments and contingencies | $0 | $0 | ' | ' | $14,520,000 | $23,900,000 | ' | ' | ' | ' | ' |
Investment Owned, at Cost | ' | ' | ' | ' | ' | 2,270,000 | ' | ' | ' | ' | ' |
Equity Method Investment, Number of Units in Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | 603 | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | 33.00% | 33.00% | ' | ' | ' |
Number of Real Estate Development Projects | ' | ' | 1 | 3 | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Funding Percentage of Investment | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling_Interests_in_Pr1
Noncontrolling Interests in Properties (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Noncontrolling Interest [Line Items] | ' | ' | ' | ||
Payments to Noncontrolling Interests | $1,725,443 | $8,716,462 | $6,851,145 | ||
Dividend and distributions payable | 837,607 | 1,137,607 | ' | ||
Contribution from noncontrolling interest holders in properties | $670,505 | $400,065 | $1,099,437 | ||
Partially Owned Properties [Member] | Berkshires of Columbia [Member] | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ||
Real Estate Property, Ownership Percentage | 91.38% | 91.38% | ' | ||
Partially Owned Properties [Member] | Country Place I [Member] | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ||
Real Estate Property, Ownership Percentage | 58.00% | 58.00% | ' | ||
Partially Owned Properties [Member] | Country Place II [Member] | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ||
Real Estate Property, Ownership Percentage | 58.00% | 58.00% | ' | ||
Partially Owned Properties [Member] | Walnut Creek [Member] | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ||
Real Estate Property, Ownership Percentage | 98.00% | [1] | 98.00% | [1] | ' |
Partially Owned Properties [Member] | 2020 Lawrence [Member] | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ||
Real Estate Property, Ownership Percentage | 91.08% | [2] | 91.08% | [2] | ' |
[1] | Property was under development as of DecemberB 31, 2013. The Company will own a 98.00% interest in the property once fully invested. | ||||
[2] | 2020 Lawrence received a temporary certificate of occupancy from the City of Denver on December 12, 2012 and permission to occupy 7 of the 11 completed floors (99 units) from U.S. Department of Housing and Urban Development ("HUD") on December 24, 2012. Permission to occupy the remaining floors (132 units) was received on January 18, 2013. As of DecemberB 31, 2013, 192 (unaudited) of the 231 units were occupied. |
Noncontrolling_Interest_in_Ope2
Noncontrolling Interest in Operating Partnership Noncontrolling Interest in Operating Partnership Calculation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ($427,158) | ($2,897,836) | $14,531,303 | ($3,996,676) | $32,994,154 | ($2,702,352) | ($3,282,604) | $2,011,956 | $7,209,633 | $29,021,154 | $1,922,299 |
Net income attributable to noncontrolling interest in properties | ' | ' | ' | ' | ' | ' | ' | ' | 107,292 | 9,797,304 | 6,306,178 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest in Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | 7,102,341 | 19,223,850 | -4,383,879 |
Preferred dividend | 1,675,193 | 1,675,194 | 1,675,194 | 1,675,194 | 1,675,194 | 1,675,194 | 1,675,195 | 1,675,194 | 6,700,775 | 6,700,777 | 6,700,763 |
Net Income (Loss), Available to Operating Partnerships | ' | ' | ' | ' | ' | ' | ' | ' | 401,566 | 12,523,073 | -11,084,642 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 97.61% | ' | ' | ' | 97.61% | ' | ' | ' | 97.61% | 97.61% | 97.61% |
Net income (loss) attributable to noncontrolling interest in Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | 391,968 | 12,223,771 | -10,819,718 |
Noncontrolling interest in Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 391,968 | 12,223,771 | -10,819,718 |
Net income (loss) attributable to noncontrolling interest in Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | $391,968 | $12,223,771 | ($10,819,718) |
Noncontrolling_Interest_in_Ope3
Noncontrolling Interest in Operating Partnership Summary of Noncontrolling Interest in Operating Partnership (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Net income (loss) attributable to noncontrolling interest in Operating Partnership | $391,968 | $12,223,771 | ($10,819,718) |
Noncontrolling Interest, Ownership Units Held by Noncontrolling Owners | 5,242,223 | 5,242,223 | ' |
Distributions | 12,000,000 | ' | ' |
Syndication costs | 0 | 0 | -180,000 |
Noncontrolling interest in Operating Partnership | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Net income (loss) attributable to noncontrolling interest in Operating Partnership | 391,968 | 12,223,771 | -10,819,718 |
Partners' Capital Account, Distributions | 12,981,638 | 25,146,220 | 0 |
Stockholders' Equity Attributable to Noncontrolling Interest | -89,708,267 | -76,785,818 | ' |
Syndication costs | ' | ' | -160,017 |
Stockholders' Equity Attributable to Noncontrolling Interest | ($102,297,937) | ($89,708,267) | ($76,785,818) |
Related_Party_Transactions_Rel1
Related Party Transactions Related Party Transactions by Type (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | $16,677,246 | $18,775,036 | $19,263,012 |
Construction Management Fees [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 253,392 | 194,737 | 288,859 |
Acquisition Fees [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 0 | 0 | 420,000 |
Incentive Advisory Fee [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 2,494,013 | 3,113,100 | 1,696,485 |
Asset Management Fees [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 1,631,954 | 1,649,259 | 1,649,259 |
Salary Reimbursements [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 8,753,851 | 9,749,185 | 9,820,522 |
Expense Reimbursements [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 213,084 | 180,758 | 213,300 |
Property Management Fees [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 3,200,276 | 3,448,399 | 3,292,761 |
Line of Credit [Member] | Commitment Fee on Revolving Credit Facility [Member] | Affiliated Entity [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 0 | 0 | 140,285 |
Line of Credit [Member] | Interest on Revolving Credit Facility [Member] | Affiliated Entity [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | $32,981 | $160,778 | $1,532,426 |
Related_Party_Transactions_Nar
Related Party Transactions Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Due to affiliates, net | $2,454,167 | $3,446,460 | ' |
Due to Affiliate | -5,070,512 | -6,505,338 | ' |
Due from Affiliates | -2,616,345 | -3,058,878 | ' |
Borrowings from revolving credit facility - affiliate | 1,627,000 | 1,691,000 | 34,028,500 |
Principal payments on revolving credit facility - affiliate | 1,627,000 | 10,040,422 | 25,679,078 |
Related Party Transaction, Amounts of Transaction | 16,677,246 | 18,775,036 | 19,263,012 |
Incentive advisory fees | 2,494,013 | 3,113,100 | 1,696,485 |
Capitalization of interest | 504,266 | 2,654,194 | 1,066,074 |
Due to affiliate, incentive advisory fees | 8,289,617 | 6,634,261 | ' |
Revolving credit facility - affiliates | 0 | 0 | ' |
Expense Reimbursements [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 213,084 | 180,758 | 213,300 |
Development Fees [Member] | Berkshire Residental Development [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 97,695 | 278,820 | 209,115 |
Construction Management Fees [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 253,392 | 194,737 | 288,859 |
Asset Management Fees [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Fee, Rate | 0.40% | ' | ' |
Related Party Transaction, Amounts of Transaction | 1,631,954 | 1,649,259 | 1,649,259 |
Acquisition Fees [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 0 | 0 | 420,000 |
Acquisition Fees [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Fee, Rate | 1.00% | ' | ' |
Property Management Fees [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 3,200,276 | 3,448,399 | 3,292,761 |
Incentive Advisory Fee [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 2,494,013 | 3,113,100 | 1,696,485 |
Related Party Transaction, Required Accrual Rate Above the Established Base Value | 10.00% | ' | ' |
Related Party Transaction, Payments Made | 838,657 | 383,119 | 0 |
Salary Reimbursements [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 8,753,851 | 9,749,185 | 9,820,522 |
Maximum [Member] | Asset Management Fees [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 1,600,000 | ' | ' |
Maximum [Member] | Incentive Advisory Fee [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Required Accrual Rate Above the Established Base Value | 12.00% | ' | ' |
Line of Credit [Member] | Affiliated Entity [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Capitalization of interest | 32,981 | 160,778 | 764,286 |
Line of Credit [Member] | Commitment Fee on Revolving Credit Facility [Member] | Affiliated Entity [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 0 | 0 | 140,285 |
Line of Credit [Member] | Interest on Revolving Credit Facility [Member] | Affiliated Entity [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 32,981 | 160,778 | 1,532,426 |
Corporate Joint Venture [Member] | Equity Method Investee, Multifamily Venture Limited Partnership [Member] | Construction Management Fees [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 644,014 | 783,248 | 578,979 |
Corporate Joint Venture [Member] | Equity Method Investee, Multifamily Venture Limited Partnership [Member] | Asset Management Fees [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 3,804,320 | 4,008,469 | 4,371,676 |
Corporate Joint Venture [Member] | Equity Method Investee, Multifamily Venture Limited Partnership [Member] | Property Management Fees [Member] | Berkshire Advisor [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | $5,243,005 | $5,348,359 | $5,699,984 |
Selected_Interim_Financial_Inf2
Selected Interim Financial Information Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effect of Fourth Quarter Events [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $20,558,728 | $20,202,235 | $19,851,078 | $19,420,089 | $18,835,200 | $18,795,317 | $18,542,081 | $18,341,047 | $80,032,130 | $74,513,645 | $70,687,866 |
Loss before equity in income (loss) of unconsolidated multifamily entities | -2,920,110 | -2,860,893 | -3,244,549 | -3,338,559 | -3,056,181 | -2,272,744 | -2,815,033 | -4,776,790 | -12,364,111 | -12,920,748 | -19,189,185 |
Loss from continuing operations | -375,730 | -2,885,392 | -4,099,685 | -4,114,526 | -3,079,231 | -2,925,854 | -3,530,605 | -3,653,979 | -11,475,333 | -13,189,669 | -22,619,200 |
Income (loss) from discontinued operations | -10,895 | -12,444 | -58,070 | 117,850 | -887,270 | 223,502 | 215,114 | -923,388 | 36,441 | -1,372,042 | 624,552 |
Gain on disposition of real estate assets | -40,533 | 0 | 18,689,058 | 0 | 36,960,655 | 0 | 32,887 | 6,589,323 | 18,648,525 | 43,582,865 | 23,916,947 |
Net income from discontinued operations | -51,428 | -12,444 | 18,630,988 | 117,850 | 36,073,385 | 223,502 | 248,001 | 5,665,935 | 18,684,966 | 42,210,823 | 24,541,499 |
Net income | -427,158 | -2,897,836 | 14,531,303 | -3,996,676 | 32,994,154 | -2,702,352 | -3,282,604 | 2,011,956 | 7,209,633 | 29,021,154 | 1,922,299 |
Preferred dividend | -1,675,193 | -1,675,194 | -1,675,194 | -1,675,194 | -1,675,194 | -1,675,194 | -1,675,195 | -1,675,194 | -6,700,775 | -6,700,777 | -6,700,763 |
Net income (loss) available to common shareholders | ($51,845) | ($109,906) | $307,373 | ($136,024) | $522,637 | ($107,675) | ($121,605) | $5,945 | $9,598 | $299,302 | ($264,924) |
Net loss from continuing operations attributable to the Company per common share, basic and diluted | $0 | ($0.07) | ($13.03) | ($0.18) | ($25.28) | ($0.24) | ($0.27) | ($4.03) | ($13.28) | ($29.81) | ($17.64) |
Net income (loss) from discontinued operations attributable to the Company per common share, basic and diluted | ($0.04) | ($0.01) | $13.25 | $0.08 | $25.65 | $0.16 | $0.18 | $4.03 | $13.29 | $30.02 | $17.45 |
Net income (loss) available to common shareholders per common share, basic and diluted | ($0.04) | ($0.08) | $0.22 | ($0.10) | $0.37 | ($0.08) | ($0.09) | $0 | $0.01 | $0.21 | ($0.19) |
Weighted average number of common shares outstanding, basic and diluted | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 | 1,406,196 |
Proforma_Condensed_Financial_I2
Proforma Condensed Financial Information (Unaudited) Detail (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $20,558,728 | $20,202,235 | $19,851,078 | $19,420,089 | $18,835,200 | $18,795,317 | $18,542,081 | $18,341,047 | $80,032,130 | $74,513,645 | $70,687,866 |
Business Acquisition, Pro Forma Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 85,047,184 |
Business Acquisition, Pro Forma Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,801,350 |
Business Acquisition, Pro Forma Net Income (Loss) Attributable to Common Shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -385,873 |
Business Acquisition, Pro Forma Net Income (Loss) Attributable to Common Shareholders, per Share, Basic | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ($0.27) |
Loss before equity in income (loss) of unconsolidated multifamily entities | -2,920,110 | -2,860,893 | -3,244,549 | -3,338,559 | -3,056,181 | -2,272,744 | -2,815,033 | -4,776,790 | -12,364,111 | -12,920,748 | -19,189,185 |
Estancia Townhomes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,085,255 |
Loss before equity in income (loss) of unconsolidated multifamily entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,700,169) |
Subsequent_Events_Narrative_De
Subsequent Events Narrative (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 15, 2014 | Jan. 17, 2014 | Jan. 17, 2014 | Jan. 21, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jan. 23, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 29-May-14 | Mar. 20, 2014 | Mar. 20, 2014 | Jan. 17, 2014 | Jan. 17, 2014 | Jan. 17, 2014 | Jan. 17, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |||
Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Installment 1 FY2014 [Member] | Line of Credit [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Class B common stock | First Mortgage [Member] | Second Mortgage [Member] | Third Mortgage [Member] | Construction Loans [Member] | Construction Loans [Member] | ||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Walnut Creek [Member] | Walnut Creek [Member] | Walnut Creek [Member] | Aura Prestonwood [Member] | Laurel Woods [Member] | Laurel Woods [Member] | Laurel Woods [Member] | Berkshires on Brompton [Member] | Berkshires on Brompton [Member] | Berkshires on Brompton [Member] | Pavilion Townplace [Member] | Eon at Lindbergh [Member] | Installment 1 FY2014 [Member] | Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Berkshires of Columbia [Member] | Walnut Creek [Member] | Walnut Creek [Member] | |||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Distributions | $12,000,000 | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Distribution, Payment Date | ' | ' | ' | ' | ' | 17-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock, Dividends, Per Share, Declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.34 | ' | ' | ' | ' | ' | ||
Dividends Payable, Date to be Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17-Jan-14 | ' | ' | ' | ' | ' | ||
Borrowings from mortgage notes payable | 12,980,663 | 28,621,545 | 73,192,682 | ' | 44,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Interest Rate Terms | ' | ' | ' | '2.40% above LIBOR | '2.43% above the 1-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Maturity Date | ' | ' | ' | ' | 1-Feb-24 | ' | ' | ' | ' | 31-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-14 | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Units in Real Estate Property | 5,499 | 6,055 | ' | ' | ' | ' | ' | 316 | 316 | ' | ' | ' | 322 | 150 | 150 | ' | 362 | 362 | ' | 236 | 352 | ' | ' | ' | ' | ' | ' | ||
Real Estate Property, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | 91.38% | 91.38% | 98.00% | [1] | 98.00% | [1] | ' | 95.00% | 100.00% | 100.00% | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments and contingencies | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,643,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments to Acquire Land Held-for-use | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | ' | ' | 7,302,960 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase Options, Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Expected Gross Selling Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,200,000 | ' | ' | 38,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition, Property Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,000,000 | 64,000,000 | ' | ' | ' | ' | ' | ' | ||
Repayments of Debt | ' | ' | ' | ' | $32,254,893 | ' | ' | ' | ' | ' | ' | $4,828,495 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,351,539 | $4,039,206 | $4,864,148 | ' | $4,828,495 | ||
[1] | Property was under development as of DecemberB 31, 2013. The Company will own a 98.00% interest in the property once fully invested. |