Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. Discontinued Operations and Asset Held for Sale: As described in the Form 8-K dated February 29, 2016, the Partnership closed on the sale of the Ardmor Village for a sale price of $ 10,587,274 10,551,474 8,070,000 2,559,737 8,742 257,247 50,055 2,775,722 98,000 7,690,000 As described in the Form 8-K dated January 17, 2017, a special meeting of the unit holders and the limited partners of the Fund was held on January 17, 2017. At the special meeting, the unit holders and limited partners voted on the proposed plan of dissolution of the Partnership. At the special meeting, 2,066,861 62.568 The votes cast regarding the proposed plan of dissolution were as follows: 1,988,742 61,220 16,899 The affirmative vote represented a majority in interest outstanding as of the record date of the unit holders and limited partners, as a group. Accordingly, the plan of dissolution was approved, which is consistent with the provisions of the Partnership Agreement. As a result of the affirmative vote, the Board of Directors, with the approval of the Consultant for the Fund, instructed management to proceed with a sealed bid process to determine a buyer of the Sunshine Village Community located in Davie, Florida. During April 2017, an Offering Memorandum and bid instructions were sent to 6 brokerage firms and 20 qualified principals. During June 2017, the sealed bids were reviewed and as described in Form 8-K dated July 10, 2017, the Partnership has entered into a Contract for Sale and Purchase of Real and Personal Property with a potential buyer for the sale of Sunshine Village, with an expected closing date in third quarter 2017. A long-lived asset is required to be classified as “held for sale” in the period in which certain criteria are met. The Partnership classifies real estate assets as held for sale after the following conditions have been satisfied: (1) management, having the appropriate authority, commits to a plan to sell the asset, (2) the initiation of an active program to sell the asset, and (3) the asset is available for immediate sale and it is probable that the sale of the asset will be completed within one year. Based on the information outlined, the Partnership has concluded that the Sunshine Village property meets the criteria as an asset held for sale on the accompanying Balance Sheets. Similarly, the Sunshine Village and Ardmor Village communities and associated financial results are classified as “discontinued operations” on the accompanying Statements of Operations. The assets and liabilities related to the community classified as “asset held for sale” as of June 30, 2017 are as follows: Total Assets of $ 3,636,704 368,485 9,525,513 6,257,294 6,547,848 371,452 6,176,396 The following is a summary of results of operations of the properties classified as discontinued operations for the six month periods ended June 30, 2017 and 2016: Total Revenue was $ 1,233,384 742,280 1,340,207 1,845,085 8,069,909 The following is a summary of results of operations of the properties classified as discontinued operations for the three month periods ended June 30, 2017 and 2016: Total Revenue was $ 625,563 368,056 646,065 497,879 Total Cash Flows Used in Operating Activities of the properties classified as discontinued operations for the period ended June 30, 2017 and 2016 were $ 119,729 467,738 66,660 10,599,140 |