<ARTICLE> 5 <LEGEND> This schedule contains summary financial extracted from the financial statements for the quarter ended March 31, 1997 and is qualifed in its entirety by reference to such financial statements. </LEGEND> <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 640,022<F1> <SECURITIES> 0 <RECEIVABLES> 20,296 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 396,279 <PP&E> 40,837,755<F2> <DEPRECIATION> (25,406,554)<F3> <TOTAL-ASSETS> 16,487,798 <CURRENT-LIABILITIES> 812,317 <BONDS> 20,002,805<F4> <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> (4,327,324)<F5> <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 16,487,798 <SALES> 0 <TOTAL-REVENUES> 1,902,657<F6> <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 1,477,990<F7> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 320,734 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 103,933<F8> <EPS-PRIMARY> 0<F8> <EPS-DILUTED> 0<F8> <FN> <F1>Represents all receivables included in "prepaid expenses and other assets" on the consolidated balance sheet. <F2>Multi-family complexes of $40,439,097 and deferred expenses of $398,658. <F3>Accumulated depreciation of ($25,236,376) and accumulated amortization ($170,178). <F4>Represents mortgage notes payable. <F5>Total deficit of the General Partners ($301,822) and the limited partners ($4,025,502). <F6>Represents total revenue of the Partnership. <F7>Includes operating expenses of $785,950, real estate taxes of $182,954, depreciation and amortization of $507,409 and minority interest of $1,677. <F8>Net income allocated $1,039 to the General Partners and $102,894 to the Limited Partners. Average net income per Unit is $3.29. Partnership Units outstanding totaled 30,000 units. </FN>