<ARTICLE> 5 <LEGEND> This schedule contains summary financial information extracted from Krupp Realty Fund 7 financial statements for the quarter ended March 31, 1996 and is qualified in its entirety by reference to such financial statements. </LEGEND> <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 1,258,868 <SECURITIES> 0 <RECEIVABLES> 211,766<F1> <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 420,079 <PP&E> 28,519,650<F2> <DEPRECIATION> (13,178,524)<F3> <TOTAL-ASSETS> 17,231,839 <CURRENT-LIABILITIES> 751,460 <BONDS> 12,700,048<F4> <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 3,780,331<F5> <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 17,231,839 <SALES> 0 <TOTAL-REVENUES> 1,185,124<F6> <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 858,611<F7> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 277,292 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 49,221<F8> <EPS-PRIMARY> 0<F8> <EPS-DILUTED> 0<F8> <FN> <F1>Includes all receivables included in "Prepaid Expenses and Other Assets" on the balance sheet. <F3>Accumulated depreciation of $13,114,049 and accumulated amortization of deferred expenses of $64,475. <F2>Includes apartment complexes of $18,568,919, retail center of $9,663,440 and deferred expenses of $287,294. <F4>Represents mortgage notes payable. <F5>Total equity of General Partners of ($241,321) and the Limited Partners of $4,021,652. <F6>Represents total revenues of the Partnership. <F7>Includes operating expenses of $432,856 real estate taxes of $109,963, and depreciation and amortization of $315,792. <F8>Net income allocated $984 to the General Partners and $48,237 to the Limited Partners. Average net income per Unit of Limited Partner interest is $1.63 on 27,184 Units outstanding. </FN>