SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549




                                  FORM 8-K / A
                                 AMENDMENT NO. 1




             CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                        Date of Report: December 19, 1997
                        (Date of Earliest Event Reported)



                           COMMISSION FILE NO. 0-13693




                       VININGS INVESTMENT PROPERTIES TRUST
                       -----------------------------------
                         A MASSACHUSETTS BUSINESS TRUST
                  I.R.S. EMPLOYER IDENTIFICATION NO. 13-6850434
                              3111 PACES MILL ROAD
                             ATLANTA, GEORGIA 30339
                            TELEPHONE: (770) 984-9500





ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(a) Financial Statements of Business Acquired

    The financial  statements  required by Item 7(a) relating to the acquisition
    of Windrush  Apartments are attached hereto as Exhibit 99.1 and incorporated
    herein by this reference.

(b) Pro Forma Financial Information

    The unaudited pro forma financial information required by Item 7(b) relating
    to the acquisition of Windrush Apartments is attached hereto as Exhibit 99.2
    and incorporated herein by this reference.

(c) Exhibits

EXHIBIT
   NO.      DESCRIPTION
- ----------- --------------------------------------------------------------------
  
   99.1     Statements of Excess Revenues Over Specific  Operating  Expenses for
            Windrush Apartments for the Period from January 1, 1997 to September
            30, 1997 (unaudited) and the years ended December 31, 1996, 1995 and
            1994.

   99.2     Unaudited Pro Forma Consolidated Financial Statements.

   10.1     Vinings Communities, L.P. Agreement of Limited Partnership.

   10.2     Limited Warranty Deed dated December 19, 1997.

   10.3     Assumption   Agreement  dated  December  19,  1997  by  Vinings
            Communities, L.P. in favor of Reilly Mortgage Group, Inc.

   10.4     Agreement to Contribute as amended October 30, 1997. *
  

* Incorporated by reference to the Registrant's current report on Form 8-K filed
with the Securities and Exchange Commission on December 29, 1997.





                                    SIGNATURE
                                    ---------


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                               VININGS INVESTMENT PROPERTIES TRUST


Date:  March 3, 1998           By:      /s/ Stephanie A. Reed
                                        ---------------------
                                        Stephanie A. Reed
                                        Vice President and Treasurer








                                INDEX TO EXHIBITS

EXHIBIT
   NO.      DESCRIPTION
- ----------- ----------------------------------------------------------------
   
   99.1     Statements of Excess Revenues Over Specific  Operating  Expenses for
            Windrush Apartments for the Period from January 1, 1997 to September
            30, 1997 (unaudited) and the years ended December 31, 1996, 1995 and
            1994.

   99.2     Unaudited Pro Forma Consolidated Financial Statements.

   10.1     Vinings Communities, L.P. Agreement of Limited Partnership.

   10.2     Limited Warranty Deed dated December 19, 1997.

   10.3     Assumption   Agreement  dated  December  19,  1997  by  Vinings
            Communities, L.P. in favor of Reilly Mortgage Group, Inc.

   10.4     Agreement to Contribute as amended October 30, 1997. *


* Incorporated by reference to the Registrant's current report on Form 8-K filed
with the Securities and Exchange Commission on December 29, 1997.