<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS FOR THE QUARTER ENDED SEPTEMBER 30, 1994 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                                       
<PERIOD-TYPE>                              9-MOS
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               SEP-30-1994
<CASH>                                       7,411,342
<SECURITIES>                                10,368,687
<RECEIVABLES>                                  313,177
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               148,992
<PP&E>                                      80,887,838<F1>
<DEPRECIATION>                            (14,096,659)
<TOTAL-ASSETS>                              85,033,377
<CURRENT-LIABILITIES>                          803,582
<BONDS>                                              0
<COMMON>                                    84,229,795<F2>
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                85,033,377
<SALES>                                      5,996,010<F3>
<TOTAL-REVENUES>                             5,996,010
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             3,685,165<F4>
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 2,310,845
<EPS-PRIMARY>                                        0<F5>
<EPS-DILUTED>                                        0<F5>
<FN>
<F1>Includes multi-family complex of $10,064,782, retail centers of $49,344,909
 and investment in J.V. of $21,478,147.
<F2>Equity of general partners $(300,373), limited partner of $84,530,168.
<F3>Includes all revenue for the partnership.
<F4>Includes all expenses for the partnership.
<F5>Net income allocated $46,217 to the general partners and $2,264,628 to the
limited partners.  Average net income is $.30 on 7,499,818 units outstanding.
</FN>