[ARTICLE] 5

                             
[PERIOD-TYPE]                   12-MOS
[FISCAL-YEAR-END]                          DEC-31-1994
[PERIOD-END]                               DEC-31-1994
[CASH]                                       7,072,127
[SECURITIES]                                 9,815,123
[RECEIVABLES]                                  536,521
[ALLOWANCES]                                         0
[INVENTORY]                                          0
[CURRENT-ASSETS]                               230,213
[PP&E]                                      81,225,479<F1>
[DEPRECIATION]                            (14,602,206)
[TOTAL-ASSETS]                              84,277,257
[CURRENT-LIABILITIES]                          814,633
[BONDS]                                              0
[COMMON]                                    83,462,624<F2>
[PREFERRED-MANDATORY]                                0
[PREFERRED]                                          0
[OTHER-SE]                                           0
[TOTAL-LIABILITY-AND-EQUITY]                84,277,257
[SALES]                                      8,022,513<F3>
[TOTAL-REVENUES]                             8,022,513
[CGS]                                                0
[TOTAL-COSTS]                                        0
[OTHER-EXPENSES]                             4,957,896<F4>
[LOSS-PROVISION]                                     0
[INTEREST-EXPENSE]                                   0
[INCOME-PRETAX]                                      0
[INCOME-TAX]                                         0
[INCOME-CONTINUING]                                  0
[DISCONTINUED]                                       0
[EXTRAORDINARY]                                      0
[CHANGES]                                            0
[NET-INCOME]                                 3,064,617
[EPS-PRIMARY]                                        0<F5>
[EPS-DILUTED]                                        0<F5>
<FN>
<F1>Includes multifamily complex of $10,095,223, retial centers of $49,790,283
and investment in J.V. of $21,339,973.
<F2>Equity of general partners ($306,278), limited partners of $83,768,902.
<F3>Includes all revenues for the partnership.
<F4>Includes all expenses for the partnership.
<F5>Net income allocated $61,292 to the general partners and $3,003,325 to the
limited partners, average net income is $.40 on 7,499,818 units outstanding.
</FN>