<ARTICLE> 5 <LEGEND> This schedule contains summary financial information extracted from the financial statements for the quarter ended March 31, 1997 and is qualified 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> 6,749,571 <SECURITIES> 6,839,069 <RECEIVABLES> 234,807<F1> <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 367,765 <PP&E> 77,567,501<F2> <DEPRECIATION> (19,291,312) <TOTAL-ASSETS> 72,467,401 <CURRENT-LIABILITIES> 688,165 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 71,779,236<F3> <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 72,467,401 <SALES> 0 <TOTAL-REVENUES> 1,464,498<F4> <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 1,338,904<F5> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 125,594<F6> <EPS-PRIMARY> 0<F6> <EPS-DILUTED> 0<F6> <FN> <F1> Includes all receivables included in "other assets" on the Balance Sheet. <F2>Multi-family complex of $10,479,937, retail centers of $50,561,707 and investment in J.V. of $16,525,857. <F3>Includes deficit of the General Partner of ($507,044) and equity of the Limited Partners of $72,286,280. <F4>Includes all revenue of the Partnership. <F5>Includes all expense of the Partnership. <F6>Net income allocated $2,512 to the General Partners and $123,080 to the Limited Partners. </FN>