<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               DEC-31-1997
<CASH>                                       5,325,971
<SECURITIES>                                 6,578,988
<RECEIVABLES>                                  253,996<F1>
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               375,759
<PP&E>                                      61,556,980<F2>
<DEPRECIATION>                              26,336,984<F3>
<TOTAL-ASSETS>                              47,654,710
<CURRENT-LIABILITIES>                          660,976
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                    46,631,841<F4>
<OTHER-SE>                                     361,893<F5>
<TOTAL-LIABILITY-AND-EQUITY>                47,654,710
<SALES>                                              0
<TOTAL-REVENUES>                             8,144,918<F6>
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                            11,722,796<F7>
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 3,577,878<F8>
<EPS-PRIMARY>                                        0<F8>
<EPS-DILUTED>                                        0<F8>
<FN>
<F1>Includes all receivables included in "other assets" on the Balance Sheet.
<F2>Multi-family complex of $10,745,207 and retail centers of $50,811,773.
<F3>Multi-family complex of ($5,148,103), retail centers of ($15,813,109) and
provisions for losses on real estate ($5,375,772).
<F4>Deficit of the General Partners of ($650,556) and equity of Limited Partners of
$47,282,397.
<F5>Unrealized holding gain on MBS.
<F6>Includes all revenue of the Partnership.
<F7>Includes all expenses of the Partnership.
<F8>Net loss allocated ($71,558) to the General Partners and ($3,506,320) to the
Limited Partners.
</FN>