<ARTICLE> 5 <CIK> 0000785791 <NAME> ASSOCIATED PLANNERS REALTY FUND LP <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 205,013 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 229,790 <PP&E> 7,030,222 <DEPRECIATION> (1,141,378) <TOTAL-ASSETS> 6,125,264 <CURRENT-LIABILITIES> 270,197 <BONDS> 1,491,027 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,364,039 <TOTAL-LIABILITY-AND-EQUITY> 6,125,264 <SALES> 188,956 <TOTAL-REVENUES> 191,344 <CGS> 108,732 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 34,024 <INCOME-PRETAX> 48,588 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 48,588 <EPS-PRIMARY> 5.34 <EPS-DILUTED> 5.34