<ARTICLE> 5 <CIK> 0000785791 <NAME> ASSOCIATED PLANNERS REALTY FUND L.P. <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> SEP-30-1997 <CASH> 189,829 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 222,849 <PP&E> 7,030,222 <DEPRECIATION> (1,223,877) <TOTAL-ASSETS> 6,045,386 <CURRENT-LIABILITIES> 260,301 <BONDS> 1,477,048 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,308,037 <TOTAL-LIABILITY-AND-EQUITY> 6,045,386 <SALES> 585,633 <TOTAL-REVENUES> 592,733 <CGS> 336,899 <TOTAL-COSTS> 336,899 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 101,603 <INCOME-PRETAX> 154,231 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 154,231 <EPS-PRIMARY> 17.03 <EPS-DILUTED> 17.03