<ARTICLE>           5
       
                 
<PERIOD-TYPE>       3-MOS
<FISCAL-YEAR-END>   DEC-31-1996
<PERIOD-END>        MAR-31-1996
<CASH>   4,195,922
<SECURITIES>   0
<RECEIVABLES>   19,074
<ALLOWANCES>    0
<INVENTORY>    0
<CURRENT-ASSETS>    0
<PP&E>   7,808,133  <F1>
<DEPRECIATION>   129,016 
<TOTAL-ASSETS>   11,988,995
<CURRENT-LIABILITIES>    0
<BONDS>   0
<PREFERRED-MANDATORY>    0
<PREFERRED>    0
<COMMON>   13,000
<OTHER-SE>    11,946,695
<TOTAL-LIABILITY-AND-EQUITY>   11,988,995
<SALES>    0
<TOTAL-REVENUES>   269,414 <F2>
<CGS>    0
<TOTAL-COSTS>   109,484 <F3>
<OTHER-EXPENSES>   0
<LOSS-PROVISION>    0
<INTEREST-EXPENSE>   0
<INCOME-PRETAX>    0
<INCOME-TAX>    0
<INCOME-CONTINUING>    0
<DISCONTINUED>    0
<EXTRAORDINARY>    0
<CHANGES>    0
<NET-INCOME>   159,930
<EPS-PRIMARY>    0.13
<EPS-DILUTED>    0

<FN>
<F1> "PP&E" REPRESENTS INVESTMENT IN REAL ESTATE
<F2> "TOTAL REVENUES" REPRESENTS RENTAL, INTEREST, AND OTHER INCOME
<F3> "TOTAL COSTS" REPRESENTS TOTAL EXPENSES
</FN>