<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Investors
First Staged Equity L.P. 1997 First Quarter 10-QSB and is qualified in its
entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000768834
<NAME> INVESTORS FIRST STAGED EQUITY L.P.
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                           2,006
<SECURITIES>                                         0
<RECEIVABLES>                                       99
<ALLOWANCES>                                        47
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                          51,187
<DEPRECIATION>                                  24,690
<TOTAL-ASSETS>                                  30,934
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                         46,619
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                    (19,529)
<TOTAL-LIABILITY-AND-EQUITY>                    30,934
<SALES>                                              0
<TOTAL-REVENUES>                                 1,913
<CGS>                                                0
<TOTAL-COSTS>                                    2,392
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               1,076
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (479)
<EPS-PRIMARY>                                  (29.14)<F2>
<EPS-DILUTED>                                        0
<FN>
<F1>Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>