<ARTICLE>     5
       
                             
<PERIOD-TYPE>                   12-Mos
<FISCAL-YEAR-END>               DEC-31-1997
<PERIOD-END>                    DEC-31-1997
<CASH>                          $  1,785,968
<SECURITIES>                               0
<RECEIVABLES>                        473,918
<ALLOWANCES>                               0
<INVENTORY>                                0
<CURRENT-ASSETS>                           0
<PP&E>                           142,748,449
<DEPRECIATION>                    20,043,235
<TOTAL-ASSETS>                   130,491,504
<CURRENT-LIABILITIES>                      0
<BONDS>                           65,170,133
<COMMON>                                 433
<PREFERRED-MANDATORY>                      0
<PREFERRED>                                0
<OTHER-SE>                        54,966,009
<TOTAL-LIABILITY-AND-EQUITY>     130,491,504
<SALES>                           18,234,167
<TOTAL-REVENUES>                           0
<CGS>                                      0
<TOTAL-COSTS>                      6,673,709
<OTHER-EXPENSES>                           0
<LOSS-PROVISION>                           0
<INTEREST-EXPENSE>                 5,551,734
<INCOME-PRETAX>                            0
<INCOME-TAX>                               0
<INCOME-CONTINUING>                        0
<DISCONTINUED>                             0
<EXTRAORDINARY>                            0
<CHANGES>                                  0
<NET-INCOME>                       5,220,223
<EPS-PRIMARY>                           1.41
<EPS-DILUTED>                           0.00