EXHIBIT 26.1

                        CONSENT OF INDEPENDENT AUDITORS

We consent to incorporation by reference in the joint registration statement on
Form S-3 of Mid-America Capital Partners, L.P. and Mid-America Finance, Inc. and
on Form S-11 of Mid-America Mortgage Trust, 1998-1, of our report dated
February 14, 1997 to the consolidated balance sheets of Mid-America Apartment
Communities, Inc. (the Company) as of December 31, 1996 and 1995, and the
related consolidated statements of operations, shareholders' equity and cash
flows for each of the years in the three-year period ended December 31, 1996,
which report is incorporated by reference in the 1996 annual report on Form 10-K
of Mid-America Apartment Communities, Inc. and to the inclusion of our report
dated November 24, 1997 to the balance sheet of Mid-America Capital Partners,
L.P. as of November 24, 1997; our report dated February 9, 1998 to the statement
of net assets of Mid-America Mortgage Trust, 1998-1, as of February 9, 1998; our
report dated November 24, 1997 to the combined balance sheets of Capital
Properties Group as of December 31, 1996 and 1995 and the related combined
statements of operations, partners' capital and cash flows for each of the years
in the three-year period ended December 31, 1996; our report dated November 24,
1997 to the combined historical summary of gross income and direct operating
expenses for certain multifamily acquisition properties for the year ended
December 31, 1996; our report dated November 24, 1997 to the combined historical
summary of gross income and direct operating expenses for certain multifamily
acquisition properties for the year ended December 31, 1995; our report dated
November 24, 1997 to the historical summary of gross income and direct operating
expenses of Tiffany Oaks Apartments for the year ended December 31, 1996; and to
the reference to our firm under the heading "Experts" in the Prospectus.

The Company's and Capital Properties Group's reports refer to the change in
their accounting method to capitalize replacement purchases for major appliances
and carpet in 1996.

                                                           KPMG Peat Marwick LLP

Memphis, Tennessee
February 9, 1998