[L.P. MARTIN & COMPANY LETTERHEAD]

                                                            Exhibit 23.3

                        Consent of Independent Auditors'

The Board of Directors
Cornerstone Realty Income Trust, Inc.
Richmond, Virginia

        We consent to the use of our report dated August 14, 1996 with
respect to the statement of income and direct operating expenses exclusive
of items not comparable to the proposed future operations of the property
Paces Glen Apartments for the twelve month period ended June 30, 1996, for
inclusion in a form 8K filing with the Securities and Exchange Commission by
Conerstone Realty Income Trust, Inc., and to the reference to our firm under
the heading "Expert" therein.

Richmond, Virginia
August 14, 1996                                  /s/ L.P. Martin & Co., P.C.