RULE 424 (B)(3)
                                                          SEC FILE NO. 33-84974
 
                    STICKER SUPPLEMENT DATED APRIL 28, 1997
                     TO PROSPECTUS DATED JULY 10, 1995 OF
                      EQUITY RESIDENTIAL PROPERTIES TRUST
 
  This Prospectus relates to (i) the possible issuance by Equity Residential
Properties Trust (the "Company") of up to 8,141,580 common shares (the
"Exchange Shares") of beneficial interest, $.01 par value per share ("Common
Shares"), of the Company if, and to the extent that the Company elects to
issue such Exchange Shares to holders of up to 8,141,580 units ("Original OP
Units") of limited partnership interest ("OP Units") in ERP Operating Limited
Partnership (the "Operating Partnership"), of which the Company is the sole
general partner and owns a controlling interest, upon the tender of such
Original OP Units for exchange; (ii) the offer and sale from time to time of
up to 1,213,000 Common Shares (the "Original Shares") by the holders thereof;
(iii) the offer and sale from time to time of up to 119,000 Common Shares by
certain officers (or affiliates thereof) of the Company (the "Officer
Shares"); and (iv) the offer and sale from time to time of any Exchange Shares
that may be issued to and held by persons who may be affiliates of the Company
or their pledgees, donees, transferees or other successors in interest (such
persons, together with the holders of the Original Shares and the Officer
Shares, shall hereinafter be referred to as the "Selling Shareholders"). The
Original Shares and the Original OP Units were issued in connection with the
Initial Transactions (as described below). The Company has registered the
Exchange Shares, the Original Shares and the Officer Shares (collectively, the
"Registered Shares") to permit the holders thereof to sell such shares without
restriction in the open market or otherwise, but the registration of the
Registered Shares does not necessarily mean that any of the Registered Shares
will be issued by the Company (with respect to the Exchange Shares) or be
offered or sold by the Selling Shareholders.