INDEPENDENT AUDITORS' CONSENT


We consent to the use in this  Registration  Statement on Form S-1 of our report
dated March 8, 1996 relating to the TIAA Real Estate  Account,  our report dated
March  8,  1996   relating   to  The   Greens  at   Metrowest   Apartments   and
Brixworth-Atlanta  Apartments,  our report dated April 12, 1996  relating to The
Millbrook  Collection and the Lynnwood  Collection Retail Centers,  appearing in
the Prospectus, which is a part of this Registration Statement and of our report
dated  March 8, 1996  relating to the  financial  statement  schedule,  Schedule
III--Real Estate Owned, appearing elsewhere in this Registration  Statement.  We
also consent to the incorporation by reference into this Registration  Statement
of our report dated March 12, 1996  relating to Teachers  Insurance  and Annuity
Association of America.

We also  consent to the  reference  to us under the  heading  "Experts"  in such
Prospectus.




DELOITTE & TOUCHE LLP


New York, New York
October 4, 1996