Exhibit 4.7


TUESDAY, JULY 27, 4:35 PM EASTERN TIME

COMPANY PRESS RELEASE

SOURCE:  Cornerstone Realty Income Trust, Inc.

CORNERSTONE  REALTY EXTENDS  UNSECURED CREDIT FACILITY WITH INCREASED  BORROWING
CAPACITY AND LOWER PRICING

RICHMOND,  VA., July  27/PRNewswire/  -- Cornerstone  Realty Income Trust,  Inc.
(NYSE:  TCR - news)  announced  today that in  conjunction  with its merger with
Apple Residential Income Trust it has  re-negotiated,  extended and expanded its
unsecured credit facility.

The new facility will have a three-year term and will bear an interest spread of
120 basis  points  over  LIBOR,  reduced  from the  current  spread on its prior
facility of 135 basis points. This will result in a current all in interest rate
of approximately 6.5%. The reason for the reduction in rate is that the combined
company  will  have a  conservative  debt  to  total  market  capitalization  of
approximately  25%. In addition to the new rate,  the borrowing  capacity on the
new  facility  has been  increased to $185 million from its former level of $175
million.

The facility is provided by a syndicate of financial  institutions lead by First
Union  National  Bank as  Administrative  Agent and  Arranger.  Other bank group
members  include Fleet  National  Bank as  Syndication  Agent,  Wachovia Bank as
Documentation Agent, Crestar Bank, and Guaranty Federal Bank.

According to Glade M. Knight, Chairman and Chief Executive Officer, "This is our
first  transaction  following the merger designed to capitalize on the financial
flexibility of the combined companies.  Cornerstone's  combination of consistent
earnings growth, low leverage and the preservation of financial  flexibility are
important to maximize shareholder value over the long term."

Certain statements contained herein may constitute "forward-looking  statements"
within the meaning of the Securities Act of 1933 and the Securities Exchange Act
of 1934.  Such  forward-looking  statements  involve  known and  unknown  risks,
uncertainties  and other factors that may cause the future results,  performance
or   achievements   of  the  Company  to  be  materially   different   from  any
forward-looking  statements.  Such  factors  include,  among  others,  the risks
associated  with the timing of, costs  associated  with, and effects of property
improvements, financing commitments and general competitive factors.

Cornerstone  Realty Income Trust, Inc. is a fully  integrated,  self-managed and
self-advised  real estate  company that has  operated as a REIT since 1993.  The
Company  focuses on the ownership and management of  multi-family  properties in
select markets in Virginia, North Carolina,  South Carolina,  Georgia and Texas.
Currently,   the  Company  owns  87  multifamily  properties  containing  20,965
apartment  homes.  For  additional  information  please contact Glade M. Knight,
Chairman and Chief Executive  Officer,  S. J. Olander,  Executive Vice President
and Chief  Financial  Officer,  David S.  McKenney,  Senior  Vice  President  of
Corporate  Services or Krissy  Gathright,  Investor  Relations  Manager at (804)
643-1761.  Further  information on Cornerstone may be found on Cornerstone's Web
site at: http://www.cornerstonereit.com.

SOURCE:  Cornerstone Realty Income Trust, Inc.