EXHIBIT 99.1




                                  EXHIBIT 99.1

           CORNERSTONE ANNOUNCES $50 MILLION SHARE REPURCHASE PROGRAM

RICHMOND, Virginia, October 1, 1999 - Cornerstone Realty Income Trust (NYSE:TCR)
today  announced  that the Board of  Directors  has  authorized  a common  share
repurchase program pursuant to which the Company is authorized to purchase up to
$50 million of the Company's common shares. Repurchases will be made on the open
market at prevailing  prices.  This authority may be exercised from time to time
and in such amounts as market  conditions  warrant.  The Company  currently  has
approximately 39.1 million common shares outstanding.

"We believe that the  Cornerstone  stock price has been trading at a significant
discount to net asset value at a time when the real estate operations have never
been better.  This presents  Cornerstone an opportunity to increase  shareholder
value through a stock  repurchase  program," said Glade M. Knight,  Chairman and
CEO.

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.

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,  Assistant Vice President of Corporate
Services at (804) 643-1761.  Further  information on Cornerstone may be found on
our web site at: http://www.cornerstonereit.com.