Exhibit 23.2




                         Consent of Independent Auditors

We consent to the  reference to our firm under the caption  "Experts" and to the
use of our reports dated February 1, 2000, in the  Registration  Statement (Form
S-11 No.  33-76609) and related  Prospectus of Cornerstone  Realty Fund, LLC for
the registration of 100,000 units.

/S/ ERNST & YOUNG LLP

Newport Beach, California
April 18, 2000