Apple Residential Income Trust, Inc.

Proposed Ticker: -		306 East Main Street
Exchange: Over-the-Counter Market		Richmond, Virginia 23219
Industry: Financial		(804) 643-1761

All share information is proposed
Type of Shares:	Common Shares	Filing Date:	8/22/96
U.S. Shares Filed:	25,000,000	Filing Range:	$9.00 - $10.00
Non-U.S. Shares Filed:	0	Offering Amount:	$237,500,000
Primary Shares:	25,000,000	Expenses:	$8,750,000
Secondary Shares:	0	Shs Out After:

Manager	Tier	Phone
David Lerner Associates, Inc.	Lead Manager	(800) 367-3000

	Audited Income	Latest Unaudited Income	Prior Unaudited Income		Balance Sheet

Revenue:				Assets:
Net Income:				Liabilities:
EPS:				Equity:
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year

Business Description

The company is an real estate investment trust (REIT). The company will invest primarily in existing residential apartment communities in Texas and the southwestern region of the United States. The company intends to hold its properties on an all-cash basis, and to hold its properties for an indefinite length of time. Apple Residential Advisors and Apple Residential Management Group will provide the day-to-day management of the company and its properties. The company's success depends upon maximizing revenues, primarily rent payments, while minimizing company and property operating expenses, which in turn will be affected by property selection, property and company management, property location and local and general economic conditions.

Use of Proceeds

The proceeds from the proposed offering will be invested in equity ownership interests in existing residential apartment communities in Texas and the southwestern region of the United States. Pending such investment and to the extent the proceeds are not invested in real estate as described herein, the proceeds may be invested in certain permitted types of temporary investments.

Last updated: 10/28/96