<TABLE> <S> <C>

<ARTICLE>               5
<LEGEND>
This  Schedule  contains  summary  financial   information  extracted  from  the
consolidated  balance sheet and statements of operations for Vinings  Investment
Properties  Trust for the three and nine months ended  September 30, 1999 and is
qualified in its entirety by reference to such financial statements as contained
in the Form 10-Q report for the three and nine months ended September 30, 1999.
</LEGEND>
<CIK>                         0000759174
<NAME>                         Vinings Investment Properties Trust
<MULTIPLIER>                   1
<CURRENCY>                     US DOLLARS

<S>                                            <C>
<PERIOD-TYPE>                                9-MOS
<FISCAL-YEAR-END>                                      DEC-31-1999
<PERIOD-START>                                         JAN-01-1999
<PERIOD-END>                                           SEP-30-1999
<EXCHANGE-RATE>                                                       1
<CASH>                                                          2134509
<SECURITIES>                                                          0
<RECEIVABLES>                                                     77301
<ALLOWANCES>                                                          0
<INVENTORY>                                                           0
<CURRENT-ASSETS>                                                      0
<PP&E>                                                         67665427
<DEPRECIATION>                                                 (2801133)
<TOTAL-ASSETS>                                                 69153613
<CURRENT-LIABILITIES>                                                 0
<BONDS>                                                        56129838
<PREFERRED-MANDATORY>                                                 0
<PREFERRED>                                                           0
<COMMON>                                                              0
<OTHER-SE>                                                      1650262
<TOTAL-LIABILITY-AND-EQUITY>                                   69153613
<SALES>                                                               0
<TOTAL-REVENUES>                                                6398849
<CGS>                                                                 0
<TOTAL-COSTS>                                                         0
<OTHER-EXPENSES>                                                4079177
<LOSS-PROVISION>                                                      0
<INTEREST-EXPENSE>                                              2559036
<INCOME-PRETAX>                                                 (721685)
<INCOME-TAX>                                                          0
<INCOME-CONTINUING>                                                   0
<DISCONTINUED>                                                        0
<EXTRAORDINARY>                                                       0
<CHANGES>                                                             0
<NET-INCOME>                                                    (721685)
<EPS-BASIC>                                                     (0.66)
<EPS-DILUTED>                                                     (0.66)



</TABLE>