<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 period  ended March 31, 1998 and is  qualified  in its
entirety by reference to such financial statements as contained in the Form 10-Q
report for the three months ended March 31, 1998.
</LEGEND>
<CIK>                          0000759174
<NAME>                         Vinings Investment Properties Trust
<MULTIPLIER>                   1
<CURRENCY>                     US DOLLARS
       
<S>                                            <C>
<PERIOD-TYPE>                                3-MOS
<FISCAL-YEAR-END>                                      DEC-31-1998
<PERIOD-START>                                         JAN-01-1998
<PERIOD-END>                                           MAR-31-1998
<EXCHANGE-RATE>                                                       1
<CASH>                                                           691759
<SECURITIES>                                                          0
<RECEIVABLES>                                                     93268
<ALLOWANCES>                                                          0
<INVENTORY>                                                           0
<CURRENT-ASSETS>                                                      0
<PP&E>                                                         19188314
<DEPRECIATION>                                                 (1191392)
<TOTAL-ASSETS>                                                 18972497
<CURRENT-LIABILITIES>                                                 0
<BONDS>                                                        15467631
<PREFERRED-MANDATORY>                                                 0
<PREFERRED>                                                           0
<COMMON>                                                              0
<OTHER-SE>                                                      2230346
<TOTAL-LIABILITY-AND-EQUITY>                                   18972497
<SALES>                                                               0
<TOTAL-REVENUES>                                                1016728
<CGS>                                                                 0
<TOTAL-COSTS>                                                         0
<OTHER-EXPENSES>                                                 732309
<LOSS-PROVISION>                                                      0
<INTEREST-EXPENSE>                                               331491
<INCOME-PRETAX>                                                  (38443)
<INCOME-TAX>                                                          0
<INCOME-CONTINUING>                                                   0
<DISCONTINUED>                                                        0
<EXTRAORDINARY>                                                       0
<CHANGES>                                                             0
<NET-INCOME>                                                     (38443)
<EPS-PRIMARY>                                                     (0.04)
<EPS-DILUTED>                                                     (0.04)
        


</TABLE>