<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  period ended June 30, 1998 and is qualified in
its entirety by reference to such financial  statements as contained in the Form
10-Q report for the six months ended June 30, 1998.
</LEGEND>
<CIK>                          0000759174
<NAME>                         Vinings Investment Properties Trust
<MULTIPLIER>                   1
<CURRENCY>                     US DOLLARS
       
<S>                                            <C>
<PERIOD-TYPE>                                6-MOS
<FISCAL-YEAR-END>                                      DEC-31-1998
<PERIOD-START>                                         JAN-01-1998
<PERIOD-END>                                           JUN-30-1998
<EXCHANGE-RATE>                                                       1
<CASH>                                                           779870
<SECURITIES>                                                          0
<RECEIVABLES>                                                     76535
<ALLOWANCES>                                                          0
<INVENTORY>                                                           0
<CURRENT-ASSETS>                                                      0
<PP&E>                                                         19233282
<DEPRECIATION>                                                 (1347661)
<TOTAL-ASSETS>                                                 18933612
<CURRENT-LIABILITIES>                                                 0
<BONDS>                                                        15176879
<PREFERRED-MANDATORY>                                                 0
<PREFERRED>                                                           0
<COMMON>                                                              0
<OTHER-SE>                                                      2433753
<TOTAL-LIABILITY-AND-EQUITY>                                   18933612
<SALES>                                                               0
<TOTAL-REVENUES>                                                2540354
<CGS>                                                                 0
<TOTAL-COSTS>                                                         0
<OTHER-EXPENSES>                                                1676644
<LOSS-PROVISION>                                                      0
<INTEREST-EXPENSE>                                               661715
<INCOME-PRETAX>                                                  164964
<INCOME-TAX>                                                          0
<INCOME-CONTINUING>                                                   0
<DISCONTINUED>                                                        0
<EXTRAORDINARY>                                                       0
<CHANGES>                                                             0
<NET-INCOME>                                                     164964
<EPS-PRIMARY>                                                      0.15
<EPS-DILUTED>                                                      0.15
        


</TABLE>