<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 September 30, 1998 and is qualified
in its entirety by reference to such  financial  statements  as contained in the
Form 10-Q report for the nine months ended September 30, 1998.
</LEGEND>
<CIK>                          0000759174
<NAME>                         Vinings Investment Properties Trust
<MULTIPLIER>                   1
<CURRENCY>                     US DOLLARS
       
<S>                                            <C>
<PERIOD-TYPE>                                9-MOS
<FISCAL-YEAR-END>                                      DEC-31-1998
<PERIOD-START>                                         JAN-01-1998
<PERIOD-END>                                           SEP-30-1998
<EXCHANGE-RATE>                                                       1
<CASH>                                                           583351
<SECURITIES>                                                          0
<RECEIVABLES>                                                     44661 
<ALLOWANCES>                                                          0
<INVENTORY>                                                           0
<CURRENT-ASSETS>                                                      0
<PP&E>                                                         19283771
<DEPRECIATION>                                                 (1505911)
<TOTAL-ASSETS>                                                 19298838
<CURRENT-LIABILITIES>                                                 0
<BONDS>                                                        15677192
<PREFERRED-MANDATORY>                                                 0
<PREFERRED>                                                           0
<COMMON>                                                              0
<OTHER-SE>                                                      2465916
<TOTAL-LIABILITY-AND-EQUITY>                                   19298838
<SALES>                                                               0
<TOTAL-REVENUES>                                                3563612
<CGS>                                                                 0
<TOTAL-COSTS>                                                         0
<OTHER-EXPENSES>                                                2413379
<LOSS-PROVISION>                                                      0
<INTEREST-EXPENSE>                                               998829
<INCOME-PRETAX>                                                  123791
<INCOME-TAX>                                                          0
<INCOME-CONTINUING>                                                   0
<DISCONTINUED>                                                        0
<EXTRAORDINARY>                                                       0
<CHANGES>                                                             0
<NET-INCOME>                                                     123791
<EPS-PRIMARY>                                                      0.11
<EPS-DILUTED>                                                      0.11
        


</TABLE>