<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 September 30, 1997 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, 1997.
</LEGEND>
<CIK>                          0000759174
<NAME>                         Vinings Investment Properties Trust
<MULTIPLIER>                   1
<CURRENCY>                     US DOLLARS
       
<S>                                            <C>
<PERIOD-TYPE>                                9-MOS
<FISCAL-YEAR-END>                                      DEC-31-1997
<PERIOD-START>                                         JUL-01-1997
<PERIOD-END>                                           SEP-30-1997
<EXCHANGE-RATE>                                                       1
<CASH>                                                           451024
<SECURITIES>                                                          0
<RECEIVABLES>                                                    106542
<ALLOWANCES>                                                          0
<INVENTORY>                                                           0
<CURRENT-ASSETS>                                                      0
<PP&E>                                                         11580596
<DEPRECIATION>                                                  (930713)
<TOTAL-ASSETS>                                                 11417792
<CURRENT-LIABILITIES>                                                 0
<BONDS>                                                         8901216
<PREFERRED-MANDATORY>                                                 0
<PREFERRED>                                                           0
<COMMON>                                                              0
<OTHER-SE>                                                      2102852
<TOTAL-LIABILITY-AND-EQUITY>                                   11417792
<SALES>                                                               0
<TOTAL-REVENUES>                                                1852145
<CGS>                                                                 0
<TOTAL-COSTS>                                                         0
<OTHER-EXPENSES>                                                1361564
<LOSS-PROVISION>                                                      0
<INTEREST-EXPENSE>                                               600196
<INCOME-PRETAX>                                                 (129615)
<INCOME-TAX>                                                          0
<INCOME-CONTINUING>                                                   0
<DISCONTINUED>                                                        0
<EXTRAORDINARY>                                                       0
<CHANGES>                                                             0
<NET-INCOME>                                                    (129615)
<EPS-PRIMARY>                                                     (0.12)
<EPS-DILUTED>                                                         0
        

</TABLE>