UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

                            FORM 10-Q 

     [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
               THE SECURITIES EXCHANGE ACT OF 1934

           For the quarterly period ended June 30, 1997

                  Commission file number 0-17651

                     HIGH CASH PARTNERS, L.P.
      (Exact name of registrant as specified in its charter)

               DELAWARE                     13-3347257
     (State or other jurisdiction of    (I.R.S. Employer
      incorporation or organization)    Identification No.)

                     High Cash Partners, L.P.
                       (Sierra Marketplace)
                        c/o CB Commercial
                          5190 Neil Road
                            Suite 100
                     Reno, Nevada  89502-8500
                          ______________

             (Address of principal executive offices)

                          (212) 399-9193
                          ______________

       Registrant's telephone number, including area code)

           411 West Putnam Avenue, Greenwich, CT 06830
                          ______________

      (Former name, former address and former fiscal year,'
                  if changed since last report)

Indicate by checkmark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

               Yes _X_             No




 <PAGE>
                     HIGH CASH PARTNERS, L.P.

                    FORM 10-Q - JUNE 30, 1997


                              INDEX



PART I - FINANCIAL INFORMATION

   ITEM 1 - FINANCIAL STATEMENTS

     BALANCE SHEETS - June 30, 1997 and December 31, 1996  . . .1

     STATEMENTS OF OPERATIONS - For the three months 
     ended June 30, 1997 and 1996 and the six months 
     ended June 30, 1997 and 1996 . . . . . . . . . . . . . . . 2

     STATEMENT OF PARTNERS' EQUITY - For the six 
     months ended June 30, 1997  . . . . . . . . . . . . . . . .3

     STATEMENTS OF CASH FLOWS - For the six months 
     ended June 30, 1997 and 1996  . . . . . . . . . . . . . . .4

     NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . . .5-8

   ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
     CONDITION AND RESULTS OF OPERATIONS . . . . . . . . . . 9-11

PART II - OTHER INFORMATION

   ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K  . . . . . . . . .12

SIGNATURES  . . . . . . . . . . . . . . . . . . . . . . . . . .13
<PAGE>
PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS


                     HIGH CASH PARTNERS, L.P.

                          BALANCE SHEETS

                                     June 30,   December 31,
                                       1997        1996

ASSETS
   Real estate, net                $15,780,526    $22,465,506
   Cash and cash equivalents         2,208,496      1,774,565
   Tenant receivables                  314,375         78,929
   Other assets                         82,870         93,509
   Prepaid insurance premiums           22,605         73,394
                                   $18,408,872    $24,485,903

LIABILITIES AND PARTNERS' EQUITY

Liabilities
Deferred interest payable          $10,087,876    $ 9,191,865
Mortgage loan payable                6,500,000      6,500,000
Accounts payable and accrued 
  expenses                             102,854        125,520
Due to affiliates                       78,852         78,817
Tenants' security deposits 
  payable                               55,259         55,259
Distributions payable                   ---           305,007
     Total liabilities              16,824,841     16,256,468

Commitments and contingencies

Partners' equity
Limited partners' equity 
  (as restated) (96,472
  units issued and outstanding)      1,568,201      8,147,151
General partners' equity 
  (as restated)                         15,830         82,284

     Total partners' equity          1,584,031      8,229,435

                                   $18,408,872    $24,485,903



<PAGE>
                     HIGH CASH PARTNERS, L.P.

                     STATEMENTS OF OPERATIONS



                  For the three months  For the six months
                   ended June 30,           ended June 30,
                    1997    1996           1997  1996       

Revenues
   Rental income  $807,782  $647,428     $1,428,959  $1,244,086
    Interest income  32,043   16,751         45,754      27,719
   Other income      3,930       890          3,930       1,641
                   843,755   655,069      1,478,643   1,273,446

Costs and expenses
   Mortgage loan 
     interest      451,726   408,502        896,011     805,825
   Operating       165,109   150,165        321,160     294,994
   Depreciation and 
     amortization  100,328   115,964        222,064     236,699
   Partnership 
     management fees 75,369   75,369        150,738     150,738
   Property 
     management fees 12,861   19,426         31,430      37,716
   Administrative   12,189    37,409         27,144      73,872
   Write-down for 
     impairment          0         0      6,475,500            0
                   817,582   806,835      8,124,047   1,599,844

Net income (loss)  $26,173 $(141,766)   $(6,645,404)  $(326,398)

Net income (loss)
   attributable to
   Limited Partners $25,911 $(140,348)  $(6,578,950)  $(323,134)
     General 
       partners     $   262 $  (1,418)  $   (66,454)    $(3,264)
                   $26,173 $(141,766)   $(6,645,404)  $(326,398)

Net income (loss) per
  unit of limited 
  partnership interest
  (96,472 units 
  outstanding)       $ 0.27  $ (1.46)    $   (68.20)   $  (3.35)

   See notes to financial statements.
<PAGE>
                     HIGH CASH PARTNERS, L.P.

                  STATEMENT OF PARTNERS' EQUITY

                            General     Limited    Total
                            Partners'   Partners'  Partners'
                             Equity      Equity     Equity

Balance, January 1, 1997    $(157,887)  $8,387,322 $8,229,435

Reallocation of partners' 
  equity                      240,171     (240,171)      0  

Balance, January 1, 1997 
(as restated)                  82,284    8,147,151  8,229,435

Net loss for the six months 
ended June 30, 1997           (66,454)  (6,578,950)  (6,645,404)

Balance, June 30, 1997        $15,830   $1,568,201 $1,584,031
























   See notes to financial statements.<PAGE>
 






                     HIGH CASH PARTNERS, L.P.

                     STATEMENTS OF CASH FLOWS


                                        For the six months ended
                                                 June 30,
                                        1997                1996

INCREASE (DECREASE) IN CASH 
AND CASH EQUIVALENTS
Cash flows from operating activities

Net loss                                $(6,645,404)        $(326,398)
Adjustments to reconcile net loss 
  to net cash provided by operating 
  activities

     Write down for impairment            6,475,500           0
     Deferred interest expense              896,011     805,825
     Depreciation and amortization          222,064     236,699

   Changes in assets and liabilities
     Tenant receivables                    (235,446)     13,012
     Other assets                            (1,945)     (4,359)
     Prepaid real estate taxes                    0      59,393
     Prepaid insurance premiums              50,789       2,943
     Accounts payable and accrued 
       expenses                             (22,666)     (1,081)
     Due to affiliates                           35      (1,374)
     Tenants' security deposits payable           0        (400)
          Net cash provided by 
            operating activities            738,938     784,260

Cash flow from investing activities
   Additions to real estate                        0     (30,400)

Cash flows from financing activities
   Distributions to partners                (305,007)   (610,014)

Net increase in cash and cash 
  equivalents                                433,931     143,846
     Cash and cash equivalents, 
       beginning of period                 1,774,565   1,407,276
     Cash and cash equivalents, 
       end of period                      $2,208,496  $1,551,122

   See notes to financial statements.<PAGE>






                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

1.   INTERIM FINANCIAL INFORMATION

     The summarized financial information contained herein is
     unaudited; however, in the opinion of management, all
     adjustments (consisting only of normal recurring accruals)
     necessary for a fair presentation of such financial
     information have been included.  The accompanying financial
     statements, footnotes and discussions should be read in
     conjunction with the financial statements, related footnotes
     and discussions contained in the High Cash Partners, L.P.
     (the "Partnership") annual report on Form 10-K for the year
     ended December 31, 1996.  The results of operations for the
     six months ended June 30, 1997 are not necessarily
     indicative of the results to be expected for the full year.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Leases

     The Partnership accounts for its leases under the operating
     method.  Under this method, revenue is recognized as rentals
     become due, except for stepped leases, where revenue is
     averaged over the life of the lease.

     Depreciation

     Depreciation is computed using the straight-line method over
     the useful life of the property, which is estimated to be 40
     years.  The cost of the property represents the initial cost
     of the property to the Partnership plus acquisition and
     closing costs.  Repairs and maintenance are charged to
     operations as incurred.

     Write-down for impairment

     A write-down for impairment is recorded based upon a
     quarterly review of the property in the Partnership's
     portfolio.  Real estate property is carried at the lower of
     depreciated cost or estimated fair value.  In performing
     this review, management considers the estimated fair value
     of the property, based upon the undiscounted future cash
     flows, as well as other factors, such as the current
     occupancy, the prospects for the property and the economic
     situation in the region where the property is located. 
     Because this determination of estimated fair value is based<PAGE>





                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

     upon future economic events, the amounts ultimately realized
     upon a disposition may differ materially from the carrying
     value.

     A write-down is inherently subjective and is based upon
     management's best estimate of current conditions and
     assumptions about expected future conditions.  The
     Partnership may provide for write-downs in the future and
     such write-downs could be material.

     In performing its quarterly impairment review of the Sierra
     property, prior management determined that the aggregate
     undiscounted cash flows from the property over the
     anticipated holding period were below its net carrying value
     at March 31, 1997 and, therefore, an impairment existed. 
     Prior management performed an internal analysis of the fair
     value of the property, which indicated an estimated fair
     value of approximately $15,875,000.  Consequently, a
     write-down for impairment of $6,475,500 was recorded as of
     March 31, 1997.  A write-down for impairment was not
     required for the three months ended June 30, 1997 or 1996.

     Recently issued accounting pronouncement

     The Financial Accounting Standards Board issued Statement of
     Financial Accounting Standards No. 128, "Earnings per Share"
     in February, 1997.  This pronouncement establishes standards
     for computing and presenting earnings per share, and is
     effective for the Partnership's 1997 year-end financial
     statements.  The Partnership's management has determined
     that this standard will have no impact on the Partnership's
     computation or presentation of net income per unit of
     limited partnership interest.

3.   CHANGE IN GENERAL PARTNER OWNERSHIP, CONFLICTS OF INTEREST
     AND TRANSACTIONS WITH RELATED PARTIES

     Until June 13, 1997, Resources High Cash, Inc., a
     wholly-owned subsidiary of XRC Corp. ('XRC'), and Presidio
     AGP Corp. ('AGP'), a wholly-owned subsidiary of Presidio
     Capital Corp. ('Presidio'), were the general partners of the
     Partnership.  On June 13, 1997, RHC and AGP sold their
     general partnership interests to Pembroke HCP LLC ("Pembroke
     HCP") and Pembroke AGP Corp. ("Pembroke AGP"), respectively. 
          In the same transaction, XRC sold its 8,361 limited<PAGE>
 



                    HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

     partnership units in the Partnership to Pembroke Capital II
     LLC, an affiliate of Pembroke HCP and Pembroke AGP.

     The Partnership had been a party to a supervisory management
     agreement with Resources Supervisory Management Corp.
     ("Resources Supervisory"), an affiliate of RHC and AGP,
     pursuant to which Resources Supervisory performed certain
     property management functions.  Resources Supervisory
     performed such services through June 13, 1997.  Effective
     June 13, 1997, the Partnership terminated this agreement and
     entered into a similar agreement with Pembroke Realty
     Management LLC, an affiliate of Pembroke HCP and Pembroke
     AGP.  A portion of the property management fees payable to
     Resources Supervisory were paid to an unaffiliated
     management company, which had been engaged for the purpose
     of performing the property management functions that were
     the subject of the supervisory management agreement.  For
     the quarters ended June 30, 1997 and 1996, Resources
     Supervisory was entitled to receive $12,861 and $19,426,
     respectively, of which $9,376 and $15,299, respectively, was
     paid to the unaffiliated management company.  No leasing
     activity compensation was paid to Resources Supervisory for
     the quarter ended June 30, 1997 or 1996.  Current fees of
     $3,483 were payable to Resources Supervisory at June 30,
     1997, which were paid in the subsequent quarter.

     Affiliates of RHC and AGP are engaged in businesses related
     to the acquisition and operation of real estate.  Resources
     Accrued Mortgage Investors 2 L.P. ('RAM 2"), whose managing
     general partner is owned by Presidio, made a zero coupon
     first mortgage loan to the Partnership.  See "Item 2. 
     Management's Discussion and Analysis of Financial Condition
     and Results of Operations -- Liquidity and Capital
     Resources."

     Prior to the sale of the general partnership interest in the
     Partnership, Wexford Management LLC ("Wexford") had
     performed management and administrative services for
     Presidio, XRC and XRC's direct and indirect subsidiaries, as
     well as for the Partnership.  During the three months ended
     June 30, 1997 and 1996, reimbursable expenses paid to
     Wexford by the Partnership amounted to $4,167 and $5,175,
     respectively.


                     HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

For managing the affairs of the Partnership, the Managing General
Partner is entitled to an annual partnership management fee equal
to 1.25% of the gross offering proceeds.  For each of the
quarters ended June 30, 1997 and 1996, the Managing General
Partner was entitled to a partnership management fee of $75,369. 
Current fees aggregating $75,369 were payable to the former and
current Managing General Partner, in their pro-rata shares, at
June 30, 1997, which were paid in the subsequent quarter.

The general partners are allocated 1% of the net income or losses
of the Partnership, which amounted to losses of $2,093 and $1,418
in the quarters ended June 30, 1997 and 1996, respectively.  They
also are entitled to receive 1% of distributions, which amounted
to $3,050 for the quarter ended June 30, 1996.

4.   REAL ESTATE

     Real estate is summarized as follows:

                                   June 30,       December 31
                                    1997             1996

     Land                          $6,667,189     $8,868,859

     Building and improvements     12,791,547     17,065,377
                                   __________     __________
                                   19,458,736     25,934,236

Accumulated Depreciation           (3,678,210)    (3,468,730)
                                   ___________    ___________
                                  $15,780,526    $22,465,506


5.   DISTRIBUTIONS PAYABLE

     Distributions payable are as follows:

                                        December 31
                                            1996

          Limited partners              $   301,957
          General Partners                    3,050
                                        ___________

                                        $   305,007<PAGE>
     




                    HIGH CASH PARTNERS, L.P.

                  NOTES TO FINANCIAL STATEMENTS

Such distributions were paid during the first quarter of 1997. 
No distributions are payable for
the second quarter of 1997.

6.    PARTNERS' EQUITY

     The General Partners hold a 1% equity interest in the
     Partnership.  However, at the inception of the Partnership,
     the General Partners' equity account was credited only with
     the $1,000 of actual capital contributed in cash.  The
     Partnership's prior management determined that this
     accounting did not appropriately reflect the Limited
     Partners' and the General Partners' relative participating 
     in the Partnership's net assets, since it did not reflect
     the General Partners' 1% equity interest in the Partnership. 
     Thus, the Partnership has restated its financial statements
     to reallocate $240,171 (1% of the gross proceeds raised at
     the Partnership's formation) of the partners' equity to the
     General Partners' equity account.  This reallocation was
     made as of the inception of the Partnership and all periods
     presented in the financial statements have been restated to
     reflect the reallocation.  The reallocation has no impact on
     the Partnership's financial position, results of operations,
     cash flows, distributions to partners, or the partners' tax
     basis capital accounts.


7.   DUE TO AFFILIATES

     Due to affiliates are as follows:

                              June 30   December 31,
                                1997        1996

     Partnership Management Fee    $75,369   $75,369
     Supervisory Management Fee      3,483     3,448
                                   _______   ________

                                   $78,852   $78,817

     Such amounts were paid during July 1997 and February 1997,
     respectively.
<PAGE>
                     HIGH CASH PARTNERS, L.P.

ITEM 2  - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS

     Liquidity and Capital Resources

     The Partnership's sole property is a community shopping
     center in Reno, Nevada containing approximately 233,000
     square feet of net rentable area.

     The Partnership uses working capital reserves set aside from
     the net proceeds of its public offering and undistributed
     cash flow from operations as its primary measure of
     liquidity.  The Partnership's working capital reserves
     initially consisted of 5% of the gross proceeds from its
     public offering that were set aside.  As of June 30, 1997,
     working capital reserves amounted to approximately
     $2,208,000, which may be used to fund capital expenditures,
     insurance, real estate taxes and loan payments.  All
     expenditures made during the quarter ended June 30, 1997
     were funded from cash flow from operations.

     The Partnership's mortgage loan payable to RAM 2 contains a
     provision that requires the Partnership to provide RAM 2
     with a current appraisal of the Sierra Property upon RAM 2's
     request.  If it is determined, based upon the requested
     appraisal, that the sum of (i) the principal balance of the
     mortgage loan plus all other then outstanding indebtedness
     secured by the property and (ii) all accrued and unpaid
     interest in excess of 5% per annum of the principal balance
     of such mortgages exceeds 85% of the appraised value, an
     amount equal to such excess would become immediately due and
     payable to RAM 2.  RAM 2 did not request such an appraisal
     during 1996 or the six months ended June 30, 1997, but RAM 2
     may make such a request in the future.

     The Partnership recorded a write-down on the Sierra Property
     to a fair value of approximately $15,825,000 as of March 31,
     1997.  If RAM 2 requests an appraisal and the fair value of
     the property at that time equals $15,825,000, the
     Partnership has determined that the excess interest
     described above will begin to become due to RAM 2 as early
     as December 1997.  Consequently, the Partnership has
     declared no distribution payable for the six months ended
     June 30, 1997 and will not declare any distribution for the
     foreseeable future in order to build up cash reserves.




                     HIGH CASH PARTNERS, L.P.

     To the extent that adjusted cash from operations during the
     operating years exceeds 11% per annum, noncumulative, of
     original contributions of the offering, such excess may be
     retained in a separate reserve account to prepay a portion
     of RAM 2's loan obligations.  However, it is unlikely that
     adjusted cash flow will exceed such a threshold in the near
     future.

     The Managing General Partner believes that cash flow from
     operations combined with current working capital reserves
     will be sufficient to fund future essential capital
     expenditures.  A portion of capital expenditures consists of
     capitalized lease procurement costs.  Since the level of
     leasing activity cannot be predicted with any degree of
     certainty, the Partnership cannot accurately estimate
     capital expenditures for the remainder of the year, but
     believes that its existing reserves will be sufficient. 
     However, the Partnership may not have sufficient liquidity
     to make the payments that may be required under the terms of
     the RAM 2 loan in certain circumstances.  In that event,
     there would be a default on the RAM 2 loan, which could
     materially and adversely affect the Partnership.

     Real estate market

     A substantial decline in the market value of the
     Partnership's property reflects real estate market
     conditions in the vicinity of that property.  Recently built
     shopping centers in the vicinity have increased competition
     for non-anchor tenants.  This competitive factor, together
     with the fact that much of the unleased space in the
     Partnership's property has only limited visibility to the
     main thoroughfare, have hindered the lease-up of space.  As
     a result, the Partnership's investment in its property is at
     risk.

     Write-down for impairment

     A write-down for impairment is recorded based upon a
     quarterly review of the property in the Partnership's
     portfolio.  Real estate property is carried at the lower of
     depreciated cost or estimated fair value.  In performing
     this review, management considers the estimated fair value
     of the property based upon the undiscounted future cash
     flows, as well as other factors, such as the current
          occupancy, the prospects for the property and the economic<PAGE>
                     HIGH CASH PARTNERS, L.P.

     situation in the region where the property is located. 
     Because this determination of estimated fair value is based
     upon future economic events, the amounts ultimately realized
     upon a disposition may differ materially from the carrying
     value.

     A write-down is inherently subjective and is based upon
     management's best estimate of current conditions and
     assumptions about expected future conditions.  The
     Partnership may provide for write-downs in the future and
     such write-downs could be material.

     In performing its quarterly impairment review of the Sierra
     property during the first quarter of 1997, prior management
     determined that the aggregate undiscounted cash flows from
     the property over the anticipated holding period were below
     its net carrying value at March 31, 1997 and, therefore, an
     impairment existed.  Prior management performed an internal
     analysis of the property, which indicated an estimated fair
     value of approximately $15,875,000.  Consequently, a
     write-down for impairment of $6,475,500 was recorded as of
     March 31, 1997.  A write-down for impairment was not
     required for the three months ended June 30, 1997 and 1996.

     Results of operations

     The net loss increased for the six months ended June 30,
     1997 compared with the corresponding period in 1996.  The
     increase was primarily a result of the write-down for
     impairment recorded in the first quarter of 1997 discussed
     above.  For the three months ended June 30, 1997, net income
     was $26,173 compared with a net loss of $141,766 for the
     corresponding period in 1996; this resulted from an increase
     in rental income.

     Revenues increased for both the three and six months ended
     June 30, 1997 compared with the corresponding periods in
     1996, primarily due to an increase in base rentals and
     interest income.

     Costs and expenses increased for both the three and six
     months ended June 30, 1997 compared with the corresponding
     periods in 1996, primarily due to the write-down for
          impairment recorded in 1997, and an increase in mortgage<PAGE>
                     HIGH CASH PARTNERS, L.P.

     interest expense, partially offset by a decrease in general
     and administrative expense.  Mortgage loan interest expense
     increased due to the compounding effect from the deferral of
     the interest expense on the zero coupon mortgage.  General
     and administrative expense decreased as a result of actual
     1996 payroll costs being less than anticipated and reversed
     in 1997.

<PAGE>
                   PART II - OTHER INFORMATION


ITEM 6. -  EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits:   None

     (b)  Reports on Form 8-K:Current report on Form 8-K dated
          June 25, 1997.
<PAGE>
                            SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.


                         HIGH CASH PARTNERS, L.P.

                         By:  Pembroke Companies, Inc.,
                              Managing General Partner



                         By:  Pembroke HCP, LLC
                              Managing Member



Dated: August 14, 1997   By:  /s/ Lawrence J. Cohen
                                 Lawrence J. Cohen
                              President and Principal Financial
                              and Accounting Officer