EXHIBIT 10.22

                              REVOLVING CREDIT NOTE

$50,000,000                                                    December 12, 2000

         FOR VALUE RECEIVED,  the undersigned,  CORNERSTONE REALTY INCOME TRUST,
INC., a corporation  organized  under the laws of Virginia  ("Cornerstone")  and
CRIT-NC,  LLC, a limited  liability company organized under the laws of Virginia
("CRIT-NC" and together with  Cornerstone,  the "Borrowers")  hereby jointly and
severally promise to pay to the order of FIRST UNION NATIONAL BANK (the "Bank"),
at the times,  at the place and in the manner  provided in the Credit  Agreement
hereinafter  referred  to,  the  principal  sum of up to Fifty  Million  Dollars
($50,000,000),  or, if less, the aggregate  unpaid principal amount of all Loans
disbursed  by the Bank under the Credit  Agreement  referred to below,  together
with  interest at the rates as in effect from time to time with  respect to each
portion of the principal  amount  hereof,  determined and payable as provided in
Article IV of the Credit Agreement.

         This Note is the Note  referred to in, and is entitled to the  benefits
of, that  certain  Credit  Agreement  dated as of December 12, 2000 (the "Credit
Agreement"),  by and among the  Borrowers,  each  Additional  Borrower  that may
become  party  thereto,  the lenders  (including  the Bank) party  thereto  (the
"Lenders")  and  First  Union  National  Bank,  as  Administrative   Agent  (the
"Administrative  Agent").  The Credit  Agreement  contains,  among other things,
provisions  for the  time,  place  and  manner  of  payment  of this  Note,  the
determination  of the interest rate borne by and fees payable in respect of this
Note,  acceleration  of the payment of this Note upon the  happening  of certain
stated  events  and  the   mandatory   repayment  of  this  Note  under  certain
circumstances.

         The Borrowers agree to pay on demand all costs of collection, including
reasonable  attorneys' fees, if any part of this Note, principal or interest, is
collected after maturity with the aid of an attorney.

         Presentment  for  payment,  notice of  dishonor,  protest and notice of
protest are hereby waived.

         THIS  NOTE IS MADE AND  DELIVERED  IN THE STATE OF NORTH  CAROLINA  AND
SHALL BE CONSTRUED IN  ACCORDANCE  WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NORTH CAROLINA.

         The Debt  evidenced  by this Note is senior in right of  payment to all
Subordinated Debt referred to in the Credit Agreement.


<PAGE>

         IN WITNESS  WHEREOF,  the  Borrower has caused this Note to be executed
under  seal by a duly  authorized  officer  as of the day and year  first  above
written.


                                  CORNERSTONE REALTY INCOME TRUST, INC.

[CORPORATE SEAL]

                                  By:       /s/ Stanley J. Olander, Jr.
                                            ------------------------------------
                                  Name:     Stanley J. Olander, Jr.
                                            ------------------------------------
                                  Title:    Executive Vice President
                                            ------------------------------------


[CORPORATE SEAL]                  CRIT-NC, LLC

                                  By:     CORNERSTONE REALTY INCOME TRUST, INC.,
                                          its sole Member/Manager

                                          By: /s/ Stanley J. Olander, Jr.
                                              ----------------------------------
                                          Name:  Stanley J. Olander, Jr.
                                                 -------------------------------
                                          Title: Executive Vice President
                                                 -------------------------------


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