<TABLE> <S> <C>

<ARTICLE>               5
<LEGEND>
This Schedule contains summary financial information extracted from the
consolidated balance sheet and statement of operations for Vinings Investment
Properties Trust for the period ended December 31, 1997 and is qualified in its
entirety by reference to such financial statements as contained in the Form 10-K
report for the year ended December 31, 1997.
</LEGEND>
<CIK>                          0000759174
<NAME>                         Vinings Investment Properties Trust
<MULTIPLIER>                   1
<CURRENCY>                     US DOLLARS

<S>                                                    <C>
<PERIOD-TYPE>                                          Year
<FISCAL-YEAR-END>                                      DEC-31-1997
<PERIOD-START>                                         JAN-01-1997
<PERIOD-END>                                           DEC-31-1997
<EXCHANGE-RATE>                                                       1
<CASH>                                                           597535
<SECURITIES>                                                          0
<RECEIVABLES>                                                     35823
<ALLOWANCES>                                                          0
<INVENTORY>                                                           0
<CURRENT-ASSETS>                                                      0
<PP&E>                                                         19162992
<DEPRECIATION>                                                  1036311
<TOTAL-ASSETS>                                                 18989558
<CURRENT-LIABILITIES>                                                 0
<BONDS>                                                        15502670
<PREFERRED-MANDATORY>                                                 0
<PREFERRED>                                                           0
<COMMON>                                                              0
<OTHER-SE>                                                      2268803
<TOTAL-LIABILITY-AND-EQUITY>                                   18989558
<SALES>                                                               0
<TOTAL-REVENUES>                                                2478824
<CGS>                                                                 0
<TOTAL-COSTS>                                                         0
<OTHER-EXPENSES>                                                2329454
<LOSS-PROVISION>                                                      0
<INTEREST-EXPENSE>                                               816551
<INCOME-PRETAX>                                                 (661717)
<INCOME-TAX>                                                          0
<INCOME-CONTINUING>                                                   0
<DISCONTINUED>                                                        0
<EXTRAORDINARY>                                                       0
<CHANGES>                                                             0
<NET-INCOME>                                                    (661717)
<EPS-PRIMARY>                                                     (0.61)
<EPS-DILUTED>                                                     (0.61)



</TABLE>