EXHIBIT 10.18

                    COMMON SHARE PURCHASE OPTION AGREEMENT

     THIS  COMMON  SHARE  PURCHASE  OPTION  AGREEMENT  ("Share  Purchase  Option
Agreement")  is made and entered as of this 10th day of February,  1997,  by and
between  CORNERSTONE  REALTY  INCOME  TRUST,  INC.  ("Cornerstone"),  a Virginia
corporation,   and  APPLE  RESIDENTIAL   TRUST,  INC.   ("Apple"),   a  Virginia
corporation.

                                    RECITALS

     WHEREAS,  Cornerstone  has stated an  intention to own, and has tendered to
Apple an offer to purchase  common  shares of Apple  ("Common  Shares"),  on the
terms and  conditions set forth herein.  Apple is willing to give  Cornerstone a
right and option to purchase  Common Shares on the terms and  conditions and for
the purchase price set forth in this Share Purchase Option Agreement.

     NOW,  THEREFORE,  FOR  AND IN  CONSIDERATION  of the  mutual  promises  and
covenants contained herein, and for other good and valuable  consideration,  the
receipt and sufficiency of which are hereby acknowledged,  the parties do hereby
agree as follows:

     1.   Terms of Subscription -- Agreement to Purchase and Sell Common Shares.

          (a) Option to  Purchase  Common  Shares.  Apple does  hereby  grant to
     Cornerstone  a right to  purchase at any time during the term of this Share
     Purchase  Option  Agreement and from time to time Common Shares  subject to
     the aggregate subscription limitation set forth below.

          (b) Aggregate Subscription Limit.  Cornerstone's aggregate holdings of
     Common  Shares  shall not at any time  exceed  9.8% of the total  number of
     Common Shares then outstanding (the "Aggregate Subscription Limit").

     2.   Purchase Price. The number of Common Shares received by Cornerstone at
     each closing of any purchase of Common Shares  hereunder  shall be equal to
     the gross purchase  price paid by  Cornerstone at such closing  divided by,
     the then current  public  offering  price of Common Shares set forth on the
     Prospectus  dated November 19, 1996, as supplemented  and amended from time
     to time (the  "Prospectus"),  less all selling  commissions  and  marketing
     expense  allowances  payable in accordance with the  Prospectus,  (such net
     price per Common Share, the "Purchase Price").

     3.   Purchase Closings. At each closing of the acquisition of Common Shares
     hereunder,

          (a)  Cornerstone  shall pay to Apple, by wire transfer or by certified
     or bank  cashier's  check,  an  amount  determined  under  section 2 above,
     subject to the aggregate  amount not  exceeding the Aggregate  Subscription
     Limit; and

          (b)  Apple  shall  issue  to  Cornerstone  one  or  more  certificates
     representing the whole number of issued and outstanding Common Shares equal
     to the quotient of (i) the gross amount paid by  Cornerstone to Apple under
     Section 2 above divided by (ii) the Purchase Price determined under Section
     2 above.  Apple shall not be required to issue fractional  Common Shares in
     connection  with any purchase by  Cornerstone  and, in lieu thereof,  Apple
     shall refund to Cornerstone  the cash amount  represented by the fractional
     share of Common  Shares based upon the Purchase  Price.  In addition to the
     legends required by Apple's Articles of Incorporation,  each certificate or
     instrument   representing   the  Common  Shares  shall  bear  a  legend  in
     substantially the following form:

     THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED,  OR ANY APPLICABLE STATE SECURITIES LAW, AND MAY NOT BE SOLD OR
     OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION AND QUALIFICATION
     WITHOUT AN OPINION OF COUNSEL  FOR THE HOLDER  THAT SUCH  REGISTRATION  AND
     QUALIFICATION  ARE  NOT  REQUIRED,   WHICH  OPINION  OF  COUNSEL  SHALL  BE
     REASONABLY SATISFACTORY TO APPLE.

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          Such legend shall be removed by Apple upon (i) the U.S. Securities and
     Exchange  Commission ("SEC") declaring  effective a Registration  Statement
     (as  defined  in  Section  7 below)  covering  such  Common  Shares or (ii)
     delivery to it of an opinion of counsel  reasonably  satisfactory  to Apple
     and its counsel that a registration  statement  under the Securities Act of
     1933,  as  amended  (the  "Securities  Act"),  other  than  a  Registration
     Statement,  is at the time  effective  with  respect to the transfer of the
     legended  security or that such  security can be  transferred  without such
     registration  statement  being in effect and without the  requirements of a
     legend on the certificate in the hands of the transferee.

     4.   Term.  Apple's  obligations  in  connection  with this Share  Purchase
     Option  Agreement  shall  terminate  upon  the  termination  of the  public
     offering  of Common  Shares  pursuant  to the  Registration  Statement  No.
     333-10135 filed with the SEC, as it may be amended from time to time.

     5.   Representations  and  Warranties of  Cornerstone.  Cornerstone  hereby
     represents and warrants to Apple as follows:

          (a) The  execution,  delivery  and  performance  of this  Agreement by
     Cornerstone  have been duly authorized by all necessary  corporate  action.
     This Agreement  constitutes a valid and binding  obligation of Cornerstone,
     enforceable in accordance with its terms.

          (b) Neither the execution,  delivery and performance of this Agreement
     nor the consummation of the transactions contemplated hereby by Cornerstone
     will  conflict  with or result in a breach or violation of any of the terms
     and  provisions  of, or (with or without the giving of notice or passage of
     time  or  both)   constitute  a  default  under,  any  agreement  to  which
     Cornerstone  is a party,  the  certificate  of  incorporation  or bylaws of
     Cornerstone, any indenture,  mortgage, deed of trust, loan agreement, note,
     lease or other  agreement or instrument to which  Cornerstone is a party or
     to  which  any of  its  properties  or  other  assets  is  subject,  or any
     applicable  statute,  judgment,  decree, rule or regulation of any court or
     governmental  agency or body  applicable to Cornerstone  or its assets,  or
     result  in the  creation  or  imposition  of any  lien,  charge,  claim  or
     encumbrance upon any property or asset of Cornerstone.

          (c) No consent,  license, permit or filing of or with any governmental
     authority  or any  person  is  required  in  connection  with  Cornerstone'
     execution, delivery and performance of this Share Purchase Option Agreement
     except as has been obtained by Cornerstone.

          (d) No finder,  broker, agent, financial advisor or other intermediary
     has acted on behalf of Cornerstone  in connection  with the purchase of the
     Common  Shares  pursuant to this Share  Purchase  Option  Agreement  or the
     negotiation or consummation hereof.

          (e) It is familiar with the business and financial  condition of Apple
     and is not relying upon any  representations  made to it by Apple or any of
     its  officers,  directors,  employees,  partners  or  agents  that  are not
     contained herein.

          (f) It is aware of the risks  involved in making an  investment in the
     Common  Shares.  It has had an  opportunity  to ask  questions  of,  and to
     receive answers from,  Apple,  or a person or persons  authorized to act on
     its behalf, concerning the terms and conditions of any investment in Apple.
     Cornerstone  confirms that all documents,  records and books  pertaining to
     any  investment  in Apple  that  have been  requested  by it have been made
     available or delivered to it prior to the date hereof.

          (g) It  understands  that the Common  Shares have not been  registered
     under the  Securities  Act,  or any state  securities  acts,  and are being
     offered  and sold to  Cornerstone  in reliance  on an  exemption  from such
     registration  requirements.  The Common Shares for which Cornerstone hereby
     subscribes are being acquired  solely for its own account,  for investment,
     and are not being  purchased  with a view to, or for  resale in  connection
     with,  any  distribution,   subdivision  or  fractionalization  thereof  in
     violation of such laws, and Cornerstone  has no present  intention to enter
     into any contract,  undertaking,  agreement or arrangement  with respect to
     any such resale.

          (h) It is an "accredited investor" as that term is defined in Rule 501
     and Regulation D promulgated under the Securities Act.

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          The foregoing  representations and warranties are true and accurate as
     of the date  hereof and shall be true and  accurate  as of the date of each
     purchase  of Common  Shares  pursuant  to the terms of this Share  Purchase
     Option Agreement, and shall survive such dates.

     6.   Representations  and Warranties of Apple.  Apple hereby represents and
     warrants to Cornerstone as follows:

          (a) Apple has full legal right, power and authority to enter into this
     Share  Purchase  Option  Agreement and the  Registration  Rights  Agreement
     referred  to in  Section  7  hereof,  and to  consummate  the  transactions
     contemplated  herein and therein.  This Share Purchase Option Agreement has
     been, and the Registration Rights Agreement referred to in Section 7 hereof
     will be, duly authorized by all necessary  corporate action,  and each will
     constitute  the valid and  binding  obligation  of  Apple,  enforceable  in
     accordance with their respective terms.

          (b) The Common Shares have been validly authorized and, when issued to
     Cornerstone, will be duly and validly issued, fully paid, nonassessable and
     free of preemptive or similar rights. Authorized and unissued Common Shares
     sufficient  to  satisfy   Apple's   obligation  to  issue  such  shares  to
     Cornerstone shall at all times be reserved by Apple.

          (c) Assuming the accuracy of the  representations  of Cornerstone  set
     forth in Section 5 hereof,  (i) the Common  Shares  will have been  issued,
     offered and sold to  Cornerstone  in compliance  with all  applicable  laws
     (including, without limitation, federal and state securities laws) and (ii)
     each consent, approval, authorization, order, license, certificate, permit,
     registration,  designation or filing by or with any governmental  agency or
     body necessary for the valid authorization,  issuance, sale and delivery of
     any Common Shares to Cornerstone,  the execution,  delivery and performance
     of this  Agreement and the  Registration  Rights  Agreement  referred to in
     Section  7  hereof  and  the  consummation  by  Apple  of the  transactions
     contemplated  hereby and thereby  has been made or obtained  and is in full
     force and effect.

          (d) Neither the issuance, sale and delivery to Cornerstone by Apple of
     the Common  Shares,  nor the  execution,  delivery and  performance of this
     Agreement and the Registration  Rights  Agreement  referred to in Section 7
     hereof,  nor the  consummation of the transactions  contemplated  hereby or
     thereby by Apple will  conflict  with or result in a breach or violation of
     any of the  terms and  provisions  of, or (with or  without  the  giving of
     notice  or  passage  of time or  both)  constitute  a  default  under,  any
     agreement  to which Apple is a party,  the  certificate  of  incorporation,
     bylaws of Apple, any indenture,  mortgage,  deed of trust,  loan agreement,
     note,  lease or other  agreement or instrument to which Apple is a party or
     to  which  any of  its  properties  or  other  assets  is  subject,  or any
     applicable  statute,  judgment,  decree, rule or regulation of any court or
     governmental agency or body applicable to Apple or its assets, or result in
     the creation or imposition of any lien,  charge,  claim or encumbrance upon
     any property or asset of Apple.

          (e) No consent,  license, permit or filing of or with any governmental
     authority or any person is required in connection  with Apple's  execution,
     delivery and performance of this Share Purchase Option  Agreement except as
     has been obtained by Apple.

          (f) No finder,  broker, agent, financial advisor or other intermediary
     has acted on behalf of Apple in connection  with the purchase of the Common
     Shares pursuant to this Share Purchase Option  Agreement or the negotiation
     or consummation hereof.

          The foregoing  representations and warranties are true and accurate as
     of the date  hereof,  or such  other date as of which they are deemed to be
     made,  and shall be true and  accurate  as of the date of each  purchase of
     Common Shares made hereunder, and shall survive such dates.

     7.   Registration  Rights.  Prior to June 1, 1997,  Apple  shall enter into
     with  Cornerstone a registration  rights  agreement  ("Registration  Rights
     Agreement")  in form and  substance  agreeable  to  Cornerstone  and Apple,
     providing,  among other things,  for the  following  with respect to Common
     Shares  acquired  by  Cornerstone  pursuant to this Share  Purchase  Option
     Agreement:


<PAGE>



          (a) In the time  periods and with the  frequency  described in Section
     7(b) below,  Apple  shall file and use its best  efforts to cause to become
     effective,  registration  statements  under  the  Securities  Act,  and all
     necessary   qualifications  or  registrations  under  the  securities  laws
     covering the resale by  Cornerstone  of Common Shares issued to Cornerstone
     hereunder (each, a "Registration Statement").

          (b) A Registration  Statement  shall be filed within 60 days after (i)
     the first anniversary of the first purchase of Common Shares of Cornerstone
     and (ii) each  subsequent  anniversary if Cornerstone  has acquired  Common
     Shares which are not covered by a Registration Statement.

          (c) Apple shall use its best efforts to maintain the  effectiveness of
     each  Registration  Statement  until the earlier of (i) such time as all of
     the  Common  Shares  covered  thereby  have  been  issued  to and  sold  by
     Cornerstone  and (ii) such time as all of the Common Shares covered thereby
     may be resold by Cornerstone without restriction under the Securities Act.

          (d) During any consecutive  three month period,  Cornerstone  shall be
     prohibited,  unless Apple shall otherwise consent thereto in writing,  from
     selling more than 25% of the outstanding Common Shares, whether pursuant to
     a Registration  Statement or otherwise,  except in an  underwritten  public
     offering in which the managing underwriter is one reasonably  acceptable to
     Apple.

          (e) All  expenses  of such  Registration  Statement  shall be borne by
     Apple, other than (i) any underwriting discounts or commissions or transfer
     taxes  and  (ii)  the  fees  and  expenses  of  all  separate  counsel  for
     Cornerstone in excess of the  reasonable  fees and expenses of one separate
     counsel retained by Cornerstone to (A) review the Registration Statement as
     requested  by Apple,  (B) review or prepare  information  to be provided at
     Apple's request and (C) review  documents and instruments to be executed by
     Cornerstone at the request of Apple.

          (f)  (i) Cornerstone  shall refrain from the sale of any Common Shares
          for one or more  periods of not more than  sixty  (60) days  following
          written notice from Apple that the relevant Registration  Statement is
          not  then  current,  due  to  the  existence  of  material  non-public
          information  disclosure of which would materially adversely affect the
          business  interests of Apple,  and prior to Cornerstone'  receipt from
          Apple of written  notice  that such  Registration  Statement  is again
          current,  provided  that  Cornerstone  shall  not  be  precluded  from
          effecting  sales pursuant to this clause (i) for more than ninety (90)
          days during any 360-day period.

               (ii)  Following  written  notice from Apple that it has filed and
          caused to become  effective  a  registration  statement  including  an
          offering  of  Common  Shares  for sale by Apple  to the  public  in an
          underwritten public offering,  Cornerstone shall enter into agreements
          with the  underwriters of such public  offering,  substantially in the
          same form and for the same time period as  agreements  entered into by
          the officers and  directors  of Apple,  precluding  the sale of Common
          Shares by  Cornerstone  for a period not to exceed one hundred  eighty
          (180) days following such notice,  provided that Cornerstone was given
          the  opportunity  to  include  its  shares  for  sale in  such  public
          offering.

          (g) With respect to a Registration Statement, the following procedures
     shall apply:

               (i) Apple  will,  prior to  filing a  Registration  Statement  or
          prospectus  or  any  amendment  or  supplement  thereto,   furnish  to
          Cornerstone  and counsel  designated  by  Cornerstone,  copies of such
          registration statement or prospectus as proposed to be filed, together
          with exhibits  thereto,  which  documents will be subject to review by
          the foregoing,  and thereafter furnish to Cornerstone,  such number of
          copies of such Registration  Statement,  each amendment and supplement
          thereto,  the  prospectus  included  in  such  Registration  Statement
          (including  each  preliminary  prospectus) and such other documents as
          Cornerstone  may  reasonably   request  in  order  to  facilitate  the
          disposition  of  the  Common  Shares   covered  by  the   Registration
          Statement.

               (ii) Apple will use its best  efforts to  register or qualify the
          Common  Shares  under such other  securities  or blue sky laws of such
          jurisdictions in the United States as Cornerstone reasonably requests;
          provided,  that Apple will not be required to (A) qualify generally to
          do  business  in any  jurisdiction  where it would  not  otherwise  be
          required  to  qualify,  (B)  subject  itself to  taxation  in any such
          jurisdiction  or (C) consent to general service of process in any such
          jurisdiction.

<PAGE>



               (iii) Apple will immediately  notify Cornerstone at any time when
          a prospectus  included in a  Registration  Statement is required to be
          delivered  under the  Securities  Act, of the  occurrence  of an event
          requiring  the  preparation  of a  supplement  or  amendment  to  such
          prospectus so that, as thereafter  delivered to the purchasers of such
          Common Shares, such prospectus will not contain an untrue statement of
          a material  fact or omit to state any  material  fact  required  to be
          stated  therein  or  necessary  to make  the  statements  therein  not
          misleading,  and will promptly make available to Cornerstone  any such
          supplement or amendment.

               (iv) Apple will otherwise use its best efforts to comply with all
          applicable rules and regulations of the SEC.

               (v)  Apple  shall  promptly  notify   Cornerstone  (A)  when  the
          prospectus  or any  prospectus  supplement  has been filed,  and, with
          respect to the Registration Statement or any post-effective amendment,
          when the same has been declared  effective,  (B) of any request by the
          SEC for amendments or supplements to the Registration Statement or the
          prospectus or for additional  information,  (C) of the issuance by the
          SEC of any stop order suspending the effectiveness of the Registration
          Statement or the initiation of any proceedings  for that purpose,  and
          (D) of the receipt by Apple of any  notification  with  respect to the
          suspension of the  qualification  of the Common Shares for sale in any
          jurisdiction  or the  initiation or  threatening of any proceeding for
          such purpose.

               (vi)  Cornerstone  and each  officer,  director  and  controlling
          person of  Cornerstone  shall be  indemnified by Apple for all losses,
          claims, damages,  liabilities and expenses (including reasonable costs
          of investigation)  caused by any untrue or alleged untrue statement or
          any  omission  or  alleged  omission  in the  then-current  prospectus
          included in a Registration  Statement,  unless based upon  information
          (if any)  furnished  to Apple by  Cornerstone  expressly  for use in a
          Registration  Statement  in a  writing  signed  by  or  on  behalf  of
          Cornerstone.

          (f) Apple and each officer,  director and controlling  person of Apple
     shall be  indemnified  by  Cornerstone  for all  losses,  claims,  damages,
     liabilities  and expenses  (including  reasonable  costs of  investigation)
     caused by any untrue or alleged untrue statement or any omission or alleged
     omission  in  the  then-current   prospectus  included  in  a  Registration
     Statement,  if  based  upon  information  (if  any)  furnished  to Apple by
     Cornerstone  expressly  for use in a  Registration  Statement  in a writing
     signed by or on behalf of Cornerstone.

          (g) Cornerstone agrees to promptly provide  information or execute and
     deliver  documents  reasonably  determined  by  Apple  to be  necessary  to
     facilitate the preparation or filing of a Registration Statement.

     8.   Miscellaneous.

          (a) All notices or other  communications given or made hereunder shall
     be in writing and shall be delivered in person or mailed by  registered  or
     certified mail, return receipt  requested,  postage prepaid,  or by Federal
     Express  overnight  mail,  (A) to  Cornerstone  at 306  East  Main  Street,
     Richmond,  Virginia 23219,  Attention:  Chief Financial Officer, and (B) to
     Apple  at 306  East  Main  Street,  Richmond,  Virginia  23219,  Attention:
     President.

          (b)  NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY
     ANY OF THE  PARTIES  HERETO,  THE PARTIES  EXPRESSLY  AGREE THAT ALL OF THE
     TERMS AND  PROVISIONS  HEREOF  SHALL BE CONSTRUED  IN  ACCORDANCE  WITH AND
     GOVERNED BY THE LAWS OF THE  COMMONWEALTH  OF VIRGINIA  (WITHOUT  REGARD TO
     CONFLICTS  OF LAW  PRINCIPLES),  APPLICABLE  TO  AGREEMENTS  MADE AND TO BE
     WHOLLY PERFORMED THEREIN.

          (c)  This   Agreement   (i)   supersedes   all  other   agreements  or
     understandings,  by and between Cornerstone and Apple, and (ii) constitutes
     the entire agreement  between the parties hereto, in each case with respect
     to the  subscription  by  Cornerstone  for  Common  Shares of  Apple.  This
     Agreement

<PAGE>



     may be amended only by an  instrument  in writing  executed by all parties.
     Cornerstone may assign and transfer its rights and  obligations  hereunder,
     and the Common  Shares it  acquires,  to any direct or indirect  subsidiary
     thereof.

          (d) This  Agreement  shall inure to the benefit of and be binding upon
     the successors and assigns of the parties hereto.

          (e) All terms used herein shall be deemed to include the masculine and
     the  feminine  and the  singular  and the plural as the  context  requires.
     Captions  herein are for  convenience of reference only and shall not alter
     or affect the meaning or  construction  of the  paragraphs  hereof to which
     they relate.

          (f) The  parties  hereto  agree to take  all  actions,  including  the
     entering into of any documents,  agreements or  instruments,  or amendments
     thereof,  as may be necessary or  appropriate to effectuate the intents and
     purposes  hereof  and  consummate  and  make  effective  the   transactions
     contemplated hereby.

          (g) This  Agreement may be executed in two or more  counterparts,  any
     one of which need not contain the  signatures  of more than one party,  but
     all such  counterparts  taken  together  will  constitute  one and the same
     Agreement.

     IN WITNESS  WHEREOF,  the parties  hereto have executed this Share Purchase
Option Agreement on and as of the date first above written.


                                        CORNERSTONE REALTY INCOME TRUST, INC.,
                                         a Virginia corporation

                                        By:/s/ Glade M. Knight
                                           ------------------------------------
                                        Name:  Glade M. Knight
                                             ----------------------------------
                                        Title: Chairman
                                              ---------------------------------

                                        APPLE RESIDENTIAL INCOME TRUST, INC.,
                                         a Virginia corporation


                                        By:/s/ Glade M. Knight
                                           ------------------------------------
                                        Name:  Glade M. Knight
                                             ----------------------------------
                                        Title: Chairman
                                              ---------------------------------