EXHIBIT 10.14

                         ADVISORY AGREEMENT SUBCONTRACT

   This Advisory Agreement  Subcontract (the "Agreement") is made as of March 1,
1997 by and among Apple Residential Income Trust,  Inc., a Virginia  corporation
("Apple"),  Apple  Residential  Advisors,  Inc.,  a  Virginia  corporation  (the
"Advisor"),  and Cornerstone Realty Income Trust,  Inc., a Virginia  corporation
("Cornerstone"), and provides:

                                    RECITALS

A.   Apple and the  Advisor are  parties to an  Advisory  Agreement  dated as of
     November 1, 1996 (the  "Advisory  Agreement"),  pursuant to which Apple has
     engaged the Advisor to provide certain information,  advice, assistance and
     facilities related to the business of Apple, as more particularly described
     in the Advisory Agreement.

B.   The Advisor desires to delegate and assign to Cornerstone,  and Cornerstone
     desires to accept the delegation and assignment from the Advisor of, all of
     the Advisor's duties,  obligations,  rights,  powers and benefits under the
     Advisory Agreement attributable to the period beginning on the date of this
     Agreement,  and  Apple  is  willing  to  consent  to  such  delegation  and
     assignment, all as more particularly set forth herein.

   NOW THEREFORE, in consideration of the foregoing, of the mutual covenants and
agreements  contained  herein,  and other good and valuable  consideration,  the
parties agree as follows:

1.   The  Advisor  does hereby  delegate  and assign to  Cornerstone  all of the
     Advisor's  duties,  obligations,  rights,  powers  and  benefits  under the
     Advisory Agreement attributable to the period beginning on the date of this
     Agreement.  Cornerstone accepts such delegation and assignment.  The intent
     of such delegation and assignment is to impose upon  Cornerstone all duties
     and  obligations  of the Advisor under the terms of the Advisory  Agreement
     attributable to the period beginning on the date of this Agreement,  and to
     confer upon Cornerstone all of the correlative rights,  powers and benefits
     (including,  without limitation,  the right to receive all fees and expense
     reimbursements) conferred by or provided for in the Advisory Agreement, and
     this Agreement  shall be interpreted and construed  consistently  with such
     intent.  For so  long  as  this  Agreement  remains  in  effect,  the  term
     "Advisor," as used in the Advisory  Agreement,  shall be deemed to refer to
     Cornerstone, unless the context clearly requires otherwise.

2.   Apple consents to the delegation and assignment referred to in Section 1.

3.   This  Agreement  may be terminated  at any time by  Cornerstone  by written
     notice  delivered  to  the  Advisor  and  Apple  in the  manner  and to the
     addresses set forth in the Advisory Agreement.

4.   Capitalized  terms used and not  otherwise  defined  herein  shall have the
     meanings set forth in the Advisory Agreement.

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   IN WITNESS WHEREOF,  the parties hereto have executed this Agreement by their
duly authorized officers as of the date first written above.


                                   APPLE RESIDENTIAL INCOME TRUST, INC.,
                                    a Virginia corporation

                                   By:/s/ Glade M. Knight
                                      -----------------------------------

                                   Title: Chairman
                                          -------------------------------


                                   APPLE RESIDENTIAL ADVISORS, INC.,
                                    a Virginia corporation

                                   By:/s/ Glade M. Knight
                                      -----------------------------------

                                   Title: Chairman
                                          -------------------------------


                                   CORNERSTONE REALTY INCOME TRUST, INC.,
                                    a Virginia corporation

                                   By:/s/ Glade M. Knight
                                      -----------------------------------

                                   Title: Chairman
                                          -------------------------------