EXHIBIT 99.5

                           CLARION CROSSING APARTMENTS
                             Raleigh, North Carolina


     On  September  30,  1997,   Cornerstone  Realty  Income  Trust,  Inc.  (the
"Company")  purchased the Clarion  Crossing  Apartments,  a 228- unit  apartment
complex located in Wake County, near Raleigh, North Carolina (the "Property").

     The  Company   purchased  the  Property  from  Clarion   Crossing   Limited
Partnership,  which is not affiliated  with the Company or its  affiliates.  The
aggregate purchase price for the Property was $10,600,000. The Property includes
undeveloped land which the Company believes will accommodate up to 32 additional
apartment  units if and when the  Company  determines  to add such  units to the
Property.  The entire  purchase price of the Property was borrowed on an interim
basis under the Company's unsecured line of credit and title to the Property was
conveyed to the Company by a limited warranty deed.

     Location.  The  following  information  is  based  in part  on  information
provided by the Raleigh Chamber of Commerce.

     The  Property  is  located  in  Wake  County,   near  Raleigh   within  the
Raleigh/Durham  Metropolitan  Statistical  Area.  The area is also  known as the
Research Triangle,  and contains the cities of Raleigh,  Durham and Chapel Hill.
It is the  second  largest  metropolitan  area  in  North  Carolina,  after  the
Charlotte metropolitian area.

     Raleigh is the capital of North  Carolina and is the fastest  growing major
city in North Carolina.  The population of the city was approximately 150,000 in
1980 and estimated to be approximately 208,000 in 1993.

     Research  Triangle Park, which is located an approximately  15-minute drive
from the Property,  is the largest planned  research and development  industrial
park in the United States. It was founded in 1958 as a cooperative  effort among
Duke  University,  the  University of North  Carolina and North  Carolina  State
University.  The Park comprises  approximately  6,800 acres and contains over 14
million  square feet of  industrial  space.  Among the Park's  approximately  60
research-oriented firms are IBM, Glaxo and Northern Telecom.


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     Raleigh's  economy  generally  is  a  blend  of  industry,   education  and
government. The city's employment stability, strategic location, favorable labor
climate, pro-business attitude and pool of educated workers have helped the area
attract many major  businesses  and  industries.  Major  industries  in the area
include electronics,  electrical equipment and machinery, metal working and food
processing.

     The Research  Triangle is home to Duke University,  the University of North
Carolina at Chapel Hill and North Carolina State University.

     The Property is located at 1141 Crab Orchard Drive off of Avent Ferry Road.
The  immediate  area  surrounding  the Property  consists of other  multi-family
housing,  commercial  and retail  development  and  single-family  housing.  The
Property is located near major  shopping,  schools and churches,  and is readily
accessible from Interstates 40 and 440. The Property is located an approximately
15-minute  drive from both  Raleigh/Durham  International  Airport and  Research
Triangle Park.

     Description  of the  Property.  The  Property  consists  of 228  garden and
townhouse-style  apartment units in 20 two-story buildings on approximately 22.8
acres of land. As indicated above, there is additional undeveloped land that the
Company believes could accommodate up to 32 additional apartment units.

     The Property was built in 1972 and was substantially renovated in 1993. The
renovations  completed  in 1993  included  raising the  elevation  of the roofs,
installing new vinyl siding on the entire Property, construction of a clubhouse,
installation  of additional  washer/dryer  connections in apartment  units;  and
replacing light fixtures,  carpeting,  vinyl flooring and appliances  throughout
the Property.

     The Company  believes that the Property is in very good condition and that,
because of the substantial  renovation completed in 1993, few additional repairs
and  improvements  are necessary to bring the Property into  compliance with the
Company's standards.  However, the Company has budgeted  approximately  $114,000
for additional  renovations and  improvements to the Property.  These additional
renovations and improvements  will include  redecorating of the clubhouse,  some
apartment interior upgrading and minor creek erosion control.

     The  Property  offers  seven unit types.  The unit mix and rents  currently
being charged new tenants are as follows:


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                                           Approximate
                                           Interior
Quantity          Type                     Square Footage         Monthly Rental
--------          ----                     --------------         --------------
40                Efficiency                    420                  $ 470
20                One bedroom, one              562                    545
                  bathroom
20                One bedroom, one              606                    570
                  bathroom w/WD
                  connections
20                One bedroom, one              706                    570
                  bathroom
20                One bedroom, one              776                    600
                  bathroom w/WD
                  connections
60                Two bedrooms, one             880                    650
                  bathroom w/WD
                  connections
48                Two bedrooms, two           1,100                    740
                  bathrooms w/WD
                  connections



     The  apartments  provide a combined total of  approximately  175,400 of net
rentable area.

     Leases at the Property are generally for terms of one year or less. Average
rental rates for the past five years have generally increased.  As an example, a
two-bedroom,  one-bath apartment unit (880 square feet) rented for $430 in 1992,
$480 in  1993,  $520 in  1994,  $560 in 1995,  and  $590 in  1996.  The  average
effective  annual rental per square foot at the Property for 1992,  1993,  1994,
1995 and 1996 was $6.30 $7.04, $7.62, $8.21 and $8.65, respectively.

     The buildings are wood-frame  construction on concrete slabs. Exteriors are
covered  with vinyl  siding and the roofs are pitched and covered  with  asphalt
shingles.

     Each  apartment  unit at the  Property  has  wall-to-wall  carpeting in the
living  areas  and  vinyl  floors in the  kitchen  and bath,  as well as a cable
television  hook-up and an individually  controlled heating and air conditioning
unit. Each apartment unit has mini-blinds and vertical blinds, a private deck or
patio, and walk-in closets. Each kitchen is equipped with a


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refrigerator/freezer,  electric range and oven, dishwasher and garbage disposal.
The owner of the Property supplies cold water,  sewer service and trash removal.
The tenants pay for their electricity usage, which includes heat,  cooking,  air
conditioning, hot water and lights.

     The Property has an outdoor  swimming pool with  surrounding  decking,  two
tennis courts, a fully-equipped  fitness center, a creek-side  picnic area and a
central laundry facility.  In addition,  each building has its own laundry room.
The  clubhouse  includes  a  kitchen,  bar,  entertainment  center and a leasing
office. There is ample paved parking for tenants.

     There are at least seven apartment properties in the area that compete with
the  Property.  All offer similar  amenities  and have rents that  generally are
comparable to those of the Property.  Based on a recent  telephone  survey,  the
Company  estimates  that occupancy in nearby  competing  properties now averages
approximately 97%.

     According to information provided by the seller,  physical occupancy at the
Property  averaged  approximately  96% in 1992, 85% in 1993, 97% in 1994, 99% in
1995, and 96% in 1996. On September 22, 1997, the Property was 95% occupied.

     The  tenants at the  Property  are a mix of  white-collar  and  blue-collar
workers, students and retired persons.

     The following  table sets forth the 1996 real estate tax information on the
Property.


                           Assessed
Jurisdiction               Value                Tax Rate             Tax
------------               -----                --------             ---
Wake County                $5,349,226           0.6300               $33,700.12

City of Raleigh             5,349,226           0.5375                28,752.09

Plus residential
waste reduction
fee of $15 per
unit:                                                                  3,420.00

                                                             TOTAL:  $65,872.21


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     The basis of the  depreciable  residential  real  property  portion  of the
Property (currently estimated at about $7,506,295) will be depreciated over 27.5
years on a straight-line  basis. The basis of the personal property portion will
be depreciated in accordance with the modified  accelerated cost recovery system
of the Internal  Revenue Code of 1986, as amended  ("the  Code").  Amounts to be
spent by the  Company  on  repairs  and  improvements  will be  treated  for tax
purposes as permitted by the Code based on the nature of the expenditures.

     The  Company  believes  that  the  Property  is  and  will  continue  to be
adequately covered by property and liability insurance.

     Material  Factors  Considered  in  Assessing  the  Property.   The  factors
considered  by the  Company  to be  relevant  in  evaluating  the  Property  for
acquisition by the Company included the following:

     1. The Company  believes that the Raleigh,  North  Carolina area will enjoy
continued  economic  development and steady population  increase,  and that such
development  and increase will support  stable  occupancy  rates and  reasonable
increases in rents at the Property. In particular, the Company believes that the
presence of Research Triangle Park and three major  universities in the area and
associated businesses and activities will have a positive impact on the area for
the indefinite future.

     2. The Company  already owns several other  apartment  complexes in Raleigh
and believes  that it is  knowledgeable  and  experienced  regarding the Raleigh
apartment rental market.

     3. Based upon an engineering  report and its own  inspections,  the Company
believes that the Property is in very good condition. In particular, the Company
believes the Property  benefitted  substantially  from the extensive  renovation
completed by the seller in 1993.

     4. The Property is conveniently proximate to major employers and shopping.

     The Company is not aware of any material  adverse  factors  relating to the
Property not set forth in this report that would cause the financial information
contained in this report not to be indicative of future operating results.


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