EXHIBIT 10.15


                    PROPERTY MANAGEMENT AGREEMENT SUBCONTRACT

   This Property Management  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  Management  Group,  Inc., a Virginia
corporation  ("ARMG"),  and  Cornerstone  Realty Income Trust,  Inc., a Virginia
corporation ("Cornerstone") and provides:

                                    RECITALS

A.   As of the  date of this  Agreement,  Apple  and ARMG  are  parties  to four
     Property  Management  Agreements more  particularly  described on Exhibit A
     hereto  pursuant  to which  ARMG  has  agree to  provide  certain  property
     management  services  to  Apple,  as more  particularly  described  in such
     agreements.  It  is  anticipated  that  Apple  and  ARMG  will  enter  into
     additional  Property Management  Agreements (any such agreement,  including
     each  such   agreement   listed  on  Exhibit  A,  a  "Property   Management
     Agreement"), as and when Apple purchases additional apartment communities.

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

   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.   ARMG does hereby  delegate and assign to Cornerstone  all of ARMG's duties,
     obligations,  rights,  powers and benefits  under each Property  Management
     Agreement  (including any such Property  Management  Agreement entered into
     after the date hereof,  but subject to the  provisions of Section 3 of this
     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  ARMG  under  the  terms  of the  Property  Management
     Agreements  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
     Property Management Agreements, and this Agreement shall be interpreted and
     construed  consistently  with such  intent.  For so long as this  Agreement
     remains in effect,  the term "Manager," as used in any Property  Management
     Agreement as to which the  delegation and  assignment  described  herein is
     effective  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.   Cornerstone  may, by written notice delivered to ARMG and Apple at 306 East
     Main  Street,  Richmond,   Virginia  23219,  Attention:  Glade  M.  Knight,
     terminate  either (i) the delegation and assignment  described herein as to
     one  or  more  individual  Property  Management  Agreements  or  (ii)  this
     Agreement in its entirety.  In the event that the delegation and assignment
     with respect to one or more but fewer than all of the  Property  Management
     Agreements  subject to this Agreement shall be terminated,  such delegation
     and  assignment  shall be deemed  terminated  with  respect to the affected
     Property  Management  Agreements but this Agreement  shall not be otherwise
     affected.

<PAGE>



   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 MANAGEMENT GROUP
                                    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
                                          -------------------------------

<PAGE>




                                    EXHIBIT A
                    LIST OF PROPERTY MANAGEMENT AGREEMENTS
                             BETWEEN APPLE AND ARMG
                               AS OF MARCH 1, 1997

1.   Property  Management  Agreement  dated as of January 1, 1997  pertaining to
     Brookfield Apartments.

2.   Property  Management  Agreement  dated as of January 1, 1997  pertaining to
     Eagle Crest Apartments

3.   Property  Management  Agreement  dated as of January 1, 1997  pertaining to
     Tahoe Apartments.

4.   Property  Management  Agreement  dated as of January 1, 1997  pertaining to
     Mill Crossing Apartments.