SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549


                               FORM 10-Q


              Quarterly Report Under Section 13 or 15(d)
                of the Securities Exchange Act of 1934



For the quarter ended 
March 31, 1998                        Commission file number 0-10494  



             CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XI
        (Exact name of registrant as specified in its charter)




                Illinois                    36-3102608                
      (State of organization)      (IRS Employer Identification No.)  




  900 N. Michigan Ave., Chicago, IL           60611                   
(Address of principal executive office)      (Zip Code)               




Registrant's telephone number, including area code 312/915-1987




Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes [ X ]  No [  ]



<PAGE>


                           TABLE OF CONTENTS




PART I     FINANCIAL INFORMATION


Item 1.    Financial Statements . . . . . . . . . . . . . .      3

Item 2.    Management's Discussion and 
           Analysis of Financial Condition and 
           Results of Operations. . . . . . . . . . . . . .     12



PART II    OTHER INFORMATION


Item 3.    Defaults upon Senior Securities. . . . . . . . .     14

Item 5.    Other Information. . . . . . . . . . . . . . . .     15

Item 6.    Exhibits and Reports on Form 8-K . . . . . . . .     16






<PAGE>


<TABLE>
PART I.  FINANCIAL INFORMATION
     ITEM 1.  FINANCIAL STATEMENTS
                               CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XI
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURES

                                        CONSOLIDATED BALANCE SHEETS
                                   MARCH 31, 1998 AND DECEMBER 31, 1997
                                                (UNAUDITED)

                                                  ASSETS
                                                  ------
<CAPTION>
                                                                            MARCH 31,      DECEMBER 31,
                                                                              1998            1997     
                                                                          -------------    ----------- 
<S>                                                                      <C>              <C>          
Current assets:
  Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . .      $  4,115,070     13,840,535 
  Rents and other receivables (net of allowance for 
    doubtful accounts of $39,520 and $281,456 at 
    March 31, 1998 and December 31, 1997, respectively) . . . . . . .           281,420        561,151 
  Escrow deposits and restricted funds. . . . . . . . . . . . . . . .         3,775,804      3,055,577 
  Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . .           129,774        139,508 
                                                                           ------------    ----------- 
          Total current assets. . . . . . . . . . . . . . . . . . . .         8,302,068     17,596,771 
                                                                           ------------    ----------- 
Mortgage notes receivable (net of reserve for 
 uncollectibility of $327,774). . . . . . . . . . . . . . . . . . . .         1,867,695      1,867,695 
                                                                           ------------    ----------- 
    Properties held for sale or disposition . . . . . . . . . . . . .        52,350,885     52,350,885 
                                                                           ------------    ----------- 
        Total investment properties . . . . . . . . . . . . . . . . .        52,350,885     52,350,885 
                                                                           ------------    ----------- 
Investment in unconsolidated venture, at equity . . . . . . . . . . .            59,087      4,018,588 
Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . .         1,838,553      1,859,513 
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . .           207,261        227,374 
Venture partner's deficit in venture. . . . . . . . . . . . . . . . .         1,063,218      1,000,714 
                                                                           ------------    ----------- 
                                                                           $ 65,688,767     78,921,540 
                                                                           ============    =========== 


<PAGE>


                               CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XI
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURES
                                        CONSOLIDATED BALANCE SHEETS
                           LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
                           -----------------------------------------------------
                                                                            MARCH 31,      DECEMBER 31,
                                                                              1998            1997     
                                                                          -------------    ----------- 
Current liabilities:
  Current portion of long-term debt . . . . . . . . . . . . . . . . .      $ 44,676,002     44,676,002 
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . .         1,664,954      1,883,723 
  Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . .           504,629        433,712 
  Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . .         2,131,617      1,174,074 
  Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . .           670,776        712,576 
                                                                           ------------    ----------- 
        Total current liabilities . . . . . . . . . . . . . . . . . .        49,647,978     48,880,087 
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . .           156,755        180,488 
Long-term debt, less current portion. . . . . . . . . . . . . . . . .        47,223,987     46,713,811 
Deferred revenue. . . . . . . . . . . . . . . . . . . . . . . . . . .           158,668        167,466 
                                                                           ------------    ----------- 
Commitments and contingencies

        Total liabilities . . . . . . . . . . . . . . . . . . . . . .        97,187,388     95,941,852 
                                                                           ------------    ----------- 
Deferred gain on sale of investment property. . . . . . . . . . . . .         1,867,695      1,867,695 
                                                                           ------------    ----------- 
Partners' capital accounts (deficits):
  General partners:
    Capital contributions . . . . . . . . . . . . . . . . . . . . . .             1,000          1,000 
    Cumulative net earnings (losses). . . . . . . . . . . . . . . . .       (13,409,991)   (13,408,309)
    Cumulative cash distributions . . . . . . . . . . . . . . . . . .        (1,123,608)    (1,116,446)
                                                                           ------------    ----------- 
                                                                            (14,532,599)   (14,523,755)
                                                                           ------------    ----------- 
  Limited partners:
    Capital contributions, net of offering costs. . . . . . . . . . .       121,935,233    121,935,233 
    Cumulative net earnings (losses). . . . . . . . . . . . . . . . .       (81,271,875)   (81,231,510)
    Cumulative cash distributions . . . . . . . . . . . . . . . . . .       (59,497,075)   (45,067,975)
                                                                           ------------    ----------- 
                                                                            (18,833,717)    (4,364,252)
                                                                           ------------    ----------- 
        Total partners' capital accounts (deficits) . . . . . . . . .       (33,366,316)   (18,888,007)
                                                                           ------------    ----------- 
                                                                           $ 65,688,767     78,921,540 
                                                                           ============    =========== 


<FN>
                       See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


<TABLE>
                               CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XI
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURES

                                   CONSOLIDATED STATEMENTS OF OPERATIONS

                                THREE MONTHS ENDED MARCH 31, 1998 AND 1997

                                                (UNAUDITED)

<CAPTION>
                                                                                1998            1997    
                                                                            ------------    ----------- 
<S>                                                                        <C>             <C>          
Income:
  Rental income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $  4,661,787      7,152,820 
  Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      215,321         74,293 
                                                                            ------------     ---------- 
                                                                               4,877,108      7,227,113 
                                                                            ------------     ---------- 
Expenses:
  Mortgage and other interest . . . . . . . . . . . . . . . . . . . . . . .    2,286,879      3,267,276 
  Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        --           504,636 
  Property operating expenses . . . . . . . . . . . . . . . . . . . . . . .    2,348,838      3,580,306 
  Professional services . . . . . . . . . . . . . . . . . . . . . . . . . .      144,386         80,418 
  Amortization of deferred expenses . . . . . . . . . . . . . . . . . . . .      106,963        227,044 
  General and administrative. . . . . . . . . . . . . . . . . . . . . . . .      115,487        103,193 
                                                                            ------------     ---------- 
                                                                               5,002,553      7,762,873 
                                                                            ------------     ---------- 
                                                                                (125,445)      (535,760)

Partnership's share of operations of 
  unconsolidated venture  . . . . . . . . . . . . . . . . . . . . . . . . .       20,894        166,524 
Venture partner's share of venture's 
  operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       62,504         52,433 
                                                                            ------------     ---------- 
        Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . $    (42,047)      (316,803)
                                                                            ============     ========== 
        Net earnings (loss) per limited 
          partnership interest. . . . . . . . . . . . . . . . . . . . . . . $       (.29)         (2.21)
                                                                            ============     ========== 
        Cash distributions per limited 
          partnership interest. . . . . . . . . . . . . . . . . . . . . . . $     105.00          --    
                                                                            ============     ========== 


<FN>
                       See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


<TABLE>
                               CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XI
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURES

                                   CONSOLIDATED STATEMENTS OF CASH FLOWS

                                THREE MONTHS ENDED MARCH 31, 1998 AND 1997

                                                (UNAUDITED)

<CAPTION>
                                                                                1998            1997    
                                                                            ------------    ----------- 
<S>                                                                        <C>             <C>          
Cash flows from operating activities:
  Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . $    (42,047)      (316,803)
  Items not requiring (providing) cash or cash equivalents:
    Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        --           504,636 
    Amortization of deferred expenses . . . . . . . . . . . . . . . . . . .      106,963        227,044 
    Long-term debt - deferred accrued interest. . . . . . . . . . . . . . .      510,176        548,750 
    Partnership's share of operations of unconsolidated 
      venture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      (20,894)      (166,524)
    Venture partner's share of venture's operations . . . . . . . . . . . .      (62,504)       (52,433)
  Changes in:
    Rents and other receivables . . . . . . . . . . . . . . . . . . . . . .      279,731       (282,770)
    Escrow deposits and restricted funds. . . . . . . . . . . . . . . . . .     (720,227)      (940,751)
    Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . .        9,734        598,598 
    Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . .       20,113        139,524 
    Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . .     (218,769)        25,414 
    Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . . . .       70,917        (78,476)
    Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . .      957,543        132,199 
    Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . .      (41,800)       (44,486)
    Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . .      (23,733)        (9,932)
    Deferred revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . .       (8,798)        (8,043)
                                                                            ------------    ----------- 
        Net cash provided by (used in) operating activities . . . . . . . .      816,405        275,947 
                                                                            ------------    ----------- 
Cash flows from investing activities:
  Additions to investment properties. . . . . . . . . . . . . . . . . . . .        --          (600,397)
  Payment of deferred expenses. . . . . . . . . . . . . . . . . . . . . . .      (86,003)      (171,326)
  Proceeds from sale of investment property . . . . . . . . . . . . . . . .    3,980,395          --    
                                                                            ------------    ----------- 
        Net cash provided by (used in) investing activities . . . . . . . .    3,894,392       (771,723)
                                                                            ------------    ----------- 



<PAGE>


                               CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XI
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURES


                             CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)



                                                                                1998            1997    
                                                                            ------------    ----------- 
Cash flows from financing activities:
  Principal payments on long-term debt. . . . . . . . . . . . . . . . . . .        --          (124,458)
  Distributions to limited partners . . . . . . . . . . . . . . . . . . . .  (14,429,100)         --    
  Distributions to general partners . . . . . . . . . . . . . . . . . . . .       (7,162)         --    
                                                                            ------------    ----------- 
          Net cash provided by (used in) financing activities . . . . . . .  (14,436,262)      (124,458)
                                                                            ------------    ----------- 
          Net increase (decrease) in cash and
            cash equivalents. . . . . . . . . . . . . . . . . . . . . . . .   (9,725,465)      (620,234)

          Cash and cash equivalents, beginning of year. . . . . . . . . . .   13,840,535      3,697,163 
                                                                            ------------    ----------- 

          Cash and cash equivalents, end of period. . . . . . . . . . . . . $  4,115,070      3,076,929 
                                                                            ============    =========== 

Supplemental disclosure of cash flow information:
  Cash paid for mortgage and other interest . . . . . . . . . . . . . . . . $    819,160      2,586,327 
                                                                            ============    =========== 
  Non-cash investing and financing activities . . . . . . . . . . . . . . . $      --             --    
                                                                            ============    =========== 
















<FN>
                       See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


             CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XI
                        (A LIMITED PARTNERSHIP)
                       AND CONSOLIDATED VENTURES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                        MARCH 31, 1998 AND 1997

                              (UNAUDITED)

GENERAL

     Readers of this quarterly report should refer to the Partnership's
audited financial statements for the year ended December 31, 1997, which
are included in the Partnership's 1997 Annual Report, as certain footnote
disclosures which would substantially duplicate those contained in such
audited financial statements have been omitted from this report.

     The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period.  Actual results could differ from those
estimates.

     The Partnership adopted Statement of Financial Accounting Standards
No. 121 ("SFAS 121") "Accounting for the Impairment of Long-Lived Assets
and for Long-Lived Assets to Be Disposed Of" as required in the first
quarter of 1996.  The Partnership's policy is to consider a property to be
held for sale or disposition when the Partnership has committed to a plan
to sell or dispose of such property and active marketing activity has
commenced or is expected to commence in the near term or the Partnership
has concluded that it may dispose of the property by no longer funding
operating deficits or debt service requirements of the property thus
allowing the lender to realize upon its security.  In accordance with SFAS
121, any properties identified as "held for sale or disposition" are no
longer depreciated.  As of March 31, 1998, the Partnership and its
consolidated ventures have or have previously committed to plans to sell or
dispose of all their remaining investment properties.  Accordingly, all
consolidated properties have been classified as held for sale or
disposition in the accompanying consolidated financial statements as of the
respective date of such plan's adoption.  The results of operations, net of
venture partner's share, for the three months ended March 31, 1998 and 1997
for these properties and for properties sold or disposed of in the past two
years were $98,516 and ($401,470), respectively.  In addition, the
accompanying consolidated financial statements include $20,894 and
$166,524, respectively, of the Partnership's share of total property
operations of $152,227 and $1,213,236 for its unconsolidated property for
the three months ended March 31, 1998 and 1997, respectively, which was
sold in December 1997.

TRANSACTIONS WITH AFFILIATES

     The Partnership, pursuant to the Partnership Agreement, is permitted
to engage in various transactions involving the Corporate General Partner
and its affiliates including the reimbursement for salaries and salary-
related expenses of its employees, certain of its officers, and other
direct expenses relating to the administration of the Partnership and the
operation of the Partnership's investments.  Fees, commissions and other
expenses required to be paid by the Partnership to the General Partners and
their affiliates as of March 31, 1998 and for the three months ended
March 31, 1998 and 1997 were as follows:


<PAGE>



                                                          Unpaid at  
                                                          March 31,  
                                    1998       1997         1998     
                                  -------    -------    -------------
Property management 
 and leasing fees . . . . . .     $64,052     83,945          --     
Insurance commissions . . . .       1,427      --             --     
Reimbursement (at cost)
 for out-of-pocket salary 
 and salary-related expenses
 related to the on-site
 and other costs for the 
 Partnership and its
 investment properties. . . .      16,486     12,729        16,472   
                                  -------    -------        ------   
                                  $81,965     96,674        16,472   
                                  =======    =======        ======   

     The Corporate General Partner had deferred payment of partnership
management fees of $11,936.  In addition, distributions to the General
Partners of the first quarter 1991 net cash flow of the Partnership
aggregating $7,161 had been deferred.  The General Partners and their
affiliates had also deferred payment of the Partnership's share of property
management and leasing fees of approximately $171,000 for the Partnership's
unconsolidated venture.  These amounts, which did not bear interest, were
paid during the quarter ended March 31, 1998.

RIVERFRONT OFFICE BUILDING

     The Cambridge, Massachusetts market, in which the property operates,
has been improving and as a result, the Partnership has recently been
successful in attracting new tenants to the property.  At March 31, 1998,
the property is 96% occupied and 100% leased.  However, if future operating
shortfalls are greater than expected and funding of deficits becomes
necessary, the Partnership would make a decision whether to commit
additional funds to this investment property based on, among other things,
the likelihood of the return of such additional investment plus a
reasonable profit thereon.  The amount of liquidity this investment
property can provide to the Partnership is dependent on the property's
value and the satisfaction of certain preference levels to the unaffiliated
venture partner pursuant to the joint venture agreement.

     The restructured loan secured by the building and improvements
provides for participating interest whereby the lender is entitled to earn
a minimum internal rate of return ranging from 9% to 10.5% per annum
calculated over the restructured loan term and a Residual Amount (as
defined) of approximately 50% of the proceeds from a sale of the property
in excess of such minimum internal rate of return.  In April 1998, the
Partnership had a preliminary discussion with the lender concerning, in
essence, a possible reduction of the lender's residual amount, but there is
no assurance that any such reduction will be obtained.

     The restructured loan requires that net cash flow after debt service
and capital be paid into an escrow account controlled by the lender to be
used for future operating shortfalls, principal payments and costs
associated with additional leasing as approved by the lender.  In this
regard, in July 1997, $451,409 of escrowed funds was applied by the lender
against the outstanding mortgage loan balance and, in October 1997,
$615,271 of escrowed funds was released by the lender to cover leasing
costs and other capital projects at the property.  The agreement further
prohibits the venture owning the property from distributing excess cash
flow after full funding of the escrow accounts.  Such excess funds are to
be retained and utilized for operating shortfalls, principal payments and
costs associated with additional leasing as approved by the lender prior to
withdrawing escrow deposits.


<PAGE>


     In addition, as a condition of the loan restructure discussed above,
the ground lease was amended and provides for the deferral of any and all
ground lease payments from February 1993 until the earlier of any future
mortgage loan prepayment date (resulting from a sale or refinancing of the
property) or December 31, 2007.  However, if the property produces certain
levels of gross receipts (as defined by the restructured loan) for the
years 1998 through 2003, the restructured loan allows for partial payments
of ground rent to be reinstated beginning in 1998.  Based on current
projections, the venture does not expect ground rent payments to resume in
1998.  The ground lessor is a general partner of the venture partner.  At
March 31, 1998, the total amount of deferred and accrued ground lease
expense is approximately $888,600.

MALL OF MEMPHIS

     Occupancy at the property is 74% at March 31, 1998.  The mall has
experienced a number of store closings, many prior to lease expiration,
primarily as a result of tenants filing for bankruptcy and liquidating.  In
addition, the property has been subjected to increased competition for
shoppers and tenants from strip centers and large discount stores in its
market area.  Although certain tenants continue to perform well, overall
tenant sales at the property have continued to decline.  Due to poor sales
performances, many tenants are electing not to renew their leases or are
renewing at lower rates.  Several other tenants whose leases are not due to
expire in the near term have approached the Partnership seeking rent
relief.  The Partnership has granted rent relief to certain tenants that
could demonstrate that without a reduction in their rent, they would no
longer be able to remain in business at the mall.  As a result of these
market and property conditions, the property's cash flow has been
decreasing and is expected to decline further in the future.

     The Partnership initiated discussions with the underlying lender
regarding a loan modification and, in connection with these discussions,
advanced approximately $604,000 to cover the property's required debt
service payments through December 31, 1997.  However, the lender was
unwilling to grant an acceptable loan modification to cover future
operating deficits.  The Partnership has therefore decided not to commit
any additional amounts to the property and, effective January 1, 1998,
suspended the payment of required debt service on its first, second and
third mortgage notes secured by the property.  At March 31, 1998, these
notes had an aggregate principal balance of $39,676,002 and accrued but
unpaid interest of approximately $1,369,000.  As a result, the Partnership
is in default and these mortgage notes have been classified as current in
the accompanying consolidated financial statements.  The lender agreed to
allow the Partnership to recoup its 1997 advance from 1998 operating cash
flow before proceeding to realize on its security in the property.  As of
the date of this report, the Partnership has recouped its 1997 advance, and
therefore, the Partnership expects the lender to proceed to realize on its
security during the third quarter of 1998.  This would result in the
Partnership no longer having an ownership interest in the property and will
result in a gain for financial reporting and Federal income tax purposes
with no corresponding distributable proceeds in 1998.

     Pursuant to the terms of a note payable by the Partnership to the
former venture partner, the Partnership guaranteed a portion of the debt
service payment payable on June 1, 1997 in the amount of $300,000 on a
recourse basis.  As of the date of this report, the Partnership has not
made the debt service payment, including such guaranteed amount.  As a
result, the Partnership is in default and the $5,000,000 note payable has
been classified as current in the accompanying consolidated financial
statements.  Due to provisions of the associated underlying agreements, the
former venture partner may generally only realize upon its security (its
former partnership interest in the joint venture) in the event of default
by the Partnership.  However, concerning such June 1997 payment, it is
possible that the former venture partner may attempt to exercise its
remedies against the Partnership's other assets respecting the guaranteed
amount.



<PAGE>


NATIONAL CITY CENTER

     On December 18, 1997, the venture sold the National City Center Office
Building.  As the Partnership had committed to a plan to sell the property,
the property was classified as held for sale or disposition as of
December 31, 1996 and therefore was no longer subject to continued
depreciation.  The sale price of the land and improvements was $82,150,000.

Cash proceeds, after selling costs and the $54,277,977 mortgage assumed by
the purchaser, were $26,371,722 of which the Partnership's share was
$3,619,652.  As a result of the sale, the Partnership recognized a gain of
$2,960,265 for financial reporting purposes and a gain of $7,764,780 for
Federal income tax purposes in 1997.  In connection with the sale of this
property and as is customary in such transactions, the venture agreed to
certain representations, warranties and covenants with a stipulated
survival period which expires December 17, 1998.  Although it is not
expected, the venture and the Partnership may ultimately have some
liability under such representations, warranties and covenants which are
limited to actual damages and shall in no event exceed $2,000,000 in
aggregate of which the Partnership's share is approximately $275,000.

YERBA BUENA OFFICE BUILDING

     In June 1992, title to the Yerba Buena Office Building in San
Francisco, California was transferred to the lender by the joint venture (a
partnership comprised of the Partnership, two other limited partnerships
sponsored by the Partnership's Corporate General Partner and four
unaffiliated limited partners).  In return for a smooth transition of title
and management of the property, the joint venture negotiated the right to
share in future sales proceeds, if any, above certain specified levels.  In
addition, the joint venture had a right of first opportunity to purchase
the property during the time frame of June 1995 through May 1998 should the
lender wish to market the property for sale.  The lender sold the property
to an unaffiliated third party during 1996.  The sale price did not
generate a level of distributable proceeds where the joint venture would
have been entitled to a share.  However, the joint venture was not given an
opportunity to purchase the property on the same terms it was sold for. 
The joint venture has filed a suit against the lender for breach of its
obligations.  There are no assurances that the joint venture will recover
any amounts as a result of this action.

ADJUSTMENTS

     In the opinion of the Corporate General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of March 31,
1998 and for the three months ended March 31, 1998 and 1997.




<PAGE>


PART I.  FINANCIAL INFORMATION

     ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

     Reference is made to the notes to the accompanying financial
statements for additional information concerning certain of the
Partnership's investments.

     During 1997, some of the Holders of Interests in the Partnership
received from an unaffiliated third party unsolicited tender offers, each
to purchase up to 4.5% of the Interests in the Partnership at between $50
and $75 per Interest.  The Partnership recommended against acceptance of
these offers on the basis that, among other things, the offer prices were
inadequate.  All of such offers have expired.

     The board of directors of JMB Realty Corporation ("JMB") the corporate
general partner of the Partnership, has established a special committee
(the "Special Committee") consisting of certain directors of JMB to deal
with all matters relating to tender offers for Interests in the
Partnership, including any and all responses to such tender offers.  The
Special Committee has retained independent counsel to advise it in
connection with any potential tender offers for Interests and has retained
Lehman Brothers Inc. as financial advisor to assist the Special Committee
in evaluating and responding to any additional potential tender offers for
Interests.

     The Partnership is also aware that, in January 1998, an unaffiliated
third party made an unsolicited tender offer to some of the Holders of
Interests.  This offer sought to purchase up to 4.5% of the Interests in
the Partnership at $110 per Interest.  This offer expired in February 1998.

The Special Committee recommended against acceptance of the offer on the
basis that, among other things, the offer price was inadequate.

     As of the date of this report, the Partnership is aware that 2.49% of
the Interests have been purchased by all such unaffiliated third parties
either pursuant to such tender offers or through negotiated purchases.  It
is possible that other offers for Interests may be made by unaffiliated
third parties in the future, although there is no assurance that any other
third party will commence an offer for Interests, the terms of any such
offer or whether any such offer, if made, will be consummated, amended or
withdrawn.

     At March 31, 1998, the Partnership and its consolidated ventures had
cash and cash equivalents of approximately $4,115,000.  Such funds are
available for working capital requirements.  Based upon current market
conditions, the Partnership has decided not to commit any additional
amounts to the Mall of Memphis which is incurring operating deficits.  This
will result in the Partnership no longer having an ownership interest in
such property.  Such decision will result in a gain to the Partnership for
financial reporting and Federal income tax purposes, with no corresponding
distributable proceeds, in 1998.

     Although the Partnership is hopeful it will be able to distribute sale
proceeds from the disposition of the Riverfront Office Building, the
Limited Partners are expected to receive less than their full original
investment from all sources.  After reviewing the remaining properties and
the marketplace in which they operate, the General Partners of the
Partnership expect to be able to conduct an orderly liquidation of the
remaining investment portfolio as quickly as practicable.  Therefore, the
affairs of the Partnership are expected to be wound up no later than
December 31, 1999 (sooner if the properties are sold or disposed of in the
nearer term), barring unforeseen economic developments.



<PAGE>


RESULTS OF OPERATIONS

     The decrease in cash and cash equivalents at March 31, 1998 as
compared to December 31, 1997 is primarily due to the Partnership's
February 1998 distribution of $14,429,100 ($105 per Interest) to the
Holders of Interests of proceeds from the 1997 sales of the National City
Center Office Building and the Partnership's interest in the 767 Third
Avenue Office Building, partially offset by the Partnership's receipt in
February 1998 of approximate $3,980,000 in proceeds from the 1997 sale of
the National City Center Office Building.

     The decrease in rents and other receivables at March 31, 1998 as
compared to December 31, 1997 is primarily due to the timing of receipts of
rental income at Mall of Memphis.

     The increase in escrow deposits and restricted funds at March 31, 1998
as compared to December 31, 1997 is primarily due to the timing of payment
of real estate taxes at the Riverfront Office Building and deposits of 1998
net cash flow generated by the Riverfront Office Building into escrow as
required by the underlying lender.

     The decrease in investment in unconsolidated venture, at equity, at
March 31, 1998 as compared to December 31, 1997 is due to the receipt in
February 1998 of approximately $3,980,000 in proceeds from the 1997 sale of
the National City Center Office Building.

     The increase in unearned rents at March 31, 1998 as compared to
December 31, 1997 is primarily due to the timing of receipts of rental
income at the Riverfront Office Building.

     The increase in accrued interest at March 31, 1998 as compared to
December 31, 1997 is primarily due to the Partnership's suspension of
payment of debt service on the first, second and third mortgage notes
secured by the Mall of Memphis effective January 1, 1998 (as discussed in
the Notes).

     The increase in long-term debt, less current portion at March 31, 1998
as compared to December 31, 1997 is due to the recording of interest
accruals pursuant to the terms of the restructured mortgage loan secured by
the Riverfront Office Building.

     The decreases in rental income, mortgage and other interest, property
operating expenses, and amortization of deferred expenses for the three
months ended March 31, 1998 as compared to the three months ended March 31,
1997 is primarily due to the sale of the Partnership's interest in the 767
Third Avenue Office Building on October 31, 1997.

     The increase in interest income for the three months ended March 31,
1998 as compared to the three months ended March 31, 1997 is primarily due
to the temporary investment of the approximately $11,000,000 in proceeds
from the 1997 sale of the Partnership's interest in the 767 Third Avenue
Office Building until the February 28, 1998 distribution of such proceeds
to the Holders of Interests.

     The decrease in depreciation expense for the three months ended
March 31, 1998 as compared to the three months ended March 31, 1997 is due
to the Mall of Memphis being classified as of July 1, 1997 as held for sale
or disposition and is therefore no longer subject to continued depreciation
as of the date of such classification.

     The increase in professional services for the three months ended
March 31, 1998 as compared to March 31, 1997 is primarily due to fees
incurred in the suit against the lender of the Yerba Buena Office Building
for breach of its obligations, as more fully discussed above, as well as
legal costs associated with collection of amounts due from certain tenants
at the 767 Third Avenue Office Building.



<PAGE>


     The decrease in Partnership's share of operations of unconsolidated
venture for the three months ended March 31, 1998 as compared to March 31,
1997 is due to the sale of the National City Center Office Building in
December 1997.  The Partnership's share of operations of unconsolidated
venture for the three months ended March 31, 1998 is primarily the
Partnership's share of interest income earned by the venture on the sale
proceeds prior to the venture's distribution to the Partnership of its
share of such proceeds in February 1998.



PART II.  OTHER INFORMATION

     ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

     Reference is made to the Notes to Consolidated Financial Statements
filed with this report for discussions of defaults under the note payable
secured by the Partnership's former venture partner's interest in the Mall
of Memphis and the mortgage notes secured by the Mall of Memphis investment
property, which discussions are hereby incorporated herein by reference.




<PAGE>


<TABLE>

     ITEM 5.  OTHER INFORMATION

                                                 OCCUPANCY

     The following is a listing of approximate occupancy levels by quarter for the Partnership's investment
properties owned during 1998.

<CAPTION>
                                                1997                                1998               
                                 -------------------------------------   ------------------------------
                                    At         At        At        At       At      At      At      At 
                                   3/31       6/30      9/30     12/31     3/31    6/30    9/30   12/31
                                   ----       ----      ----     -----     ----    ----   -----   -----
<S>                              <C>        <C>       <C>       <C>       <C>     <C>     <C>    <C>   
1.  Mall of Memphis
     Memphis, Tennessee . . . .     73%        73%       75%       75%      74%
2.  Riverfront Office 
     Building
     Cambridge, 
     Massachusetts. . . . . . .     90%        90%       98%      100%      96%



</TABLE>


<PAGE>


ITEM 6.  EXHIBIT AND REPORTS ON FORM 8-K

   Response:

   (a)    Exhibits:

      3-A.     The Prospectus of the Partnership dated May 8, 1981, as
supplemented on July 27, 1981, October 9, 1981, November 5, 1981, December
10, 1981, February 19, 1982 and April 23, 1982, as filed with the
Commission pursuant to Rules 424(b) and 424(c), is hereby incorporated
herein by reference to Exhibit 3-A to the Partnership's Report for December
31, 1992 on Form 10-K (File No. 0-10494) filed on March 19, 1993.

      3-B.     Amended and Restated Agreement of Limited Partnership set
forth as Exhibit A to the Prospectus, which agreement is hereby
incorporated by reference to Exhibit 3-B to the Partnership's Report for
December 31, 1992 on Form 10-K (File No. 0-10494) filed on March 19, 1993.

      4-A.     Long-term debt modification relating to the 767 Third
Avenue Office Building in New York, New York is hereby incorporated by
reference to Exhibit 4-A to the Partnership's Report for December 31, 1994
on Form 10-K (File No. 0-10494) dated on March 27, 1995.

      4-B.     Mortgage loan documents secured by the Mall of Memphis in
Memphis, Tennessee are hereby incorporated by reference to the
Partnership's Registration Statement on Post-Effective Amendment No. 2 to
Form S-11 (File No. 2-70724) dated May 8, 1981.

      4-C.     First through third mortgage loan documents secured by the
Riverfront Office Building in Cambridge, Massachusetts are hereby
incorporated by reference to the Partnership's Registration Statement on
Post-Effective Amendment No. 3 to Form S-11 (File No. 2-70724) dated May 8,
1981.

      4-D.     Fourth mortgage loan document secured by the Riverfront
Office Building in Cambridge, Massachusetts is hereby incorporated by
reference to Exhibit 4-D to the Partnership's Report for December 31, 1992
on Form 10-K (File No. 0-10494) filed on March 19, 1993.

      4-E.     Deed of trust note document dated March 31, 1993 secured by
the Mall of Memphis in Memphis, Tennessee is hereby incorporated by
reference to Exhibit 4-E to the Partnership's Report for December 31, 1994
on Form 10-K (File No. 0-10494) dated March 27, 1995.

      4-F.     Loan repayment agreement related to the first through
fourth mortgage loan documents secured by the Riverfront Office Building in
Cambridge Massachusetts is incorporated by reference to Exhibit 4-F to the
Partnership's Report for December 31, 1996 on Form 10-K (File No. 0-10494)
dated March 21, 1997.

      10-A.    Acquisition documents relating to the purchase by the
Partnership of an interest in the 767 Third Avenue Office Building in New
York, New York are hereby incorporated by reference to the Partnership's
Registration Statement on Post-Effective Amendment No. 2 to Form S-11 (File
No. 2-70724) dated May 8, 1981.


<PAGE>


      10-B.    Acquisition documents relating to the purchase by the
Partnership of an interest in the Mall of Memphis in Memphis, Tennessee are
hereby incorporated by reference to the Partnership's Registration
Statement on Post-Effective Amendment No. 2 to Form S-11 (File No. 2-70724)
dated May 8, 1981.

      10-C.    Acquisition documents relating to the purchase by the
Partnership of an interest in the Riverfront Office Building in Cambridge,
Massachusetts are hereby incorporated by reference to the Partnership's
Registration Statement on Post-Effective Amendment No. 3 to Form S-11 (File
No 2-70724) dated May 8, 1981.

      10-D.    Amended and Restated Promissory Note, dated April 30, 1994
between Carlyle/National City Associates and New York Life Insurance
Company relating to the National City Center Office Building is hereby
incorporated by reference to the Partnership's report on Form 10-Q (File
No. 0-10494) for June 30, 1994 dated August 12, 1994.

      10-E.    Acquisition documents relating to the purchase by the
Partnership of the venture partner's interest in the Mall of Memphis in
Memphis, Tennessee incorporated by reference to the Partnership's report on
Form 10-Q (File No. 0-10494) for September 30, 1995 dated November 9, 1995.

      10-F.    Agreement of Sale between Carlyle Real Estate Limited
Partnership - XI and John Street Fee, LLC dated July 31, 1997 relating to
the sale of the Partnership's interest in the 767 Third Avenue Office
Building is hereby incorporated herein by reference to the Partnership's
report on Form 8-K (File No. 0-10494) dated November 12, 1997.

      10-I.    Purchase Agreement and Exhibits thereto between
Carlyle/National City Associates and BRE/City Center, LLC dated December 3,
1997 is hereby incorporated by reference to the Partnership's Report on
Form 8-K (File No. 0-10494) dated January 16, 1998.

      27.      Financial Data Schedule


   (b)    No reports on Form 8-K have been filed during the last quarter
of the period covered by this report.



<PAGE>


                              SIGNATURES



     Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XI

                BY:   JMB Realty Corporation
                      (Corporate General Partner)




                      By:   GAILEN J. HULL
                            Gailen J. Hull, Senior Vice President
                      Date: May 13, 1998


     Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person in the capacity
and on the date indicated.




                            GAILEN J. HULL
                            Gailen J. Hull, Principal Accounting Officer
                      Date: May 13, 1998