UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington D.C.  20549
                                    FORM 10-K

                  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended                        Commission File Number
    December 31, 1996                                333-10635

                      APPLE RESIDENTIAL INCOME TRUST, INC.

             (Exact name of registrant as specified in its charter)


         Virginia                                    54-1816010
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                  Identification Number)

306 East Main Street
Richmond, VA                                            23219
(Address of principal executive offices)              (Zip Code)

                                 (804) 643-1761
              (Registrant's telephone number, including area code)

          Securities registered pursuant to Section 12(b) of the Act:

                                     (None)

          Securities registered pursuant to Section 12(g) of the Act:

                                     (None)


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

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

As of March 31, 1997, 4,643,238 common shares of the registrant were
outstanding. The common shares are not currently being traded in any market.
Therefore, the common shares did not have either a market selling price or bid
and asked prices within 60 days prior to the date of this filing,

                                       1

<PAGE>



and the aggregate market value of the common shares held by non-affiliates of
the registrant is not determinable.

                      DOCUMENTS INCORPORATED BY REFERENCE

The portions of the registrant's Prospectus dated November 19, 1996 filed with
the Commission pursuant to Rule 424(b) under the Securities Act of 1933 referred
to in Parts I and III.


                                     PART I

Item 1.           Business.

                  Apple Residential Income Trust, Inc. (the "Company"), a
                  Virginia corporation, was incorporated in August 1996.  The
                  Company intends to qualify as a real estate investment trust
                  for federal income tax purposes.

                  The Company had no operations during the period ending
                  December 31, 1996. Accordingly, the Company had no revenue,
                  operating profits or loss, and identifiable assets. A minimum
                  offering of $15,000,000, an equivalent of 1,666,667 common
                  shares sold, was required to be raised before the Company
                  could begin operations (the "Minimum Offering"). Investor
                  proceeds were required to be held in escrow until the Minimum
                  Offering was achieved. As of December 31, 1996, the Minimum
                  Offering had not been met and there were no funds available to
                  the Company.

                  The Company will invest primarily in existing residential
                  apartment communities in Texas and the southwestern region of
                  the United States. The complete investment objectives and
                  policies of the Company are described under the caption
                  "Investment Objectives and Policies" on pages 26 through 34 of
                  the Company's prospectus dated November 19, 1996 (the
                  "Prospectus") filed with the Securities and Exchange
                  Commission as part of the Company's Registration Statement on
                  Form S-11 (Registration No. 333-10635), which are hereby
                  incorporated herein by reference.

Item 2.           Properties.

                  None.

Item 3.           Legal Proceedings.

                  None.


                                       2

<PAGE>



Item 4.           Submission of Matters to a Vote of Security Holders.

                  None.


                                    PART II

Item 5.           Market for Registrant's Common Equity and Related Stockholder
                  Matters.

                  There is currently no established public market in which the
                  Company's common shares are traded.

                  On March 31, 1997, there were 3,375 shareholders of record of
                  the Company's common shares.

                  No distributions have been made to the shareholders.

Item 6.           Selected Financial Data.

                  Not applicable as the Company had not commenced operations as
                  of December 31, 1996.

Item 7.

                  Results of Operations for the period August 7, 1996 (date of
                  inception) through December 31, 1996:

                  The Company had no operations prior to December 31, 1996.
                  Accordingly, the Company had no revenues and operating profits
                  or loss. A minimum offering of $15,000,000, an equivalent of
                  1,666,667 common shares sold, must be raised before the
                  Company can begin operations (the `Minimum Offering").
                  Investor proceeds are required to be held in escrow until the
                  Minimum Offering is achieved. As of December 31, 1996, the
                  Minimum Offering had not been met and there were no funds
                  available to the Company.

                  Liquidity and Capital Resources:

                  In the period January 1, 1997 through March 21, 1997, the
                  Company meet and exceeded its Minimum Offering by closing the
                  sale to investors of 4,643,239 shares (1,666,667 at $9 per
                  share and 2,976,573 at $10 per share) representing gross
                  proceeds to the Company of $44,765,718 and net proceeds after
                  payment of commissions and other offering costs of
                  $40,289,146. Upon completion of the Minimum Offering, $522,000
                  in organizational and offering costs incurred by affiliates of
                  the Company on behalf of the Company, became the liability of
                  the Company.

                  On November 14, 1996, the Company issued 200,000 shares of
                  Class B Convertible Shares to Mr. Glade Knight, the Companies
                  Principal Executive Officer and Chairman of the Board of the
                  Company, for $.10 per share or $20,000 in aggregate. There are
                  no dividends payable on the Class B Convertible Shares. On
                  liquidation of the Company, the holder of the Class B
                  Convertible Shares is entitled to a liquidation payment of
                  $.10 per Class B Convertible Share before any distribution of
                  liquidation proceeds to the holders of the Common Shares.
                  Holders of more than two-thirds of the Class B Convertible
                  Shares must approve any proposed amendment to the Articles of
                  Incorporation that would adversely affect the Class B
                  Convertible Shares or create a new class of stock senior to or
                  on a parity with the Class B Convertible Shares. The Class B
                  Convertible Shares are convertible into Common Shares upon and
                  for 180 days following the occurrence of either of the
                  following events: (1) substantially all of the Company's
                  assets, stock or business is sold or otherwise transferred,
                  whether through sale, exchange, merger, consolidation, lease,
                  share exchange or otherwise, or (2) the Advisory Agreement
                  with the Advisor is terminated or not renewed, and the Company
                  ceases to use Apple Residential Management Group, Inc. to
                  provide substantially all of its property management services.
                  Upon the occurrence of either triggering event, each Class B
                  Convertible Share is convertible into a number of Common
                  Shares based upon the gross proceeds raised through the date
                  of conversion in the offering made by the Prospectus dated
                  November 19, 1996 filed with the Securities and Exchange
                  Commission according to the following formula:

                                               2
<PAGE>

                  <TABLE>
                  <CAPTION>


                      Gross Proceeds Raised From              Number of Common Shares
                    Sales of Common Shares Through           Through Conversion of One
                          Date of Conversion                 Class B Convertible Share
                  ------------------------------------      -----------------------------
                  <S> <C>

                  $50 million------------------------                    1.0
                  $100 million-----------------------                    2.4
                  $150 million-----------------------                    4.2
                  $200 million-----------------------                    6.4
                  $250 million-----------------------                    8.0

                  </TABLE>

                  During January 1997, effective January 1, 1997, the Company
                  acquired three apartment communities. Brookfield Apartments, a
                  232-unit apartment community located in Dallas, Texas, was
                  purchased for $5,458,485. Eagle Crest Apartments, a 484-unit
                  apartment community located in Irving, Texas, was purchased
                  for $15,650,000. Tahoe Apartments, a 240-unit apartment
                  community located in Arlington, Texas, was purchased for
                  $5,690,560. During February, 1997, the Company acquired Mill
                  Crossing Apartments, a 184-unit apartment community located in
                  Arlington, Texas for $4,544,121.

                  The Company is expecting to close on the following properties
                  on March 31, 1997-Wildwood Apartments, a 120-unit apartment
                  community located in Euless, Texas; Toscana Apartments, a
                  194-unit apartment community located in Dallas, Texas; and
                  Polo Run, a 224-unit apartment community located in Arlington,
                  Texas. The combined purchase price is approximately $16
                  million, which will be funded with proceeds from the offering
                  and the line of credit.


                  On March 1, 1997 the Company entered into an agreement with a
                  commercial bank to obtain an unsecured revolving line of
                  credit of $10,000,000. The line of credit expires on March 31,
                  1998. This agreement allows the Company to finance a portion
                  of the purchase price of property acquisitions. Borrowings
                  under the agreement are evidenced by an unsecured promissory
                  note and bears interest at one-month LIBOR plus 200 basis
                  points. There have been no borrowings under the agreement
                  through March 26, 1997.

                  Capital resources are expected to grow from the sale of common
                  shares and from cash flows from operations of properties
                  acquired. The Company's liquidity and capital requirements are
                  believed to be more than adequate to meet the Company's cash
                  requirements in 1997.

                                       2
<PAGE>



Item 8.           Financial Statements and Supplementary Data.

                  The financial statements of the Company are set forth in Item
                  14 of this report and are hereby incorporated herein by
                  reference.

Item 9.           Changes in and Disagreements with Accountants on Accounting
                  and Financial Disclosure Matters.

                  None.



                                       3

<PAGE>



                                    PART III

Item 10.         Directors and Executive Officers of the Registrant.

                 The information with respect to the Company's directors and
                 executive officers is contained and described under the
                 caption "Management" on pages 37 through 42 of the Prospectus,
                 which is hereby incorporated herein by reference.

                 A fifth director of the Company has been elected. The fifth
                 director is Lisa B. Kern. Information on Ms. Kern is set
                 forth below.

                 Lisa B. Kern. Ms. Kern is a portfolio manager with Davenport &
                 Co. of Virginia, Inc., in Richmond, Virginia. Before joining
                 Davenport as Vice President in 1996, Ms. Kern advised clients
                 in the areas of investments and estate planning. She began
                 her investment career in 1982 as a financial planner and
                 later District Manager with IDS/American Express Advisory.
                 In 1985, Ms. Kern received her CFP designation. In 1989, Ms.
                 Kern joined Crestar Bank's Trust and Investment Management
                 Group as a Vice President. Ms. Kern is a graduate of Randolph
                 Macon College and received her MBA from Virginia Commonwealth
                 University in 1991.

                 The current members of the Company's Executive Committee are
                 Glade M. Knight, Penelope W. Kyle and Bruce H. Matson. The
                 current members of the Audit Committee are Penelope W. Kyle,
                 Ted W. Smith and Lisa B. Kern. The current members of the
                 Compensation Committee are Bruce H. Matson, Penelope W.
                 Kyle and Lisa B. Kern.


Item 11.         Executive Compensation.

                 The executive officers of the Company did not receive salary
                 or other compensation from the Company in 1996 for carrying
                 out their duties as executive officers. The information with
                 respect to the director compensation and the Company's two
                 stock incentive plans is contained and described under the
                 caption "Management" on pages 37 through 42 of the Prospectus,
                 which is hereby incorporated herein by reference.

Item 12.         Security Ownership of Certain Beneficial Owners and
                 Management.

                 As of March 1, 1997, no person was the beneficial owner of
                 more than five percent of any class of the registrant's voting
                 securities.

                 The following table shows the beneficial ownership of the
                 registrant's common shares by the registrant's directors and
                 executive officers, as of March 1, 1997.

<TABLE>
<CAPTION>
       Name of Beneficial               Amount and Nature of
             Owner                      Beneficial Ownership                Percent of Class
             ------                     --------------------                ----------------
<S> <C>
Glade M. Knight                             5,555.56                           *
Ted W. Smith                                       0                           0
Penelope W. Kyle                                   0                           0
Bruce H. Matson                                    0                           0
Lisa B. Kern                                       0                           0
--------------------------------
        All Directors and                   5,555.56                           *
        Executive Officers as a
        Group
</TABLE>

* Less than 1% of outstanding Common Shares.

                  In addition, at March 1, 1997, Glade M. Knight owned 200,000
                  Class B Convertible Shares of the registrant, constituting all
                  of the registrant's issued and outstanding Class B Convertible
                  Shares. Information on the Class B Convertible Shares of the
                  registrant is set forth under the caption "Principal and
                  Management

                                       4

<PAGE>



                  Stockholders" on pages 47 and 48 of the Prospectus, which is
                  hereby incorporated herein by reference.

Item 13.          Certain Relationships and Related Transactions.

                  A description of the Company's transactions with management
                  and others and certain business relationships is described
                  under the caption "The Advisor and Affiliates" on pages 43
                  through 47 of the Prospectus, which is hereby incorporated
                  herein by reference.

                  In addition, the Company has granted to Cornerstone Realty
                  Income Trust a continuing right to acquire up to 9.8% of
                  the common shares of the Company. The purchase price
                  of such common shares, which would be issued apart from,
                  and in addition to, the public offering of common shares
                  equals the public offering price less selling commissions
                  and marketing expense allowance payable with respect thereto.


                                    PART IV

Item 14.          Exhibits, Financial Statement Schedules and Reports on Form
                  8-K.

                  (a)  Documents filed as part of this report

                           1.       Financial Statements

                                    Balance Sheet at December 31, 1996.

                           2.       Financial Statement Schedules

                                    All other financial statement schedules have
                                    been omitted because they are not applicable
                                    or because the required information is shown
                                    in the Balance Sheet or in the notes
                                    thereto.

                  (b)      Reports on Form 8-K

                           None.

                  (c)      Exhibits required by Securities and Exchange
                           Commission Regulation S-K.

                           Incorporated herein by reference are the Exhibits
                           listed under "Exhibit Index" on page 14 of this
                           report.

                                       5

<PAGE>




                                   SIGNATURES

                  Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized this
27th day of March, 1997.

                                           APPLE RESIDENTIAL INCOME TRUST, INC.



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



                  Pursuant to the requirements of the Securities Exchange Act
1934, this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
         SIGNATURE                                   CAPACITY                      DATE
<S> <C>

/s/ Glade M. Knight
--------------------                                 Director, Principal           March 27, 1997
Glade M. Knight                                      Executive Officer,
                                                     Principal Financial
                                                     Officer and Principal
                                                     Accounting Officer

---------------------                                Director                      March    , 1997
Ted W. Smith

/s/ Penelope W. Kyle
---------------------                                Director                      March 27, 1997
Penelope W. Kyle

/s/ Bruce H. Matson
---------------------                                Director                      March 27, 1997
Bruce H. Matson

/s/ Lisa B. Kern
---------------------                                Director                      March 26, 1997
Lisa B. Kern

                                6

<PAGE>



Supplemental information to be furnished with reports filed pursuant to Section
15(d) of the Securities Exchange Act of 1934 by Registrants which have not
registered Securities pursuant to Section 12 of that Act

No annual report to security holders for the registrant's fiscal year ended
December 31, 1996 or proxy material has been or will be sent to security
holders.

                                       7

<PAGE>



                         Report of Independent Auditors


The Board of Directors and Shareholder of
Apple Residential Income Trust, Inc.

We have audited the accompanying balance sheets of Apple Residential Income
Trust, Inc., as of December 31, 1996 and August 7, 1996 (date of inception). The
balance sheets are the responsibility of the Company's management. Our
responsibility is to express an opinion on these balance sheets based on our
audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the balance sheets are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the balance sheets. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the balance sheets referred to above present fairly, in all
material respects, the financial position of Apple Residential Income Trust
Inc., at December 31, 1996 and August 7, 1996 (date of inception), in conformity
with generally accepted accounting principles.




                                                        /s/ Ernst & Young LLP
Richmond, Virginia
March 26, 1997

                                       8

<PAGE>



                      Apple Residential Income Trust, Inc.


                                 Balance Sheets








</TABLE>
<TABLE>
<CAPTION>
                                                                                       (Date of
                                                                                       inception)
                                                                 December 31, 1996    August 7, 1996
                                                                --------------------------------------
<S> <C>
Assets
Cash                                                                 $       100          $     100
                                                                ======================================

Shareholder's equity Common stock, no par value.
   Authorized 50,000,000 shares;
   Issued and outstanding 10 shares
     (Notes 2 and 5)                                                         100                100
Class B Convertible Stock, no par value.
   Authorized 200,000 shares;
   Issued and outstanding 200,000 (Note 2)                                20,000                  -
Receivable from principal shareholder                                    (20,000)                 -
                                                                --------------------------------------

                                                                     $       100          $     100
                                                                ======================================
</TABLE>









See accompanying notes to balance sheet.


                                       9

<PAGE>


                      Apple Residential Income Trust, Inc.

                           Notes to the Balance Sheet

                               December 31, 1996



1. Organization and Summary of Significant Accounting Policies

Organization

Apple Residential Income Trust, Inc. (the "Company") is a Virginia corporation
that intends to qualify as a real estate investment trust ("REIT") for federal
income tax purposes. The Company, which has no operating history, was formed to
invest primarily in existing residential apartment communities in Texas and
southwestern regions of the United States. Initial capitalization occurred on
August 7, 1996.

Apple Residential Advisors, Inc. (the "Advisor"), which owns 100% of the
outstanding common stock of Apple Residential Income Trust, Inc., is the advisor
to the Company and will provide its day-to-day management under a proposed
agreement between the Company and the Advisor.

Significant Accounting Policies

Income Taxes

The Company intends to make an election to be treated, and expects to qualify
as, a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, the
Company will be allowed a deduction for the amount of dividends paid to its
shareholders, thereby subjecting the distributed net income of the Company to
taxation only at the shareholder level. The Company's continued qualification as
a REIT will depend on its compliance with numerous requirements, including
requirements as to the nature of its income and distribution of dividends.

Use of Estimates

The preparation of the financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

2. Offering of Shares

The Company intends to raise capital through a "best-efforts" offering of shares
by David Lerner Associates, Inc. (the "Managing Dealer"), which will receive
selling commissions and a marketing expense allowance based on proceeds of the
shares sold.

                                       10

<PAGE>


                      Apple Residential Income Trust, Inc.

                     Notes to the Balance Sheet (Continued)




2. Offering of Shares (continued)

A minimum offering of 1,666,667 shares ($15,000,000) must be sold no later than
November 19, 1997, or the offering will terminate and investors' subscription
payments, with interest, will be refunded to investors. Pending sale of such
minimum offering amount, investors' subscription payments will be placed in an
escrow account.

3. Class B Convertible Shares

On November 14, 1996, the Company issued 200,000 shares of Class B Convertible
Shares to Mr. Glade Knight, President and Chairman of the Board of the Company,
for $.10 per share or $20,000 in aggregate.

There are no dividends payable on the Class B Convertible Shares. On liquidation
of the Company, the holder of the Class B Convertible Shares is entitled to a
liquidation payment of $.10 per Class B Convertible Share before any
distribution of liquidation proceeds to the holders of the Common Shares.
Holders of more than two-thirds of the Class B Convertible Shares must approve
any proposed amendment to the Articles of Incorporation that would adversely
affect the Class B Convertible Shares or create a new class of stock senior to
or on a parity with the Class B Convertible Shares. The Class B Convertible
Shares are convertible into Common Shares upon and for 180 days following the
occurrence of either of the following events: (1) substantially all of the
Company's assets, stock or business is sold or otherwise transferred, whether
through sale, exchange, merger, consolidation, lease, share exchange or
otherwise, or (2) the Advisory Agreement with the Advisor is terminated or not
renewed, and the Company ceases to use Apple Residential Management Group, Inc.
to provide substantially all of its property management services. Upon the
occurrence of either triggering event, each Class B Convertible Share is
convertible into a number of Common Shares based upon the gross proceeds raised
through the date of conversion in the "best efforts" offering according to the
following formula:

<TABLE>
<CAPTION>

                                            Number of Common Shares
    Gross Proceeds Raised From             Through Conversion of One
  Sales of Common Shares Through           Class B Convertible Share
        Date of Conversion
------------------------------------      -----------------------------
<S> <C>

$50 million------------------------                    1.0
$100 million-----------------------                    2.4
$150 million-----------------------                    4.2
$200 million-----------------------                    6.4
$250 million-----------------------                    8.0

</TABLE>


                                       11

<PAGE>



3. Class B Convertible Shares (continued)

No additional consideration is due upon the conversion of the Class B
Convertible Shares. Upon the probable occurrence of a triggering event, the
Company will record expense in the statement of operations based on
convertibility of the Class B Convertible shares.

4. Organizational and Offering Costs

As of December 31, 1996, affiliates of the Company have incurred on behalf of
the Company organizational and offering costs amounting to approximately
$522,000. Upon the sale of 1,666,667 Common Shares, the Company will reimburse
the affiliates for these organizational and offering costs.

5. Related Parties

The Company has negotiated a Property Management Agreement with Apple
Residential Management Group, Inc. ("ARMG") to manage each property to be
acquired by the Company for a management fee equal to 5% of gross rental
collections, plus reimbursement of certain expenses.

The Company has entered into a Property Acquisition and Disposition Agreement
with Apple Realty Group ("ARG") to acquire and dispose of real estate assets for
the Company. A fee of 2% of the purchase or sale price of the property will be
payable for this service.

The Company has entered into an Advisory Agreement with the Apple Residential
Advisors, Inc. ("AA") to provide management for the Company and its assets. An
annual fee equal to .1% - .25% of total contributions received by the Company
will be payable for this service.

Mr. Knight owns 100% of the common stock of ARMG, ARG and AA.

Upon the completion of a public offering of common shares being pursued by
Cornerstone Realty Income Trust, Inc., for which Mr. Knight also serves as Chief
Executive Officer and Chairman of the Board, Cornerstone will enter into a
contract with the Company and subcontracts with Apple Residential Management
Group, Inc. and Apple Residential Advisors, Inc. whereby Cornerstone will
provide advisory, property management and brokerage services to the Company in
exchange for fees and expense reimbursements as described above.


                                       12

<PAGE>



5. Related Parties (continued)

Cornerstone  Realty Income Trust,  Inc. has a continuing  right to own up to
9.8% of the common shares of Apple. In addition, Cornerstone has a right of
first refusal to purchase the properties and business of Apple.

6. Stock Incentive Plans

The Company has adopted two stock incentive plans (the "Incentive Plan" and
"Directors' Plan") to provide incentives to attract and retain directors,
officers and key employees. The plans provide for the grant of options to
purchase a specified number of shares of common stock ("Options") or grants of
restricted shares of common stock ("Restricted Stock") to selected employees and
directors of the Company and certain affiliates. A Compensation Committee
("Committee") will be established to implement and administer the plans. The
Committee will be responsible for granting Options and shares of Restricted
Stock and for establishing the exercise price of Options and the terms and
conditions of Restricted Stock.

7. Subsequent Event

For the period January 1, 1997 through March 21, 1997, the Company closed the
sale to investors of 4,643,239 shares (1,666,667 at $9 per share and 2,976,572
at $10 per share) representing gross proceeds to the Company of $44,765,718 and
net proceeds after payment of selling commissions and other costs of
$40,289,146.

During January 1997, effective January 1, 1997, the Company acquired three
apartment communities. Brookfield Apartments, a 232-unit apartment community
located in Dallas, Texas, was purchased for $5,458,485. Eagle Crest Apartments,
a 484-unit apartment community located in Irving, Texas, was purchased for
$15,650,000. Tahoe Apartments, a 240-unit apartment community located in
Arlington, Texas, was purchased for $5,690,560. During February, 1997, the
Company acquired Mill Crossing Apartments, a 184-unit apartment community
located in Arlington, Texas for $4,544,121.

On March 1, 1997 the Company entered into an agreement with a commercial bank to
obtain an unsecured revolving line of credit of $10 million. The line of credit
expires on March 31, 1998. This agreement allows the Company to finance a
portion of the purchase price of property acquisitions. Borrowings under the
agreement are evidenced by an unsecured promissory note and bears interest at
one-month LIBOR plus 200 basis points. As of March 26, 1997, there have been no
borrowings under the agreement.

                                       13

<PAGE>




<PAGE>



EXHIBIT INDEX


Exhibit Number                      Description

3.1        Amended and Restated Articles of Incorporation of Apple Residential
           Income Trust, Inc., as amended.  Incorporated by reference to
           Exhibits 3.1, 3.3 and 3.4 filed with the Commission in the
           registrant's registration statement on Form S-11, Registration No.
           333-10635.


3.2        Bylaws of Apple Residential Income Trust, Inc.*


10.1       Advisory Agreement between Apple Residential Income Trust, Inc. and
           Apple Residential Advisors, Inc.*


10.2       Form of Property Management Agreement between Apple Residential
           Income Trust, Inc. and Apple Residential Management Group, Inc.*


10.3       Property Acquisition/Disposition Agreement between Apple Residential
           Income Trust, Inc. and Apple Realty Group, Inc.*

10.4       Apple Residential Income Trust, Inc. 1996 Incentive Plan.*

10.5       Apple Residential Income Trust, Inc. 1996 Non-Employee Directors
           Stock Option Plan.*

10.6       Right of First Refusal Agreement.  Incorporated by reference to
           Exhibit 10.7 filed with the Commission in the registrant's
           registration statement on Form S-11, Registration No. 333-10635.

28.1       Portions of pages 26 through 34, 37 through 42, 43 through 47 and 47
           through 48 of the Prospectus dated November 19, 1997 of Apple
           Residential Income Trust, Inc. FILED HEREWITH


*   Incorporated by reference to the Exhibit of the same number filed with the
    Commission in the registrant's registration statement on Form S-11,
    Registration No. 333-10635.


                                       14