SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-Q

(Mark One)

  X  Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934 for the Quarterly period ended September 30, 1996 or



     Transition report pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934 for the transition period from         to             


    
Commission file number    0-7660 



                  MULTIVEST REAL ESTATE FUND, LTD. SERIES VII
             (Exact name of registrant as specified in its charter)



            Michigan                         38-6285884     
(State or other jurisdiction of            (IRS Employer
incorporation or organization)          Identification No.)


6100 Glades Road, Suite 205
Boca Raton, Florida                                33434         
(Address of principal executive offices)         (Zip Code)


                                                                                
                                (561) 487-6700                   
              (Registrant's telephone number, including area code)


                                                                                
(Former name, former address and former fiscal year, if changed since last
 report)


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 report), and (2) has been subject to such filing
requirements for the past 90 days.

                                        Yes   x    No      






<PAGE>
                   MULTIVEST REAL ESTATE FUND, LTD., SERIES VII
                          COMMISSION FILE NUMBER 0-7660
                                    FORM 10-Q
                                September 30, 1996              

                                                                     

  
PART I.  FINANCIAL INFORMATION


  Item 1.    Financial Statements

         Statements of Financial Condition, as of September 30, 1996     
             (Unaudited) and December 31, 1995 . . . . . . . . . . . . . 3

         Statements of Operations, for the three month and nine month 
             periods ended September 30, 1996 and 1995 (Unaudited) . . . 4

         Statements of Cash Flows, for the three months ended 
               September 30, 1996 and 1995 (Unaudited) . . . . . . . . . 5
  
         Notes to Financial Statements (Unaudited) . . . . . . . . . . . 6


  Item 2.    Management's Discussion and Analysis of Financial
             Condition and Results of Operations . . . . . . . . . . . . 7


PART II. OTHER INFORMATION:

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






<PAGE>
ITEM 1.  FINANCIAL STATEMENTS

                  MULTIVEST REAL ESTATE FUND, LTD., SERIES VII
                        (a Michigan limited partnership)
                       STATEMENTS OF FINANCIAL CONDITION
                                                  

 
                                             September 30,    December 31,
                                                 1996             1995    
           ASSETS                             (Unaudited) 
Investments in real estate                          
  Land                                       $     -          $ 1,900,000 
  Building and improvements                        -            2,986,895 
                                                   -            4,886,895 

  Less:  Accumulated depreciation                  -              125,992 

  Net investment in real estate                    -            4,760,903 

Wrap-around mortgage notes receivable              -            4,489,845 
Deferred gain on sales of real estate              -           (2,402,387)

                                                   -            2,087,458 
Other assets
  Cash                                             4,659            5,270 
  Investments, at cost which
     approximates market                       6,440,347        1,850,930 
  Accounts receivable                             26,214            6,447 
  Prepaid insurance                                  128           44,867 
  Escrow and deposits and other assets            20,010           20,010 

       Total other assets                      6,491,358        1,927,524 

          Total assets                       $ 6,491,358      $ 8,775,885 

     LIABILITIES AND PARTNERS' CAPITAL

  Mortgage notes payable                     $     -          $ 1,143,793 
  Accounts payable                                12,120          176,106 
  Accrued liabilities                                488          188,591 
  Accrued liabilities to affiliates              613,988           36,176 
  Security deposits                                -               51,785 

       Total liabilities                         626,596        1,596,451 


Partners' capital
  Limited Partners, 22,261 units               5,799,443        7,100,786 
  General Partners,    228 units                  65,319           78,648 

       Total Partners' capital                 5,864,762        7,179,434 

          Total liabilities and
            Partners' capital               $  6,491,358      $ 8,775,885 






<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES VII
                        (a Michigan limited partnership)
                            STATEMENTS OF OPERATIONS
                                  (Unaudited)
                                               



                                  Three Months Ended       Nine Months Ended
                                     September 30,           September 30,      

                                   1996        1995         1996       1995    

Revenues
  Rents and other tenant charges $ 375,621  $ 388,787  $ 1,163,951 $   884,854 
  Other income                      54,883     30,451      103,981      73,067 
 
                                   430,504    419,238    1,267,932     957,921 

Expenses
  Maintenance, custodial salaries
     and related expenses           36,509     33,314      117,114      70,000 
  Real estate management fees       21,760     22,414       67,928      55,304 
  Investment management/real estate 
     commission                    600,000     59,110      884,688      73,630 
  Mortgage servicing fee              -          -            -          3,275 
  Property taxes                    38,717     36,714      113,717      85,666 
  Depreciation and amortization     56,181     18,151      157,594      29,393 
  Insurance                         21,523     13,980       47,023      32,620 
  Utilities                         21,493     55,111      127,107     148,140 
  Repairs and maintenance           65,492     83,728      188,938     158,330 
  Legal and accounting               1,964        373       14,214      22,593 
  Administrative and other          30,672     38,398       96,798      94,607 
 
                                   894,311    361,293    1,815,121     773,558 

 Income (loss) from existing 
     assets                       (463,807)    57,945     (547,189)    184,363 
 Provision for loss on wrap-
     around mortgage note
     receivable                       -      (150,000)        -       (150,000)
 Operations of disposed properties    -       100,354      164,957     295,328 

 Income (loss) from operations    (463,807)     8,299     (382,232)    329,691 

 Discount on settlement of note       -          -        (680,340)       -
 Deferred gain recognized on
   sale of real estate                -          -       2,402,386        -     
 Gain on sale of real estate       679,508       -         679,508        -     

       Net income              $   215,701  $   8,299  $ 2,019,322  $  329,691 
 


Allocated to
  Limited partners, 22,261
    units                      $   213,514  $   8,215  $ 1,998,850  $  326,348 
  General partner,   228 units       2,187         84       20,472       3,343 
 
                               $   215,701  $   8,299  $ 2,019,322  $  329,691 
Net income per partnership
  unit based on 22,489
  Partnership units
  outstanding                  $      9.60  $     .37  $     89.79  $    14.66 
                                        








<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES VII
                        (a Michigan limited partnership)
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited) 

                                                   Nine Months Ended     
                                                     September 30,            
 
                                                   1996            1995    

Operating Activities

  Net income                                    $ 2,019,322    $   329,691 
  Adjustments to reconcile net income to
     net cash provided by (used in) operating 
     activities:
     Depreciation                                   157,594         29,393 
     Deferred gain recognized on sale
       of real estate                            (2,402,386)          -  
     Gain on sale of property                      (679,508)          -     
     Discount on settlement of note                 680,340           -     
     Amortization of discount on mortgage                               
       note receivable                                 -           (17,215)
     Provision for loss on wrap-around mortgage
       note receivable                                 -           150,000 

  (Increase) decrease in accounts receivable        (19,767)         4,672 
  Decrease (increase) in prepaid insurance           44,739         (7,962)
  Increase in escrow deposits and other assets         -           (20,010)
  Decrease in accounts payable                     (163,986)        (2,549)
  (Decrease) increase in accrued liabilities       (188,103)       127,900 
  Increase in accrued liabilities to affiliates     577,812         56,338 
  Decrease in unfunded distributions payable           -          (552,470)
  (Decrease) increase in security deposits          (51,785)        50,610 

     Net cash (used in) provided by 
       operating activities                         (25,728)       148,398 

Investing Activities

  Capital improvements to real estate              (717,184)      (380,515)
     Net cash used in investing activities         (717,184)      (380,515)

Financing Activities
  Payoff received on Ross Ridge Apartments
     mortgage note receivable                     3,788,960           -     
  Principal payoff on Ross Ridge mortgage
     note payable                                (1,103,937)          -     
  Distributions to Partners                      (3,333,994)          -     
  Net proceeds from sale of property              6,000,000           -     
  Payments received on wrap-around mortgage
     notes receivable                                20,545         28,372 
  Principal payments on mortgage notes payable      (39,856)       (95,650)
     Net cash provided by (used in)
        financing activities                      5,331,718        (67,278)

  Increase (decrease) in cash and cash
       equivalents                                4,588,806       (299,395)
  Cash and cash equivalents - January 1           1,856,200      1,668,060 
  Cash and cash equivalents - September 30      $ 6,445,006    $ 1,368,665 

Non-Cash Activities
  Foreclosure on Las Cortes Apartments:
     Decrease in wrap-around mortgage
       note receivable                          $     -        $(7,600,000)
     Decrease in deferred gain on sale                -          5,442,927 
     Decrease in deferred interest receivable         -         (1,886,866)
     Decrease in interest receivable                  -            (25,333)
     Foreclosed property                              -          4,069,272  
   






 
              MULTIVEST REAL ESTATE FUND, LTD., SERIES VII
                     (a Michigan limited partnership)
                       NOTES TO FINANCIAL STATEMENTS
                                (Unaudited)




The financial statements reflect all adjustments which are, in the opinion of
management, necessary to a fair statement of the results of the interim periods
presented.  It is suggested that these financial statements be read in
conjunction with the financial statements and the notes included in the
Partnership's latest annual report on Form 10-K.  The results of operations for 
interim periods should not be considered as indicative of the results to be
expected for a full year.

Reclassifications

Certain reclassifications have been made in the 1995 financial statements to
conform to the presentation of 1996 results of operations.










<PAGE>
               MULTIVEST REAL ESTATE FUND, LTD., SERIES VII
                     (a Michigan limited partnership)
                            September 30, 1996


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

The Partnership has completed the sale of its remaining property and collection
on the mortgage note receivable and is in the process of now completing its
liquidation and dissolution program.

On June 28, 1996, the Partnership received $2,681,681 in repayment of the Ross
Ridge Apartments mortgage note receivable.  The amount represents the difference
between (a) the remaining principal on the note less a discount of $680,340
($3,788,960) and (b) the principal and accrued interest on the underlying
mortgage note payable with respect to this property ($1,107,279).  The
Partnership previously recorded the sale under the installment method of
accounting and, as a result of the payoff, recognized a gain of $2,402,387.

On September 24, 1996, the Partnership sold Las Cortes Apartments for $6,000,000
less closing costs and proration of income and expenses resulting in a gain on
sale of $679,507. Las Cortes and five additional properties owned by other
MultiVest partnerships were sold on separate sales contracts to a purchaser not
affiliated with the Partnership or its General Partner. Your General Partner
believes that the terms and conditions of the sale were favorable to the
Partnership.

The Partnership's total revenues increased $11,266 or 3% for the three  months
ended September  30, 1996, and $310,011 or 32% for the nine month period as
compared to the same periods of the prior year.  Rents and other tenant charges
increased $279,097 or 32% for the nine month period due primarily to rental
activity for 1996 being for a period of nine months, and 1995 being for seven
months.  The Partnership foreclosed and took possession of the property on
March 7, 1995.

Expenses of the Partnership increased $533,018 or 148% for the quarter ending
September 30, 1996 as compared to the same period of the prior year.  There was
a $1,041,563 or 135% increase in total expenses for the nine months ended
September 30, 1996.  The increase for both periods is due primarily to the
increase in the investment management/real estate commission due the General
Partner pursuant to the Partnership Agreement.

Funds generated from  collections on the wrap-around mortgage note, and from
operations have primarily been utilized to meet debt service obligations and,
when possible, distribute funds to the Partners.  Funds in excess of
Partnership reserves resulted in distributions totaling $3,333,994.25 or
$148.25 per unit being paid during the nine months ending September 30, 1996.








<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES VII
                        (a Michigan limited partnership)
                               September 30, 1996




PART II - OTHER INFORMATION


Item 6.   Exhibits and Report on Form 8-K

          (b) No report on Form 8-K has been filed during the quarter ended
              September 30, 1996.




                                   SIGNATURES
   

Pursuant to the requirements 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.


                                      MULTIVEST REAL ESTATE FUND, LTD.,
                                      Series VII, a Michigan Limited
                                      Partnership,                    
                                          (Registrant)

                             By:      MULTIVEST REAL ESTATE, INC.
             
                                      a Delaware corporation
                             Its:     Corporate General Partner



Date: NOVEMBER 14, 1996               RICHARD L. DAVIS                        

                                      Richard L. Davis
                                      President -
                                      Chief Executive Officer





Date: NOVEMBER 14, 1996               JOHN J. KAMMERER                         

                                      John J. Kammerer
                                      Principal Accounting Officer