T. Rowe Price
Renaissance
Fund, Ltd.

A
Sales-Commission-Free
Real Estate Investment

For information on your
Renaissance Fund account, call:
1-800-962-8300 toll free

For information on your
mutual fund account, call:
1-800-225-5132 toll free
410-625-6500 Baltimore area

T. Rowe Price Real Estate Group
100 East Pratt Street
Baltimore, Maryland 21202

Final Report 
1997

FELLOW STOCKHOLDER:

Renaissance Fund was organized in 1989 for the primary purpose of
acquiring a diversified portfolio of what we considered to be
undervalued properties, then operating and holding them for
investment purposes. The Fund was structured to have a life of
about five to eight years after making its investments. After its
intended life span, the Fund would begin an orderly liquidation of
its properties, pay final fund expenses and liabilities, distribute
net proceeds from the liquidations to stockholders, and dissolve.

     In 1996, we indicated to you our intention to dispose of all
properties over the next two to three years. We made this decision
since the properties were reaching the end of their anticipated
holding periods, and also because of our belief that real estate
conditions had improved significantly. Improvements in the real
estate capital markets, and in the operating performance of various
properties, enabled rents to rise and tenant concessions to
decrease. Because of higher occupancy, increasing cash flow, and
general market conditions, the prospects for a favorable
disposition of fund properties improved, and we decided to
investigate opportunities for property sales. As a result, Buckley
Square was the first property sold in November 1996.

     In January 1997, the Fund was contacted by a buyer interested
in purchasing the remaining properties, as well as those of the
other four realty funds sponsored by T. Rowe Price. On April 11,
1997, after considering a less favorable offer from another party
and negotiating with the final buyer, the Fund's board of directors
unanimously approved the sale of all Fund properties to Glenborough
Realty Trust for $27,150,000. A proposal to approve the sale was
submitted to a vote of the stockholders at their annual meeting.
The transaction was approved by almost 77% of the stockholders on
September 11, 1997, and the sale was closed the following day. We
are happy to report that, based on final distributions, original
investors who did not participate in the dividend reinvestment
program realized a total return of approximately 65% over the life
of the fund. Those investors who did reinvest realized a slightly
higher return.

Distributions

The Fund paid $13 per share on September 19, 1997, which was a
substantial portion of the total liquidating distributions.
Depending on the election you made, either the distribution was
invested in the T. Rowe Price mutual fund you designated, or a
check for the amount was sent to you. Enclosed with this report is
a check for the final liquidating distribution or a notice that the
amount was invested in the fund you selected. Information about the
final distribution is contained in the enclosed statement. The 1997
federal income tax treatment of liquidating distributions will be
reported to you in January 1998.

Results of Operations

The Fund's net income for its final nine months was $7,149,000,
which included a gain of $6,219,000 on the sale of the properties
to Glenborough and income of $930,000 from operations. Net income
amounted to $4.48 per share. Net income for 1996 included a loss of
$223,000 from operations and a gain of $1,368,000 from the sale of
Buckley Square. The remaining four properties, Buschwood III,
Gatehall I, Post Oak Place, and Valley Business Center, were sold
on September 12, 1997, for net proceeds of $26,815,000 and a gain
of $6,219,000.

Conclusion

As the real estate market improved in recent years, we seized the
opportunity to capture higher prices for portfolio properties in
the belief that it was in the best interests of investors to
liquidate the Fund as it neared the end of its planned lifespan.
Normally, as real estate cycles run their course, rising property
prices often lead to an increased supply of new properties, which
could result in softer prices sometime later.

     Accordingly, your management and directors believed that this
was an opportune time to sell and liquidate the Fund at prices
beneficial to stockholders. We would like to thank our investors
for their confidence, support, and cooperation during the past
eight years.

     Sincerely,

     James S. Riepe
     Chairman

November 3, 1997

CONSOLIDATED BALANCE SHEETS
(In thousands except share data)

                               September 30,  December 31,
                                     1997         1996
                                ____________  ____________


Assets

Real Estate Property Investments
   Land. . . . . . . . . . . . .                 $   5,438
   Buildings and 
      Improvements . . . . . . .                    16,245
                                                  ________

                                                    21,683

   Less: Accumulated 
      Depreciation 
      and Amortization . . . . .                    (1,866)
                                                  ________  

                                                    19,817
Cash and Cash Equivalents. . . .  $    3,872         2,738
Accounts Receivable (less 
   allowance of 
   $10 in 1996). . . . . . . . .          11           277
Other Assets . . . . . . . . . .           -           148
                                ____________              
   
                                  $    3,883     $  22,980
                                ____________    __________  
                                ____________    __________

Liabilities and Stockholders' Equity

Liabilities
   Mortgage Loans Payable. . . .                 $   4,106
   
   Security Deposits and Prepaid 
      Rents. . . . . . . . . . .                       268
   
   Accrued Real Estate 
      Taxes. . . . . . . . . . .                       175

   Accounts Payable and 
      Other Accrued 
      Expenses . . . . . . . . .  $       69           346
   Dividends Declared. . . . . .           -         1,514
                                  __________    __________

Total Liabilities. . . . . . . .          69         6,409
                                  __________    __________

Stockholders' Equity
   Common Stock, $.001 Par Value, 
   Authorized 5,500,000 Shares;
      Issued and Outstanding 
      1,600,062 and 1,529,446 
      Shares . . . . . . . . . .           1             1
   Additional Paid-In 
      Capital. . . . . . . . . .       3,813        18,526
   Dividends in Excess of Net 
      Income . . . . . . . . . .           -        (1,956)
                                  __________     _________

Total Stockholders' Equity . . .       3,814        16,571
                                  __________     _________

                                  $    3,883     $  22,980
                                  __________     _________
                                  __________     _________

The accompanying notes are an integral part of the consolidated
financial statements.

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per-share amounts)

                         January 1         Years Ended
                          through         December 31,
                       September 30,                             
                                                _____________________
   
                           1997          1996       1995
                        __________    _________       __________

Revenues

Rental Income. . . . .    $  3,131    $   5,231  $   4,822
Interest Income. . . .          84           89         56
                         _________    _________  _________

                             3,215        5,320      4,878
                         _________    _________  _________

Expenses

Property Operating 
   Expenses. . . . . .       1,205        2,055      1,749
Real Estate 
   Taxes . . . . . . .         352          512        566
Depreciation and 
   Amortization. . . .         198          816        807
Decline of Property 
   Value . . . . . . .           -          907          -
Fund Management 
   Expenses. . . . . .         314          483        420
Interest Expense . . .         216          705        588
Minority Interest in 
   Operations and Other 
   Expenses. . . . . .           -           65         70
                         _________    _________  _________

                             2,285        5,543      4,200
                         _________    _________  _________

Income (Loss) from Operations 
   before Gain on Real 
   Estate Sold . . . .         930         (223)       678

Gain on Real Estate Sold 
   (Net of minority 
   interest in 
   1996) . . . . . . .       6,219        1,368          -
                         _________    _________  _________

Net Income . . . . . .    $  7,149    $   1,145  $     678
                         _________    _________  _________
                         _________    _________  _________


Activity per Share

Net Income . . . . . .    $   4.48    $    0.75  $    0.45

                         _________    _________  _________
                         _________    _________  _________

Dividends 
   Declared. . . . . .    $  13.00    $    1.44  $    0.59
                         _________    _________  _________
                         _________    _________  _________

Weighted Average Number 
   of Shares 
   Outstanding . . . .   1,597,426    1,529,663  1,509,428
                         _________    _________  _________
                         _________    _________  _________

The accompanying notes are an integral part of the consolidated
financial statements.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands except share data)


                                  
                                          Dividends   
                               Additional in Excess
                  Common Stock   Paid-In   of Net
                  Shares  Amount Capital   Income   Total
                  ______   _____ ______    _______  _____
Balance, 
  December 31, 
  1994 . . . . . 1,486,743 $   1 $ 17,888 $   (687)$ 17,202
Net Income . . .         -     -        -      678      678
Dividend 
  Reinvest-
  ments. . . . .    59,602     0      787        -      787
Share 
  Repur-
  chases . . . .   (19,154)    0     (228)       -     (228)
Dividends 
  Declared . . .         -     -        -     (891)    (891)
                  ________  ____  _______  _______  _______

Balance, 
  December 31, 
  1995 . . . . . 1,527,191 $   1 $ 18,447 $   (900)$ 17,548
Net Income . . .         -     -        -    1,145    1,145
Dividend Reinvest-
  ments. . . . .    39,491     0      523        -      523
Share Repur-
  chases . . . .   (37,236)    0     (444)       -     (444)
Dividends 
  Declared . . .         -     -        -   (2,201)  (2,201)
                  ________  ____  _______  _______  _______

December 31, 
  1996 . . . . . 1,529,446 $   1 $ 18,526 $ (1,956)$ 16,571
Net Income . . .         -     -        -    7,149    7,149
Dividend Reinvest-
  ments. . . . .    83,489     0    1,039        -    1,039
Share Repur-
  chases . . . .   (12,873)    0     (144)       -     (144)
Dividends 
  Declared . . .         -     -  (15,608)  (5,193) (20,801)
                  ________  ____  _______  _______  _______

Balance, 
  September 30, 
  1997 . . . . . 1,600,062 $   1 $  3,813 $      - $  3,814
                  ________  ____  _______  _______  _______
                  ________  ____  _______  _______  _______

The accompanying notes are an integral part of the consolidated financial
statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

                         January 1         Years Ended
                          through         December 31,
                       September 30,                             
                                     ____________________        
                           1997          1996        1995
                       _____________   ___________________


Cash Flows from 
   Operating Activities

Net Income . . . . . .    $  7,149    $   1,145    $   678
Adjustments to Reconcile Net 
   Income to Net Cash
   Provided by Operating 
      Activities
   Depreciation and 
      Amortization . .         198          816        807
   Decline of Property 
      Values . . . . .           -          907          -
   Minority Interest in 
      Operations 
      and Other 
      Expenses . . . .           -           65         70
   Gain on Real Estate 
      Sold . . . . . .      (6,219)      (1,368)         -
   Change in 
      Receivables. . .         266            4        (99)
   Change in Other 
      Assets . . . . .          68           46        (37)
   Change in Security 
      Deposits and Prepaid 
      Rents. . . . . .        (268)         (58)        32
   Change in Accrued Real 
      Estate Taxes . .        (175)        (109)         2
   Change in Accounts 
      Payable and Other 
      Accrued 
      Expenses . . . .        (277)          61        (12)
                         _________    _________  _________

Net Cash Provided by 
   Operating 
   Activities. . . . .         742        1,509      1,441
                         _________    _________  _________

Cash Flows from Investing 
   Activities
Proceeds from Property 
   Disposition . . . .      26,815        7,036          -
Investments in Real 
   Estate. . . . . . .        (897)        (946)    (6,070)
                         _________    _________  _________

Net Cash Provided by 
   (Used in) 
   Investing 
   Activities. . . . .      25,918        6,090     (6,070)
                         _________     _________   _________

Cash Flows from Financing 
   Activities
Dividends Paid . . . .     (22,315)        (763)    (1,141)
Dividend Reinvest-
   ments . . . . . . .       1,039          523        787
Share Repurchases. . .        (144)        (444)      (228)
Minority Interest 
   Distributions . . .           -         (915)       (54)
Proceeds of Mortgage Loan, 
   Net of Debt Issuance 
   Costs . . . . . . .           -            -      5,459
Repayment of Mortgage 
   Loans . . . . . . .      (4,106)      (4,870)       (46)
                         _________     _________   _________

Net Cash Provided by 
   (Used in) Financing 
   Activities. . . . .     (25,526)      (6,469)     4,777
                         _________     _________   _________

Cash and Cash Equivalents
Net Increase during 
   Year. . . . . . . .       1,134        1,130        148
At Beginning 
   of Year . . . . . .       2,738        1,608      1,460
                         _________    _________  _________

At End of Year . . . .    $  3,872    $   2,738    $ 1,608
                         _________     _________ _________
                         _________    _________  _________

The accompanying notes are an integral part of the consolidated financial
statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - THE FUND AND ITS LIQUIDATION

T. Rowe Price Renaissance Fund, Ltd., A Sales-Commission-Free Real Estate
Investment (the Fund), was incorporated in 1989 in the state of Maryland. The
Fund is qualified and has elected to be treated as a real estate investment
trust (REIT) under the Internal Revenue Code. The Fund has not incurred
federal income taxes because it met the regulatory requirements to maintain
its REIT status and distributed all taxable income to its stockholders.
   The Fund had a reinvestment plan whereby stockholders could elect to have
cash dividends automatically reinvested in additional shares of the Fund. The
price of shares sold through the plan was established at least annually by the
Fund's board of directors based upon the estimated value of a share. The plan
was terminated in 1997.
   The Fund also had a redemption plan whereby stockholders could request
that the Fund repurchase their shares. The Fund used reinvestment proceeds to
repurchase shares at 90% of the estimated value per share. The plan was
terminated in 1997.
   After the sale of its remaining four properties on September 12, 1997,
the Fund entered into its final liquidating phase. On September 19, 1997, the
Fund paid a partial liquidating dividend aggregating $20,801,000 to its
stockholders. The Fund will pay a final liquidating cash dividend equivalent
to its remaining net assets in November 1997 and, thereafter, will be
dissolved.
   The accompanying financial statements for 1997 include estimates of the
costs of liquidating the Fund. Results of operations from October 1, 1997
until the date of the final liquidating dividend are not expected to be
significant and will consist primarily of interest income and the settlement
of receivables and payables.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which requires the use of estimates and
assumptions by the Fund's management.
   The consolidated financial statements include the accounts of the Fund
and the partnership accounts of Buckley Square Associates in which the Fund
had a 90% interest until the property's disposition in 1996.
   The Fund reviewed its real estate property investments for impairment
whenever events or changes in circumstances indicated that the property
carrying amounts might not have been recoverable. Such a review resulted in
the Fund recording a provision for impairment of the carrying value of its
real estate property investments if the estimated future cash flows from a
property's operations and projected sale were less than the property's net
carrying value. When a provision for impairment was recorded, the estimated
fair value of the property became its new cost basis.
   Depreciation was calculated primarily on the straight-line method over
the estimated useful lives of buildings and improvements, which range from 5
to 40 years. Lease commissions and tenant improvements were capitalized and
amortized over the lives of the respective leases using the straight-line
method.
   Through December 31, 1995, properties held for sale were depreciated. On
January 1, 1996, the Fund adopted Statement of Financial Accounting Standards
No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to Be Disposed Of." The impact of adoption was that depreciation
expense ceased to be recognized on properties held for sale.
   Cash equivalents consist of all short-term, highly liquid investments
including money market mutual funds and marketable U.S. Treasury debt
securities with maturities at the time of acquisition of three months or less.
The cost of such investments approximates fair value.
   The Fund used the allowance method of accounting for doubtful accounts.
Provisions for uncollectible tenant receivables in the amounts of $35,000,
$78,000 and $6,000 were recorded in 1997, 1996 and 1995, respectively. Bad
debt expense is included in Property Operating Expenses.
   Rental income was recognized on a straight-line basis over the term of
each lease. Rental income accrued, but not yet billed, was included in Other
Assets and aggregated $86,000 at December 31, 1996.
   Debt issuance costs were amortized on a straight-line basis over the
expected life of the related mortgage loan.
   Organization costs were amortized over a five-year period.

NOTE 3 - PROPERTY VALUATIONS

Based upon a review of market conditions, estimated holding period and future
performance expectations, the Fund's management determined that the net
carrying value of Post Oak Place was not fully recoverable from estimated
future operations and projected sale and recognized a decline in property
value of $907,000 in 1996.

NOTE 4 - PROPERTY DISPOSITIONS

In November 1996, Buckley Square was sold and the Fund received net proceeds
of $6,189,000. The net book value of the Fund's interest in the property was
$4,821,000 after deduction of accumulated depreciation and minority interest.
Accordingly, the Fund recognized a $1,368,000 gain on the sale of this
property in the fourth quarter of 1996.
   On September 12, 1997, the Fund sold its four remaining
properties-Buschwood III, Gatehall I, Post Oak Place and Valley Business
Center- to a single, third-party buyer for net proceeds of $26,815,000. The
sale was approved by more than two-thirds of the Fund's stockholders on
September 11, 1997. The net book value of the four properties was $20,596,000
after accumulated depreciation expense and a previously recorded decline in
property value. Accordingly, the Fund recognized a $6,219,000 gain on the sale
of the four properties in the third quarter of 1997.

NOTE 5 - MORTGAGE LOANS PAYABLE

The Fund acquired three of its properties in part with mortgage loans payable
of $2,100,000 for Valley Business Center in 1990, $1,400,000 for Gatehall I in
1994, and $5,500,000 for Buschwood III in 1995. The mortgage loans were repaid
in 1996 and 1997 from sales proceeds of real estate property dispositions.

NOTE 6 - TRANSACTIONS WITH RELATED PARTIES

The Fund paid contracted advisory fees to T. Rowe Price Real Estate Group,
Inc. (the Investment Manager) and LaSalle Advisors Limited Partnership (the
Investment Advisor). The Investment Manager provided communications, cash
management, administrative and other related services to the Fund for an
advisory fee of .45% per year of the fair market value, as defined, of the
Fund's assets and earned $13,000, $133,000, and $119,000 in 1997, 1996, and
1995, respectively. The Investment Advisor provided the Fund with real estate
advisory, accounting, and other related services for an advisory fee of .50%
per year of the fair market value, as defined, of the Fund's assets and earned
$15,000, $147,000, and $132,000 in 1997, 1996 and 1995, respectively.
Recognition of these investment advisory fees is subject to limitations
adopted by the Fund pursuant to guidelines promulgated by the North American
Securities Administrators Association.
   An affiliate of the Investment Manager earned a normal and customary fee
of approximately $4,000, $3,000, and $4,000 from the money market mutual funds
in which the Fund made its cash investments during 1997, 1996, and 1995,
respectively.
   The Fund also reimbursed the Investment Manager and Investment Advisor
for certain defined expenses incurred in operating and administering the Fund.
Expense reimbursements for the Investment Manager totaled $46,000, $40,000 and
$32,000, for 1997, 1996 and 1995, respectively. Reimbursements for the
Investment Advisor totaled $18,000, $30,000 and $30,000 for 1997, 1996 and
1995, respectively.
   In addition, the Fund was obligated to pay acquisition and disposition
fees for services rendered in connection with the purchase and sale of
properties. In 1995, the Investment Manager and Investment Advisor each
received $52,500 in connection with the Buschwood III acquisition. In
September 1997, the Fund paid disposition fees of $126,000 to the Investment
Manager and $42,000 to the Investment Advisor. The Investment Manager owns
16,000, or 1%, of the Fund's common shares.

NOTE 7 - RECONCILIATION OF FINANCIAL STATEMENT TO TAXABLE INCOME

As described in Note 1, the Fund has not incurred any income tax liability;
however, certain timing differences exist between amounts in net income
reported for financial statement and federal income tax purposes. These
differences (in thousands) are summarized below:

                               1997       1996     1995
                             _________ __________ _________
Net income reported
   in financial 
   statements  . . . .     $   7,149     $ 1,145   $  678
Decline of property 
   value . . . . . . .          (907)        907        -
Depreciation . . . . .          (247)        140      192
Other items. . . . . .          (354)          8       21
                           _________   _________ ________
Taxable income
   before REIT dividend
   deduction . . . . .     $   5,641     $ 2,200   $  891
                           _________   _________ ________
                           _________     ____________________

INDEPENDENT AUDITORS' REPORT

To the Stockholders
T. Rowe Price Renaissance Fund, Ltd.,
A Sales-Commission-Free Real Estate Investment:

We have audited the consolidated balance sheets of T. Rowe Price Renaissance
Fund, Ltd., A Sales-Commission-Free Real Estate Investment, and its
consolidated partnership, as of September 30, 1997, and December 31, 1996, and
the related consolidated statements of operations, stockholders' equity and
cash flows for the period January 1, 1997, through September 30, 1997, and for
the years ended December 31, 1996, and 1995. These consolidated financial
statements are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these consolidated financial statements 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 consolidated financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of T. Rowe
Price Renaissance Fund, Ltd., A Sales-Commission-Free Real Estate Investment,
and its consolidated partnership as of September 30, 1997, and December 31,
1996, and the results of their operations and their cash flows for the period
January 1, 1997, through September 30, 1997, and for the years ended December
31, 1996, and 1995, in conformity with generally accepted accounting
principles.

KPMG Peat Marwick LLP
Chicago, Illinois
October 10, 1997