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          SECURITIES AND EXCHANGE COMMISSION
          Washington, D.C.  20549

          FORM 10-Q

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

          For the quarterly period ended September 30, 1997  

          Commission File Number  0-19180    

          Exact Name of Registrant as Specified in Its Charter:  T. ROWE
          PRICE RENAISSANCE FUND, LTD., A SALES-COMMISSION-FREE REAL ESTATE
          INVESTMENT            


          State or Other Jurisdiction of Incorporation or Organization: 
          Maryland

          I.R.S. Employer Identification No.:  52-1657028     

          Address and zip code of principal executive offices: 100 East
          Pratt Street, Baltimore, Maryland  21202

          Registrant's telephone number, including area code: 1-800-638-
          5660                  

               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      

          Shares of common stock outstanding as of November 3, 1997: 
          1,600,062



























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          PART I - FINANCIAL INFORMATION

          Item 1.   Financial Statements

               The financial statements of T. Rowe Price Renaissance Fund,
          Ltd., A Sales-Commission-Free Real Estate Investment ("the
          Corporation") are set forth in Exhibit 19 hereto, which
          statements are incorporated by reference herein. 

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

          Liquidity and Capital Resources and Results of Operations

               The Corporation's liquidity and capital resources and its
          results of operation are discussed in the Chairman's letter on
          pages 1-2 of Exhibit 19 hereto, the Corporation's Quarterly
          Report to Security-Holders, which letter is hereby incorporated
          by reference herein.


          PART II - OTHER INFORMATION

          Item 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

               On September 11, 1997 the Corporation held its annual
          meeting of stockholders.  Stockholders holding 78% (1,258,691) of
          the outstanding shares of common stock cast votes at the meeting. 
          The matters voted upon at the meeting and the results of such
          votes were as follows:

               1.   Proposal to sell all of the Corporation s remaining
          real estate properties to Glenborough Realty Trust, and
          thereafter dissolve and liquidate the Corporation:  1,230,628 in
          favor, 22,791 against, 5,272 abstained.

               2.   Election of directors:

                    a.   Jeffrey H. Donahue: 1,219,164 in favor, 5,937
                    against, 33,589 abstained.

                    b.   A. MacDonough Plant: 1,217,244 in favor, 7,859
                    against, 33,589 abstained.

                    c.   James S. Riepe: 1,222,485 in favor, 2,617 against,
                    33,589 abstained.

               3.   Ratification of appointment of KPMG Peat Marwick as
          independent auditors for the Corporation: 1,212,705 in favor,
          12,527 against, 33,459 abstained.














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          Item 5.   OTHER INFORMATION

               On November 3, 1997, the Fund distributed its net assets
          aggregating $3,821,000 or approximately $2.39 per unit in the
          form of a final liquidating distribution.  The Fund will be
          dissolved prior to the end of 1997.

          Item 6.   Exhibits and Reports on Form 8-K

                    (a)  Exhibits: 

                         19 - Final Report Furnished to Security-Holders
                         including Financial Statements for the
                         Corporation.

                         27 - Financial Data Schedule 

                    (b)  Reports on Form 8-K

                         Report on Form 8-K dated September 12, 1997,
                         reporting the sale of the Partnership s real
                         estate properties and a distribution of a portion
                         of the proceeds.

               All other items are omitted because they are not applicable
          or the answers are none.

                                      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.


                                   T. ROWE PRICE RENAISSANCE FUND, 
                                   LTD.,A SALES-COMMISSION-FREE REAL 
                                   ESTATE INVESTMENT



          Date: November 13, 1997       By:  /s/Lucy B. Robins              
                                             Lucy B. Robins
                                             Vice President



          Date: November 13, 1997       By:  /s/Mark S. Finn          
                                             Mark S. Finn
                                             Chief Accounting Officer 
                                             of the Corporation












          The Final Report to Stockholders for the period ended September
          30, 1997 should be inserted here.