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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 March 31, 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 May 12, 1997:  1,607,757
















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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 1-3 of Exhibit 19 hereto, the Corporation's Quarterly
Report to Security-Holders, which letter is hereby incorporated
by reference herein.

Redemption Plan

    The General Partner suspended the Corporation's Repurchase
Plan, effective upon its acceptance of the offer by Glenborough
Realty Trust Incorporated to purchase all of its remaining real
estate investments, as more fully discussed in the Corporation's
Report on Form 8-K dated April 11, 1997.

PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

         (a)  Exhibits: 

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

              27 - Financial Data Schedule 

         (b)  Reports on Form 8-K

              (1)  Report on Form 8-K dated January 17, 1997,
                   filed with the Commission on January 22,
                   1997, regarding planned quarterly
                   distributions and current estimated unit
                   value.







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              (2)  Report on Form 8-K dated April 11, 1997,
                   filed with the Commission on April 14, 1997,
                   relating to the execution of a definitive
                   contract with Glenborough Realty Trust
                   Incorporated.

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













































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                           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: May 14, 1997           By:  /s/Kenneth J. Rutherford       
                                  Kenneth J. Rutherford
                                  Vice President



Date: May 14, 1997           By:  /s/Joseph P. Croteau          
                                  Joseph P. Croteau
                                  Principal Financial Officer 
                                  of the Corporation


<PAGE>
The Quarterly Report to Limited Partners for the Quarter ended
March 31, 1997 should be inserted here.