UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                   FORM 10-Q




[X] Quarterly  Report  pursuant  to  Section  13  or  15(d)  of  the Securities
    Exchange Act of 1934


               For the Quarterly Period Ended September 30, 1999

                                      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 #0-18431


                      Inland Land Appreciation Fund, L.P.
            (Exact name of registrant as specified in its charter)


         Delaware                                  #36-3544798
(State or other jurisdiction           (I.R.S. Employer Identification Number)
 of incorporation or organization)


2901 Butterfield Road, Oak Brook, Illinois             60523
 (Address of principal executive office)             (Zip Code)


       Registrant's telephone number, including area code:  630-218-8000


                                     N/A
                    (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 reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes X  No





                                      -1-


                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                                Balance Sheets

                   September 30, 1999 and December 31, 1998
                                  (unaudited)

                                    Assets
                                    ------

                                                       1999          1998
                                                       ----          ----
Current assets:
  Cash and cash equivalents (Note 1).............. $ 1,084,931     1,133,942
  Accounts and accrued interest receivable
    (Note 5)......................................     447,060       181,821
  Current portion of mortgage loans
    receivable (Note 5)...........................     600,000        20,371
  Other current assets............................       2,163         1,584
                                                   ------------  ------------
Total current assets..............................   2,134,154     1,337,718
                                                   ------------  ------------
Other assets......................................      19,915        19,915
Mortgage loans receivable, less current
  portion (Note 5)................................   3,419,748     3,010,823
Investments in land and improvements, at cost
  (including acquisition fees paid to Affiliates
  of $884,556 and $970,132 at September 30,
  1999 and December 31, 1998, respectively)
  (Notes 1, 2 and 3)..............................  20,420,554    21,440,929
                                                   ------------  ------------
Total assets...................................... $25,994,371    25,809,385
                                                   ============  ============






















                See accompanying notes to financial statements.


                                      -2-


                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                                Balance Sheets
                                  (continued)

                   September 30, 1999 and December 31, 1998
                                  (unaudited)

                       Liabilities and Partners' Capital
                       ---------------------------------

                                                       1999          1998
                                                       ----          ----
Current liabilities:
  Accounts payable................................ $     1,666         2,497
  Accrued real estate taxes.......................      33,691        42,174
  Due to Affiliates (Note 2)......................      29,503       275,297
  Notes payable to Affiliate (Note 6).............   2,493,750     2,493,750
  Unearned income.................................         662        54,024
                                                   ------------  ------------
Total current liabilities.........................   2,559,272     2,867,742
                                                   ------------  ------------
Deferred gain on sale (Note 5)....................     328,051       376,302

Partners' capital (Notes 1 and 2):
  General Partner:
    Capital contribution..........................         500           500
    Cumulative net income.........................     171,436       168,478
    Cumulative cash distributions.................    (153,743)     (153,743)
                                                   ------------  ------------
                                                        18,193        15,235
  Limited Partners:                                ------------  ------------
    Units of $1,000. Authorized 30,001 Units,
      29,619.25 Units outstanding (net of offering
      costs of $3,768,113, of which $1,069,764 was
      paid to Affiliates).........................  25,875,185    25,882,018
    Cumulative net income.........................   6,636,508     6,090,926
    Cumulative cash distributions.................  (9,422,838)   (9,422,838)
                                                   ------------  ------------
                                                    23,088,855    22,550,106
                                                   ------------  ------------
Total Partners' capital...........................  23,107,048    22,565,341
                                                   ------------  ------------
Total liabilities and Partners' capital........... $25,994,371    25,809,385
                                                   ============  ============










                See accompanying notes to financial statements.


                                      -3-


                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                           Statements of Operations

        For the three and nine months ended September 30, 1999 and 1998
                                  (unaudited)


                                        Three months           Nine months
                                           ended                 ended
                                        September 30,         September 30,
                                        -------------         -------------
                                       1999       1998       1999       1998
Income:                                ----       ----       ----       ----
  Sale of investments in land and
    improvements (Notes 1 and 3)... $1,308,726    859,753  1,792,856  5,764,179
  Recognition of deferred gain on
    sale of investments in land
    and improvements (Note 5)......     22,024     10,638     89,525     38,964
  Rental income (Note 4)...........     70,278     58,957    198,791    178,972
  Interest income..................    105,504    177,279    268,437    282,338
  Other income.....................       -          -         3,500     17,500
                                    ---------- ---------- ---------- ----------
                                     1,506,532  1,106,627  2,353,109  6,281,953
                                    ---------- ---------- ---------- ----------
Expenses:
  Cost of land sold................  1,308,726    787,088  1,629,687  5,493,948
  Professional services to
    Affiliates.....................     8,114      12,685     23,669     37,085
  Professional services to
    non-affiliates.................      -            123     28,732     31,903
  General and administrative
    expenses to Affiliates.........     6,517       2,007     20,640     11,229
  General and administrative
    expenses to non-affiliates.....    (2,400)      1,541     24,753     13,537
  Marketing expenses to Affiliates.   (17,759)     12,148     14,967     46,426
  Marketing expenses to
    non-affiliates.................     3,963       7,044     15,524     33,690
  Land operating expenses to
    Affiliates.....................      -           -          -        25,858
  Land operating expenses to
    non-affiliates.................    17,105      62,486     46,597    120,066
                                    ---------- ---------- ---------- ----------
                                     1,324,266    885,122  1,804,569  5,813,742
                                    ---------- ---------- ---------- ----------
  Net income....................... $ 182,266     221,505    548,540    468,211
                                    ========== ========== ========== ==========








                See accompanying notes to financial statements.


                                      -4-


                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                           Statements of Operations
                                  (continued)

        For the three and nine months ended September 30, 1999 and 1998
                                  (unaudited)


                                        Three months           Nine months
                                           ended                 ended
                                        September 30,         September 30,
                                        -------------         -------------
                                       1999       1998        1999      1998
                                       ----       ----        ----      ----
Net income (loss) allocated to:
  General Partner.................. $   1,602      1,382      2,958      1,590
  Limited Partners.................   180,664    220,123    545,582    466,621
                                    ---------- ---------- ---------- ----------
Net income......................... $ 182,266    221,505    548,540    468,211
                                    ========== ========== ========== ==========

Net income (loss) allocated to the
  one General Partner Unit......... $   1,602      1,382      2,958      1,590
                                    ========== ========== ========== ==========

Net income per Unit, basic and
  diluted, allocated to Limited
  Partners per weighted average
  Limited Partnership Units
  (29,596.24 and 29,619.72 for the
  three months ended September 30,
  1999 and 1998, and 29,600.63 and
  29,626.03 for the nine months
  ended September 30, 1999 and
  1998, respectively).............. $    6.10       7.43      18.43      15.75
                                    ========== ========== ========== ==========


















                See accompanying notes to financial statements.


                                      -5-


                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                           Statements of Cash Flows

             For the nine months ended September 30, 1999 and 1998
                                  (unaudited)



                                                       1999          1998
Cash flows from operating activities:                  ----          ----
  Net income...................................... $   548,540       468,211
  Adjustments to reconcile net income to net
      cash provided by (used in) operating activities:
    Gain on sale of investments in land and
      improvements................................    (163,169)     (231,267)
    Recognition of deferred gain on sale of
      investments in land and improvements........     (89,525)      (38,964)
    Changes in assets and liabilities:
      Accounts and accrued interest receivable....    (265,239)     (180,355)
      Other current assets........................        (579)       (5,278)
      Accounts payable............................        (831)      (23,130)
      Accrued real estate taxes..................       (8,483)      (16,463)
      Due to Affiliates...........................    (245,794)      151,020
      Unearned income.............................     (53,362)       (8,203)
                                                   ------------  ------------
Net cash provided by (used in) operating
  activities......................................    (278,442)      115,571
                                                   ------------  ------------
Cash flows from investing activities:
  Additions to investments in land and
    improvements..................................    (609,312)     (513,445)
  Principal payments collected on mortgage
    loans receivable..............................     361,446       743,031
  Proceeds from disposition of investments in
    land and improvements.........................     484,130       768,593
                                                   ------------  ------------
Net cash provided by investing activities.........     236,264       998,179
                                                   ------------  ------------
Cash flows from financing activities:
  Repurchase of Limited Partnership Units.........      (6,833)      (18,378)
                                                   ------------  ------------
Net cash used in financing activities.............      (6,833)      (18,378)
                                                   ------------  ------------
Net increase (decrease) in cash and cash
  equivalents.....................................     (49,011)    1,095,372
Cash and cash equivalents at beginning of period..   1,133,942        15,502
                                                   ------------  ------------
Cash and cash equivalents at end of period........ $ 1,084,931     1,110,874
                                                   ============  ============





                See accompanying notes to financial statements.


                                      -6-


                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                         Notes to Financial Statements

                              September 30, 1999
                                  (unaudited)


Readers of this  Quarterly  Report  should  refer  to the Partnership's audited
financial statements for the  fiscal  year  ended  December 31, 1998, which are
included  in  the  Partnership's  1998   Annual  Report,  as  certain  footnote
disclosures which would  duplicate  those  contained  in such audited financial
statements have been omitted from this Report.

(1)  Organization and Basis of Accounting

The Registrant, Inland Land  Appreciation  Fund,  L.P. (the "Partnership"), was
formed in  October  1987,  pursuant  to  the  Delaware  Revised Uniform Limited
Partnership Act, to invest in undeveloped land on an all-cash basis and realize
appreciation of such land  upon  resale.  On  October 12, 1988, the Partnership
commenced an  Offering  of  10,000  (subject  to  increase  to  30,000) Limited
Partnership Units ("Units") pursuant to  a  Registration Statement on Form S-11
under the Securities Act of 1933.  Inland Real Estate Investment Corporation is
the General Partner.  The  Offering  terminated  on October 6, 1989, with total
sales of 30,000 Units, at $1,000 per Unit, not including the General Partner or
the Initial Limited Partner.    All  of  the  holders  of these Units have been
admitted to this Partnership.  The Limited Partners of the Partnership share in
their portion of  benefits  of  ownership  of  the  Partnership's real property
investments according to the number of Units  held.   As of September 30, 1999,
the Partnership has  repurchased  a  total  of  384.75  Units for $357,701 from
various Limited Partners  through  the  Unit  Repurchase  Program.   Under this
program Limited  Partners  may  under  certain  circumstances  have their Units
repurchased for an amount equal to their Invested Capital.

The preparation of financial  statements  in conformity with generally accepted
accounting principles requires  management  to  make  estimates and assumptions
that affect the reported amounts  of  assets  and liabilities and disclosure of
contingent assets and liabilities at  the  date of the financial statements and
the reported amounts of  revenues  and  expenses  during the reporting periods.
Actual results could differ from those estimates.

Offering costs have been offset against the Limited Partners' capital accounts.

The Partnership  considers  all  highly  liquid  investments  purchased  with a
maturity of three months or less  to  be cash equivalents. Such investments are
carried at  cost  which  approximates  market.  Cash  and  cash equivalents are
approximately $1,085,000 and $1,134,000 at  September 30, 1999 and December 31,
1998, respectively.

A presentation of information about operating segments as required in Statement
of Financial Accounting Standards  No.  131  "Disclosures  About Segments of an
Enterprise and Related Information" would  not  be material to an understanding
of the Partnership's business taken as a whole as the Partnership is engaged in
the business of  real  estate  investment  which  management  considers to be a
single operating segment.


                                      -7-


                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                         Notes to Financial Statements
                                  (continued)

                              September 30, 1999
                                  (unaudited)


Except as described in footnote (b)  to  Note 3 of these notes, the Partnership
uses the area  method  of  allocation,  which  approximates  the relative sales
method of  allocation,  whereby  a  per  acre  price  is  used  as the standard
allocation method for land purchases and  sales.   The total cost of the parcel
is divided by the total number of acres to arrive at a per acre price.

Statement of Financial Accounting Standards  No.  121 ("SFAS 121") requires the
Partnership to record  an  impairment  loss  on  its  property  to  be held for
investment whenever  its  carrying  value  cannot  be  fully  recovered through
estimated undiscounted future cash flows  from  their operations and sale.  The
amount of the impairment loss to  be recognized would be the difference between
the property's carrying value  and  the  property's  estimated fair value.  The
Partnership has not recognized any such impairment.

Statement of Financial Accounting  Standards  No.  128 "Earnings per Share" was
adopted by the Partnership and has  been  applied to all prior earnings periods
presented in  the  financial  statements.    The  Partnership  has  no dilutive
securities.

The Partnership is required to  pay  a  withholding tax to the Internal Revenue
Service with  respect  to  a  Partner's  allocable  share  of the Partnership's
taxable net income, if the  Partner  is  a foreign person. The Partnership will
first pay the withholding tax  from  the  distributions to any foreign partner,
and to the extent that the tax exceeds the amount of distributions withheld, or
if there have been no distributions  to  withhold, the excess will be accounted
for as a distribution to the foreign partner. Withholding tax payments are made
every April, June, September and December.

No provision for Federal income taxes  has  been made as the liability for such
taxes is that of the partners rather than the Partnership.

In  the  opinion  of  management,  the  financial  statements  contain  all the
adjustments necessary, which  are  of  a  normal  recurring  nature, to present
fairly the  financial  position  and  results  of  operations  for  the periods
presented herein.  Results of interim periods are not necessarily indicative of
results to be expected for the year.












                                      -8-


                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                         Notes to Financial Statements
                                  (continued)

                              September 30, 1999
                                  (unaudited)


(2)  Transactions with Affiliates

The General  Partner  and  its  Affiliates  are  entitled  to reimbursement for
salaries and expenses of employees  of  the  General Partner and its Affiliates
relating to the administration of the  Partnership.  Such costs are included in
professional services and general and administrative expenses to Affiliates, of
which $12,143 and $65,066 were unpaid as of September 30, 1999 and December 31,
1998, respectively.

The General Partner is entitled to  receive Asset Management Fees equal to one-
quarter of 1% of  the  original  cost  to  the  Partnership of undeveloped land
annually, limited to a cumulative total over  the life of the Partnership of 2%
of the land's original cost  to  the  Partnership.    As  of June 30, 1998, the
Partnership had met this limit. Such fees of $25,858 have been incurred for the
six months ended June 30, 1998  and  are included in land operating expenses to
Affiliates.  Cumulative asset  management  fees  of  $81,136  were unpaid as of
December 31, 1998.  No such fees were incurred in 1999.

An  Affiliate  of  the  General  Partner  performed  marketing  and advertising
services for the Partnership and  was  reimbursed  (as set forth under terms of
the Partnership Agreement) for direct costs.  Such costs of $14,967 and $46,426
have been incurred and are included in marketing expenses to Affiliates for the
nine months ended September 30,  1999  and  1998, respectively. As of September
30, 1999 and December 31, 1998, $0 and $14,829, respectively, were unpaid.

An Affiliate of  the  General  Partner  performed  property upgrades, rezoning,
annexation and other activities  to  prepare the Partnership's land investments
for sale and  was  reimbursed  (as  set  forth  under  terms of the Partnership
Agreement) for salaries and direct  costs.    The Affiliate did not recognize a
profit on any project.   Such  costs  are  included  in investments in land, of
which $17,360 and $0 were  unpaid  as  of  September  30, 1999 and December 31,
1998, respectively.
















                                      -9-


<TABLE>                                        INLAND LAND APPRECIATION FUND, L.P.
                                                     (a limited partnership)

                                                  Notes to Financial Statements
                                                           (continued)

(3) Investments in Land and Improvements
<CAPTION>
                                                                                                             Total
                   Gross                            Initial Costs                 Costs       Cumulative   Remaining     Current
                   Acres     Purchase/ --------------------------------------  Capitalized     Costs of     Costs of    Year Gain
Parcel Location: Purchased    Sales      Original   Acquisition     Total     Subsequent to    Property    Parcels at    On Sale
  #      County   /(Sold)      Date        Costs       Costs        Costs      Acquisition       Sold       09/30/99    Recognized
------ --------- ---------  ---------- ------------ ------------ ------------ -------------- ------------ ------------ ------------
<S>    <C>       <C>        <C>         <C>          <C>           <C>          <C>          <C>           <C>           <C>
 1      Kendall    84.7360   01/19/89  $   423,680       61,625      485,305      5,462,589    5,947,894          -           -
                   (3.5200)  12/24/96
                    (.3520)  11/25/97
                  (80.8640)  12/29/97

 2      McHenry   223.4121   01/19/89      650,000       95,014      745,014         23,468      611,505       156,977        -
                 (183.3759)  12/27/90

 3      Kendall    20.0000   02/09/89      189,000       13,305      202,305           -         202,305          -           -
                  (20.0000)  05/08/90

 4      Kendall    69.2760   04/18/89      508,196       38,126      546,322         67,362      235,275       378,409        -
                    (.4860)  02/28/91
                  (27.5750)  08/25/95

 5      Kendall   372.2230   05/03/89    2,532,227      135,943    2,668,170        189,734      160,313     2,697,591        -
        (a)        (Option)  04/06/90

 6      Kendall    78.3900   06/21/89      416,783       31,691      448,474        204,404         -          652,878        -
        (b)
 7      Kendall    77.0490   06/21/89       84,754        8,163       92,917        189,588         -          282,505        -
        (b)
 8      Kendall     5.0000   06/21/89       60,000        5,113       65,113           -          65,113          -           -
        (b)        (5.0000)  10/06/89

 9      McHenry    51.0300   08/07/89      586,845       22,482      609,327          4,860         -          614,187        -
        (b)
10      McHenry   123.9400   08/07/89       91,939        7,224       99,163            600       99,763          -           -
        (b)      (123.9400)  12/06/89

11      McHenry    30.5920   08/07/89      321,216       22,641      343,857          8,979         -          352,836        -
        (b)
12      Kendall    90.2710   10/31/89      907,389       41,908      949,297          3,061        7,456       944,902        -
                    (.7090)  04/26/91

13      McHenry    92.7800   11/07/89      251,306       19,188      270,494          6,311        6,136       270,669        -
                   (2.0810)  09/18/97

14      McHenry    76.2020   11/07/89      419,111       23,402      442,513         45,565         -          488,078        -

15       Lake      84.5564   01/03/90    1,056,955       85,283    1,142,238      1,661,344    2,803,582          -           -
                  (10.5300)  Var 1996
                   (5.4680)  Var 1997
                  (68.5584)  Var 1998
                                       ------------ ------------ ------------ -------------- ------------ ------------ -------------
        Subtotal                       $ 8,499,401      611,108    9,110,509      7,867,865   10,139,342     6,839,032        -


                                                                   -10-


                                     -10-


                                                    INLAND LAND APPRECIATION FUND, L.P.
                                                          (a limited partnership)

                                                       Notes to Financial Statements
                                                                (continued)



(3) Investments in Land and Improvements (continued)
                                                                                                             Total
                   Gross                            Initial Costs                 Costs       Cumulative   Remaining     Current
                   Acres     Purchase/ --------------------------------------  Capitalized     Costs of     Costs of    Year Gain
Parcel Location: Purchased    Sales      Original   Acquisition     Total     Subsequent to    Property    Parcels at    On Sale
  #      County   /(Sold)      Date        Costs       Costs        Costs      Acquisition       Sold       09/30/99    Recognized
------ --------- ---------  ---------- ------------ ------------ ------------ -------------- ------------ ------------ ------------
       Subtotal                        $ 8,499,401      611,108    9,110,509      7,867,865   10,139,342     6,839,032       -

16  Kane/Kendall  72.4187    01/29/90    1,273,537       55,333    1,328,870        649,712      815,516     1,163,066       -
                 (30.9000)   07/10/98

17      McHenry   99.9240    01/29/90      739,635       61,038      800,673        411,403      320,961       891,115    163,169
                 (27.5100)   01/29/99

18      McHenry   71.4870    01/29/90      496,116       26,259      522,375         23,254       11,109       534,520       -
                  (1.0000)   Var 1990
                   (.5200)   03/11/93

19      McHenry   63.6915    02/23/90      490,158       29,158      519,316          9,939         -          529,255       -

20       Kane    224.1480    02/28/90    2,749,800      183,092    2,932,892        572,872        3,651     3,502,113       -
                   (.2790)   10/17/91

21      Kendall  172.4950    03/08/90    1,327,459       75,822    1,403,281        954,415    2,357,696          -          -
                (172.4950)   Var 1998

22      McHenry  254.5250    04/11/90    2,608,881      136,559    2,745,440         35,838         -        2,781,278       -

23      Kendall  140.0210    05/08/90    1,480,000      116,240    1,596,240        909,395    2,505,635          -          -
                  (4.4100)   Var 1993
                 (35.8800)   Var 1994
                  (3.4400)   Var 1995
                 (96.2910)   08/26/99

24      Kendall  298.4830    05/23/90    1,359,774       98,921    1,458,695         21,281       83,663     1,396,313       -
                 (12.4570)   05/25/90
                  (4.6290)   04/01/96

25       Kane    225.0000    06/01/90    2,600,000      168,778    2,768,778         15,084         -        2,783,862       -
                                       ------------ ------------ ------------ -------------- ------------ ------------ -----------
                                       $23,624,761    1,562,308   25,187,069     11,471,058   16,237,573    20,420,554    163,169
                                       ============ ============ ============ ============== ============ ============ ===========

</TABLE>






                                                                   -11-


                                     -11-



                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                         Notes to Financial Statements
                                  (continued)

                              September 30, 1999
                                  (unaudited)


(3) Investments in Land and Improvements (continued)

(a) Included in  the  purchase  agreement  of  Parcel  5  was  a condition that
    required the Partnership to  buy  an  option  to purchase an additional 243
    acres immediately to the west of this parcel.  The sale transaction relates
    to the sale of this option.

(b) The Partnership  purchased  from  two  third  parties,  two  sets  of three
    contiguous parcels of land (Parcels 6, 7  and 8; and Parcels 9, 10 and 11).
    The General Partner believes  that  the  total  value  of this land will be
    maximized if it is treated and  marketed  to buyers as six separate parcels
    and closed the transactions as  six  separate purchases to facilitate this.
    Parcels 6, 7 and 8 will be treated  as  one parcel and Parcels 9, 10 and 11
    will be treated as one parcel  for purposes of computing Parcel Capital (as
    defined) and distributions to the Partners.

(c) Reconciliation of investments in land and improvements owned:

                                      September 30,       December 31,
                                          1999               1998
                                      ------------       ------------
    Balance at January 1,............ $21,440,929         25,848,790
    Additions during period..........     609,312          1,131,328
    Sales during period..............  (1,629,687)        (5,539,189)
                                      ------------       ------------
    Balance at end of period......... $20,420,554         21,440,929
                                      ============       ============


(4) Farm Rental Income

The Partnership has determined that all leases relating to the farm parcels are
operating leases.  Accordingly, rental income is reported when earned.

As of September 30, 1999, the Partnership had farm leases of generally one year
in duration, for approximately  2,034  acres  of  the approximately 2,178 acres
owned.










                                     -12-


                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                         Notes to Financial Statements
                                  (continued)

                              September 30, 1999
                                  (unaudited)


(5)  Mortgage Loans Receivable

As a result of the sale of the remaining approximately 81 acres of Parcel 1 for
a sales price of $5,750,000  on  December  29,  1997, the purchaser assumed the
note payable  to  an  Affiliate  on  this  parcel  totaling  $3,325,515 and the
interest  payable  to  the  Affiliate  of  $254,396.  The  Partnership received
mortgage loans receivable totaling $2,170,089  and  recorded a deferred gain on
sale of $106,905. The deferred  gain  will  be  recognized over the life of the
related mortgage loans receivable as  principal payments are received, of which
$36,604 has  been  recognized  as  of  September  30,  1999.  Of the $2,170,089
mortgage loans receivable received, $575,000  accrued  interest at 9% per annum
and had a maturity date of July 1, 1998, at which time all accrued interest, as
well as principal, was due. On June  19, 1998, this mortgage loan receivable of
$575,000  was  paid  in  full  and  the  Partnership  received  $599,528  which
represented the loan balance and  accrued interest. The remaining $1,595,089 of
the original note accrues interest at 9%  per  annum and has a maturity date of
December 30, 2000, at which time all accrued interest, as well as principal, is
due. As of September 30,  1999,  the remaining mortgage loan receivable balance
was $1,427,057 and accrued interest receivable totaled $142,158.

As a result of the sale of Lot 7  of  Parcel 15 for a sales price of $89,100 on
June 9, 1998, the Partnership received  net  sales proceeds of $490, a mortgage
loan receivable of $88,101 and recorded a deferred gain on sale of $56,426. The
deferred gain will be recognized  over  the  life  of the related mortgage loan
receivable as  principal  payments  are  received,  of  which  $56,426 has been
recognized as of  September  30,  1999.  The  mortgage  loan receivable accrues
interest at 9% per annum,  paid  monthly,  and  has  a maturity date of July 1,
2001.  As of September  30,  1999,  the Partnership had received $91,517, which
represented all principal and partial accrued  interest on this loan.  There is
remaining accrued interest of $4,784 as of September 30, 1999.

As a result of the sale of Lot 9  of  Parcel 15 for a sales price of $92,691 on
June 11, 1998,  the  Partnership  received  net  sales  proceeds  of $62,173, a
mortgage loan receivable of $30,000  and  recorded  a  deferred gain on sale of
$18,514. The deferred gain  will  be  recognized  over  the life of the related
mortgage loan receivable as principal  payments  are received, of which $18,514
has been recognized as  of  September  30,  1999.  The mortgage loan receivable
accrues interest at 9% per  annum,  paid  monthly,  and  has a maturity date of
October 1, 1999.    As  of  September  30,  1999,  the  remaining mortgage loan
receivable balance was $2,106 and accrued interest receivable was $0.








                                     -13-


                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                         Notes to Financial Statements
                                  (continued)

                              September 30, 1999
                                  (unaudited)

As a result of the sale of  the  remaining approximately 126 acres of Parcel 21
for a sales price of  $2,900,000  on  June  25, 1998, the purchaser assumed the
note payable to an Affiliate on  this parcel totaling $394,623 and the interest
payable to the Affiliate  of  $55,926.  The Partnership received mortgage loans
receivable  totaling  $2,449,451  and  recorded  a  deferred  gain  on  sale of
$653,933. The deferred gain will  be  recognized  over  the life of the related
mortgage loans receivable as principal payments are received, of which $454,327
has been recognized as of September 30, 1999.  Of the $2,449,451 mortgage loans
receivable received, $1,651,000 (originally  $1,983,000) accrues interest at 9%
per annum and had a maturity date of November 16, 1998 (extended from September
30, 1998), at which time  all  principal  was  due.   On November 17, 1998, the
Partnership received $1,651,000.    As  of  September  30,  1999, the remaining
accrued interest receivable totaled  $59,029.    The  remaining $798,451 of the
original note (increased from $466,451)  accrues  interest  at 9% per annum and
has a maturity date of June  30,  2003,  at which time all accrued interest, as
well as principal, is due.   As  of  September 30, 1999, the remaining mortgage
loan receivable balance was  $747,666  and  accrued interest receivable totaled
$90,761.

As a result of the sale  of  the  remaining approximately 50 acres of Parcel 15
for a sales price  of  $1,850,000  on  June  25, 1998, the Partnership received
mortgage loans receivable totaling $1,850,000  and  recorded a deferred gain on
sale of $63,317. The deferred  gain  will  be  recognized  over the life of the
related mortgage loans receivable as  principal payments are received, of which
$46,446 has been  recognized  as  of  September  30,  1999.   Of the $1,850,000
mortgage loans receivable received, $1,152,749 accrues interest at 9% per annum
and had a maturity date  of  November  16,  1998  (extended from  September 30,
1998), at which  time  all  principal  was  due.    On  November  17, 1998, the
Partnership received $1,152,749.  The  remaining  $697,251 of the original note
accrues interest at 9% per annum and  has  a maturity date of June 30, 2002, at
which time all accrued interest, as well  as principal, is due. As of September
30, 1999, the  remaining  mortgage  loan  receivable  balance  was $492,918 and
accrued interest receivable totaled $89,126.

As a result of the sale  of  the  remaining approximately 96 acres of Parcel 23
for a sales price of  $1,350,000  on  August 26, 1999, the Partnership received
mortgage loans receivable totaling $1,350,000  and  recorded a deferred gain on
sale of $41,274.  The deferred  gain  will  be  recognized over the life of the
related mortgage loans receivable as  principal payments are received, of which
$0 has been recognized as of  September  30,  1999.  Of the $1,350,000 mortgage
loans receivable received, $600,000 accrues interest  at 9% per annum and has a
maturity date of November 6,  1999  (extended  from October 30, 1999), at which
time the principal is due,  and  the  remaining $750,000 accrues interest at 9%
per annum and has a maturity date of  August 26, 2003 at which time all accrued
interest as well as principal, is due.  As of September 30, 1999, the remaining
mortgage  loan  receivable  balance  was     $1,350,000  and  accrued  interest
receivable totaled $11,318.

At September 30, 1999, the fair  market  value of the mortgage loans receivable
approximated their carrying values.


                                     -14-


                      INLAND LAND APPRECIATION FUND, L.P.
                            (a limited partnership)

                         Notes to Financial Statements
                                  (continued)

                              September 30, 1999
                                  (unaudited)


(6)  Notes Payable to Affiliate

Through December 30, 1998, the General Partner had made additional loans to the
Partnership totaling $2,670,400.   Net  sales proceeds totaling $1,849,815 from
Parcels 1, 4, 12, 15, 20, 23, and  24 were previously retained and used to fund
pre-development activity on certain  of  the Partnership's land investments. In
July 1997, the Partnership distributed these  net sales proceeds by obtaining a
loan  from  the  General  Partner.    The  remainder  of  funds  loaned  to the
Partnership were for Partnership operations.   The note accrued interest at 10%
per annum and had a maturity date  of  January  1, 1999.  On December 30, 1998,
this note was paid in full by the Partnership.  For the year ended December 31,
1998, interest of $263,428 was capitalized,  of which $114,266 was unpaid as of
December 31, 1998.

On December 31, 1998, the Partnership  obtained a loan from the General Partner
in the amount  of  $2,493,750  solely  collateralized  by  Parcel  5.  The note
accrues interest at 7.2% and has a maturity date of December 29, 2001.  For the
nine months ended September 30, 1999, interest of $135,161 was capitalized, all
of which was paid as of September 30, 1999.

(7)  Subsequent Event

On November  2,  1999,  the  Partnership  received  $600,000  for the principal
paydown on the mortgage receivable for Parcel 23.
























                                     -15-


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

Certain statements in this  "Management's  Discussion and Analysis of Financial
Condition and Results of Operations" and  elsewhere in this quarterly report on
Form 10-Q constitute  "forward-looking  statements"  within  the meaning of the
Federal Private Securities  Litigation  Reform  Act  of  1995.   These forward-
looking statements involve  known  and  unknown  risks, uncertainties and other
factors which  may  cause  the  Partnership's  actual  results,  performance or
achievements to be materially different from any future results, performance or
achievements expressed or implied  by  these forward-looking statements.  These
factors include,  among  other  things,  federal,  state  or local regulations;
adverse changes in general economic  or local conditions; inability of borrower
to meet financial  obligations;  uninsured  losses;  and potential conflicts of
interest between the  Partnership  and  its  Affiliates,  including the General
Partner.

Liquidity and Capital Resources

On October 12, 1988, the  Partnership  commenced an Offering of 10,000 (subject
to increase to 30,000)  Limited  Partnership  Units  pursuant to a Registration
Statement on Form S-11 under the Securities  Act  of 1933.  On October 6, 1989,
the Offering terminated with a  total  of  30,000  Units  sold to the public at
$1,000 per Unit resulting in $30,000,000 in gross offering proceeds, which does
not include the Initial Limited Partner and  the  General Partner.   All of the
holders of these Units  have  been  admitted  to  the Partnership.  The Limited
Partners of the Partnership share in  their portion of benefits of ownership of
the Partnership's real property  investments  according  to the number of Units
held.

The Partnership used $25,187,069 of  gross  offering proceeds to purchase on an
all-cash basis  twenty-five  parcels  of  undeveloped  land  and  an  option to
purchase undeveloped  land.    These  investments  include  the  payment of the
purchase price, acquisition  fees  and  acquisition  costs  of such properties.
Fourteen of the parcels were purchased during  1989 and eleven during 1990.  As
of September 30, 1999,  the  Partnership  has  had multiple sales transactions,
through which it has disposed  of  approximately 922 acres of the approximately
3,102  acres  originally  owned.     As   of  September  30,  1999,  cumulative
distributions to the Limited Partners have totaled $9,422,838 (which represents
a return of Invested  Capital,  as  defined  in  the Partnership Agreement) and
$153,743 to the General Partner.    Through September 30, 1999, the Partnership
has  used  $11,471,058  of  working  capital  reserve  for  rezoning  and other
activities.  Such amounts have been capitalized and are included in investments
in land.

The Partnership's capital needs and resources will vary depending upon a number
of factors, including the extent to which the Partnership conducts rezoning and
other  activities  relating  to  utility  access,  the  installation  of roads,
subdivision and/or annexation of land to a municipality, changes in real estate
taxes affecting the Partnership's land, and the amount of revenue received from
leasing.  As of September 30, 1999,  the Partnership owns, in whole or in part,
eighteen of its twenty-five original parcels,  the majority of which are leased
to local farmers and are  generating  sufficient  cash flow from farm leases to
cover property taxes and insurance.




                                     -16-


At September  30,  1999,  the  Partnership  had  cash  and  cash equivalents of
$1,084,931, of which approximately  $41,700  is  reserved for the repurchase of
Units  through  the  Unit   Repurchase  Program.  The  remaining  approximately
$1,043,231 is available to  be  used  for Partnership expenses and liabilities,
cash distributions to partners and other activities with respect to some or all
of its land parcels. The Partnership  has  increased its parcel sales effort in
anticipation of rising land values.

The Partnership plans to enhance the  value of its land through pre-development
activities such as rezoning annexation and  land planning.  The Partnership has
already been successful in, or is in the process of pre-development activity on
a majority of the  Partnership's  land  investments.  Parcels  4,  6 and 7 have
completed one phase of improvements for  an industrial park and sites are being
marketed. The Partnership sold the remaining acres  of Parcels 1, 15, 21 and 23
to  unaffiliated  third-parties  (see  Note   3   of  the  Notes  to  Financial
Statements.)

Results of Operations

Income from the sale of investments  in  land  and improvements and the cost of
land sold for the nine months  ended  September  30,  1999 is the result of the
sale of  approximately  28  acres  of  Parcel  17.    Income  from  the sale of
investments in land and improvements  and  the  cost  of land sold for the nine
months ended September 30, 1998  is  the  result  of  the sale of the remaining
acreage of Parcels 15 and 21 and  the sale of approximately thirty-one acres of
Parcel 16.

As of September  30,  1999,  the  Partnership  owned  eighteen  parcels of land
consisting  of  approximately   2,178   acres.   Of   the  2,178  acres  owned,
approximately 2,034 acres are  tillable,  leased  to local farmers and generate
sufficient cash flow to cover property taxes, insurance and other miscellaneous
expenses.

Interest income decreased for  the  three  and  nine months ended September 30,
1999, as compared  to  the  three  and  nine  months  ended September 30, 1998,
primarily as a result  of  less  interest  income  earned on the mortgage loans
receivable as the Partnership received paydowns on the mortgages from the sales
of Parcels 15, 16 and 21. See  Note  5 of the Notes to Financial Statements for
further discussion of the terms of  the mortgage loans receivable received from
these sales.  The decrease for  the  three  and nine months ended September 30,
1999, was partially offset  by  an  increase  in  investment interest income as
there was more cash available for investing due to the payments received on the
mortgage loans receivable during 1998 and 1999.

Professional services to Affiliates  decreased  for  the  three and nine months
ended September 30,  1999,  as  compared  to  the  three  and nine months ended
September 30,  1998,  due  to  a  decrease  in  legal  services  and accounting
services.










                                     -17-


General and administrative expenses to  Affiliates  increased for the three and
nine months ended September 30, 1999, as  compared to the three and nine months
ended September 30, 1998,  due  to  increases  in  data processing and investor
service  expenses.  General  and   administrative  expenses  to  non-affiliates
increased for the nine months ended September 30, 1999, as compared to the nine
months ended September 30, 1998, due to an increase in the Illinois Replacement
Tax.  General and administrative  expenses  to non-affiliates decreased for the
three months ended September 30,  1999,  as  compared to the three months ended
September 30, 1998, due to accounting reclassifications.

Marketing expenses to non-affiliates  decreased  for  the three and nine months
ended September 30,  1999,  as  compared  to  the  three  and nine months ended
September 30, 1998, due to a  decrease  in non recurring advertising and travel
expenses relating to marketing  the  land  portfolio to prospective purchasers.
Marketing expenses to Affiliates decreased for  the three and nine months ended
September 30, 1999, as compared  to  the  three and nine months ended September
30, 1998, due to an increase  in  the  capitalization of marketing costs to the
specifically related land parcels.

Land operating expenses  to  Affiliates  decreased  for  the  nine months ended
September 30, 1999, as compared  to  the  nine months ended September 30, 1998,
due to a decrease in Asset  Management Fees incurred. Asset Management Fees are
limited to a cumulative total over  the  life  of  the Partnership of 2% of the
land's original cost. As of June 30,  1998, the Partnership had met this limit.
Land operating expenses  to  non-affiliates  decreased  for  the three and nine
months ended September 30, 1999, as compared to the three and nine months ended
September 30, 1998, due to  a  decrease  in maintenance and utility expenses of
the Partnership's land investments.


Year 2000 Issues

GENERAL
-------
Many computer operating systems  and  software  applications were designed such
that the year 1999 is the  maximum  date  that can be processed accurately.  In
conducting business, the Partnership relies  on computers and operating systems
provided by equipment manufacturers, and also on application software developed
internally and,  to  a  limited  extent,  by  outside  software  vendors.   The
Partnership has assessed its  vulnerability  to the so-called "Year-2000 Issue"
with respect to its equipment and computer systems.

















                                     -18-


STATE OF READINESS
------------------
The  Partnership  has  identified  the  following  two  areas  for  "Year-2000"
compliance efforts:

Business  Computer  Systems:  The  majority  of  the  Partnership's information
technology systems  were  developed  internally  and  include accounting, lease
management, investment portfolio  tracking,  and  tax  return preparation.  The
Partnership has rights to the  source  code  for these applications and employs
programmers who are  knowledgeable  regarding  these  systems.   The process of
testing these internal  systems  to  determine  year  2000 compliance is nearly
complete.  The Partnership does  not  anticipate any material costs relating to
its  business  computer  systems  regarding  year  2000  compliance  since  the
Partnership's  critical  hardware  and  software  systems  use  four  digits to
represent the applicable year.  The Partnership does use various computers, so-
called "PC's", that may run software that  may not use four digits to represent
the applicable year.  The  Partnership  is  in  the  process  of testing the PC
hardware and software to determine year  2000  compliance, but it must be noted
that such PC's  are  incidental  to  the  Partnership's  critical systems.  The
Partnership is considering independent testing of its critical systems.

Suppliers and other Parties:  The  Partnership  is  in the process of surveying
suppliers and other parties with whom the Partnership does a significant amount
of business to identify the Partnership's  potential exposure in the event such
parties are not year 2000  compliant  in  a  timely  manner.  At this time, the
Partnership is not aware of any party that is anticipating a material Year 2000
compliance issue.  However, since  this  area  involves some parties over which
the Partnership  has  no  control,  such  as  public  utility  companies, it is
difficult, at best, to judge  the  status  of  the outside companies' year 2000
compliance. The Partnership is working closely  with all suppliers of goods and
services in an effort to minimize the  impact of the failure of any supplier to
become  year  2000   compliant   by   December   31,  1999.  The  Partnership's
investigations and assessments of  possible  year  2000 issues are ongoing, and
currently the Partnership is not aware  of any material impact on its business,
operations or financial condition even if one  or more parties is not Year 2000
compliant in a timely manner, due to the number and nature of the Partnership's
diverse supplier base.

YEAR 2000 RISKS
---------------
The most reasonable likely worst case scenario for the Partnership with respect
to the year 2000 non-compliance of  its  business computer systems would be the
inability to access information  which  could  result  in  the failure to issue
financial reports.

YEAR 2000 COSTS
---------------
The Partnership's General Partner  and  its  Affiliates  estimate that costs to
achieve  year  2000  compliance   will   not  exceed  $100,000.  However,  only
approximately 1% of these costs will  be  directly allocated to and paid by the
Partnership. The balance of the  year 2000 compliance costs, approximately 99%,
will be paid by the General Partner  and its Affiliates.  Total year 2000 costs
are not expected to be significant.





                                     -19-


CONTINGENCY PLAN
----------------
The Partnership expects to be Year 2000  compliant in advance of the year 2000.
The Partnership will continue to  monitor  its progress and state of readiness,
and is in the process of  formulating  a contingency plan which the Partnership
will be prepared to adopt with  respect  to areas in which evidence arises that
it may not become Year 2000 compliant  in sufficient time.  With respect to its
suppliers and other parties  with  whom  the Partnership conducts business, the
Partnership does not yet have  sufficient  information to identify the types of
problems it may encounter in the  event  these  third parties are not Year 2000
compliant.  As information is obtained  that  may indicate such parties may not
become Year 2000 compliant in  sufficient  time, the Partnership is prepared to
develop contingency plans, accordingly.



                          PART II - Other Information

Items 1 through 5 are omitted because  of the absence of conditions under which
they are required.

Item 6.  Exhibits and Reports on Form 8-K

     (a) Exhibits:

         (27) Financial Data Schedule

     (b) Reports on Form 8-K:

         None




























                                     -20-





                                  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.


                            INLAND LAND APPRECIATION FUND, L.P.

                            By:   Inland Real Estate Investment Corporation
                                  General Partner


                                  /S/ ROBERT D. PARKS

                            By:   Robert D. Parks
                                  Chairman
                            Date: November 12, 1999


                                  /S/ PATRICIA A. DELROSSO

                            By:   Patricia A. DelRosso
                                  Senior Vice President
                            Date: November 12, 1999


                                  /S/ KELLY TUCEK

                            By:   Kelly Tucek
                                  Principal Financial Officer and
                                  Principal Accounting Officer
                            Date: November 12, 1999




















                                     -21-