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 March 31, 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

                     March 31, 1999 and December 31, 1998
                                  (unaudited)

                                    Assets
                                    ------

                                                       1999          1998
                                                       ----          ----
Current assets:
  Cash and cash equivalents (Note 1).............. $ 1,342,501     1,133,942
  Accounts and accrued interest receivable
    (Note 5)......................................     246,054       181,821
  Current portion of mortgage loans
    receivable (Note 5)...........................      14,419        20,371
  Other current assets............................         670         1,584 
                                                   ------------  ------------
Total current assets..............................   1,603,644     1,337,718 
                                                   ------------  ------------
Other assets......................................      19,915        19,915
Mortgage loans receivable, less current
  portion (Note 5)................................   2,972,410     3,010,823
Investments in land and improvements, at cost
  (including acquisition fees paid to Affiliates
  of $955,865 and $970,132 at March 31, 1999
  and December 31, 1998, respectively (Notes 1,
  2 and 3)........................................  21,232,597    21,440,929 
                                                   ------------  ------------
Total assets...................................... $25,828,566    25,809,385
                                                   ============  ============





















                See accompanying notes to financial statements.


                                      -2-



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

                                Balance Sheets
                                  (continued)

                     March 31, 1999 and December 31, 1998
                                  (unaudited)

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

                                                       1999          1998
                                                       ----          ----
Current liabilities:
  Accounts payable................................ $    33,874         2,497
  Accrued real estate taxes.......................      53,560        42,174
  Due to Affiliates (Note 2)......................      32,080       275,297
  Notes payable to Affiliate (Note 6).............   2,493,750     2,493,750
  Unearned income.................................      81,886        54,024 
                                                   ------------  ------------
Total current liabilities.........................   2,695,150     2,867,742

Deferred gain on sale of investments in land and
  improvements (Note 5)...........................     371,299       376,302

Partners' capital (Notes 1 and 2):
  General Partner:
    Capital contribution..........................         500           500
    Cumulative net income.........................     168,764       168,478
    Cumulative cash distributions.................    (153,743)     (153,743)
                                                   ------------  ------------
                                                        15,521        15,235 
  Limited Partners:                                ------------  ------------
    Units of $1,000. Authorized 30,001 Units,
      29,629.25 Units outstanding (net of offering
      costs of $3,768,113, of which $1,069,764
      was paid to Affiliates).....................  25,882,018    25,882,018
    Cumulative net income.........................   6,287,416     6,090,926
    Cumulative cash distributions.................  (9,422,838)   (9,422,838)
                                                   ------------  ------------
                                                    22,746,596    22,550,106 
                                                   ------------  ------------
Total Partners' capital...........................  22,762,117    22,565,341 
                                                   ------------  ------------
Total liabilities and Partners' capital........... $25,828,566    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 months ended March 31, 1999 and 1998
                                  (unaudited)

                                                       1999          1998
Income:                                                ----          ----
  Sale of investments in land and improvements
    (Notes 1 and 3)............................... $   484,130       228,480
  Recognition of deferred gain on sale of
    investments in land and improvements (Note 5).       5,003          -
  Rental income (Note 4)..........................      59,933        59,432
  Interest income.................................      81,531        49,763
  Other income....................................       3,500         1,000 
                                                   ------------  ------------
                                                       634,097       338,675 
                                                   ------------  ------------
Expenses:
  Cost of land sold...............................     320,961        91,233
  Professional services to Affiliates.............      10,400        11,300
  Professional services to non-affiliates.........      28,675        28,769
  General and administrative expenses to
    Affiliates....................................      11,774         7,902
  General and administrative expenses to
    non-affiliates................................      18,901         3,910
  Marketing expenses to Affiliates................      27,149        27,327
  Marketing expenses to non-affiliates............       5,692         7,429
  Land operating expenses to Affiliates...........        -           13,786
  Land operating expenses to non-affiliates.......      13,769        20,190 
                                                   ------------  ------------
                                                       437,321       211,846 
                                                   ------------  ------------
Net income........................................ $   196,776       126,829
                                                   ============  ============

Net income (loss) allocated to:
  General Partner.................................         286          (104)
  Limited Partners................................     196,490       126,933 
                                                   ------------  ------------
Net income........................................ $   196,776       126,829
                                                   ============  ============

Net income (loss) allocated to the one General
  Partner Unit.................................... $       286          (104)
                                                   ============  ============

Net income per Unit allocated to Limited Partners 
  per weighted average Limited Partner Units 
  (29,606.24 and 29,629.24 for the three months 
  ended March 31, 1999 and 1998, respectively).... $      6.64          4.28
                                                   ============  ============


                See accompanying notes to financial statements.


                                      -4-



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

                           Statements of Cash Flows

              For the three months ended March 31, 1999 and 1998
                                  (unaudited)



                                                       1999          1998
Cash flows from operating activities:                  ----          ----
  Net income...................................... $   196,776       126,829
  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)     (137,247)
    Recognition of deferred gain on sale of
      investments in land and improvements........      (5,003)         -
    Changes in assets and liabilities:
      Accounts and accrued interest receivable....     (64,233)      (58,824)
      Other current assets........................         914         1,027
      Accounts payable............................      31,377        (8,209)
      Accrued real estate taxes..................       11,386        11,264
      Due to Affiliates...........................    (243,217)       54,175
      Unearned income.............................      27,862        21,862 
Net cash provided by (used in) operating           ------------  ------------
    activities....................................    (207,307)       10,877 
                                                   ------------  ------------
Cash flows from investing activities:
  Principal payments collected on mortgage 
    loans receivable..............................      44,365          -
  Additions to investments in land
    and improvements..............................    (112,629)     (298,370)
  Proceeds from disposition of investments in
    land and improvements.........................     484,130       228,481 
Net cash provided by (used in) investing           ------------  ------------
  activities......................................     415,866       (69,889)
                                                   ------------  ------------
Cash flows from financing activities:
  Proceeds from notes payable to Affiliate, net...        -           44,833 
                                                   ------------  ------------
Net cash provided by financing activities.........        -           44,833 
Net increase (decrease) in cash and                ------------  ------------
  cash equivalents................................     208,559       (14,179)
Cash and cash equivalents at beginning of period..   1,133,942        15,502 
                                                   ------------  ------------
Cash and cash equivalents at end of period........ $ 1,342,501         1,323
                                                   ============  ============






                See accompanying notes to financial statements.


                                      -5-



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

                         Notes to Financial Statements

                                March 31, 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 March 31, 1999, the
Partnership has repurchased a total  of  394.75 Units for $350,868 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 $1,343,000 and  $1,134,000  at  March  31,  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.


                                      -6-



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

                         Notes to Financial Statements
                                  (continued)

                                March 31, 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.











                                      -7-



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

                         Notes to Financial Statements
                                  (continued)

                                March 31, 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 $7,616 and $65,066 were  unpaid  as  of  March  31, 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 $13,786 have been incurred for the
three months ended March 31, 1998  and  are included in land operating expenses
to Affiliates, of which $81,136 was  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 $27,149 and $27,327
have been incurred and are included in marketing expenses to Affiliates for the
three months ended March 31, 1999 and  1998, respectively. As of March 31, 1999
and December 31, 1998, $10,000 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, all of
which have been paid.
















                                      -8-



<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                     Remaining    Current
                   Acres    Purchase/  --------------------------------------  Capitalized     Costs of      Costs of   Year Gain
       Location: Purchased    Sales       Original  Acquisition     Total     Subsequent to    Property     Parcels at   on Sale
Parcel  County    (Sold)      Date         Costs       Costs        Costs      Acquisition       Sold        03/31/99   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         22,517      611,505       156,026        -
                 (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         64,811      235,275       375,859        -
                    (.4860)  02/28/91
                  (27.5750)  08/25/95

 5      Kendall   372.2230   05/03/89    2,532,227      135,943    2,668,170        113,258      160,313     2,621,115        -
        (a)        (Option)  04/06/90  

 6      Kendall    78.3900   06/21/89      416,783       31,691      448,474        201,685         -          650,159        -
        (b)
 7      Kendall    77.0490   06/21/89       84,754        8,163       92,917        187,406         -          280,323        -
        (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          3,423         -          612,750        -
        (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          7,810         -          351,667        -
        (b)
12      Kendall    90.2710   10/31/89      907,389       41,908      949,297          2,036        7,456       943,877        -
                    (.7090)  04/26/91

13      McHenry    92.7800   11/07/89      251,306       19,188      270,494          5,140        6,136       269,498        -
                   (2.0810)  09/18/97

14      McHenry    76.2020   11/07/89      419,111       23,402      442,513         44,469         -          486,982        -

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      7,777,088   10,139,342     6,748,256        -


                                                                    -9-


                                      -9-



                                                    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                     Remaining    Current
                   Acres    Purchase/  --------------------------------------  Capitalized     Costs of      Costs of   Year Gain
       Location: Purchased    Sales       Original  Acquisition     Total     Subsequent to    Property     Parcels at   on Sale
Parcel  County    (Sold)      Date         Costs       Costs        Costs      Acquisition       Sold        03/31/99   Recognized 
------ --------- ---------- ---------- ------------ ------------ ------------ -------------- ------------ ------------ ------------

       Subtotal                        $ 8,499,401      611,108    9,110,509      7,777,088   10,139,342     6,748,256       -

16  Kane/Kendall  72.4187    01/29/90    1,273,537       55,333    1,328,870        647,661      815,516     1,161,015       -
                 (30.9000)   07/10/98

17      McHenry   99.9240    01/29/90      739,635       61,038      800,673        365,500      320,961       845,212    163,169
                 (27.5100)   01/29/99

18      McHenry   71.4870    01/29/90      496,116       26,259      522,375         21,743       11,109       533,008       -
                  (1.0000)   Var 1990
                   (.5200)   03/11/93

19      McHenry   63.6915    02/23/90      490,158       29,158      519,316          8,920         -          528,236       -

20       Kane    224.1480    02/28/90    2,749,800      183,092    2,932,892        518,243        3,651     3,447,484       -
                   (.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         34,653         -        2,780,093       -

23      Kendall  140.0210    05/08/90    1,480,000      116,240    1,596,240        611,660    1,196,909     1,010,991       -
                  (4.4100)   Var 1993
                 (35.8800)   Var 1994
                  (3.4400)   Var 1995

24      Kendall  298.4830    05/23/90    1,359,774       98,921    1,458,695         20,206       83,663     1,395,238       -
                 (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         14,286         -        2,783,064       -    
                                       ------------ ------------ ------------ -------------- ------------ ------------ -----------
                                       $23,624,761    1,562,308   25,187,069     10,974,375   14,928,847    21,232,597    163,169
                                       ============ ============ ============ ============== ============ ============ ===========



</TABLE>




                                                                   -10-


                                     -10-




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

                         Notes to Financial Statements
                                  (continued)

                                March 31, 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:

                                        March 31,         December 31, 
                                          1999               1998    
                                      ------------       ------------
    Balance at January 1,............ $21,440,929         25,848,790
    Additions during period..........     112,629          1,131,328
    Sales during period..............    (320,961)        (5,539,189)
                                      ------------       ------------
    Balance at end of period......... $21,232,597         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 March 31, 1999, the Partnership  had farm leases of generally one year in
duration, for approximately 2,043 acres of the approximately 2,274 acres owned.










                                     -11-



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

                         Notes to Financial Statements
                                  (continued)

                                March 31, 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  March  31, 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 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 March 31, 1999, the
remaining mortgage loan receivable balance  was $1,427,057 and accrued interest
receivable totaled $77,765.

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 $40 has been recognized
as of March 31, 1999. The  mortgage  loan receivable accrues interest at 9% per
annum, paid monthly, and has a maturity date  of July 1, 2001.  As of March 31,
1999, the remaining mortgage  loan  receivable  balance was $88,039 and accrued
interest receivable totaled $660.

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 $9,616
has been recognized as of March  31, 1999. The mortgage loan receivable accrues
interest at 9% per annum, paid monthly,  and  has a maturity date of October 1,
1999.  As of March 31, 1999, the remaining mortgage loan receivable balance was
$14,419 and accrued interest receivable totaled $108.








                                     -12-



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

                         Notes to Financial Statements
                                  (continued)

                                March 31, 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 $440,769
has been recognized as of  March  31,  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.   The remaining $798,451 (originally $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 March 31,
1999, the remaining mortgage loan  receivable  balance was $798,451 and accrued
interest receivable totaled $113,761.

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
$40,767 has been recognized as of  March  31, 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  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 March 31, 1999, the remaining mortgage loan
receivable  balance  was  $658,863  and  accrued  interest  receivable  totaled
$52,439.
















                                     -13-



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

                         Notes to Financial Statements
                                  (continued)

                                March 31, 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
three months ended March  31,  1999,  interest  of  $44,888 was capitalized, of
which $14,464 was unpaid as of March 31, 1999.




























                                     -14-



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 March 31, 1999, the Partnership has had multiple sales transactions, through
which it has disposed  of  approximately  820  acres of the approximately 3,102
acres originally owned.  As of  March 31, 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  March  31,  1999,  the  Partnership  has used $10,974,375 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 March  31,  1999,  the  Partnership  owns, in whole or in part,
nineteen 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.




                                     -15-



At March 31, 1999, the Partnership had cash and cash equivalents of $1,342,501,
of which approximately $46,750 is reserved  for the repurchase of Units through
the Unit Repurchase Program. The  remaining  $1,295,751 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. Parcels 16, 21  and  23  have  been  zoned with development and sales
marketing underway.  The Partnership sold  the remaining acres of Parcels 1, 15
and 21 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 three months ended  March  31, 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 three months ended
March 31,  1998  is  the  result  of  the  sale  of  approximately three acres,
including the sale of two lots of Parcel 15 and one lot of Parcel 21.

As of March 31, 1999, the Partnership owned nineteen parcels of land consisting
of approximately 2,274 acres.  Of  the  2,274  acres owned, approximately 2,043
acres are tillable, leased to  local  farmers and generate sufficient cash flow
to cover property taxes, insurance and other miscellaneous expenses.

Interest income  increased  for  the  three  months  ended  March  31, 1999, as
compared to the three months ended March 31, 1998, due primarily as a result of
the interest income earned  on  the  mortgage  loans receivable the Partnership
received from the sales of the remaining  acreage  of Parcels 1, 15 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.  In addition, for
the three months  ended  March  31,  1999,  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 months ended March
31, 1999, as compared  to  the  three  months  ended  March  31, 1998, due to a
decrease in legal services and accounting services.

General and  administrative  expenses  to  Affiliates  increased  for the three
months ended March 31, 1999, as  compared  to  the three months ended March 31,
1998, due to increases  in  postage  and  data processing expenses. General and
administrative expenses to non-affiliates increased  for the three months ended
March 31, 1999, as compared to the three months ended March 31, 1998, due to an
increase in the Illinois Replacement Tax.





                                     -16-



Marketing expenses to non-affiliates decreased for the three months ended March
31, 1999, as compared  to  the  three  months  ended  March  31, 1998, due to a
decrease in advertising  and  travel  expenses  relating  to marketing the land
portfolio to prospective purchasers.

Land operating expenses  to  Affiliates  decreased  for  the three months ended
March 31, 1999, as compared to the three  months ended March 31, 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 months ended March
31, 1999, as compared  to  the  three  months  ended  March  31, 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.

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.









                                     -17-



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  in  a
preliminary stage, 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
compliance costs incurred through December 31, 1998 were approximately $5,000.

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.











                                     -18-



                          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











































                                     -19-






                                  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: May 12, 1999


                                  /S/ PATRICIA A. CHALLENGER

                            By:   Patricia A. Challenger
                                  Senior Vice President
                            Date: May 12, 1999


                                  /S/ KELLY TUCEK

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



















                                     -20-