=============================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM 8-K

                                Current Report

    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of Earliest Event Reported)   July 23, 1999


                     CORNERSTONE REALTY INCOME TRUST, INC.
            (Exact Name of Registrant as Specified in its Charter)

                                   Virginia
                 (State or Other Jurisdiction of Incorporation)

             001-12875                                 54-1589139
      (Commission File Number)          (IRS Employer Identification No.)

            306 East Main Street, Richmond, Virginia      23219
            (Address of Principal Executive Offices)    (Zip Code)

                                (804) 643-1761
             (Registrant's Telephone Number, Including Area Code)

=============================================================================

<PAGE>


Item 2.  Acquisition or Disposition of Assets.

         Effective on July 23, 1999,  Apple  Residential  Income Trust,  Inc., a
Virginia  corporation  ("Apple"),  merged with and into Cornerstone  Acquisition
Company, a Virginia corporation and majority-owned  subsidiary of the registrant
(the "Merger"). The completion of the Merger was announced in a press release on
July 26, 1999, a copy of which is filed as an exhibit hereto and is incorporated
herein by this reference.

         Both the  registrant  and Apple were  originally  organized by Glade M.
Knight,  who served as Chairman,  Chief Executive  Officer and President of both
companies.  Glade M. Knight and  Penelope W. Kyle  served as  directors  of both
companies. In addition,  pursuant to certain contracts,  the registrant had been
providing  company  management,  property  management  and property  acquisition
services to Apple in exchange for  payments of fees.  The  management  positions
that Mr. Knight held with the registrant prior to the Merger were not changed by
the Merger.

         Pursuant to the Merger,  each common  share of Apple  (other than those
common shares held by shareholders  exercising dissenters' rights) was exchanged
for 0.4 of a Series A Convertible Preferred Share of the registrant.  Holders of
Apple's  common  shares  immediately  prior to the  Merger  received  a total of
12,021,614.87  Series A Convertible  Preferred Shares as part of the Merger.  In
addition,  pursuant to the Merger,  each Class B Convertible  Share of Apple was
converted into 8 common shares of Apple, and then immediately  exchanged for 0.4
of a Series A Convertible  Preferred Share of the  registrant.  As a net result,
holders of Apple's Class B Convertible Shares received a total of 640,000 Series
A Convertible Preferred Shares as part of the Merger.

         Effective as of July 22, 1999, the  registrant  amended its Articles of
Incorporation to create the Series A Convertible Preferred Shares. A copy of the
registrant's  Articles  of  Amendment,  as  filed  with  the  State  Corporation
Commission of Virginia,  is also filed as an exhibit hereto and is  incorporated
herein by reference.


<PAGE>

Item 5.  Other Events.

         Pursuant to Rule 12g-3(a) and (f) under the Securities  Exchange Act of
1934,  as amended  (the  "1934  Act"),  the  registrant's  Series A  Convertible
Preferred  Shares are hereby deemed to be registered  under Section 12(g) of the
1934 Act. In connection with the Merger,  Series A Convertible  Preferred Shares
were issued to the holders of Apple's common  shares,  which class of securities
was registered pursuant to Section 12(g) of the 1934 Act.

Item 7.  Financial Statements and Exhibits.

     (a)     Financial statements of business acquired.

     Financial  statements of Apple  previously  have been filed and reported by
the  registrant  in  the  registrant's   Registration   Statement  on  Form  S-4
(Registration  Statement No.  333-78117),  which  incorporated  by reference the
following reports of Apple:

     (i) Quarterly Report on Form 10-Q for the quarter ended March 31, 1999

     (ii)Annual Report on Form 10-K for the year ended December 31, 1998


     (b)     Pro forma financial information.

     The  Cornerstone  Realty Income Trust,  Inc.  Unaudited Pro Forma Condensed
Combined Financial  Statements relating to the Merger previously have been filed
and reported by the  registrant in the  registrant's  Registration  Statement on
Form S-4 (Registration Statement No. 333-78117).


     (c)     Exhibits.

         2  Agreement  and Plan of Merger,  dated as of March 30,  1999,  by and
among the  registrant,  Apple  Residential  Income Trust,  Inc. and  Cornerstone
Acquisition Company  (Incorporated  herein by reference to Exhibit 2 included in
the registrant's  Registration Statement on Form S-4; Registration Statement No.
333-78117).

         3.1  Amended and  Restated  Articles of  Incorporation  of  Cornerstone
Realty Income  Trust,  Inc.,  as amended.  (Incorporated  herein by reference to
Exhibit 3.1 included in the registrant's  Report on Form 8-K dated May 12, 1998;
File No. 1-12875).

         3.2  Articles of  Amendment  to the Amended  and  Restated  Articles of
Incorporation  of  Cornerstone  Realty  Income  Trust,  Inc.,  which  are  filed
herewith.

         3.3 Bylaws of Cornerstone  Realty Income Trust,  Inc.  (Amended Through
July 15, 1999), which are filed herewith.

         99 Press  Release of the  registrant,  dated July 26,  1999,  regarding
completion of the Merger, which is filed herewith.

<PAGE>

                                  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 hereunto duly authorized.


                                        CORNERSTONE REALTY INCOME TRUST, INC.



Dated:  August 6, 1999                  By: /s/ Glade M. Knight
                                            --------------------------------
                                            Glade M. Knight
                                            Chief Executive Officer
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=============================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM 8-K

                                Current Report

    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of Earliest Event Reported)   July 23, 1999

                     CORNERSTONE REALTY INCOME TRUST, INC.
            (Exact Name of Registrant as Specified in its Charter)

                                   Virginia
                 (State or Other Jurisdiction of Incorporation)

             001-12875                                 54-1589139
      (Commission File Number)          (IRS Employer Identification No.)

            306 East Main Street, Richmond, Virginia      23219
            (Address of Principal Executive Offices)    (Zip Code)

                                (804) 643-1761
             (Registrant's Telephone Number, Including Area Code)

=============================================================================
Item 2.  Acquisition or Disposition of Assets.

         Effective on July 23, 1999,  Apple  Residential  Income Trust,  Inc., a
Virginia  corporation  ("Apple"),  merged with and into Cornerstone  Acquisition
Company, a Virginia corporation and majority-owned  subsidiary of the registrant
(the "Merger"). The completion of the Merger was announced in a press release on
July 26, 1999, a copy of which is filed as an exhibit hereto and is incorporated
herein by this reference.

         Both the  registrant  and Apple were  originally  organized by Glade M.
Knight,  who served as Chairman,  Chief Executive  Officer and President of both
companies.  Glade M. Knight and  Penelope W. Kyle  served as  directors  of both
companies. In addition,  pursuant to certain contracts,  the registrant had been
providing  company  management,  property  management  and property  acquisition
services to Apple in exchange for  payments of fees.  The  management  positions
that Mr. Knight held with the registrant prior to the Merger were not changed by
the Merger.

         Pursuant to the Merger,  each common  share of Apple  (other than those
common shares held by shareholders  exercising dissenters' rights) was exchanged
for 0.4 of a Series A Convertible Preferred Share of the registrant.  Holders of
Apple's  common  shares  immediately  prior to the  Merger  received  a total of
12,021,614.87  Series A Convertible  Preferred Shares as part of the Merger.  In
addition,  pursuant to the Merger,  each Class B Convertible  Share of Apple was
converted into 8 common shares of Apple, and then immediately  exchanged for 0.4
of a Series A Convertible  Preferred Share of the  registrant.  As a net result,
holders of Apple's Class B Convertible Shares received a total of 640,000 Series
A Convertible Preferred Shares as part of the Merger.

         Effective as of July 22, 1999, the  registrant  amended its Articles of
Incorporation to create the Series A Convertible Preferred Shares. A copy of the
registrant's  Articles  of  Amendment,  as  filed  with  the  State  Corporation
Commission of Virginia,  is also filed as an exhibit hereto and is  incorporated
herein by reference.
Item 5.  Other Events.

         Pursuant to Rule 12g-3(a) and (f) under the Securities  Exchange Act of
1934,  as amended  (the  "1934  Act"),  the  registrant's  Series A  Convertible
Preferred  Shares are hereby deemed to be registered  under Section 12(g) of the
1934 Act. In connection with the Merger,  Series A Convertible  Preferred Shares
were issued to the holders of Apple's common  shares,  which class of securities
was registered pursuant to Section 12(g) of the 1934 Act.

Item 7.  Financial Statements and Exhibits.

     (a)     Financial statements of business acquired.

     Financial  statements of Apple  previously  have been filed and reported by
the  registrant  in  the  registrant's   Registration   Statement  on  Form  S-4
(Registration  Statement No.  333-78117),  which  incorporated  by reference the
following reports of Apple:

     (i) Quarterly Report on Form 10-Q for the quarter ended March 31, 1999

     (ii)Annual Report on Form 10-K for the year ended December 31, 1998

     (b)     Pro forma financial information.

     The  Cornerstone  Realty Income Trust,  Inc.  Unaudited Pro Forma Condensed
Combined Financial  Statements relating to the Merger previously have been filed
and reported by the  registrant in the  registrant's  Registration  Statement on
Form S-4 (Registration Statement No. 333-78117).

     (c)     Exhibits.

         2  Agreement  and Plan of Merger,  dated as of March 30,  1999,  by and
among the  registrant,  Apple  Residential  Income Trust,  Inc. and  Cornerstone
Acquisition Company  (Incorporated  herein by reference to Exhibit 2 included in
the registrant's  Registration Statement on Form S-4; Registration Statement No.
333-78117).

         3.1  Amended and  Restated  Articles of  Incorporation  of  Cornerstone
Realty Income  Trust,  Inc.,  as amended.  (Incorporated  herein by reference to
Exhibit 3.1 included in the registrant's  Report on Form 8-K dated May 12, 1998;
File No. 1-12875).

         3.2  Articles of  Amendment  to the Amended  and  Restated  Articles of
Incorporation  of  Cornerstone  Realty  Income  Trust,  Inc.,  which  are  filed
herewith.

         3.3 Bylaws of Cornerstone  Realty Income Trust,  Inc.  (Amended Through
July 15, 1999), which are filed herewith.

         99 Press  Release of the  registrant,  dated July 26,  1999,  regarding
completion of the Merger, which is filed herewith.
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 hereunto duly authorized.

                                        CORNERSTONE REALTY INCOME TRUST, INC.

Dated:  August 6, 1999                  By: /s/ Glade M. Knight
                                            --------------------------------
                                            Glade M. Knight
                                            Chief Executive Officer