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):  October 1, 1999


                      CORNERSTONE REALTY INCOME TRUST, INC.
             (Exact name of registrant as specified in its charter)


     VIRGINIA                          1-12875                  54-1589139
     (State of                       (Commission               (IRS Employer
     incorporation)                  File Number)            Identification No.)


     306 EAST MAIN STREET                                           23219
     RICHMOND, VIRGINIA                                           (Zip Code)
     (Address of principal
     executive offices)



               Registrant's telephone number, including area code:
                                 (804) 643-1761


<PAGE>



                      CORNERSTONE REALTY INCOME TRUST, INC.

                                    FORM 8-K

                                      Index




Item 5.       Other Events

Item 7.       Financial Statements and Exhibits

              Financial Statements:

              None.

              Exhibits:

              99.1    Press Release  dated October 1, 1999  announcing a Company
                      Common Share Repurchase Program.

              99.2    Press  Release  dated  October  4, 1999  reporting  on the
                      Company's  closing of a $73.5 million  secured  fixed-rate
                      borrowing.



<PAGE>


Item 5.       Other Events

              On October 1, 1999 and October 4, 1999, respectively,  Cornerstone
Realty  Income  Trust,  Inc.  issued Press  Releases.  The October 1, 1999 Press
Release  announces a Company Common Share Repurchase  Program and the October 4,
1999 Press Release  reports on the Company's  closing of a $73.5 million secured
fixed-rate borrowing.


CAUTIONARY STATEMENT

              Certain matters discussed in this Form 8-K (including the exhibits
thereto) contain "forward-looking statements" for purposes of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the
Securities  Exchange Act of 1934, as amended (the  "Exchange  Act") relating to,
without limitation,  possible future economic performance,  plans and objectives
of  management  for future  operations,  and  projections  of revenue  and other
financial items,  demographic projections and federal income tax considerations,
which can be identified by the use of forward-looking terminology that refers to
or describes events that will or may occur in the future.  Such  forward-looking
statements are inherently  subject to risks and  uncertainties  that could cause
future results to differ materially from those contained in such forward-looking
statements.  Many of the  risks  and  uncertainties  cannot  be  predicted  with
accuracy and some might not even be anticipated.  Although the Company  believes
that the  expectations  reflected in such  forward-looking  statements are based
upon  reasonable  assumptions,  the  Company  can  give no  assurance  that  its
expectations  can be  achieved  or will be  realized.  Factors  that would cause
actual  results to differ  materially  from the Company's  current  expectations
include general  economic  conditions,  economic  conditions in the areas of the
Company's operations,  and risks associated with the acquisition,  ownership and
operation  of  properties,  including  unanticipated  decreases  in  revenues or
increases in expenses or liabilities at the properties.


<PAGE>


                                    SIGNATURE




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.


Date:  October 13, 1999                By:    /s/  Stanley J. Olander, Jr.
                                           -------------------------------------
                                           Stanley J. Olander, Jr.,
                                           Chief Financial Officer
                                           Cornerstone Realty Income Trust, Inc.



<PAGE>



                                Index to Exhibits



Exhibit No.                                 Exhibit
-----------                                 -------

   99.1            Press Release  dated  October  1, 1999  announcing  a Company
                   Common Share Repurchase Program.

   99.2            Press   Release  dated   October 4, 1999  reporting  on   the
                   Company's  closing  of  a  $73.5  million  secured fixed-rate
                   borrowing.
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 4970}]
{"company-data": {"conformed-name": "CORNERSTONE REALTY INCOME TRUST INC", "cik": "0000854875", "assigned-sic": "6798", "irs-number": "541589139", "state-of-incorporation": "VA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12875", "film-number": "99727272"}, "business-address": {"street1": "306 E MAIN ST", "city": "RICHMOND", "state": "VA", "zip": "23219", "phone": "8046431761"}, "mail-address": {"street1": "306 E MAIN ST", "city": "RICHMOND", "state": "VA", "zip": "23219"}}
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):  October 1, 1999

                      CORNERSTONE REALTY INCOME TRUST, INC.
             (Exact name of registrant as specified in its charter)

     VIRGINIA                          1-12875                  54-1589139
     (State of                       (Commission               (IRS Employer
     incorporation)                  File Number)            Identification No.)

     306 EAST MAIN STREET                                           23219
     RICHMOND, VIRGINIA                                           (Zip Code)
     (Address of principal
     executive offices)

               Registrant's telephone number, including area code:
                                 (804) 643-1761
CORNERSTONE REALTY INCOME TRUST, INC.

                                    FORM 8-K

                                      Index

Item 5.       Other Events

Item 7.       Financial Statements and Exhibits

              Financial Statements:

              None.

              Exhibits:

              99.1    Press Release  dated October 1, 1999  announcing a Company
                      Common Share Repurchase Program.

              99.2    Press  Release  dated  October  4, 1999  reporting  on the
                      Company's  closing of a $73.5 million  secured  fixed-rate
                      borrowing.
Item 5.       Other Events

              On October 1, 1999 and October 4, 1999, respectively,  Cornerstone
Realty  Income  Trust,  Inc.  issued Press  Releases.  The October 1, 1999 Press
Release  announces a Company Common Share Repurchase  Program and the October 4,
1999 Press Release  reports on the Company's  closing of a $73.5 million secured
fixed-rate borrowing.

CAUTIONARY STATEMENT

              Certain matters discussed in this Form 8-K (including the exhibits
thereto) contain "forward-looking statements" for purposes of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the
Securities  Exchange Act of 1934, as amended (the  "Exchange  Act") relating to,
without limitation,  possible future economic performance,  plans and objectives
of  management  for future  operations,  and  projections  of revenue  and other
financial items,  demographic projections and federal income tax considerations,
which can be identified by the use of forward-looking terminology that refers to
or describes events that will or may occur in the future.  Such  forward-looking
statements are inherently  subject to risks and  uncertainties  that could cause
future results to differ materially from those contained in such forward-looking
statements.  Many of the  risks  and  uncertainties  cannot  be  predicted  with
accuracy and some might not even be anticipated.  Although the Company  believes
that the  expectations  reflected in such  forward-looking  statements are based
upon  reasonable  assumptions,  the  Company  can  give no  assurance  that  its
expectations  can be  achieved  or will be  realized.  Factors  that would cause
actual  results to differ  materially  from the Company's  current  expectations
include general  economic  conditions,  economic  conditions in the areas of the
Company's operations,  and risks associated with the acquisition,  ownership and
operation  of  properties,  including  unanticipated  decreases  in  revenues or
increases in expenses or liabilities at the properties.
SIGNATURE

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.

Date:  October 13, 1999                By:    /s/  Stanley J. Olander, Jr.
                                           -------------------------------------
                                           Stanley J. Olander, Jr.,
                                           Chief Financial Officer
                                           Cornerstone Realty Income Trust, Inc.
Index to Exhibits

Exhibit No.                                 Exhibit
-----------                                 -------

   99.1            Press Release  dated  October  1, 1999  announcing  a Company
                   Common Share Repurchase Program.

   99.2            Press   Release  dated   October 4, 1999  reporting  on   the
                   Company's  closing  of  a  $73.5  million  secured fixed-rate
                   borrowing.