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: June 25, 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
                  Richmond, Virginia                         23219
                  (Address of principal                    (Zip Code)
                  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


         a.    Exhibits

                  4.1      Amended and  Restated  Credit  Agreement  dated as of
                           July 9, 1999, by and among Cornerstone  Realty Income
                           Trust, Inc., CRIT-NC,  LLC,  Cornerstone REIT Limited
                           Partnership,   and  any  Additional  Borrowers  party
                           thereto,  as  Borrowers,   the  Lenders  referred  to
                           therein, First Union National Bank, as Administrative
                           Agent, and Fleet National Bank, as Syndication Agent.

                  4.2      Joinder  Agreement dated July 26, 1999 to the Amended
                           and  Restated  Credit  Agreement  dated as of July 9,
                           1999, by and among  Cornerstone  Realty Income Trust,
                           Inc. and its subsidiaries,  as Borrowers, the lenders
                           party to the Amended and Restated  Credit  Agreement,
                           First Union National Bank, as  Administrative  Agent,
                           and Fleet National Bank, as Syndication Agent.

                  4.3      Lender Addition and  Acknowledgement  Agreement dated
                           July 27,  1999 to the  Amended  and  Restated  Credit
                           Agreement  dated  as of July 9,  1999,  by and  among
                           Cornerstone   Realty  Income  Trust,   Inc.  and  its
                           subsidiaries,  as  Borrowers,  the Lenders who are or
                           may become party thereto,  First Union National Bank,
                           as  Administrative  Agent, and Fleet National Bank as
                           Syndication Agent.

                  4.4      (1) Replacement  Revolving Credit Note dated July 27,
                           1999 in the  principal  amount  of up to  $60,000,000
                           made payable by Cornerstone Realty Income Trust, Inc.
                           and its  subsidiaries  to the  order of  First  Union
                           National  Bank,  and (2) Revolving  Credit Note dated
                           July  27,  1999  in  the  principal  amount  of up to
                           $35,000,000 made payable by Cornerstone Realty Income
                           Trust,  Inc.  and its  subsidiaries  to the  order of
                           Wachovia Bank,  N.A., and (3)  Replacement  Revolving
                           Credit  Note  dated  July 27,  1999 in the  principal
                           amount  of  up  to   $35,000,000   made   payable  by
                           Cornerstone   Realty  Income  Trust,   Inc.  and  its
                           subsidiaries to the order of Fleet National Bank, and
                           (4) Replacement  Revolving Credit Note dated July 27,
                           1999 in the  principal  amount  of up to  $30,000,000
                           made payable by Cornerstone Realty Income Trust, Inc.
                           and its subsidiaries to the order of Guaranty Federal
                           Bank,  F.S.B.,  and (5) Replacement  Revolving Credit
                           Note dated July 27, 1999 in the  principal  amount of
                           up to $25,000,000 made payable by Cornerstone  Realty
                           Income Trust,  Inc. and its subsidiaries to the order
                           of Crestar Bank.
<PAGE>

                  4.5      Loan  Letter  Agreement  dated  June 25,  1999  among
                           Cornerstone Realty Income Trust, Inc.,  CRIT-NC,  LLC
                           and   Cornerstone   REIT   Limited   Partnership   as
                           Borrowers,  and First Union  National Bank as Lender,
                           pertaining to a loan in the amount of $5,500,000.

                  4.6      Promissory  Note dated June 28, 1999 in the principal
                           amount of  $5,500,000  made  payable  by  Cornerstone
                           Realty  Income   Trust,   Inc.,   CRIT-NC,   LLC  and
                           Cornerstone REIT Limited  Partnership as Borrowers to
                           the order of First Union National Bank as Lender.

                  4.7      Press Release of the Company dated July 27, 1999.


<PAGE>


Item 5.  Other Events

         In July 1999,  Cornerstone  Realty Income Trust,  Inc. (the  "Company")
entered into a number of revisions to its existing $175 million unsecured credit
facility (herein referred to, as amended, as the "Unsecured Line of Credit").

         As of July 9, 1999,  the Company,  CRIT-NC,  LLC and  Cornerstone  REIT
Limited Partnership,  as Borrowers,  entered into an Amended and Restated Credit
Agreement with First Union National Bank, Guaranty Federal Bank, F.S.B., Crestar
Bank  and  Fleet  National  Bank as  Lenders,  First  Union  National  Bank,  as
Administrative Agent, and Fleet National Bank as Syndication Agent.

         Following  the merger of Apple  Residential  Income  Trust,  Inc.  into
Cornerstone  Acquisition  Company,  a majority-owned  subsidiary of the Company,
which was  closed on July 23,  1999,  the  Company  and all of its  subsidiaries
(consisting of CRIT-NC,  LLC, a Virginia limited liability company,  Cornerstone
REIT  Limited   Partnership,   a  Virginia  limited   partnership,   Cornerstone
Acquisition  Company,  Apple  General,  Inc.  and Apple  Limited,  Inc.,  each a
Virginia corporation, and Apple REIT Limited Partnership,  Apple REIT II Limited
Partnership,   Apple  REIT  III  Limited  Partnership,  Apple  REIT  IV  Limited
Partnership, Apple REIT V Limited Partnership, Apple REIT VI Limited Partnership
and Apple REIT VII Limited  Partnership,  each a Virginia  limited  partnership)
entered into a Joinder Agreement dated July 26, 1999 to the Amended and Restated
Credit  Agreement  dated as of July 9, 1999,  pursuant  to which the Company and
each of its  subsidiaries  became a Borrower  under such  Amended  and  Restated
Credit Agreement.

         Pursuant to a Lender Addition and Acknowledgement  Agreement dated July
27, 1999,  Wachovia Bank, N.A. became an additional Lender under the Amended and
Restated Credit Agreement.

         Accordingly,  following the execution of the documents described above,
the Lenders under the Unsecured Line of Credit and the  respective  loan amounts
thereunder  are: First Union National Bank - $60 million,  Fleet National Bank -
$35 million,  Wachovia Bank, N.A. - $35 million, Guaranty Federal Bank, F.S.B. -
$30 million, and Crestar Bank - $25 million. The total amount of the commitments
under the Unsecured Line of Credit is $185 million.

         On July 27, the Company issued a press release describing the principal
effects of the amendments to the Unsecured Line of Credit. This press release is
incorporated herein by this reference.

         Pursuant to a letter  agreement  dated June 25, 1999 among  Cornerstone
Realty Income Trust, Inc., CRIT-NC, LLC and Cornerstone REIT Limited Partnership
as Borrowers and First Union National Bank as Lender,  the Borrowers  obtained a
$5,500,000  unsecured  loan to enable the  refinancing  of unsecured debt in the
same amount  originally issued by the Company in connection with the acquisition
of the Trolley  Square East  Apartments.  This loan is generally  subject to the
same terms and conditions as are set forth in the Unsecured Line of Credit,  but
the maturity date is September 27, 1999.



<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.


Date: August 12, 1999               By:  /s/ Stanley J. Olander, Jr.
                                        -----------------------------------
                                         Stanley J. Olander, Jr.,
                                         Chief Financial Officer of
                                         Cornerstone Realty Income Trust, Inc.





<PAGE>


                                  EXHIBIT INDEX

                      Cornerstone Realty Income Trust, Inc.
                          Form 8-K dated June 25, 1999


Exhibit Number    Exhibit

          4.1  Amended and Restated  Credit  Agreement dated as of July 9, 1999,
               by and among Cornerstone Realty Income Trust, Inc., CRIT-NC, LLC,
               Cornerstone   REIT  Limited   Partnership,   and  any  Additional
               Borrowers party thereto,  as Borrowers,  the Lenders  referred to
               therein,  First Union National Bank, as Administrative Agent, and
               Fleet National Bank, as Syndication Agent.

          4.2  Joinder Agreement dated July 26, 1999 to the Amended and Restated
               Credit  Agreement  dated  as  of  July  9,  1999,  by  and  among
               Cornerstone  Realty Income Trust, Inc. and its  subsidiaries,  as
               Borrowers,  the lenders party to the Amended and Restated  Credit
               Agreement,  First Union National Bank, as  Administrative  Agent,
               and Fleet National Bank, as Syndication Agent.

          4.3  Lender Addition and Acknowledgement Agreement dated July 27, 1999
               to the Amended and Restated Credit  Agreement dated as of July 9,
               1999, by and among Cornerstone  Realty Income Trust, Inc. and its
               subsidiaries,  as  Borrowers,  the  Lenders who are or may become
               party  thereto,  First Union  National  Bank,  as  Administrative
               Agent, and Fleet National Bank as Syndication Agent.

          4.4  (1) Replacement  Revolving Credit Note dated July 27, 1999 in the
               principal amount of up to $60,000,000 made payable by Cornerstone
               Realty Income Trust,  Inc. and its  subsidiaries  to the order of
               First Union National  Bank,  and (2) Revolving  Credit Note dated
               July 27, 1999 in the principal  amount of up to $35,000,000  made
               payable  by  Cornerstone   Realty  Income  Trust,  Inc.  and  its
               subsidiaries  to the  order  of  Wachovia  Bank,  N.A.,  and  (3)
               Replacement  Revolving  Credit  Note dated  July 27,  1999 in the
               principal amount of up to $35,000,000 made payable by Cornerstone
               Realty Income Trust,  Inc. and its  subsidiaries  to the order of
               Fleet National Bank, and (4)  Replacement  Revolving  Credit Note
               dated July 27, 1999 in the principal  amount of up to $30,000,000
               made payable by  Cornerstone  Realty Income  Trust,  Inc. and its
               subsidiaries to the order of Guaranty Federal Bank,  F.S.B.,  and
               (5) Replacement  Revolving Credit Note dated July 27, 1999 in the
               principal amount of up to $25,000,000 made payable by Cornerstone
               Realty Income Trust,  Inc. and its  subsidiaries  to the order of
               Crestar Bank.

          4.5  Loan  Letter  Agreement  dated June 25,  1999  among  Cornerstone
               Realty Income Trust,  Inc.,  CRIT-NC,  LLC and  Cornerstone  REIT
               Limited  Partnership as Borrowers,  and First Union National Bank
               as Lender, pertaining to a loan in the amount of $5,500,000.



<PAGE>

          4.6  Promissory  Note dated June 28, 1999 in the  principal  amount of
               $5,500,000 made payable by Cornerstone Realty Income Trust, Inc.,
               CRIT-NC,   LLC  and  Cornerstone  REIT  Limited   Partnership  as
               Borrowers to the order of First Union National Bank as Lender.

          4.7  Press Release of the Company dated July 27, 1999.
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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: June 25, 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
                  Richmond, Virginia                         23219
                  (Address of principal                    (Zip Code)
                  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

         a.    Exhibits

                  4.1      Amended and  Restated  Credit  Agreement  dated as of
                           July 9, 1999, by and among Cornerstone  Realty Income
                           Trust, Inc., CRIT-NC,  LLC,  Cornerstone REIT Limited
                           Partnership,   and  any  Additional  Borrowers  party
                           thereto,  as  Borrowers,   the  Lenders  referred  to
                           therein, First Union National Bank, as Administrative
                           Agent, and Fleet National Bank, as Syndication Agent.

                  4.2      Joinder  Agreement dated July 26, 1999 to the Amended
                           and  Restated  Credit  Agreement  dated as of July 9,
                           1999, by and among  Cornerstone  Realty Income Trust,
                           Inc. and its subsidiaries,  as Borrowers, the lenders
                           party to the Amended and Restated  Credit  Agreement,
                           First Union National Bank, as  Administrative  Agent,
                           and Fleet National Bank, as Syndication Agent.

                  4.3      Lender Addition and  Acknowledgement  Agreement dated
                           July 27,  1999 to the  Amended  and  Restated  Credit
                           Agreement  dated  as of July 9,  1999,  by and  among
                           Cornerstone   Realty  Income  Trust,   Inc.  and  its
                           subsidiaries,  as  Borrowers,  the Lenders who are or
                           may become party thereto,  First Union National Bank,
                           as  Administrative  Agent, and Fleet National Bank as
                           Syndication Agent.

                  4.4      (1) Replacement  Revolving Credit Note dated July 27,
                           1999 in the  principal  amount  of up to  $60,000,000
                           made payable by Cornerstone Realty Income Trust, Inc.
                           and its  subsidiaries  to the  order of  First  Union
                           National  Bank,  and (2) Revolving  Credit Note dated
                           July  27,  1999  in  the  principal  amount  of up to
                           $35,000,000 made payable by Cornerstone Realty Income
                           Trust,  Inc.  and its  subsidiaries  to the  order of
                           Wachovia Bank,  N.A., and (3)  Replacement  Revolving
                           Credit  Note  dated  July 27,  1999 in the  principal
                           amount  of  up  to   $35,000,000   made   payable  by
                           Cornerstone   Realty  Income  Trust,   Inc.  and  its
                           subsidiaries to the order of Fleet National Bank, and
                           (4) Replacement  Revolving Credit Note dated July 27,
                           1999 in the  principal  amount  of up to  $30,000,000
                           made payable by Cornerstone Realty Income Trust, Inc.
                           and its subsidiaries to the order of Guaranty Federal
                           Bank,  F.S.B.,  and (5) Replacement  Revolving Credit
                           Note dated July 27, 1999 in the  principal  amount of
                           up to $25,000,000 made payable by Cornerstone  Realty
                           Income Trust,  Inc. and its subsidiaries to the order
                           of Crestar Bank.
4.5      Loan  Letter  Agreement  dated  June 25,  1999  among
                           Cornerstone Realty Income Trust, Inc.,  CRIT-NC,  LLC
                           and   Cornerstone   REIT   Limited   Partnership   as
                           Borrowers,  and First Union  National Bank as Lender,
                           pertaining to a loan in the amount of $5,500,000.

                  4.6      Promissory  Note dated June 28, 1999 in the principal
                           amount of  $5,500,000  made  payable  by  Cornerstone
                           Realty  Income   Trust,   Inc.,   CRIT-NC,   LLC  and
                           Cornerstone REIT Limited  Partnership as Borrowers to
                           the order of First Union National Bank as Lender.

                  4.7      Press Release of the Company dated July 27, 1999.
Item 5.  Other Events

         In July 1999,  Cornerstone  Realty Income Trust,  Inc. (the  "Company")
entered into a number of revisions to its existing $175 million unsecured credit
facility (herein referred to, as amended, as the "Unsecured Line of Credit").

         As of July 9, 1999,  the Company,  CRIT-NC,  LLC and  Cornerstone  REIT
Limited Partnership,  as Borrowers,  entered into an Amended and Restated Credit
Agreement with First Union National Bank, Guaranty Federal Bank, F.S.B., Crestar
Bank  and  Fleet  National  Bank as  Lenders,  First  Union  National  Bank,  as
Administrative Agent, and Fleet National Bank as Syndication Agent.

         Following  the merger of Apple  Residential  Income  Trust,  Inc.  into
Cornerstone  Acquisition  Company,  a majority-owned  subsidiary of the Company,
which was  closed on July 23,  1999,  the  Company  and all of its  subsidiaries
(consisting of CRIT-NC,  LLC, a Virginia limited liability company,  Cornerstone
REIT  Limited   Partnership,   a  Virginia  limited   partnership,   Cornerstone
Acquisition  Company,  Apple  General,  Inc.  and Apple  Limited,  Inc.,  each a
Virginia corporation, and Apple REIT Limited Partnership,  Apple REIT II Limited
Partnership,   Apple  REIT  III  Limited  Partnership,  Apple  REIT  IV  Limited
Partnership, Apple REIT V Limited Partnership, Apple REIT VI Limited Partnership
and Apple REIT VII Limited  Partnership,  each a Virginia  limited  partnership)
entered into a Joinder Agreement dated July 26, 1999 to the Amended and Restated
Credit  Agreement  dated as of July 9, 1999,  pursuant  to which the Company and
each of its  subsidiaries  became a Borrower  under such  Amended  and  Restated
Credit Agreement.

         Pursuant to a Lender Addition and Acknowledgement  Agreement dated July
27, 1999,  Wachovia Bank, N.A. became an additional Lender under the Amended and
Restated Credit Agreement.

         Accordingly,  following the execution of the documents described above,
the Lenders under the Unsecured Line of Credit and the  respective  loan amounts
thereunder  are: First Union National Bank - $60 million,  Fleet National Bank -
$35 million,  Wachovia Bank, N.A. - $35 million, Guaranty Federal Bank, F.S.B. -
$30 million, and Crestar Bank - $25 million. The total amount of the commitments
under the Unsecured Line of Credit is $185 million.

         On July 27, the Company issued a press release describing the principal
effects of the amendments to the Unsecured Line of Credit. This press release is
incorporated herein by this reference.

         Pursuant to a letter  agreement  dated June 25, 1999 among  Cornerstone
Realty Income Trust, Inc., CRIT-NC, LLC and Cornerstone REIT Limited Partnership
as Borrowers and First Union National Bank as Lender,  the Borrowers  obtained a
$5,500,000  unsecured  loan to enable the  refinancing  of unsecured debt in the
same amount  originally issued by the Company in connection with the acquisition
of the Trolley  Square East  Apartments.  This loan is generally  subject to the
same terms and conditions as are set forth in the Unsecured Line of Credit,  but
the maturity date is September 27, 1999.
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.

Date: August 12, 1999               By:  /s/ Stanley J. Olander, Jr.
                                        -----------------------------------
                                         Stanley J. Olander, Jr.,
                                         Chief Financial Officer of
                                         Cornerstone Realty Income Trust, Inc.
EXHIBIT INDEX

                      Cornerstone Realty Income Trust, Inc.
                          Form 8-K dated June 25, 1999

Exhibit Number    Exhibit

          4.1  Amended and Restated  Credit  Agreement dated as of July 9, 1999,
               by and among Cornerstone Realty Income Trust, Inc., CRIT-NC, LLC,
               Cornerstone   REIT  Limited   Partnership,   and  any  Additional
               Borrowers party thereto,  as Borrowers,  the Lenders  referred to
               therein,  First Union National Bank, as Administrative Agent, and
               Fleet National Bank, as Syndication Agent.

          4.2  Joinder Agreement dated July 26, 1999 to the Amended and Restated
               Credit  Agreement  dated  as  of  July  9,  1999,  by  and  among
               Cornerstone  Realty Income Trust, Inc. and its  subsidiaries,  as
               Borrowers,  the lenders party to the Amended and Restated  Credit
               Agreement,  First Union National Bank, as  Administrative  Agent,
               and Fleet National Bank, as Syndication Agent.

          4.3  Lender Addition and Acknowledgement Agreement dated July 27, 1999
               to the Amended and Restated Credit  Agreement dated as of July 9,
               1999, by and among Cornerstone  Realty Income Trust, Inc. and its
               subsidiaries,  as  Borrowers,  the  Lenders who are or may become
               party  thereto,  First Union  National  Bank,  as  Administrative
               Agent, and Fleet National Bank as Syndication Agent.

          4.4  (1) Replacement  Revolving Credit Note dated July 27, 1999 in the
               principal amount of up to $60,000,000 made payable by Cornerstone
               Realty Income Trust,  Inc. and its  subsidiaries  to the order of
               First Union National  Bank,  and (2) Revolving  Credit Note dated
               July 27, 1999 in the principal  amount of up to $35,000,000  made
               payable  by  Cornerstone   Realty  Income  Trust,  Inc.  and  its
               subsidiaries  to the  order  of  Wachovia  Bank,  N.A.,  and  (3)
               Replacement  Revolving  Credit  Note dated  July 27,  1999 in the
               principal amount of up to $35,000,000 made payable by Cornerstone
               Realty Income Trust,  Inc. and its  subsidiaries  to the order of
               Fleet National Bank, and (4)  Replacement  Revolving  Credit Note
               dated July 27, 1999 in the principal  amount of up to $30,000,000
               made payable by  Cornerstone  Realty Income  Trust,  Inc. and its
               subsidiaries to the order of Guaranty Federal Bank,  F.S.B.,  and
               (5) Replacement  Revolving Credit Note dated July 27, 1999 in the
               principal amount of up to $25,000,000 made payable by Cornerstone
               Realty Income Trust,  Inc. and its  subsidiaries  to the order of
               Crestar Bank.

          4.5  Loan  Letter  Agreement  dated June 25,  1999  among  Cornerstone
               Realty Income Trust,  Inc.,  CRIT-NC,  LLC and  Cornerstone  REIT
               Limited  Partnership as Borrowers,  and First Union National Bank
               as Lender, pertaining to a loan in the amount of $5,500,000.
4.6  Promissory  Note dated June 28, 1999 in the  principal  amount of
               $5,500,000 made payable by Cornerstone Realty Income Trust, Inc.,
               CRIT-NC,   LLC  and  Cornerstone  REIT  Limited   Partnership  as
               Borrowers to the order of First Union National Bank as Lender.

          4.7  Press Release of the Company dated July 27, 1999.