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: April 9, 1999


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

   VIRGINIA                      0-23983                     54-1816010
  (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>




                      APPLE RESIDENTIAL INCOME TRUST, INC.

                                    FORM 8-K

                                      Index

                                                                        Page No.
                                                                        --------

Item 2.  Acquisition or Disposition of Assets                              3

Item 7.  Financial Statements, Pro Forma Financial Information
         and Exhibits                                                      7

         a.   Financial Statements and Pro Forma
              Financial Information

         b.   Exhibits

               10.1 Purchase Contract for Hunters Creek
                    Apartments, as amended

               10.2 Property Management Agreement for
                    Hunters Creek Apartments



                                       2

<PAGE>



Item 2.  Acquisition or Disposition of Assets


                            HUNTERS CREEK APARTMENTS
                            Charlottesville, Virginia

     On April 9, 1999, Apple REIT Limited Partnership  (together with its parent
companies,  the "Company")  purchased the Hunters Creek  Apartments,  a 240-unit
apartment  complex having an address of 2230-C  Commonwealth  Drive,  outside of
Charlottesville, within Albemarle County, Virginia (the "Property").

     The purchase price for the Property was $7,750,000. At closing, the Company
paid the  entire  purchase  price in cash  using  proceeds  from the sale of its
Common  Shares.  Title to the  Property  was  conveyed to the Company by limited
warranty deed.

     The seller was Southeastern  Income  Properties II Limited  Partnership,  a
Virginia limited  partnership (the "Seller").  Prior to January,  1993, Glade M.
Knight, who is a director and the Chief Executive Officer of the Company, served
as a general partner of the Seller. Mr. Knight had organized the Seller in 1987.
In January, 1993, Mr. Knight ceased to serve as a general partner of the Seller,
but retained an economic  interest in the Seller. In connection with the sale of
the Property by the Seller to the Company,  Mr.  Knight did not receive and will
not receive any of the Seller's proceeds from the sale.

     Location.  The  following  information  is based in part  upon  information
provided by the Charlottesville  Chamber of Commerce. The Property is located in
Virginia,   within  Albemarle   County,  in  close  proximity  to  the  City  of
Charlottesville.  The greater Charlottesville metropolitan area has a population
of approximately  130,000.  Growth has been steady since the 1970's,  and steady
growth is expected to continue for the foreseeable  future.  Charlottesville  is
located approximately 70 miles northwest of Richmond, Virginia and approximately
110 miles southwest of Washington, D.C.

     The   Charlottesville   area  has  a   diverse   economy   which   includes
manufacturing,  retail trade,  construction and services.  However,  the largest
employer in the area is the  University  of  Virginia,  which has  approximately
14,700 employees. The University of Virginia was designed by Thomas Jefferson in
1815 and has  grown  into  one of the  largest  colleges  in  Virginia,  with an
undergraduate  program as well as graduate schools in law,  business,  medicine,
engineering,  commerce  and  education.  There are over  20,000  students at the
school.  The University of Virginia is responsible for bringing many visitors to
the area each year.

     The  Property is located at 2230-C  Commonwealth  Drive,  just north of the
City of  Charlottesville,  within Albemarle  County.  Since  Charlottesville  is
situated  just  below  the Blue  Ridge  Mountains,  and was the  home of  Thomas
Jefferson,  the area in  which  the  Property  is  located  is both  scenic  and
historic.



                                        3

<PAGE>



     The immediate area surrounding the Property consists of other  multi-family
and single-family  housing, and commercial and retail development.  The Property
is  located  near  various  major  employers,   such  as  G.E.  Fanuc,  Comdial,
Sperry-Marine, and the University of Virginia and its affiliated Medical Center.
The Property is also near shopping,  restaurants,  schools, churches and various
historical attractions such as Monticello.

     The  Property  is easily  accessible  from  Route 29,  Route 250 Bypass and
Interstate 64.

     As noted  below,  the Property is situated  immediately  adjacent to Trophy
Chase  Apartments,  which are owned by  Cornerstone  Realty Income Trust,  Inc.,
which serves as the advisor for the Company (the "Advisor").

     Description  of the  Property.  The Property  consists of 240  garden-style
apartments in 17 three-story  buildings on approximately  9.6 acres of land. The
Property was constructed in 1970.

     The Advisor  believes  that the  Property has been well  maintained  and is
generally in good  condition.  However,  the Company has budgeted  approximately
$960,000  for certain  improvements  to the  Property,  including a  substantial
clubhouse renovation.

     The Property  offers nine unit types.  The unit mix and rents being charged
new tenants as of April 1999 are as follows:

<TABLE>
<CAPTION>
                                                                Approximate Interior Square           Monthly
     Quantity                         Type                                Footage                     Rental
     --------                         ----                      ---------------------------           -------
<S>     <C>          <C>                                                   <C>                           <C>
         8           1 bedroom, 1 bathroom                                   750                       $ 510

         4           1 bedroom, 1 bathroom (den)                             795                         530

        127          2 bedrooms, 1 bathroom                                  860                         550

        25           2 bedrooms, 1 bathroom (den)                            974                         575

        28           2 bedrooms, 1.5 bathrooms (den)                         978                         600

        12           3 bedrooms, 1 bathroom                                1,089                         585

        20           3 bedrooms, 1.5 bathrooms                             1,089                         635

         6           3 bedrooms, 1 bathroom (den)                          1,185                         600

        10           3 bedrooms, 1.5 bathrooms (den)                       1,185                         650
</TABLE>

     The  apartments  provide a combined total of  approximately  224,000 square
feet of net rentable area.



                                       4

<PAGE>



     Leases at the  Property are for terms of one year or less.  Average  rental
rates for the last  five  years  have  generally  increased.  As an  example,  a
one-bedroom,  one-bathroom  apartment  unit (795 square feet) rented for $425 in
1994,  $425 in 1995,  $450 in 1996,  $475 in 1997, and $530 in 1998. The average
effective  annual rental per square foot at the Property for 1994,  1995,  1996,
1997, and 1998, was $5.90, $5.90, $6.25, $6.60, and $7.36, respectively.

     The buildings are of wood frame  construction,  with a combination of brick
veneer, cedar siding, T-111 and aluminum siding exteriors. Roofs are sloped with
asphalt shingles over plywood sheathing.

     The  amenities  at  the  Property  include  an  outdoor  swimming  pool,  a
playground,  a picnic area and a laundry facility.  There is ample paved parking
for tenants.

     All apartments  have  wall-to-wall  carpeting in the living areas and vinyl
floors in the kitchen and bath. Each unit has a cable television  hook-up and an
individually  controlled heating and air-conditioning  unit. All apartment units
have miniblinds,  ceiling fans and a private patio or balcony.  All kitchens are
equipped  with a  refrigerator/freezer,  gas  range and  oven,  dishwasher,  and
garbage disposal.  The owner of the Property supplies cold water,  sewer service
and trash  removal.  The tenants  pay for their gas usage,  which  covers  heat,
cooking and hot water,  and for their  electricity  usage,  which  includes  air
conditioning and lights.

     There  are at  least  four  apartment  properties  that  compete  with  the
Property.  All  offer  similar  amenities  and have  rents  that  are  generally
comparable when compared with those of the Property. Based on a recent telephone
survey,  the Advisor  estimates that occupancy at nearby competing  projects now
averages approximately 96%.

          On March  9,  1999,  the  Property  was  approximately  82%  occupied.
Occupancy  figures for earlier periods are not available.  The tenants are a mix
of white-collar and blue-collar workers, students and retired persons.

     For real estate tax  purposes,  the Property is comprised of four  separate
tax parcels.  For 1998, the real estate tax rate  applicable to the Property was
$0.72 per $100 of assessed  value.  The  aggregate  1998  assessed  value of the
parcels was $ 7,908,300 and the real estate taxes for 1998 were  calculated at $
56,940. The assessed value of the Property for 1999 is $ $7,860,700, but the tax
rate has not yet been announced.

     The basis of the  depreciable  residential  real  property  portion  of the
Property (currently estimated at about $6,228,802) will be depreciated over 27.5
years on a straight line basis. The basis of the personal  property portion will
be depreciated in accordance with the modified  accelerated cost recovery system
of the Code. Amounts to be spent by the Company



                                       5

<PAGE>



on repairs and improvements will be treated for tax purposes as permitted by the
Code based on the nature of the expenditures.

     The  Company  believes  that  the  Property  is  and  will  continue  to be
adequately covered by property and liability insurance.

     Material  Factors  Considered  in  Assessing  the  Property.   The  factors
considered  by the Advisor and the  Company to be  relevant  in  evaluating  the
Property for acquisition by the Company included the following:

          1. The  Advisor  and the  Company  believe  that the  Charlottesville,
Virginia area will enjoy continued  economic  development and steady  population
increase, and that such development and increase,  together with the presence of
the University of Virginia,  will support stable  occupancy rates and reasonable
increases in rents at the Property.

          2.  Based upon an  engineering  report  and its own  inspections,  the
Company believes that the Property is generally in sound condition.

          3.  The  Property  is  conveniently  located  and  proximate  to major
employers and shopping.

          4. The Property is located  adjacent to the Trophy  Chase  Apartments,
which are owned by the Advisor.  Since the Advisor manages both the Trophy Chase
Apartments  and  the  Property,  it is  believed  that  there  will  be  certain
management  efficiencies  and  economies  of  scale  associated  with  the  dual
management.

     The Company is not aware of any material  adverse  factors  relating to the
Property not set forth in this report that would cause the financial information
contained in this report not to be  necessarily  indicative of future  operating
results.

     Acquisition and Management  Services and Fees. In consideration of services
rendered to the Company in connection  with the selection and acquisition of the
Property,  the Company paid  Cornerstone  Realty Income  Trust,  Inc. a property
acquisition fee of $155,000. Cornerstone Realty Income Trust, Inc. will serve as
property  manager  for the  Property  and for its  services  will be paid by the
Company  a monthly  management  fee  equal to 5% of the  gross  revenues  of the
Property.



                                       6
<PAGE>




                                    ITEM 7.a.

     The Company is unable to provide an audited financial statement relative to
the Hunters Creek  Apartments.  However,  the Company's  inability to provide an
audited financial  statement (in light of the significance of the acquisition to
the Company in terms of purchase price, the Company's assets,  and the Company's
providing  of  audited  financial  statements  with  regard  to  other  property
acquisitions)  is consistent  and in  compliance  with  Securities  and Exchange
Commission  staff  interpretations  regarding the relevant  financial  statement
filing requirements of SEC Regulation S-X and Rule 3-14 thereunder.





                                       7
<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.

                                      Apple Residential Income Trust, Inc.

Date: April 26, 1999                  By    /s/ Glade M. Knight                 
                                        ----------------------------------------
                                        Glade M. Knight, Chief Executive Officer
                                        Cornerstone Realty Income Trust, Inc.




                                       8
<PAGE>



                                  EXHIBIT INDEX

                      Apple Residential Income Trust, Inc.

                          Form 8-K dated April 9, 1999


Exhibit Number             Exhibit
--------------             -------

          10.1      Purchase Contract for
                    Hunters Creek Apartments, as amended

          10.2      Property Management Agreement
                    for Hunters Creek Apartments









                                       9
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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: April 9, 1999

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

   VIRGINIA                      0-23983                     54-1816010
  (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
APPLE RESIDENTIAL INCOME TRUST, INC.

                                    FORM 8-K

                                      Index

                                                                        Page No.
                                                                        --------

Item 2.  Acquisition or Disposition of Assets                              3

Item 7.  Financial Statements, Pro Forma Financial Information
         and Exhibits                                                      7

         a.   Financial Statements and Pro Forma
              Financial Information

         b.   Exhibits

               10.1 Purchase Contract for Hunters Creek
                    Apartments, as amended

               10.2 Property Management Agreement for
                    Hunters Creek Apartments

                                       2
Item 2.  Acquisition or Disposition of Assets

                            HUNTERS CREEK APARTMENTS
                            Charlottesville, Virginia

     On April 9, 1999, Apple REIT Limited Partnership  (together with its parent
companies,  the "Company")  purchased the Hunters Creek  Apartments,  a 240-unit
apartment  complex having an address of 2230-C  Commonwealth  Drive,  outside of
Charlottesville, within Albemarle County, Virginia (the "Property").

     The purchase price for the Property was $7,750,000. At closing, the Company
paid the  entire  purchase  price in cash  using  proceeds  from the sale of its
Common  Shares.  Title to the  Property  was  conveyed to the Company by limited
warranty deed.

     The seller was Southeastern  Income  Properties II Limited  Partnership,  a
Virginia limited  partnership (the "Seller").  Prior to January,  1993, Glade M.
Knight, who is a director and the Chief Executive Officer of the Company, served
as a general partner of the Seller. Mr. Knight had organized the Seller in 1987.
In January, 1993, Mr. Knight ceased to serve as a general partner of the Seller,
but retained an economic  interest in the Seller. In connection with the sale of
the Property by the Seller to the Company,  Mr.  Knight did not receive and will
not receive any of the Seller's proceeds from the sale.

     Location.  The  following  information  is based in part  upon  information
provided by the Charlottesville  Chamber of Commerce. The Property is located in
Virginia,   within  Albemarle   County,  in  close  proximity  to  the  City  of
Charlottesville.  The greater Charlottesville metropolitan area has a population
of approximately  130,000.  Growth has been steady since the 1970's,  and steady
growth is expected to continue for the foreseeable  future.  Charlottesville  is
located approximately 70 miles northwest of Richmond, Virginia and approximately
110 miles southwest of Washington, D.C.

     The   Charlottesville   area  has  a   diverse   economy   which   includes
manufacturing,  retail trade,  construction and services.  However,  the largest
employer in the area is the  University  of  Virginia,  which has  approximately
14,700 employees. The University of Virginia was designed by Thomas Jefferson in
1815 and has  grown  into  one of the  largest  colleges  in  Virginia,  with an
undergraduate  program as well as graduate schools in law,  business,  medicine,
engineering,  commerce  and  education.  There are over  20,000  students at the
school.  The University of Virginia is responsible for bringing many visitors to
the area each year.

     The  Property is located at 2230-C  Commonwealth  Drive,  just north of the
City of  Charlottesville,  within Albemarle  County.  Since  Charlottesville  is
situated  just  below  the Blue  Ridge  Mountains,  and was the  home of  Thomas
Jefferson,  the area in  which  the  Property  is  located  is both  scenic  and
historic.

                                        3
The immediate area surrounding the Property consists of other  multi-family
and single-family  housing, and commercial and retail development.  The Property
is  located  near  various  major  employers,   such  as  G.E.  Fanuc,  Comdial,
Sperry-Marine, and the University of Virginia and its affiliated Medical Center.
The Property is also near shopping,  restaurants,  schools, churches and various
historical attractions such as Monticello.

     The  Property  is easily  accessible  from  Route 29,  Route 250 Bypass and
Interstate 64.

     As noted  below,  the Property is situated  immediately  adjacent to Trophy
Chase  Apartments,  which are owned by  Cornerstone  Realty Income Trust,  Inc.,
which serves as the advisor for the Company (the "Advisor").

     Description  of the  Property.  The Property  consists of 240  garden-style
apartments in 17 three-story  buildings on approximately  9.6 acres of land. The
Property was constructed in 1970.

     The Advisor  believes  that the  Property has been well  maintained  and is
generally in good  condition.  However,  the Company has budgeted  approximately
$960,000  for certain  improvements  to the  Property,  including a  substantial
clubhouse renovation.

     The Property  offers nine unit types.  The unit mix and rents being charged
new tenants as of April 1999 are as follows:
Approximate Interior Square           Monthly
     Quantity                         Type                                Footage                     Rental
     --------                         ----                      ---------------------------           -------
8           1 bedroom, 1 bathroom                                   750                       $ 510

         4           1 bedroom, 1 bathroom (den)                             795                         530

        127          2 bedrooms, 1 bathroom                                  860                         550

        25           2 bedrooms, 1 bathroom (den)                            974                         575

        28           2 bedrooms, 1.5 bathrooms (den)                         978                         600

        12           3 bedrooms, 1 bathroom                                1,089                         585

        20           3 bedrooms, 1.5 bathrooms                             1,089                         635

         6           3 bedrooms, 1 bathroom (den)                          1,185                         600

        10           3 bedrooms, 1.5 bathrooms (den)                       1,185                         650
The  apartments  provide a combined total of  approximately  224,000 square
feet of net rentable area.

                                       4
Leases at the  Property are for terms of one year or less.  Average  rental
rates for the last  five  years  have  generally  increased.  As an  example,  a
one-bedroom,  one-bathroom  apartment  unit (795 square feet) rented for $425 in
1994,  $425 in 1995,  $450 in 1996,  $475 in 1997, and $530 in 1998. The average
effective  annual rental per square foot at the Property for 1994,  1995,  1996,
1997, and 1998, was $5.90, $5.90, $6.25, $6.60, and $7.36, respectively.

     The buildings are of wood frame  construction,  with a combination of brick
veneer, cedar siding, T-111 and aluminum siding exteriors. Roofs are sloped with
asphalt shingles over plywood sheathing.

     The  amenities  at  the  Property  include  an  outdoor  swimming  pool,  a
playground,  a picnic area and a laundry facility.  There is ample paved parking
for tenants.

     All apartments  have  wall-to-wall  carpeting in the living areas and vinyl
floors in the kitchen and bath. Each unit has a cable television  hook-up and an
individually  controlled heating and air-conditioning  unit. All apartment units
have miniblinds,  ceiling fans and a private patio or balcony.  All kitchens are
equipped  with a  refrigerator/freezer,  gas  range and  oven,  dishwasher,  and
garbage disposal.  The owner of the Property supplies cold water,  sewer service
and trash  removal.  The tenants  pay for their gas usage,  which  covers  heat,
cooking and hot water,  and for their  electricity  usage,  which  includes  air
conditioning and lights.

     There  are at  least  four  apartment  properties  that  compete  with  the
Property.  All  offer  similar  amenities  and have  rents  that  are  generally
comparable when compared with those of the Property. Based on a recent telephone
survey,  the Advisor  estimates that occupancy at nearby competing  projects now
averages approximately 96%.

          On March  9,  1999,  the  Property  was  approximately  82%  occupied.
Occupancy  figures for earlier periods are not available.  The tenants are a mix
of white-collar and blue-collar workers, students and retired persons.

     For real estate tax  purposes,  the Property is comprised of four  separate
tax parcels.  For 1998, the real estate tax rate  applicable to the Property was
$0.72 per $100 of assessed  value.  The  aggregate  1998  assessed  value of the
parcels was $ 7,908,300 and the real estate taxes for 1998 were  calculated at $
56,940. The assessed value of the Property for 1999 is $ $7,860,700, but the tax
rate has not yet been announced.

     The basis of the  depreciable  residential  real  property  portion  of the
Property (currently estimated at about $6,228,802) will be depreciated over 27.5
years on a straight line basis. The basis of the personal  property portion will
be depreciated in accordance with the modified  accelerated cost recovery system
of the Code. Amounts to be spent by the Company

                                       5
on repairs and improvements will be treated for tax purposes as permitted by the
Code based on the nature of the expenditures.

     The  Company  believes  that  the  Property  is  and  will  continue  to be
adequately covered by property and liability insurance.

     Material  Factors  Considered  in  Assessing  the  Property.   The  factors
considered  by the Advisor and the  Company to be  relevant  in  evaluating  the
Property for acquisition by the Company included the following:

          1. The  Advisor  and the  Company  believe  that the  Charlottesville,
Virginia area will enjoy continued  economic  development and steady  population
increase, and that such development and increase,  together with the presence of
the University of Virginia,  will support stable  occupancy rates and reasonable
increases in rents at the Property.

          2.  Based upon an  engineering  report  and its own  inspections,  the
Company believes that the Property is generally in sound condition.

          3.  The  Property  is  conveniently  located  and  proximate  to major
employers and shopping.

          4. The Property is located  adjacent to the Trophy  Chase  Apartments,
which are owned by the Advisor.  Since the Advisor manages both the Trophy Chase
Apartments  and  the  Property,  it is  believed  that  there  will  be  certain
management  efficiencies  and  economies  of  scale  associated  with  the  dual
management.

     The Company is not aware of any material  adverse  factors  relating to the
Property not set forth in this report that would cause the financial information
contained in this report not to be  necessarily  indicative of future  operating
results.

     Acquisition and Management  Services and Fees. In consideration of services
rendered to the Company in connection  with the selection and acquisition of the
Property,  the Company paid  Cornerstone  Realty Income  Trust,  Inc. a property
acquisition fee of $155,000. Cornerstone Realty Income Trust, Inc. will serve as
property  manager  for the  Property  and for its  services  will be paid by the
Company  a monthly  management  fee  equal to 5% of the  gross  revenues  of the
Property.

                                       6
ITEM 7.a.

     The Company is unable to provide an audited financial statement relative to
the Hunters Creek  Apartments.  However,  the Company's  inability to provide an
audited financial  statement (in light of the significance of the acquisition to
the Company in terms of purchase price, the Company's assets,  and the Company's
providing  of  audited  financial  statements  with  regard  to  other  property
acquisitions)  is consistent  and in  compliance  with  Securities  and Exchange
Commission  staff  interpretations  regarding the relevant  financial  statement
filing requirements of SEC Regulation S-X and Rule 3-14 thereunder.

                                       7
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.

                                      Apple Residential Income Trust, Inc.

Date: April 26, 1999                  By    /s/ Glade M. Knight                 
                                        ----------------------------------------
                                        Glade M. Knight, Chief Executive Officer
                                        Cornerstone Realty Income Trust, Inc.

                                       8
EXHIBIT INDEX

                      Apple Residential Income Trust, Inc.

                          Form 8-K dated April 9, 1999

Exhibit Number             Exhibit
--------------             -------

          10.1      Purchase Contract for
                    Hunters Creek Apartments, as amended

          10.2      Property Management Agreement
                    for Hunters Creek Apartments

                                       9