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: March 31, 1998

                      APPLE RESIDENTIAL INCOME TRUST, INC.

             (Exact name of registrant as specified in its charter)

         VIRGINIA                   333-10635                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

<TABLE>
<CAPTION>

<S>               <C>
Item 2.           Acquisition or Disposition of Assets

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

         a.       Independent Auditors' Report
                  (Copper Ridge Apartments)*

                  Historical Statement of Income and
                  Direct Operating Expenses
                  (Copper Ridge Apartments)*

                  Note to Historical Statement of
                  Income and Direct Operating
                  Expenses (Copper Ridge Apartments)*

         b.       Pro Forma  Statement of Operations for the Year ended December
                  31, 1997 (unaudited)*

                  Pro Forma Statement of Operations for the Quarter
                  ended March 31, 1998 (unaudited)*

         c.       Exhibits

                  10.1     Purchase Contract for Copper Ridge Apartments

                  10.2     Property Management Agreement for Copper Ridge
                           Apartments

                  23.1     Consent of Independent Auditors*

</TABLE>


                                       -2-

-----------------------
* To be filed by amendment.


<PAGE>



Item 2.  Acquisition or Disposition of Assets

                             COPPER RIDGE APARTMENTS
                                Fort Worth, Texas

         On March 31, 1998,  Apple REIT Limited  Partnership  (together with its
parent company,  Apple Residential Income Trust, Inc., the "Company")  purchased
the Copper Ridge Apartments  located at 5643 Bellaire Drive South in Fort Worth,
Texas (the "Property"). The Property comprises 200 apartment units. The purchase
price  for  the  Property  was   $4,525,000.   The  seller  was  Copper  Limited
Partnership,  a Missouri limited  partnership  which was not affiliated with the
Company,  Apple  Residential  Advisors,  Inc.  or their  Affiliates.  The entire
purchase  price was paid using  proceeds from the sale of common shares of Apple
Residential Income Trust, Inc. Title to the Property was conveyed to the Company
by limited warranty deed.

         The Property is adjacent to the Copper Crossing Apartments,  which were
purchased by the Company in November 1997. These two properties will be operated
by the Company as a single property under the name "Copper Crossing Apartments."

         Location.  The Property is located off of Bryant-Irvin  Highway in Fort
Worth, Texas, in Tarrant County,  which is part of the greater Dallas/Fort Worth
Consolidated  Metropolitan  Statistical  Area, or as it is called locally,  "The
Metroplex." The following information is based in part upon information provided
by the Dallas Chamber of Commerce.

         The Dallas/Fort Worth Metroplex is in the  north-central  part of Texas
and is composed of nine  counties.  The 1996  population  of The  Metroplex  was
approximately 4,400,000.  Dallas is the second largest city in the state, behind
Houston.

         The economy of the Dallas/Fort  Worth area is complex and  diversified.
Key economic factors include a large  manufacturing  base (including as products
military hardware,  electronics,  automobiles,  industrial equipment,  oil-field
parts,   food   products   and   chemicals),    banking,   insurance   services,
communications,  oil and gas production and air transportation.  Major employers
in the area include Texas Instruments,  Southwestern Bell, General Motors,  J.C.
Penney, NationsBank and Vought Aircraft Company.

         The  Metroplex  is also an  established  transportation  center for the
nation.  The Dallas/Fort  Worth  International  Airport  occupies  approximately
17,800  acres of land  between  the two  cities.  It is the  largest  commercial
airport in the United  States in terms of land area,  and is the fourth  busiest
airport in the world, with 1,700 daily arrivals and departures.

         The area also has a well-established  system of interstate highways and
supporting  secondary routes. The Metroplex is located at the hub of Interstates
35, 45, 20 and 30. Two


                                       -3-
<PAGE>

outer loops, Interstate 635 in Dallas and Interstate 820 in Fort Worth, surround
the respective cities.

         The many  institutions of higher learning in the area include  Southern
Methodist University, the University of Texas at Dallas, the University of Texas
at Arlington, the University of North Texas, and Texas Christian University.

         The  immediate  area   surrounding  the  Property   consists  of  other
multi-family housing,  single-family housing, commercial and retail development.
The Property is located near restaurants, businesses, schools, and churches, and
is readily  accessible from Interstate 20, Highway 183 and Interstate 820, which
are the major highways in the area.

         The  Property  is close to Hulen  Mall,  a major  regional  mall.  This
regional mall has spurred  significant  construction  and  corresponding  retail
growth  in the  Hulen  Mall/Benbrook  area.  The  Property  is an  approximately
30-minute  drive  from  the  Dallas/Fort   Worth   International   Airport,   an
approximately 15-minutes drive from the Fort Worth central business district and
an approximately 30-minute drive from the Dallas central business district.

         Description of the Property.  The Property consists of 200 garden-style
apartment units in 15 two-story  buildings on approximately seven acres of land.
The Property was constructed in 1980.

         The Property  offers six different  unit types.  The unit mix and rents
being charged new tenants as of March 1998 are as follows:

<TABLE>
<CAPTION>
                                                       Approximate Interior
         Quantity             Type                        Square Footage                Monthly Rental
         --------             ----                        --------------                --------------
<S>         <C>           <C>                                  <C>                        <C>  <C> 
            64             One bedroom, one                    651                        $410-455 
                           bathroom                                                                
                                                                                                   
            48             One bedroom, one                    732                         435-460 
                           bathroom                                                                

            16             One bedroom, one                    878                         490-560 
                           bathroom with den                                                       

            32             Two bedrooms, two                   918                         540-560 
                           bathrooms                                                               

            24             Two bedrooms, two                   945                         555-600 
                           bathrooms                                                               
</TABLE>

                                       -4-


<PAGE>

<TABLE>
<CAPTION>
                                                       Approximate Interior
         Quantity             Type                        Square Footage                Monthly Rental
         --------             ----                        --------------                --------------
<S>         <C>            <C>                               <C>                           <C> <C> 
            16             Two bedrooms, two                 1,110                         650-675 
                           bathrooms with den                                             
</TABLE>

         The apartments provide a total of approximately  160,000 square feet of
net rentable area.

         The  Company  believes  that  the  Property  has  generally  been  well
maintained  and  is  in  good  condition.  However,  the  Company  has  budgeted
approximately  $200,000 for repairs and capital  improvements  to the  Property.
These repairs and  improvements  will include  clubhouse  renovations,  exterior
painting and wood replacement.

         Leases at the  Property  are  generally  for terms of one year or less.
Average  rental rates for the past five years have  generally  increased.  As an
example, a two-bedroom, two-bathroom apartment unit (918 square feet) rented for
$420 in 1993,  $430 in 1994,  $440 in 1995,  $450 in 1996, and $450 in 1997. The
average  effective annual rental per square foot at the Property for 1993, 1994,
1995, 1996, 1997, was $5.73, $5.87, $6.01, $6.14, and $6.14, respectively.

         The buildings are wood-frame  construction  with a combination of brick
veneer and hardboard  ship-lap siding on reinforced  concrete slab  foundations.
Roofs are sloped fiberglass shingled on plywood.

         The  Property  has an  outdoor  swimming  pool,  laundry  facility  and
barbecue areas. There is also a clubhouse with a leasing office.  There is ample
paved parking for the tenants.

         All apartment units have wall-to-wall carpeting in the living areas and
vinyl  floors in the  kitchen and  bathrooms.  Each  apartment  unit has a cable
television  hook-up and an individually  controlled heating and air conditioning
unit. Each kitchen is equipped with a  refrigerator/freezer,  electric range and
oven,  dishwasher  and garbage  disposal.  Each apartment unit has a woodburning
fireplace,  a  screened  patio  or  balcony,  ceiling  fans,  miniblinds  and  a
pass-through bar, and some of the apartment units have washer/dryer connections.
The owner of the Property  pays for cold water,  gas usage for hot water,  sewer
service and trash removal.  Tenants pay for their own electricity service, which
includes cooking, lighting, heating and air conditioning.

         There are at least five other  apartment  properties  that compete with
the  Property.  All offer similar  amenities  and generally  have rents that are
comparable to those of the Property.  Based on a recent  telephone  survey,  the
Advisor estimates that occupancy in the nearby competing properties now averages
approximately 94%.

                                       -5-

<PAGE>
         According to information provided by the seller,  physical occupancy at
the Property averaged  approximately 92% in 1996 and 91% in 1997.Information for
earlier  periods is not  available.  As of March 31, 1998, the Property was 90 %
occupied.  The tenants are a mix of white- collar workers,  blue-collar workers,
students and retired persons.

         The following  table sets forth the 1997 real estate tax information of
the Property:

<TABLE>
<CAPTION>
                                     Assessed
    Jurisdiction                      Value                       Rate                      Tax
    ------------                      -----                       ----                      ---
<S>                                   <C>                      <C>                        <C>       
County of Tarrant                     $3,537,000               $2.01160                   $71,150.15
City of Benbrook                       3,537,000                0.78500                    27,765.45
          Total                                                                           $98,915.60
</TABLE>

         The basis of the depreciable  residential  real property portion of the
Property (currently estimated at about $3,796,661) 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 on repairs and improvements will
be treated for tax  purposes as permitted by the Code based on the nature of the
expenditures.

         The  Advisor  and the  Company  believe  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 Dallas/Fort  Worth area generally and the specific area in which
the Property is located  were  perceived  as being  characterized  by a diverse,
stable and steadily  growing  economy.  Accordingly,  it was believed  that such
economy  and  its  anticipated  growth  and  development  would  support  stable
occupancy rates and reasonable increases in rents at the Property.

         2.  Based  upon an  engineering  report  and its own  inspections,  the
Advisor  believes that the Property has been well maintained and is generally in
good  condition,  although  the Advisor  believes  that the planned  repairs and
improvements will allow an increase in rents at the Property.

         3. The Property is  strategically  located in the "Hulen  Mall/Benbrook
area," which is one of the most commercially  active areas in the Metroplex.  In
addition, the Company and the Advisor believe that the combination and operation
of the  Property  with  the  adjacent  Copper  Crossing  Apartments  will  offer
operational efficiencies and competitive advantages.

         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 will pay  Cornerstone  Realty Income
Trust, Inc. a property  acquisition fee equal to 2% of the purchase price of the
Property,  or $90,500.  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 plus reimbursement of certain expenses.

         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.


                                      -6-

<PAGE>
                                   ITEM 7.a.*





----------
* To be filed by amendment.  It is  impracticable to include herein the required
financial statements for the Property. The required financial statements will be
filed as an amendment  to this report as soon as possible,  but in no event more
than 60 days after the date of filing of this report.

                                       -7-


<PAGE>





                                   ITEM 7.b.*

----------
* To be filed by amendment.  It is  impracticable to include herein the required
pro forma financial  information.  The required pro forma financial  information
will be filed as an  amendment  to this  report as soon as  possible,  but in no
event more than 60 days after the date of filing of this report.

















                                       -8-


<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 15, 1998                        By: /s/ Glade M. Knight
                                                --------------------
                                                    Glade M. Knight      
                                                    President            
                                                    of Apple Residential 
                                                    Income Trust, Inc.   
                                                    











                                       -9-


<PAGE>



                                  EXHIBIT INDEX
                                  -------------

                      Apple Residential Income Trust, Inc.
                          Form 8-K dated March 31, 1998

Exhibit Number          Exhibit                                      Page Number
--------------          -------                                      -----------

       10.1             Purchase Contract for Copper Ridge
                        Apartments

       10.2             Property Management Agreement
                        for Copper Ridge Apartments

       23.1             Consent of Independent Auditors*






----------
* To be filed by amendment.


                                      -10-
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{"company-data": {"conformed-name": "APPLE RESIDENTIAL INCOME TRUST INC", "cik": "0001021351", "assigned-sic": "6798", "irs-number": "541816010", "state-of-incorporation": "VA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23983", "film-number": "98593928"}, "business-address": {"street1": "306 EAST MAIN STREET", "city": "RICHMOND", "state": "VA", "zip": "23219", "phone": "8046431761"}, "mail-address": {"street1": "306 EAST MAIN STREET", "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: March 31, 1998

                      APPLE RESIDENTIAL INCOME TRUST, INC.

             (Exact name of registrant as specified in its charter)

         VIRGINIA                   333-10635                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
Item 2.           Acquisition or Disposition of Assets

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

         a.       Independent Auditors' Report
                  (Copper Ridge Apartments)*

                  Historical Statement of Income and
                  Direct Operating Expenses
                  (Copper Ridge Apartments)*

                  Note to Historical Statement of
                  Income and Direct Operating
                  Expenses (Copper Ridge Apartments)*

         b.       Pro Forma  Statement of Operations for the Year ended December
                  31, 1997 (unaudited)*

                  Pro Forma Statement of Operations for the Quarter
                  ended March 31, 1998 (unaudited)*

         c.       Exhibits

                  10.1     Purchase Contract for Copper Ridge Apartments

                  10.2     Property Management Agreement for Copper Ridge
                           Apartments

                  23.1     Consent of Independent Auditors*
-2-

-----------------------
* To be filed by amendment.
Item 2.  Acquisition or Disposition of Assets

                             COPPER RIDGE APARTMENTS
                                Fort Worth, Texas

         On March 31, 1998,  Apple REIT Limited  Partnership  (together with its
parent company,  Apple Residential Income Trust, Inc., the "Company")  purchased
the Copper Ridge Apartments  located at 5643 Bellaire Drive South in Fort Worth,
Texas (the "Property"). The Property comprises 200 apartment units. The purchase
price  for  the  Property  was   $4,525,000.   The  seller  was  Copper  Limited
Partnership,  a Missouri limited  partnership  which was not affiliated with the
Company,  Apple  Residential  Advisors,  Inc.  or their  Affiliates.  The entire
purchase  price was paid using  proceeds from the sale of common shares of Apple
Residential Income Trust, Inc. Title to the Property was conveyed to the Company
by limited warranty deed.

         The Property is adjacent to the Copper Crossing Apartments,  which were
purchased by the Company in November 1997. These two properties will be operated
by the Company as a single property under the name "Copper Crossing Apartments."

         Location.  The Property is located off of Bryant-Irvin  Highway in Fort
Worth, Texas, in Tarrant County,  which is part of the greater Dallas/Fort Worth
Consolidated  Metropolitan  Statistical  Area, or as it is called locally,  "The
Metroplex." The following information is based in part upon information provided
by the Dallas Chamber of Commerce.

         The Dallas/Fort Worth Metroplex is in the  north-central  part of Texas
and is composed of nine  counties.  The 1996  population  of The  Metroplex  was
approximately 4,400,000.  Dallas is the second largest city in the state, behind
Houston.

         The economy of the Dallas/Fort  Worth area is complex and  diversified.
Key economic factors include a large  manufacturing  base (including as products
military hardware,  electronics,  automobiles,  industrial equipment,  oil-field
parts,   food   products   and   chemicals),    banking,   insurance   services,
communications,  oil and gas production and air transportation.  Major employers
in the area include Texas Instruments,  Southwestern Bell, General Motors,  J.C.
Penney, NationsBank and Vought Aircraft Company.

         The  Metroplex  is also an  established  transportation  center for the
nation.  The Dallas/Fort  Worth  International  Airport  occupies  approximately
17,800  acres of land  between  the two  cities.  It is the  largest  commercial
airport in the United  States in terms of land area,  and is the fourth  busiest
airport in the world, with 1,700 daily arrivals and departures.

         The area also has a well-established  system of interstate highways and
supporting  secondary routes. The Metroplex is located at the hub of Interstates
35, 45, 20 and 30. Two

                                       -3-
outer loops, Interstate 635 in Dallas and Interstate 820 in Fort Worth, surround
the respective cities.

         The many  institutions of higher learning in the area include  Southern
Methodist University, the University of Texas at Dallas, the University of Texas
at Arlington, the University of North Texas, and Texas Christian University.

         The  immediate  area   surrounding  the  Property   consists  of  other
multi-family housing,  single-family housing, commercial and retail development.
The Property is located near restaurants, businesses, schools, and churches, and
is readily  accessible from Interstate 20, Highway 183 and Interstate 820, which
are the major highways in the area.

         The  Property  is close to Hulen  Mall,  a major  regional  mall.  This
regional mall has spurred  significant  construction  and  corresponding  retail
growth  in the  Hulen  Mall/Benbrook  area.  The  Property  is an  approximately
30-minute  drive  from  the  Dallas/Fort   Worth   International   Airport,   an
approximately 15-minutes drive from the Fort Worth central business district and
an approximately 30-minute drive from the Dallas central business district.

         Description of the Property.  The Property consists of 200 garden-style
apartment units in 15 two-story  buildings on approximately seven acres of land.
The Property was constructed in 1980.

         The Property  offers six different  unit types.  The unit mix and rents
being charged new tenants as of March 1998 are as follows:
Approximate Interior
         Quantity             Type                        Square Footage                Monthly Rental
         --------             ----                        --------------                --------------
64             One bedroom, one                    651                        $410-455 
                           bathroom                                                                
                                                                                                   
            48             One bedroom, one                    732                         435-460 
                           bathroom                                                                

            16             One bedroom, one                    878                         490-560 
                           bathroom with den                                                       

            32             Two bedrooms, two                   918                         540-560 
                           bathrooms                                                               

            24             Two bedrooms, two                   945                         555-600 
                           bathrooms
-4-
Approximate Interior
         Quantity             Type                        Square Footage                Monthly Rental
         --------             ----                        --------------                --------------
16             Two bedrooms, two                 1,110                         650-675 
                           bathrooms with den
The apartments provide a total of approximately  160,000 square feet of
net rentable area.

         The  Company  believes  that  the  Property  has  generally  been  well
maintained  and  is  in  good  condition.  However,  the  Company  has  budgeted
approximately  $200,000 for repairs and capital  improvements  to the  Property.
These repairs and  improvements  will include  clubhouse  renovations,  exterior
painting and wood replacement.

         Leases at the  Property  are  generally  for terms of one year or less.
Average  rental rates for the past five years have  generally  increased.  As an
example, a two-bedroom, two-bathroom apartment unit (918 square feet) rented for
$420 in 1993,  $430 in 1994,  $440 in 1995,  $450 in 1996, and $450 in 1997. The
average  effective annual rental per square foot at the Property for 1993, 1994,
1995, 1996, 1997, was $5.73, $5.87, $6.01, $6.14, and $6.14, respectively.

         The buildings are wood-frame  construction  with a combination of brick
veneer and hardboard  ship-lap siding on reinforced  concrete slab  foundations.
Roofs are sloped fiberglass shingled on plywood.

         The  Property  has an  outdoor  swimming  pool,  laundry  facility  and
barbecue areas. There is also a clubhouse with a leasing office.  There is ample
paved parking for the tenants.

         All apartment units have wall-to-wall carpeting in the living areas and
vinyl  floors in the  kitchen and  bathrooms.  Each  apartment  unit has a cable
television  hook-up and an individually  controlled heating and air conditioning
unit. Each kitchen is equipped with a  refrigerator/freezer,  electric range and
oven,  dishwasher  and garbage  disposal.  Each apartment unit has a woodburning
fireplace,  a  screened  patio  or  balcony,  ceiling  fans,  miniblinds  and  a
pass-through bar, and some of the apartment units have washer/dryer connections.
The owner of the Property  pays for cold water,  gas usage for hot water,  sewer
service and trash removal.  Tenants pay for their own electricity service, which
includes cooking, lighting, heating and air conditioning.

         There are at least five other  apartment  properties  that compete with
the  Property.  All offer similar  amenities  and generally  have rents that are
comparable to those of the Property.  Based on a recent  telephone  survey,  the
Advisor estimates that occupancy in the nearby competing properties now averages
approximately 94%.

                                       -5-
According to information provided by the seller,  physical occupancy at
the Property averaged  approximately 92% in 1996 and 91% in 1997.Information for
earlier  periods is not  available.  As of March 31, 1998, the Property was 90 %
occupied.  The tenants are a mix of white- collar workers,  blue-collar workers,
students and retired persons.

         The following  table sets forth the 1997 real estate tax information of
the Property:
Assessed
    Jurisdiction                      Value                       Rate                      Tax
    ------------                      -----                       ----                      ---
County of Tarrant                     $3,537,000               $2.01160                   $71,150.15
City of Benbrook                       3,537,000                0.78500                    27,765.45
          Total                                                                           $98,915.60
The basis of the depreciable  residential  real property portion of the
Property (currently estimated at about $3,796,661) 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 on repairs and improvements will
be treated for tax  purposes as permitted by the Code based on the nature of the
expenditures.

         The  Advisor  and the  Company  believe  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 Dallas/Fort  Worth area generally and the specific area in which
the Property is located  were  perceived  as being  characterized  by a diverse,
stable and steadily  growing  economy.  Accordingly,  it was believed  that such
economy  and  its  anticipated  growth  and  development  would  support  stable
occupancy rates and reasonable increases in rents at the Property.

         2.  Based  upon an  engineering  report  and its own  inspections,  the
Advisor  believes that the Property has been well maintained and is generally in
good  condition,  although  the Advisor  believes  that the planned  repairs and
improvements will allow an increase in rents at the Property.

         3. The Property is  strategically  located in the "Hulen  Mall/Benbrook
area," which is one of the most commercially  active areas in the Metroplex.  In
addition, the Company and the Advisor believe that the combination and operation
of the  Property  with  the  adjacent  Copper  Crossing  Apartments  will  offer
operational efficiencies and competitive advantages.

         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 will pay  Cornerstone  Realty Income
Trust, Inc. a property  acquisition fee equal to 2% of the purchase price of the
Property,  or $90,500.  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 plus reimbursement of certain expenses.

         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.

                                      -6-
ITEM 7.a.*

----------
* To be filed by amendment.  It is  impracticable to include herein the required
financial statements for the Property. The required financial statements will be
filed as an amendment  to this report as soon as possible,  but in no event more
than 60 days after the date of filing of this report.

                                       -7-
ITEM 7.b.*

----------
* To be filed by amendment.  It is  impracticable to include herein the required
pro forma financial  information.  The required pro forma financial  information
will be filed as an  amendment  to this  report as soon as  possible,  but in no
event more than 60 days after the date of filing of this report.

                                       -8-
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 15, 1998                        By: /s/ Glade M. Knight
                                                --------------------
                                                    Glade M. Knight      
                                                    President            
                                                    of Apple Residential 
                                                    Income Trust, Inc.   
                                                    

                                       -9-
EXHIBIT INDEX
                                  -------------

                      Apple Residential Income Trust, Inc.
                          Form 8-K dated March 31, 1998

Exhibit Number          Exhibit                                      Page Number
--------------          -------                                      -----------

       10.1             Purchase Contract for Copper Ridge
                        Apartments

       10.2             Property Management Agreement
                        for Copper Ridge Apartments

       23.1             Consent of Independent Auditors*

----------
* To be filed by amendment.

                                      -10-